Document:

Exhibit 10.1

 

Execution
Version

  

The Gas Company, LLC

 

$100,000,000

 

4.22% Senior Secured Notes due
August 8, 2022

 

 

 

Note Purchase Agreement

 

 

 

Dated as of August 8, 2012

 

 

    	 

    	 

    

 

Table
of Contents

 

	Section	Heading	Page
	 	 	 	 	 
	Section 1	Authorization of Notes	1
	 	 	 
	Section 2	Sale and Purchase of Notes; Guaranty Agreement; Security	1
	 	 	 	 	 
	 	Section 2.1	Notes	1
	 	 	 	 
	 	Section 2.2	MHGCI Guaranty Agreement	1
	 	 	 	 
	 	Section 2.3	Security for the Notes	2
	 	 	 	 	 
	Section 3	Closing	2
	 	 	 
	Section 4	Conditions to Closing	2
	 	 	 	 	 
	 	Section 4.1	Representations and Warranties	2
	 	 	 	 
	 	Section 4.2	Performance; No Default	3
	 	 	 	 
	 	Section 4.3	Compliance Certificates	3
	 	 	 	 
	 	Section 4.4	MHGCI Guaranty Agreement	3
	 	 	 	 
	 	Section 4.5	Security Documents	3
	 	 	 	 
	 	Section 4.6	Intercreditor Agreement	5
	 	 	 	 
	 	Section 4.7	Opinions of Counsel	5
	 	 	 	 
	 	Section 4.8	Purchase Permitted By Applicable Law, Etc	5
	 	 	 	 
	 	Section 4.9	Sale of Other Notes	5
	 	 	 	 
	 	Section 4.10	Payment of Special Counsel Fees	5
	 	 	 	 
	 	Section 4.11	Private Placement Number	6
	 	 	 	 
	 	Section 4.12	Approvals and Consents	6
	 	 	 	 
	 	Section 4.13	Changes in Corporate Structure	6
	 	 	 	 
	 	Section 4.14	Funding Instructions	6
	 	 	 	 
	 	Section 4.15	Proceedings and Documents	6
	 	 	 	 	 
	Section 5	Representations and Warranties of the Company	6
	 	 	 	 	 
	 	Section 5.1	Organization; Power and Authority	6
	 	 	 	 
	 	Section 5.2	Authorization, Etc	7
	 	 	 	 
	 	Section 5.3	Disclosure	7
	 	 	 	 
	 	Section 5.4	Organization and Ownership of Shares of Subsidiaries; Affiliates	8
	 	 	 	 
	 	Section 5.5	Financial Statements; Material Liabilities	8
	 	 	 	 
	 	Section 5.6	Compliance with Laws, Other Instruments, Etc	9

 

    	 

    	 

    

 

	 	Section 5.7	Governmental Authorizations, Etc	9
	 	 	 	 
	 	Section 5.8	Litigation; Observance of Agreements, Statutes and Orders	9
	 	 	 	 
	 	Section 5.9	Taxes	10
	 	 	 	 
	 	Section 5.10	Title to Property; Leases	10
	 	 	 	 
	 	Section 5.11	Licenses, Permits, Etc	10
	 	 	 	 
	 	Section 5.12	Compliance with ERISA	11
	 	 	 	 
	 	Section 5.13	Private Offering by the Company	12
	 	 	 	 
	 	Section 5.14	Use of Proceeds; Margin Regulations	12
	 	 	 	 
	 	Section 5.15	Existing Indebtedness; Future Liens	12
	 	 	 	 
	 	Section 5.16	Foreign Assets Control Regulations, Etc	13
	 	 	 	 
	 	Section 5.17	Status under Certain Statutes	13
	 	 	 	 
	 	Section 5.18	Environmental Matters	14
	 	 	 	 
	 	Section 5.19	Security Documents	14
	 	 	 	 
	 	Section 5.20	Notes Rank Pari Passu	14
	 	 	 	 
	 	Section 5.21	Solvency	15
	 	 	 	 	 
	Section 6	Representations of the Purchasers	15
	 	 	 	 	 
	 	Section 6.1	Purchase for Investment	15
	 	 	 	 
	 	Section 6.2	Source of Funds	15
	 	 	 	 	 
	Section 7	Information as to Company	17
	 	 	 	 	 
	 	Section 7.1	Financial and Business Information	17
	 	 	 	 
	 	Section 7.2	Officer’s Certificate	19
	 	 	 	 
	 	Section 7.3	Visitation	20
	 	 	 	 	 
	Section 8	Payment and Prepayment of the Notes	20
	 	 	 	 	 
	 	Section 8.1	Maturity	20
	 	 	 	 
	 	Section 8.2	Optional Prepayments with Make-Whole Amount	20
	 	 	 	 
	 	Section 8.3	Allocation of Partial Prepayments	21
	 	 	 	 
	 	Section 8.4	Maturity; Surrender, Etc	21
	 	 	 	 
	 	Section 8.5	Purchase of Notes	21
	 	 	 	 
	 	Section 8.6	Offer to Prepay Notes in the Event of a Change of Control	21
	 	 	 	 
	 	Section 8.7	Offer to Prepay Upon Asset Dispositions or Insurance and Condemnation Events	23
	 	 	 	 
	 	Section 8.8	Make-Whole Amount	23

 

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	Section 9	Affirmative Covenants	25
	 	 	 	 
	 	Section 9.1	Compliance with Law	25
	 	 	 	 
	 	Section 9.2	Insurance	25
	 	 	 	 
	 	Section 9.3	Maintenance of Properties	26
	 	 	 	 
	 	Section 9.4	Payment of Taxes and Claims	26
	 	 	 	 
	 	Section 9.5	Corporate Existence, Etc	26
	 	 	 	 
	 	Section 9.6	Notes to Rank Pari Passu	26
	 	 	 	 
	 	Section 9.7	Books and Records	27
	 	 	 	 
	 	Section 9.8	Subsidiary Guarantors	27
	 	 	 	 
	 	Section 9.9	Further Assurances; Collateral Matters	27
	 	 	 	 
	 	Section 9.10	Mortgages	28
	 	 	 	 	 
	Section 10	Negative Covenants	30
	 	 	 	 	 
	 	Section 10.1	Consolidated Total Indebtedness to Consolidated Capitalization Ratio	30
	 	 	 	 
	 	Section 10.2	Consolidated Interest Coverage Ratio	30
	 	 	 	 
	 	Section 10.3	Subsidiary Debt	30
	 	 	 	 
	 	Section 10.4	Limitation on Liens	30
	 	 	 	 
	 	Section 10.5	Limitation on Dividends	32
	 	 	 	 
	 	Section 10.6	Sale of Assets	33
	 	 	 	 
	 	Section 10.7	Merger, Consolidation	34
	 	 	 	 
	 	Section 10.8	Transactions with Affiliates	35
	 	 	 	 
	 	Section 10.9	Line of Business	35
	 	 	 	 
	 	Section 10.10	Terrorism Sanctions Regulations	35
	 	 	 	 	 
	Section 11	Events of Default	36
	 	 	 
	Section 12	Remedies on Default, Etc	38
	 	 	 	 	 
	 	Section 12.1	Acceleration	38
	 	 	 	 
	 	Section 12.2	Other Remedies	39
	 	 	 	 
	 	Section 12.3	Rescission	39
	 	 	 	 
	 	Section 12.4	No Waivers or Election of Remedies, Expenses, Etc	39
	 	 	 	 	 
	Section 13	Registration; Exchange; Substitution of Notes	39
	 	 	 	 	 
	 	Section 13.1	Registration of Notes	39
	 	 	 	 
	 	Section 13.2	Transfer and Exchange of Notes	40
	 	 	 	 
	 	Section 13.3	Replacement of Notes	40

 

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	Section 14	Payments on Notes	41
	 	 	 	 
	 	Section 14.1	Place of Payment	41
	 	 	 	 
	 	Section 14.2	Home Office Payment	41
	 	 	 	 	 
	Section 15	Expenses, Etc	42
	 	 	 	 	 
	 	Section 15.1	Transaction Expenses	42
	 	 	 	 
	 	Section 15.2	Survival	42
	 	 	 	 	 
	Section 16	Survival of Representations and Warranties; Entire Agreement	42
	 	 	 
	Section 17	Amendment and Waiver	42
	 	 	 	 	 
	 	Section 17.1	Requirements	42
	 	 	 	 
	 	Section 17.2	Solicitation of Holders of Notes	43
	 	 	 	 
	 	Section 17.3	Binding Effect, Etc	43
	 	 	 	 
	 	Section 17.4	Notes Held by Company, Etc	44
	 	 	 	 	 
	Section 18	Notices	44
	 	 	 
	Section 19	Reproduction of Documents	44
	 	 	 
	Section 20	Confidential Information	45
	 	 	 
	Section 21	Substitution of Purchaser	46
	 	 	 
	Section 22	Miscellaneous	46
	 	 	 	 	 
	 	Section 22.1	Successors and Assigns	46
	 	 	 	 
	 	Section 22.2	Payments Due on Non-Business Days	46
	 	 	 	 
	 	Section 22.3	Accounting Terms	46
	 	 	 	 
	 	Section 22.4	Severability	46
	 	 	 	 
	 	Section 22.5	Construction, Etc	47
	 	 	 	 
	 	Section 22.6	Counterparts	47
	 	 	 	 
	 	Section 22.7	Governing Law	47
	 	 	 	 
	 	Section 22.8	Jurisdiction and Process; Waiver of Jury Trial	47

 

    	- iv -

    	 

    

 

Attachments to Note Purchase
Agreement:

 

	Schedule A	—	Information Related to Purchasers
	 	 	 
	Schedule B	—	Defined Terms
	 	 	 
	Exhibit 1	—	Form of 4.22% Senior Secured Note due August 8, 2022
	 	 	 
	Exhibit 2	—	Form of MHGCI Guaranty Agreement
	 	 	 
	Exhibit 3	—	Form of Intercreditor Agreement
	 	 	 
	Exhibit 4	—	Form of Security Agreement

 

    	- v -

    	 

    

 

The
Gas Company, LLC

745 Fort Street, Suite 1800

Honolulu,
HI 96813

 

4.22%
Senior Secured Notes due August 8, 2022

 

Dated as of August 8, 2012

 

To
the Purchasers Listed in

   the
Attached Schedule A:

 

Ladies and Gentlemen:

 

The
Gas Company, LLC, a Hawaii limited liability company (the “Company”), agrees with each Purchaser as follows:

 

		Section 1	Authorization
of Notes.

 

The Company will authorize
the issue and sale of $100,000,000 aggregate principal amount of its 4.22% Senior Secured Notes due August 8, 2022 (the “Notes”,
such term to include any such notes issued in substitution therefor pursuant to Section 13). The Notes shall be substantially
in the form set out in Exhibit 1. Certain capitalized and other terms used in this Agreement are defined in Schedule B;
and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit
attached to this Agreement.

 

		Section 2	Sale and Purchase
of Notes; Guaranty Agreement; Security.

 

Section 2.1           Notes.
Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser
will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite
such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’
obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance
or non-performance of any obligation by any other Purchaser hereunder.

 

Section 2.2           MHGCI
Guaranty Agreement. The obligations of the Company hereunder, under the Notes and under each Security Document to which it
is a party are absolutely, unconditionally and irrevocably guaranteed by MHGCI pursuant to that certain MHGCI Guaranty Agreement
dated as of even date herewith (as the same may be amended, supplemented, restated or otherwise modified from time to time, the
“MHGCI Guaranty Agreement”) substantially in the form of Exhibit 2; provided, that the MHGCI Guaranty
Agreement shall automatically terminate and be of no further force or effect on the Termination Date (as defined in the MHGCI Guaranty
Agreement) and in no event shall any obligation of MHGCI thereunder be reinstated following the Termination Date. Upon the reasonable
request of the Company (and at the sole cost and expense of the Company), the holders of Notes agree to deliver written confirmation
of such termination in form and substance reasonably acceptable to the Required Holders.

 

    	 

    	 

    

 

 

Section 2.3           Security
for the Notes. The obligations of the Company hereunder and under the Notes are secured by all of the tangible and intangible
assets of the Company pursuant to the Security Documents.

 

		Section 3	Closing.

 

The sale and purchase
of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New
York, New York 10103, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on August 8, 2012
or on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers. At the Closing the Company will
deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes
in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s
name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds
in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company as
directed by the Company in the funding instructions delivered pursuant to Section 4.14. If at the Closing the Company shall fail
to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4
shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all
further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure
or such nonfulfillment.

 

		Section 4	Conditions
to Closing.

 

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

 

Section 4.1           Representations
and Warranties. 

 

(a)          Representations
and Warranties of the Company. The representations and warranties of the Company in this Agreement and in each Security Document
to which it is a party shall be correct when made and at the time of the Closing.

 

(b)          Representations
and Warranties of MHGCI. The representations and warranties of MHGCI in the MHGCI Guaranty Agreement shall be correct when
made and at the time of the Closing.

 

    	-2-

    	 

    

 

 

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

 

Section 4.3           Compliance
Certificates.

 

(a)          Officer’s
Certificate of the Company. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date
of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.13 have been fulfilled.

 

(b)          Secretary’s
Certificate of the Company. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other limited liability company
proceedings relating to the authorization, execution and delivery of the Notes, this Agreement and each Security Document to which
it is a party and (2) the Company’s organizational documents as then in effect.

 

(c)          Officer’s
Certificates of MHGCI. MHGCI shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing,
certifying that the conditions specified in Sections 4.1(b), 4.2 and 4.13 have been fulfilled.

 

(d)          Secretary’s
Certificates of MHGCI. MHGCI shall have delivered to such Purchaser a certificate of its Secretary or an Assistant Secretary,
dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other limited liability company proceedings
relating to the authorization, execution and delivery of the MHGCI Guaranty Agreement and (2) MHGCI’s organizational documents
as then in effect.

 

Section 4.4           MHGCI
Guaranty Agreement. The MHGCI Guaranty Agreement shall have been duly authorized, executed and delivered by MHGCI and shall
be in full force and effect.

 

Section 4.5           Security
Documents.

 

(a)          General.
Each Security Document (other than the Mortgages) shall have been duly authorized, executed and delivered by the parties thereto
and shall be in full force and effect and such Purchaser shall have received a duly executed copy thereof. The Company shall have
delivered the certificates representing the issued and outstanding capital stock, if any, pledged under the Security Documents
and instruments of assignment executed in blank to the Collateral Agent. Each document (including any Uniform Commercial Code financing
statement) required by the Security Documents or under law or reasonably requested by any Purchaser to be filed, registered or
recorded in order to create in favor of the Collateral Agent, for the equal and ratable benefit of the Purchasers and the other
Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than
with respect to Liens expressly permitted to be prior pursuant to Section 10.4), shall be in proper form for filing, registration
or recordation. Such Purchaser shall have received the results of a recent Lien search with respect to the Company and its Subsidiaries,
and such search shall reveal no Liens on any of the assets of the Company or any Subsidiary except for Liens permitted by Section 10.4
or discharged on or prior to the Closing Date pursuant to documentation satisfactory to such Purchaser.

 

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(b)          Real
Property Collateral Deliverables.

 

(1)         Flood
Insurance.  With respect to any parcel of real property improved by anything other than gas or liquid storage tanks that are
principally above ground and that is located in a special flood hazard area as identified by FEMA, a policy of flood insurance
that (i) covers such parcel that is referenced on Schedule 9.10 and (ii) is written in an amount not less than the portion of the
outstanding principal amount of the Indebtedness to be secured by a Mortgage that is reasonably allocable to the improvements (other
than above-ground gas or liquid storage tanks) located on such real property or the maximum limit of coverage made available with
respect to the particular type of property under the National Flood Insurance Act of 1968, as amended, whichever is less.

 

(2)         Surveys.
A copy of an as-built survey dated not more than 30 days prior to the date of the Closing of each parcel of real property referenced
in Schedule 4.5(b) certified by a registered engineer or land surveyor. Each such survey shall be accompanied by an affidavit of
an authorized signatory of the owner of such property (which affidavit shall be delivered to the Title Companies) stating that
there have been no improvements or encroachments to the property since the date of the respective survey such that the existing
survey is no longer accurate. Such survey shall be prepared to current ALTA/ACSM standards and shall show the area of such property,
all boundaries of the land with courses and distances indicated, including chord bearings and arc and chord distances for all curves,
and shall show dimensions and locations of all easements, private drives, roadways, and other facts materially affecting such property,
and shall show such other details as such Purchaser may reasonably request, including, without limitation, any encroachment (and
the extent thereof in feet and inches) onto the property or by any of the improvements on the property upon adjoining land or upon
any easement burdening the property; any improvements, to the extent constructed, and the relation of the improvements to any required
setbacks and if improvements are existing, the locations of all utilities serving the improvements.

 

(3)         Environmental
Assessments. Any Phase I environmental assessments or other environmental reports in the custody or control of the Company
regarding any parcel of real property referenced in Schedule 9.10, showing no environmental conditions in violation of Environmental
Laws nor liabilities under Environmental Laws, either of which could reasonably be expected to have a Material Adverse Effect.

 

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Section 4.6           Intercreditor
Agreement. Each Lender (or the administrative agent under the Credit Agreement on behalf of each Lender), each Purchaser and
the Collateral Agent shall have executed and delivered, and the Company shall have acknowledged, that certain Intercreditor and
Collateral Agency Agreement dated as of August 8, 2012 (as the same may be amended, supplemented, replaced, restated or otherwise
modified from time to time, the “Intercreditor Agreement”) substantially in the form of Exhibit 3.

 

Section 4.7           Opinions
of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date
of the Closing (a) from O’Melveny & Myers LLP, counsel for the Company and MHGCI, covering the matters set forth
in Exhibit 4.7(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special
counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers),
(b) from Carlsmith Ball LLP, special Hawaii counsel for the Company and MHGCI covering the matters set forth in Exhibit 4.7(b)
and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers
may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (c) from Nathan
C. Nelson, General Counsel of the Company and MHGCI covering the matters set forth in Exhibit 4.7(c) and covering such other
matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably
request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (d) from Morihara Lau &
Fong LLP, special Hawaii regulatory counsel for the Company and MHGCI covering the matters set forth in Exhibit 4.7(d) and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers
may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (e) from
Schiff Hardin LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth
in Exhibit 4.7(e) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

 

Section 4.8           Purchase
Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted
by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as Section 1405(a)(8)
of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of
the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T,
U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or
liability under or pursuant to any applicable law or regulation. If requested by such Purchaser, such Purchaser shall have received
an Officer’s Certificate from the Company certifying as to such matters of fact, as such Purchaser may reasonably specify,
to enable such Purchaser to determine whether such purchase is so permitted.

 

Section 4.9           Sale
of Other Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser
shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A.

 

Section 4.10         Payment
of Special Counsel Fees. Without limiting the provisions of Section 15.1, the Company shall have paid on or before the
Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.7(e) to the extent
reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.

 

    	-5-

    	 

    

 

 

Section 4.11         Private
Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with
the CMIAO) shall have been obtained for the Notes.

 

Section 4.12         Approvals
and Consents. All consents, authorizations and approvals (including, without limitation, shareholders’ consents) from,
and all declarations, filings and registrations with, all Governmental Authorities or third parties that are necessary in connection
with the issuance and sale of the Notes, the execution and delivery of this Agreement, the Security Documents and the MHGCI Guaranty
Agreement and the other transactions contemplated hereby and by the Security Documents shall have been obtained, or made, and remain
in full force and effect. Such Purchaser shall have received copies of any such consents, authorizations, declarations, filings
and registrations issued by federal or State of Hawaii Governmental Authorities.

 

Section 4.13         Changes
in Corporate Structure. None of MHGCI, the Company or any Subsidiary shall have changed its jurisdiction of incorporation or
organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the
liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule
5.5.

 

Section 4.14         Funding
Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the
name and address of the transferee bank, (b) such transferee bank’s ABA number, (c) the account name and number into which
the purchase price for the Notes is to be deposited and (d) the name and telephone number of the account representative responsible
for verifying receipt of such funds.

 

Section 4.15         Proceedings
and Documents. All corporate, limited liability company and other proceedings in connection with the transactions contemplated
by this Agreement, the MHGCI Guaranty Agreement, the Security Documents and the Intercreditor Agreement and all documents and instruments
incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special
counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or
such special counsel may reasonably request.

 

		Section 5	Representations
and Warranties of the Company.

 

The Company represents
and warrants to each Purchaser that:

 

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

 

    	-6-

    	 

    

 

 

Section 5.2           Authorization,
Etc.

 

(a)          This
Agreement, the Notes and each Security Document to which the Company is a party have been duly authorized by all necessary limited
liability company action on the part of the Company, and this Agreement and each such Security Document constitutes, and upon execution
and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)          The
MHGCI Guaranty Agreement has been duly authorized by all necessary limited liability company action on the part of MHGCI, and the
MHGCI Guaranty Agreement constitutes a legal, valid and binding obligation of MHGCI enforceable against MHGCI in accordance with
its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 5.3           Disclosure.
The Company, through its agents, Wells Fargo Securities, LLC, and Macquarie Capital (USA) Inc., has delivered to each Purchaser
a copy of a Private Placement Memorandum, dated July 3, 2012 (the “Memorandum”), relating to the transactions
contemplated hereby. The Memorandum fairly describes, in all material respects, the general nature of the business and principal
properties of the Company and its Subsidiaries. This Agreement, the MHGCI Guaranty Agreement, the Security Documents, the Memorandum
and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with
the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5
(this Agreement, the MHGCI Guaranty Agreement, the Security Documents, the Memorandum and such documents, certificates or other
writings and such financial statements delivered to each Purchaser prior to July 19, 2012 being referred to, collectively, as the
“Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they
were made. Except as disclosed in the Disclosure Documents, since December 31, 2011, there has been no change in the financial
condition, operations, business, properties or prospects of the Company or any Subsidiary except changes that, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that
could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

    	-7-

    	 

    

 

Section 5.4           Organization
and Ownership of Shares of Subsidiaries; Affiliates.

 

(a)          Schedule 5.4
contains (except as noted therein) complete and correct lists (1) of the Company’s Subsidiaries, showing, as to each
Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital
stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (2) of the Company’s Affiliates,
other than Subsidiaries, and (3) of the Company’s directors and senior officers.

 

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

 

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

 

(d)          No
Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction (other than this Agreement,
the Security Documents, the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes)
restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to
the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.

 

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

 

    	-8-

    	 

    

 

Section 5.6           Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement, the Notes and
the Security Documents to which it is a party and the execution, delivery and performance by MHGCI of the MHGCI Guaranty Agreement
will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (other
than the Liens contemplated by the Security Documents) in respect of any property of MHGCI, the Company or any Subsidiary under,
any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, certificate of formation or limited liability
company agreement or similar organizational document, or any other agreement or instrument to which MHGCI, the Company or any Subsidiary
is bound or by which MHGCI, the Company or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to MHGCI, the Company or any Subsidiary or (c) violate any provision of any
statute or other rule or regulation of any Governmental Authority applicable to MHGCI, the Company or any Subsidiary.

 

Section 5.7           Governmental
Authorizations, Etc. Except for filings required to perfect the Liens created by the Security Documents, no consent, approval
or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the
execution, delivery or performance by (a) the Company of this Agreement, the Notes or any Security Document to which it is a party
or (b) MHGCI of the MHGCI Guaranty Agreement, in each case, subject, however, to compliance with all relevant terms and conditions
set forth in all consents, approvals, authorizations, registrations, filings and declarations (1) described in Schedule 5.7,
which have been obtained or made, are in full force and effect and are not subject to appeal or any condition which has not been
satisfied and (2) as may be necessary in connection with the exercise of foreclosure remedies including the sale of Collateral.

 

Section 5.8           Litigation;
Observance of Agreements, Statutes and Orders. 

 

(a)          There
are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting
the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind
or before or by any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.

 

(b)          Neither
the Company nor any Subsidiary is (1) in default under any term of any agreement or instrument to which it is a party or by which
it is bound, (2) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (3)
in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including without limitation Environmental
Laws, ERISA or the USA PATRIOT ACT or any of the other laws and regulations that are referred to in Section 5.16) of any Governmental
Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

    	-9-

    	 

    

 

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

 

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

 

Section 5.11         Licenses,
Permits, Etc.

 

(a)          The
Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary
software, service marks, trademarks, trade names and domain names, or rights thereto, that, individually or in the aggregate, are
Material, without known conflict with the rights of others.

 

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

 

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

  

    	-10-

    	 

    

 

Section 5.12         Compliance
with ERISA.

 

(a)          The
Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such
instances of noncompliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect.
Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA (other than for
contributions or premiums that are not delinquent) or the penalty or excise tax provisions of the Code relating to any Plan, and
no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any
such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets
of the Company or any ERISA Affiliate, in either case pursuant to Section 303 of ERISA or to Section 430(k) of the Code or to any
such penalty or excise tax provisions under the Code or federal law or Section 4068 of ERISA, other than such liabilities or Liens
as would not be, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(b)          The
present value of the aggregate benefit liabilities under each of the Plans subject to Title IV of ERISA (other than Multiemployer
Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified
for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed as of such date the aggregate
current value of the assets of such Plan allocable to such benefit liabilities (x) with respect to Plans of MHGCI and its Subsidiaries,
by more than $20,000,000 in the aggregate for all such Plans and (y) with respect to Plans of ERISA Affiliates of the Company (other
than MHGCI and its Subsidiaries), in an amount that, individually or in the aggregate, would be Material. The term “benefit
liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present
value” have the meaning specified in Section 3 of ERISA.

 

(c)          The
Company and its ERISA Affiliates have not incurred, and are not reasonably expected to incur, withdrawal liabilities under Section 4201
or 4204 of ERISA in respect of Multiemployer Plans that, individually or in the aggregate, are Material.

 

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

 

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

 

    	-11-

    	 

    

 

Section 5.13         Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes, the MHGCI Guaranty Agreement
or any similar Securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated
in respect thereof with, any Person other than the Purchasers and not more than 17 other Institutional Investors of the type described
in clause (c) of the definition thereof, each of which has been offered the Notes and the MHGCI Guaranty Agreement at a private
sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject
the issuance or sale of the Notes or the MHGCI Guaranty Agreement to the registration requirements of Section 5 of the Securities
Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14         Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes to refinance existing Indebtedness
and for other general limited liability company purposes. No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of
the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities
under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any
broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the
value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin
stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock”
and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.15         Existing
Indebtedness; Future Liens. 

 

(a)          Except
as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its
Subsidiaries as of August 8, 2012 (including a description of the obligors and obligees, principal amount outstanding and collateral
therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates,
sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor
any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any
Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company
or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause
such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

(b)          Except
as disclosed in Schedule 5.15, neither the Company nor any Subsidiary has agreed or consented to cause or permit any of its property
to be subject to a Lien not permitted by Section 10.4.

 

(c)          None
of MHGCI, the Company or any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of MHGCI, the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not
limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the
incurring of, Indebtedness of MHGCI or the Company, except as specifically indicated in Schedule 5.15.

 

    	-12-

    	 

    

 

Section 5.16         Foreign
Assets Control Regulations, Etc. 

 

(a)          None
of MHGCI, the Company or any Controlled Entity is (1) a Person whose name appears on the list of Specially Designated Nationals
and Blocked Persons published by the Office of Foreign Assets Control, U.S. Department of Treasury (“OFAC”)
(an “OFAC Listed Person”) or (2) a department, agency or instrumentality of, or is otherwise controlled by or
acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country
or regime that is subject to any OFAC Sanctions Program (each OFAC Listed Person and each other Person, entity, organization and
government of a country described in clause (2), a “Blocked Person”).

 

(b)          No
part of the proceeds from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked
Person or will otherwise be used, directly by the Company or indirectly through any Controlled Entity, in connection with any investment
in, or any transactions or dealings with, any Blocked Person.

 

(c)          To
the Company’s actual knowledge after making due inquiry, none of MHGCI, the Company or any Controlled Entity (1) is under
investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking,
terrorist-related activities or other money laundering predicate crimes under any applicable law (collectively, “Anti-Money
Laundering Laws”), (2) has been assessed civil penalties under any Anti-Money Laundering Laws or (3) has had any of its
funds seized or forfeited in an action under any Anti-Money Laundering Laws. The Company has taken reasonable measures appropriate
to the circumstances (in any event as required by applicable law) to ensure that MHGCI, the Company and each Controlled Entity
is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws.

 

(d)          No
part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments to any
governmental official or employee, political party, official of a political party, candidate for political office, official of
any public international organization or anyone else acting in an official capacity, in order to obtain, retain or direct business
or obtain any improper advantage. The Company has taken reasonable measures appropriate to the circumstances (in any event as required
by applicable law) to ensure that MHGCI, the Company and each Controlled Entity is and will continue to be in compliance with all
applicable current and future anti-corruption laws and regulations.

 

Section 5.17         Status
under Certain Statutes. None of MHGCI, the Company or any Subsidiary is subject to regulation under the Investment Company
Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended,
the Federal Power Act, as amended. None of MHGCI, the Company or any Subsidiary is subject to regulation under federal or state
law as a public utility except that the Company is subject to regulation as a public utility under Chapter 269 of the Hawaii Revised
Statutes.

 

    	-13-

    	 

    

 

Section 5.18         Environmental
Matters.

 

(a)          Neither
the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted
raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned,
leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws,
except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect.

 

(b)          Neither
the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of
Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly
owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not reasonably be
expected to result in a Material Adverse Effect.

 

(c)          Neither
the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated
by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any
manner that could reasonably be expected to result in a Material Adverse Effect.

 

(d)          All
buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable
Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.19         Security
Documents. The Security Documents are effective to create in favor of the Collateral Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in the Collateral and the proceeds thereof. When (a) financing statements
and other filings specified on Schedule 5.19 in appropriate form are filed in the offices specified on Schedule 5.19, the Security
Documents shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Company in
such Collateral and the proceeds thereof, as security for the Notes and the other Senior Secured Obligations, in each case prior
and superior in right to any other Person (except Liens permitted by Section 10.4) to the extent any such security interest may
be perfected by the filing of a financing statement and (b) Mortgages specified on Schedule 5.19 are filed in the offices specified
therefor on Schedule 5.19, the Mortgages shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the Company in the real estate subject to such Mortgage and the proceeds thereof, as security for the Notes
and the other Senior Secured Obligations, in each case prior and superior in right to any other Person (except Liens permitted
by Section 10.4).

 

Section 5.20         Notes
Rank Pari Passu. The obligations of the Company under this Agreement and the Notes rank at least pari passu in right
of payment with all obligations of the Company under the Credit Agreement (actual or contingent).

 

    	-14-

    	 

    

 

Section 5.21         Solvency.
The Company is, and after giving effect to the issuance and sale of the Notes and incurrence of other Indebtedness on the Closing
Date and other obligations being incurred in connection herewith will be and will continue to be, Solvent.

 

		Section 6	Representations
of the Purchasers.

 

Section 6.1           Purchase
for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more
separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be
within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities
Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration
is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Company is not required to register the Notes.

 

Section 6.2           Source
of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as
to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to
be purchased by such Purchaser hereunder:

 

(a)          the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined
by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for
the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and
liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same
employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed
10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set
forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile, and the other applicable conditions of
PTE 95-60 are satisfied; or

 

(b)          the
Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations
under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such
separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by
the investment performance of the separate account; or

 

(c)          the
Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment
fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause
(c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more
than 10% of all assets allocated to such pooled separate account or collective investment fund, and the other applicable conditions
of either PTE 90-1 or PTE 91-38 are satisfied; or

 

    	-15-

    	 

    

 

 

(d)          the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the
assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent
more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied,
neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause
the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (1) the identity
of such QPAM and (2) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets
of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part
VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization represent 10% or more of the assets of such
investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or

 

(e)          the
Source constitutes assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled
by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption) owns a 5% or more interest
in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the
Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)          the
Source is a governmental plan; or

 

(g)          the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)          the
Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall
have the respective meanings assigned to such terms in Section 3 of ERISA.

 

    	-16-

    	 

    

 

		Section 7	Information
as to Company.

  

Section 7.1           Financial
and Business Information. The Company shall deliver (or cause to be delivered) to each holder of Notes that is an Institutional
Investor:

 

(a)          Quarterly
Statements.

 

(1)         within
45 days after the end of each quarterly fiscal period in each fiscal year of MHGCI (other than the last quarterly fiscal period
of each such fiscal year) ending prior to December 31, 2012, copies of,

 

(i)          consolidated
and consolidating balance sheets of MHGCI and its Subsidiaries (including, without limitation, HGC and the Company) as at the end
of such quarter, and

 

(ii)         consolidated
and consolidating statements of income or operations, changes in members’ equity and cash flows of MHGCI and its Subsidiaries
(including, without limitation, HGC and the Company), for such quarter and (in the case of the second and third quarters) for the
portion of the fiscal year ending with such quarter,

 

setting forth in each case in comparative
form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with
GAAP applicable to quarterly financial statements generally, and certified by a Responsible Officer as fairly presenting, in all
material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject
to changes resulting from year-end adjustments; and

 

(2)         within
45 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal
period of each such fiscal year) ending on or after December 31, 2012, copies of,

 

(i)          consolidated
and consolidating balance sheets of the Company and its Subsidiaries as at the end of such quarter, and

 

(ii)         consolidated
and consolidating statements of income or operations, changes in members’ equity and cash flows of the Company and its Subsidiaries,
for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 

setting forth in each case in comparative
form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with
GAAP applicable to quarterly financial statements generally, and certified by a Responsible Officer as fairly presenting, in all
material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject
to changes resulting from year-end adjustments;

 

    	-17-

    	 

    

 

(b)          Annual
Statements. within 90 days after the end of each fiscal year of the Company, duplicate copies of

 

(1)         consolidated
and consolidating balance sheets of the Company and its Subsidiaries as at the end of such year, and

 

(2)         consolidated
and consolidating statements of income or operations, changes in members’ equity and cash flows of the Company and its Subsidiaries
for such year,

 

setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and, with
respect to the consolidated financial statements, accompanied by an opinion thereon (without a “going concern” or similar
qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based)
of KPMG LLP or an independent public accounting firm of recognized national standing, which opinion shall state that such financial
statements present fairly, in all material respects, the financial position of the companies being reported upon and their results
of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection
with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides
a reasonable basis for such opinion in the circumstances;

 

(c)          Reports
to Lenders; Press Releases — promptly upon their becoming available, one copy of (1) each financial statement, report,
notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information
sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing
availability) or to its public Securities holders generally, and (2) all press releases and other statements made available
generally by the Company or any Subsidiary to the public concerning developments that are Material;

 

(d)          Notice
of Default or Event of Default — promptly, and in any event within five days after a Responsible Officer becoming aware
of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to
a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the
type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company
is taking or proposes to take with respect thereto;

 

(e)          ERISA
Matters — promptly, and in any event within ten days after a Responsible Officer becoming aware of any of the following
that could reasonably be expected to be Material, a written notice setting forth the nature thereof and the action, if any, that
the Company or an ERISA Affiliate proposes to take with respect thereto:

 

(1)         with
respect to any Plan, any reportable event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations; or

 

    	-18-

    	 

    

  

(2)         the
taking by the PBGC of steps to institute, or the threatening in writing by the PBGC of the institution of, proceedings under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any
ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan; or

 

(3)         any
event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant
to Title I or IV of ERISA (other than for contributions or premiums that are not delinquent) or the penalty or excise tax provisions
of the Code relating to any Plan, or in the imposition of any Lien on any of the rights, properties or assets of the Company or
any ERISA Affiliate pursuant to Section 303 or 4068 of ERISA or such penalty or excise tax provisions of the Code;

 

(f)          Notices
from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the
Company or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law
or regulation that could reasonably be expected to have a Material Adverse Effect; and

 

(g)          Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs,
financial condition, assets or properties of MHGCI, the Company or any of its Subsidiaries or relating to the ability of the Company
to perform its obligations hereunder, under the Notes and under any Security Documents as from time to time may be reasonably requested
by any such holder of Notes.

 

Section 7.2           Officer’s
Certificate. Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b)
shall be accompanied by a certificate of a Responsible Officer of the Company:

 

(a)          Covenant
Compliance — setting forth the information (including detailed calculations) required in order to establish whether the
Company was in compliance with the requirements of Section 10.1 through Section 10.3, inclusive, Section 10.5 and Section 10.6
during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section,
where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under
the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and

 

(b)          Event
of Default — certifying that such Responsible Officer has reviewed the relevant terms hereof and of the Security Documents
and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and
its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date
of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that
constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation,
any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law),
specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect
thereto.

 

    	-19-

    	 

    

 

 

Section 7.3           Visitation.
The Company shall permit the representatives of each holder of Notes that is an Institutional Investor:

 

(a)          No
Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice
to the Company, to visit not more than once a year the principal executive office of the Company, to discuss the affairs, finances
and accounts of the Company and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which
consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent
will not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary; and

 

(b)          Default
— if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or
properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers,
to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers
and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances
and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested.

 

		Section 8	Payment and
Prepayment of the Notes.

 

Section 8.1           Maturity.
As provided therein, the entire unpaid principal balance of the Notes shall be due and payable on the stated maturity date thereof.

 

Section 8.2           Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below, prepay at any time all,
or from time to time any part of, the Notes, in an amount not less than $2,500,000 in aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus accrued and unpaid interest thereon
and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each
holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than
60 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day),
the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to
be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such
principal amount being prepaid, and shall be accompanied by a certificate of a Responsible Officer as to the estimated Make-Whole
Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting
forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of
Notes a certificate of a Responsible Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment
date.

 

    	-20-

    	 

    

 

Section 8.3           Allocation
of Partial Prepayments. In the case of each partial prepayment of the Notes, the principal amount of the Notes to be prepaid
shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment.

 

Section 8.4           Maturity;
Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be
prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal
amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail
to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled
and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

 

Section 8.5           Purchase
of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly
or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the
terms of this Agreement and the Notes or (b) pursuant to an offer to purchase, made by the Company or an Affiliate, pro rata
to the holders of all Notes at the time outstanding, upon the same terms and conditions. Any such offer shall provide each holder
with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at
least 10 Business Days. If the holders of more than 20% of the principal amount of the Notes then outstanding accept such offer,
the Company shall, or shall cause its Affiliate to, promptly notify the remaining holders of such fact and the expiration date
for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining
holder at least five Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes
acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement
and no Notes may be issued in substitution or exchange for any such Notes.

 

Section 8.6           Offer
to Prepay Notes in the Event of a Change of Control.

 

(a)          Notice
of Change of Control or Control Event. The Company will, within five Business Days after any Responsible Officer has knowledge
of the occurrence of any Change of Control or any Control Event, give written notice of such Change of Control or Control Event
to each holder of Notes unless notice in respect of such Change of Control (or the Change of Control contemplated by such Control
Event) shall have been given pursuant to Section 8.6(b). If a Change of Control has occurred, such notice shall contain and constitute
an offer to prepay Notes as described in Section 8.6(c) and shall be accompanied by the certificate described in Section 8.6(g).

 

    	-21-

    	 

    

 

(b)          Condition
to Company Action. The Company will not take any action that consummates or finalizes a Change of Control unless (1) at least
30 days prior to such action it shall have given to each holder of Notes written notice containing and constituting an offer to
prepay Notes as described in Section 8.6(c), accompanied by the certificate described in Section 8.6(g), and (2) contemporaneously
with such action, the Company prepays all Notes required to be prepaid in accordance with this Section 8.6.

 

(c)          Offer
to Prepay Notes. The offer to prepay Notes contemplated by Sections 8.6(a) and (b) shall be an offer to prepay, in accordance
with and subject to this Section 8.6, all, but not less than all, Notes held by each holder (in this case only, “holder”
in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on
a date specified in such offer (the “Proposed Prepayment Date”). If such Proposed Prepayment Date is in connection
with an offer contemplated by Section 8.6(a), such date shall be a Business Day not less than 30 days and not more than 60 days
after the date of such offer (or if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment
Date shall be the Business Day nearest to the 30th day after the date of such offer).

 

(d)          Acceptance;
Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.6 by causing a notice
of such acceptance or rejection to be delivered to the Company at least five Business Days prior to the Proposed Prepayment Date.
A failure by a holder of Notes to so respond to an offer to prepay made pursuant to this Section 8.6 shall be deemed to constitute
a rejection of such offer by such holder.

 

(e)          Prepayment.
Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together
with accrued and unpaid interest on such Notes accrued to the date of prepayment. The prepayment shall be made on the Proposed
Prepayment Date, except as provided by Section 8.6(f).

 

(f)          Deferral
Pending Change of Control. The obligation of the Company to prepay Notes pursuant to the offers required by Section 8.6(c)
and accepted in accordance with Section 8.6(d) is subject to the occurrence of the Change of Control in respect of which such offers
and acceptances shall have been made. In the event that such Change of Control does not occur before or on the Proposed Prepayment
Date in respect thereof, the prepayment shall be deferred until, and shall be made on the date on which, such Change of Control
occurs. The Company shall keep each holder of Notes reasonably and timely informed of (1) any such deferral of the date of prepayment,
(2) the date on which such Change of Control and the prepayment are expected to occur and (3) any determination by the Company
that efforts to effect such Change of Control have ceased or been abandoned (in which case the offers and acceptances made pursuant
to this Section 8.6 in respect of such Change of Control automatically shall be deemed rescinded without penalty or other liability).

 

    	-22-

    	 

    

 

(g)          Officer’s
Certificate. Each offer to prepay the Notes pursuant to this Section 8.6 shall be accompanied by a certificate, executed by
a Responsible Officer and dated the date of such offer, specifying (1) the Proposed Prepayment Date, (2) that such offer is made
pursuant to this Section 8.6 and that failure by a holder to respond to such offer by the deadline established in Section 8.6(d)
shall result in such offer to such holder being deemed rejected, (3) the principal amount of each Note offered to be prepaid, (4)
the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date, (5) that the conditions
of this Section 8.6 have been fulfilled and (6) in reasonable detail, the nature and date of the Change of Control.

 

Section 8.7           Offer
to Prepay Upon Asset Dispositions or Insurance and Condemnation Events.

 

(a)          Notice
and Offer. In the event the Company or a Subsidiary receives Net Cash Proceeds from Asset Dispositions or Insurance and Condemnation
Events where the Company has elected or is required to apply such Net Cash Proceeds to the payment or prepayment of Indebtedness
pursuant to clause (ii) of the second paragraph of Section 10.6, the Company shall, no later than the 30 days prior to the
applicable Reinvestment Date, give written notice of such event (a “Prepayment Event”) to each holder of Notes.
Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder
on the date specified in such notice (the “Prepayment Date”), which date shall not be less than 30 days and
not more than 60 days after the date of such notice. Such notice shall also state (1) that such offer is being made pursuant
to this Section 8.7 and that the failure by a holder to respond to such offer by the deadline established in Section 8.7(b) shall
result in such offer to such holder being deemed rejected; (2) the Ratable Portion of each such Note offered to be prepaid;
(3) the prepayment price of each Note as described in Section 8.7(b); (4) the interest that would be due on the Ratable Portion
of each such Note offered to be prepaid, accrued to, but not including, the Prepayment Date and (5) in reasonable detail,
a description of the nature and the date of the Prepayment Event giving rise to such offer of prepayment.

 

(b)          Acceptance
and Payment. A holder of Notes may accept or reject the offer to prepay pursuant to this Section 8.7 by causing a notice of
such acceptance or rejection to be delivered to the Company at least 10 days prior to the Prepayment Date. A failure by a holder
of the Notes to so respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of
such offer by such holder. If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes of each holder
that has accepted such offer shall be due and payable on the Prepayment Date. Such offered prepayment shall be made at 100% of
the aggregate Ratable Portion of the Notes of each holder that has accepted such offer, together with interest on that portion
of the Notes then being prepaid accrued to, but not including, the Prepayment Date but, in any case, without any Make-Whole Amount.

 

Section 8.8           Make-Whole
Amount. “Make-Whole Amount” shall mean, with respect to any Note, an amount equal to the excess, if any,
of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of
such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining
the Make-Whole Amount, the following terms have the following meanings:

 

    	-23-

    	 

    

 

“Called
Principal” shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

“Discounted
Value” shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with
respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same
periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

“Reinvestment
Yield” shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the
yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to
such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg
Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”)
having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such
U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will
be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice
and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run
U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and
less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the
interest rate of the applicable Note.

 

If such yields
are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment
Yield” shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S.
Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business
Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable
successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called
Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining
Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant
maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant
maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded
to the number of decimal places as appears in the interest rate of the applicable Note.

 

    	-24-

    	 

    

 

“Remaining
Average Life” shall mean, with respect to any Called Principal, the number of years obtained by dividing (a) such
Called Principal into (b) the sum of the products obtained by multiplying (1) the principal component of each Remaining
Scheduled Payment with respect to such Called Principal by (2) the number of years, computed on the basis of a 360-day year
composed of twelve 30-day months, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.

 

“Remaining
Scheduled Payments” shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal
and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest
payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will
be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to
Section 8.2 or Section 12.1.

 

“Settlement
Date” shall mean, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.

 

		Section 9	Affirmative
Covenants.

 

The Company covenants
that so long as any of the Notes are outstanding:

 

Section 9.1           Compliance
with Law. Without limiting Section 10.10, the Company will, and will cause each of its Subsidiaries to, comply with all
laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental
Laws, the USA PATRIOT ACT and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain
in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance
with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

Section 9.2           Insurance.
The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance
with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms
and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto)
as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated.
In addition, the Company will maintain flood insurance consistent with the flood insurance required by Section 4.5(b)(1). All such
insurance shall, (a) provide that no cancellation or material modification thereof shall be effective until at least 30 days
after receipt by the Collateral Agent of written notice thereof, (b) name the Collateral Agent as an additional insured party
thereunder and (c) in the case of each casualty insurance policy, name the Collateral Agent as lender’s loss payee.
Without limiting the foregoing, the Company will, and will cause each of its Subsidiaries to, maintain the insurance required by
the Security Documents.

 

    	-25-

    	 

    

 

Section 9.3           Maintenance
of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and
kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the
business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not
prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance
is desirable in the conduct of its business and the Company has concluded that such discontinuance could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.4           Payment
of Taxes and Claims. The Company will, and will cause each of its Subsidiaries to, file all tax returns required to be filed
in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments,
governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same
have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that
have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company
nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability or validity thereof
is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company
or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary
or (b) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate could not reasonably be
expected to have a Material Adverse Effect.

 

Section 9.5           Corporate
Existence, Etc. Subject to Section 10.7, the Company will at all times preserve and keep its limited liability company
existence in full force and effect. Subject to Sections 10.6 and 10.7, the Company will at all times preserve and keep in full
force and effect the limited liability company or other applicable existence of each of its Subsidiaries (unless merged into the
Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith
judgment of the Company, the termination of or failure to preserve and keep in full force and effect such limited liability company
or other applicable existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 9.6           Notes
to Rank Pari Passu. 

 

(a)          The
Notes and all other obligations of the Company under this Agreement shall at all times rank at least pari passu in right
of payment with all obligations (actual or contingent) of the Company under the Credit Agreement.

 

(b)          The
obligations of any Subsidiary Guarantor under the Subsidiary Guaranty Agreement shall at all times rank at least pari passu in
right of payment with all obligations (actual or contingent) of such Subsidiary Guarantor under their Guaranties in respect of
the Credit Agreement.

 

    	-26-

    	 

    

  

(c)          The
Company will not, and will not permit any Subsidiary to, grant any Lien in favor of, or for the benefit of, the lenders party to
the Credit Agreement unless such Lien is granted in favor of the Collateral Agent to secure the obligations under the Credit Agreement,
this Agreement and the Notes in accordance with the Intercreditor Agreement.

 

Section 9.7           Books
and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity
with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company
or such Subsidiary, as the case may be.

 

Section 9.8           Subsidiary
Guarantors. The Company will cause any Subsidiary which becomes a co-obligor or guarantor in respect of Indebtedness under
the Credit Agreement to deliver to each holder of Notes (concurrently with it becoming a co-obligor or guarantor in respect of
such Indebtedness) the following items:

 

(a)          an
executed subsidiary guaranty agreement in form and substance reasonably satisfactory to the Required Holders (a “Subsidiary
Guaranty Agreement”); and

 

(b)          an
opinion of counsel (which may be in-house counsel) addressed to each holder of Notes which opinion shall be reasonably satisfactory
to the Required Holders, to the effect that the Subsidiary Guaranty Agreement entered into by such Subsidiary has been duly authorized,
executed and delivered and that the Subsidiary Guaranty Agreement constitutes the legal, valid and binding contract and agreement
of such Subsidiary enforceable in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 9.9           Further
Assurances; Collateral Matters. 

 

(a)          Further
Assurances. The Company will, and will cause each Subsidiary to, execute and deliver such further documentation and take such
further action as may be reasonably requested by the holders of Notes to carry out the provisions and purposes of this Agreement
and the Security Documents and to create, preserve, and perfect the Liens of the Collateral Agent for the benefit of the Secured
Parties in the Collateral.

 

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(b)          Additional
Subsidiaries. At the Company’s own expense, promptly, and in any event within 10 Business Days after the formation or
acquisition of any new direct or indirect Subsidiary of the Company after the date hereof, the Company will (1) notify the holders
of Notes of such event, (2) amend the Security Documents as appropriate in light of such event to pledge to the Collateral Agent
for the benefit of the Secured Parties 100% of the capital stock or other equity interests of each Person which becomes a Subsidiary
and execute and deliver all documents or instruments required thereunder or appropriate to perfect the security interest created
thereby, (3) deliver to the Collateral Agent all stock certificates and other instruments added to the Collateral thereby free
and clear of all Liens, accompanied by undated stock powers or other instruments of transfer executed in blank, (4) cause each
such Person that becomes a direct or indirect Subsidiary after the date of Closing to execute a Subsidiary Guaranty Agreement or
such other pledge and security agreement in form and substance satisfactory to the Required Holders, (5) cause each document (including
each UCC financing statement and each filing with respect to intellectual property owned by each such Person that becomes a direct
or indirect Subsidiary of the Company after the date hereof) required by law or reasonably requested by the Required Holders to
be filed, registered or recorded in order to create in favor of the Collateral Agent for the benefit of the Secured Parties a valid,
legal and perfected first-priority security interest in and lien on the Collateral subject to the Security Documents to be so filed,
registered or recorded and evidence thereof delivered to the holders of Notes (provided that no filing shall be required
with respect to intellectual property if the Required Holders determine that such property is not material to the business of such
Subsidiary), and (6) deliver an opinion of counsel in form and substance satisfactory to the Required Holders with respect to each
such Person and the matters set forth in this section.

 

(c)          Real
Property Collateral. The Company will notify the holders of Notes, within 10 days after the acquisition of any owned real property
by the Company or any Subsidiary that is not subject to the existing Security Documents, and within 60 days of such acquisition,
deliver such mortgages, deeds of trust, title insurance policies, Phase I environmental assessments, surveys and other documents
reasonably requested by the Required Holders in connection with granting and perfecting a first priority Lien, other than Liens
permitted by Section 10.4, on such real property in favor of the Collateral Agent, for the ratable benefit of the Secured Parties,
all in form and substance acceptable to the Required Holders.

 

(d)          Exclusions.
The provisions of clause (b) and (c) of this Section 9.9 shall not apply to assets as to which the Required Holders and the Company
shall reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the
value of the security afforded thereby.

 

Section 9.10         Mortgages.
On or prior to the earlier of (a) October 8, 2012 and (b) the date of the first Extension of Credit (under and as defined in
the Credit Agreement), the Company shall (at the sole cost and expense of the Company) deliver to each holder of a Note:

 

(1)         Mortgages.
A duly executed copy of the Mortgage(s) relating to the real property specified on Schedule 9.10 which shall have been duly authorized,
executed and delivered by the parties thereto and shall be in full force and effect.

 

(2)         Title
Insurance. A marked-up commitment for a policy of title insurance (including, such endorsements as are requested by the Required
Holders), insuring each Mortgage and showing no prior Liens other than Liens permitted to be prior pursuant to Section 10.4, issued
by First American Title Insurance Company or Title Guaranty (the “Title Companies”) with the final title insurance
policy (or policies) being delivered by the applicable title company promptly thereafter. Further, the Company agrees to provide
or obtain any customary affidavits and indemnities as may be required or necessary to obtain title insurance satisfactory to the
Required Holders.

 

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(3)         Title
Exceptions. Copies of all recorded documents creating exceptions to the title policy referred to in Section 9.10(2).

 

(4)         Surveys.
A copy of an as-built survey dated not more than 30 days prior to the date of the Closing of each parcel of real property referenced
in Schedule 9.10(4) certified by a registered engineer or land surveyor. Each such survey shall be accompanied by an affidavit
of an authorized signatory of the owner of such property (which affidavit shall be delivered to the Title Companies) stating that
there have been no improvements or encroachments to the property since the date of the respective survey such that the existing
survey is no longer accurate. Such survey shall be prepared to current ALTA/ACSM standards and shall show the area of such property,
all boundaries of the land with courses and distances indicated, including chord bearings and arc and chord distances for all curves,
and shall show dimensions and locations of all easements, private drives, roadways, and other facts materially affecting such property,
and shall show such other details as the Required Holders may reasonably request, including, without limitation, any encroachment
(and the extent thereof in feet and inches) onto the property or by any of the improvements on the property upon adjoining land
or upon any easement burdening the property; any improvements, to the extent constructed, and the relation of the improvements
to any required setbacks and if improvements are existing, the locations of all utilities serving the improvements.

 

(5)         Matters
Relating to Flood Hazard Properties. A standard flood hazard determination form as developed by FEMA for each parcel of improved
real property subject to a Mortgage.

 

(6)         Opinion(s)
of Counsel. Opinion(s) in form and substance satisfactory to the Required Holders, dated the date of the Mortgage(s) from Morihara
Lau & Fong LLP and/or other special Hawaii counsel for the Company reasonably acceptable to the Required Holders, covering
such matters incident to the items referenced in this Section 9.10 as the Required Holders or special counsel to the holders of
Notes may reasonably request (and the Company hereby instructs its counsel to deliver such opinion(s) to the holders of Notes).

 

(7)         Additional
Documents. Such other documents or instruments relating to the matters set forth in this Section 9.10 as the Required Holders
may reasonably request.

 

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		Section 10	Negative Covenants.

 

The Company covenants
that so long as any of the Notes are outstanding:

 

Section 10.1         Consolidated
Total Indebtedness to Consolidated Capitalization Ratio. The Company will not, at the end of any fiscal quarter, permit the
Consolidated Total Indebtedness to Consolidated Capitalization Ratio to exceed 0.65 to 1.00.

 

Section 10.2         Consolidated
Interest Coverage Ratio. The Company will not, at the end of any fiscal quarter, permit the Consolidated Interest Coverage
Ratio to be less than 3.00 to 1.00.

 

Section 10.3         Subsidiary
Debt. The Company will not at any time permit the aggregate amount of Subsidiary Debt to exceed an amount equal to 10% of Consolidated
Total Assets as of the then most recently ended fiscal quarter of the Company.

 

Section 10.4         Limitation
on Liens. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume
or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or held or hereafter acquired, or any
income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except the following:

 

(a)          Liens
created pursuant to the Security Documents;

 

(b)          Liens
for taxes, assessments or other governmental charges or levies that are not yet due and payable or the payment of which is not
at the time required by Section 9.4;

 

(c)          Liens
(other than any Lien imposed by ERISA) incidental to the conduct of business or the ownership of properties and assets (including
landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, suppliers’ and other similar
Liens, including Liens pursuant to customary reservations or retentions of title) and Liens to secure (or to obtain letters of
credit that secure) the performance of bids, tenders, leases or trade contracts or to secure statutory obligations (including pledges,
deposits and other obligations under workers compensation, unemployment and health insurance and other social security legislation),
surety or appeal bonds, in each case, incurred in the ordinary course of business and not in connection with the borrowing of money;

 

(d)          leases
or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances, in each case
incidental to the ownership of property or assets or the ordinary conduct of the business of the Company or any Subsidiary, and
Liens incidental to minor survey exceptions, zoning restrictions and the like, provided that such Liens do not, in the aggregate,
materially detract from the value of such property;

 

(e)          any
attachment or judgment Lien unless the judgments secured thereby (1) shall not, within 60 days after the entry thereof, have
been satisfied, discharged or execution thereof stayed pending appeal, or shall not have been satisfied or discharged within 60
days after the expiration of any such stay or (2) exceed, individually or in the aggregate, $5,000,000 (to the extent not covered
by independent third-party insurance as to which the insurer does not dispute coverage);

 

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(f)          Liens
securing Indebtedness of a Subsidiary to the Company or to a Wholly-Owned Subsidiary;

 

(g)          Liens
existing on the date of the Closing and reflected in Schedule 10.4;

 

(h)          Liens
securing Indebtedness of the Company or a Subsidiary incurred to finance the acquisition or construction of fixed or capital assets;
provided that:

 

(1)         any
such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired and, if required by the
terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is
acquired for specific use in connection with such acquired or constructed property (or improvement thereon) or which is real property
being improved by such acquired or constructed property (or improvement thereon);

 

(2)         the
principal amount of the Indebtedness secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the
cost to the Company or a Subsidiary of the property (or improvement thereon) so acquired or constructed and (ii) the fair
market value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction
has been delegated by the board of directors or other applicable governing body of the Company) of such property (or improvement
thereon) at the time of such acquisition or construction;

 

(3)         any
such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property;
and

 

(4)         at
the time of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
and the aggregate principal amount of all Indebtedness secured by such Liens shall be permitted by the limitations set forth in
Sections 10.1 and 10.3;

 

(i)          any
Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company or a Subsidiary
or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Subsidiary at the time such property
is so acquired (whether or not the Indebtedness secured thereby shall have been assumed), provided that (1) no such
Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person becoming a Subsidiary or
such acquisition of property, (2) each such Lien shall extend solely to the item or items of property so acquired and, if
required by the terms of the instrument originally creating such Lien (i) other property which is an improvement to or is
acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property
or assets of the Company or any of its Subsidiaries, (3) at the time of such incurrence and after giving effect thereto, no Default
or Event of Default shall have occurred and be continuing and (4) the aggregate amount of all Indebtedness secured by such Liens
shall be permitted by the limitations set forth in Sections 10.1 and 10.3;

 

    	-31-

    	 

    

 

(j)          any
extensions, renewals, refundings or replacements of any Lien permitted by the preceding paragraphs (g), (h) and (i) of this Section 10.4;
provided that (1) such Liens shall not be extended to cover any additional property, (2) the unpaid principal
amount of Indebtedness or other obligations secured thereby shall not be increased or the maturity thereof reduced and (3) at
such time and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; and

 

(k)          Liens
incurred in the ordinary course of business in connection with (1) overdraft protection arrangements and other related cash
management programs or (2) the collection or disposition of delinquent accounts receivable which are not incurred in connection
with the borrowing of money or the obtaining of credit.

 

Section 10.5         Limitation
on Dividends. The Company will not, and will not permit any Subsidiary to, declare or pay, directly or indirectly, any dividend
on, or make any payment or other distribution on account of, or purchase, redeem, retire or otherwise acquire (directly or indirectly),
or set apart assets for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of, any
class of Capital Stock of the Company or any Subsidiary Guarantor, or make, directly or indirectly, any distribution of cash, property
or assets to the holders of shares of any Capital Stock of the Company or any Subsidiary thereof (all of the foregoing, the “Restricted
Payments”); provided that:

 

(a)          the
Company or any Subsidiary thereof may pay dividends in shares of its own Qualified Capital Stock;

 

(b)          any
Subsidiary of the Company may pay cash dividends to the Company or any Subsidiary Guarantor or ratably to all holders of its outstanding
Qualified Capital Stock; and

 

(c)          the
Company may declare and make (and each Subsidiary of the Company may declare and make to enable the Company to do the same) Restricted
Payments to HGC, so that HGC may:

 

(1)         pay
corporate operating (including, without limitation, directors fees and expenses) and overhead expenses (including, without limitation,
rent, utilities and salary) in the ordinary course of business and fees and expenses of attorneys, accountants, appraisers and
the like;

 

(2)         redeem,
retire or otherwise acquire shares of its Capital Stock or options or other equity or phantom equity in respect of its Capital
Stock from present or former officers, employees, directors or consultants (or their family members or trusts or other entities
for the benefit of any of the foregoing) or make severance payments to such Persons in connection with the death, disability or
termination of employment or consultancy of any such officer, employee, director or consultant to the extent that such purchase
is made with the Net Cash Proceeds of any offering of equity securities of or capital contributions to HGC;

 

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(3)         make
cash payments under the Management Agreement;

 

(4)         pay
cash dividends to holders of its outstanding Qualified Capital Stock; and

 

(5)         (A)
make required payments of principal and interest under the HGC Credit Agreement in an amount up to the greater of $10,000,000 during
any period of four consecutive fiscal quarters or the Aggregate Cash Available for Distribution or (B) prepay any amount outstanding
under the HGC Credit Agreement with Net Cash Proceeds to the extent not applied to the prepayment of the Indebtedness under the
Credit Agreement pursuant to Section 2.4(b)(iii) and Section 2.4(b)(iv) of the Credit Agreement or the Notes pursuant to Section
8.7 hereof.

 

Notwithstanding
the foregoing, the Company shall only be permitted to make Restricted Payments pursuant to clauses (c)(3), (c)(4), and (c)(5)(B)
of this Section 10.5 to the extent, after giving to any such Restricted Payment, Aggregate Cash Available for Distribution would
not be less than $0; provided that, the Company shall be prohibited from making any Restricted Payment pursuant to clauses
(c)(3), (c)(4) and (c)(5) of this Section 10.5 during the occurrence and continuance of a Default or Event of Default.

 

Section 10.6         Sale
of Assets. Except as permitted by Section 10.7, the Company will not, and will not permit any Subsidiary to, make any
Asset Disposition except:

 

(a)          the
sale of obsolete, worn-out or surplus assets no longer used or usable in the business of the Company or any of its Subsidiaries;

 

(b)          sales
by the Company or its Subsidiaries of inventory to Persons in the ordinary course of their businesses and the granting of any option
or other right to purchase, lease or otherwise acquire inventory in the ordinary course of the Company’s business or the
business of its Subsidiaries; and

 

(c)          sales
or other dispositions by the Company or its Subsidiaries of any property, provided that (i) no Event of Default shall have
occurred and be continuing, (ii) the purchase price paid to the Company or its Subsidiaries for such property shall be no
less than the fair market value of such property as determined in good faith by the Company at the time of such sale (provided
that details of such determination be made available to the holders of Notes upon request of the Required Holders) and (iii) the
aggregate purchase price paid to the Company or its Subsidiaries for such property during the same fiscal year pursuant to this
clause (c) shall not exceed an amount equal to 15% of Consolidated Total Assets.

 

    	-33-

    	 

    

 

Notwithstanding the
foregoing, in the event the Company or any Subsidiary receives (1) Net Cash Proceeds from Asset Dispositions in excess of
$5,000,000 in any fiscal year of the Company or (2) Net Cash Proceeds from Insurance and Condemnation Events in excess of $10,000,000
in any fiscal year of the Company, the Company shall use the amount of such Net Cash Proceeds in excess of the amount stated in
clause (1) or (2), as applicable, to either (i) reinvest in assets used or useful in the business of the Company and its Subsidiaries
on or prior to the applicable Reinvestment Date or (ii) pay or prepay outstanding Indebtedness of the Company or any Subsidiary
which Indebtedness is not subordinated to the Notes, provided that in the course of making such application the Company
shall offer to prepay each outstanding Note in accordance with Section 8.6 in a principal amount which equals the Ratable
Portion for such Note. If any holder of a Note fails to accept such offer of prepayment, then the Company shall either (x) prepay
or pay or cause to prepay or pay additional Indebtedness of the Company or any Subsidiary which Indebtedness is not subordinated
to the Notes or (y) to the extent then permitted pursuant to Section 10.5, make a Restricted Payment to HGC the proceeds of which
are used by HGC to prepay or pay outstanding Indebtedness under the HGC Credit Agreement.

 

Section 10.7         Merger,
Consolidation. The Company will not, and will not permit any Subsidiary to, consolidate with or merge with any other Person
or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person;
provided that:

 

(a)          any
Subsidiary may (1) consolidate with or merge with, or convey, transfer or lease all or substantially all of its assets in
a single transaction or series of transactions to, (i) the Company or a Subsidiary Guarantor so long as in any merger or consolidation
involving (A) the Company, the Company shall be the surviving or continuing entity and (B) a Subsidiary Guarantor, a Subsidiary
Guarantor shall be the surviving or continuing entity or (ii) any other Person so long as the surviving or continuing entity is
a Subsidiary or (2) convey, transfer or lease all or substantially all of its assets in compliance with the provisions of
Section 10.6; and

 

(b)          the
Company may consolidate or merge with, or convey, transfer or lease all or substantially all of the assets of the Company in a
single transaction or series of transactions to, any Person so long as:

 

(1)         the
successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease
all or substantially all of the assets of the Company as an entirety, as the case may be, shall be a solvent corporation or limited
liability company organized and existing under the laws of the United States or any State thereof (including the District of Columbia),
and, if the Company is not such corporation or limited liability company, (i) such corporation or limited liability company shall
have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each
covenant and condition of this Agreement, the Notes and each Security Document to which it is a party; (ii) such corporation or
limited liability company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent
counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments
effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof and (iii) each Guarantor
shall have reaffirmed its obligations under the applicable Guaranty Agreement;

 

    	-34-

    	 

    

 

(2)         all
consents, approvals or authorizations of, or registrations, filings or declarations with, any Governmental Authority required in
connection with such transaction shall have been obtained or made, shall be in full force and effect and shall not be subject to
appeal or any condition which has not been satisfied is required in connection; and

 

(3)         immediately
before and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing.

 

No such conveyance, transfer or lease of
all or substantially all of the assets of the Company shall have the effect of releasing the Company or any successor corporation
or limited liability company that shall theretofore have become such in the manner prescribed in this Section 10.7 from its liability
under this Agreement, the Notes or the Security Documents.

 

Section 10.8         Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into directly or indirectly any Material
transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties
of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except (1) the
Management Agreement, the Intercompany Loan Agreement and the Tax Sharing Agreement and (2) other transactions upon fair and reasonable
terms not materially less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s-length
transaction with a Person not an Affiliate.

 

Section 10.9         Line
of Business. The Company will not, and will not permit any Subsidiary to, engage in any business if, as a result, the general
nature of the business (and any activity reasonably related or ancillary thereto) in which the Company and its Subsidiaries, taken
as a whole, would then be engaged would be substantially changed from the general nature of the business (and any activity reasonably
related or ancillary thereto) in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement
as described in the Memorandum; provided that nothing herein shall restrict the Company or any of its Subsidiaries from
exploring additional clean and renewable energy alternatives, including renewable natural gas and liquefied natural gas (LNG) and
the distribution thereof.

 

Section 10.10         Terrorism
Sanctions Regulations. The Company will not, and will not permit any Subsidiary to, (a) become a Person described or designated
in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of
the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions with any such Person.

 

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		Section 11	Events of Default.

 

An “Event
of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)          the
Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

(b)          the
Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable;
or

 

(c)          the
Company defaults in the performance of or compliance with any term contained in Section 7.1(d), Section 9.6, Section 9.10
or Section 10; or

 

(d)          the
Company defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a),
(b) and (c)) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual
knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any such
written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or

 

(e)          any
representation or warranty made in writing by or on behalf of the Company or any Guarantor or by any officer of the Company or
any Guarantor in this Agreement, the applicable Guaranty Agreement, any Security Document or in any writing furnished in connection
with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date
as of which made; or

 

(f)          (1)
the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or
premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $5,000,000
beyond any period of grace provided with respect thereto, (2) the Company or any Subsidiary is in default in the performance
of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $5,000,000
or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default
or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness
to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (3) as a consequence
of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness
to convert such Indebtedness into equity interests), (i) the Company or any Subsidiary has become obligated to purchase or
repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal
amount of at least $5,000,000, or (ii) one or more Persons have the right to require the Company or any Subsidiary so to purchase
or repay such Indebtedness; or

 

    	-36-

    	 

    

 

(g)          the
Company or any Subsidiary (1) is generally not paying, or admits in writing its inability to pay, its debts as they become
due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or
arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents
to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated, or (6) takes corporate or
similar action for the purpose of any of the foregoing; or

 

(h)          a
court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any
of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization
or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction,
or ordering the dissolution, winding-up or liquidation of the Company or any of its Subsidiaries, or any such petition shall be
filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or

 

(i)          a
final judgment or judgments for the payment of money aggregating in excess of $5,000,000 (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage) are rendered against one or more of the Company and its
Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are
not discharged within 60 days after the expiration of such stay; or

 

(j)          if
(1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or
a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (2)
a notice of intent to terminate any Plan shall have been filed with the PBGC or the PBGC shall have instituted proceedings
under ERISA Section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or
any ERISA Affiliate that a Plan may become a subject of any such proceedings, (3) the aggregate “amount of unfunded
benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with
Title IV of ERISA, shall exceed $20,000,000, (4) the Company or any ERISA Affiliate shall have incurred any liability pursuant
to Title I or IV of ERISA (other than for contributions that are not delinquent) or the penalty or excise tax provisions of the
Code relating to any Plan, (5) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (6) the Company
or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner
that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses
(1) through (6) above, either individually or together with any other such event or events described in clauses (1) through (6)
above, could reasonably be expected to have a Material Adverse Effect; or

 

    	-37-

    	 

    

 

(k)          the
Company or any Subsidiary defaults in the performance of or compliance with any term contained in any Security Document and such
default is not remedied within the period of grace, if any, allowed with respect thereto or any Security Document shall cease to
be in full force and effect for any reason whatsoever (other than termination in accordance with its terms) or any Security Document
shall, fail or cease to create a valid and perfected first priority Lien on any material portion of the Collateral purported to
be covered thereby or the Company or any Subsidiary shall contest or deny the validity or enforceability in any material respect
of any Lien granted under any Security Document or any of its obligations thereunder; or

 

(l)          at
any time prior to the delivery of the audited financial statements of the Company and its Subsidiaries required by Section 7.1(b)
for the fiscal year ending December 31, 2012, MHGCI shall fail to own, directly or indirectly, 100% of the issued and outstanding
Capital Stock of the Company;

 

As used in Section 11(j), the terms “employee
benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in
Section 3 of ERISA.

 

		Section 12	Remedies on
Default, Etc.

 

Section 12.1         Acceleration.

 

(a)          If
an Event of Default with respect to the Company described in Section 11(g) or (h) (other than an Event of Default described
in clause (1) of Section 11(g) or described in clause (6) of Section 11(g) by virtue of the fact that such clause encompasses
clause (1) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

 

(b)          If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice
or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

 

(c)          If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company,
declare all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming
due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the
entire unpaid principal amount of such Notes, plus (1) all accrued and unpaid interest thereon (including, but not limited to,
interest accrued thereon at the Default Rate) and (2) the Make-Whole Amount determined in respect of such principal amount (to
the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment,
demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that
each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes
are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such
right under such circumstances.

 

    	-38-

    	 

    

 

Section 12.2         Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become
or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed
to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for
the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 

Section 12.3         Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other
than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent
permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor
any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of
Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured
or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies
due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent
Event of Default or Default or impair any right consequent thereon.

 

Section 12.4         No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in
exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers
or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of
any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such
further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection
under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

		Section 13	Registration;
Exchange; Substitution of Notes.

 

Section 13.1         Registration
of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then the name and address
of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof. Prior to
due presentment for registration of transfer, the Person(s) in whose name any Note(s) shall be registered shall be deemed and treated
as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete
and correct copy of the names and addresses of all registered holders of Notes.

 

    	-39-

    	 

    

 

Section 13.2         Transfer
and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated officer
(all as specified in Section 18(3)), for registration of transfer or exchange (and in the case of a surrender for registration
of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s
attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee
of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s
expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate
principal amount equal to the unpaid principal amount of the surrendered Note; provided, that, without limiting the provisions
of Section 8.5, Notes may not be transferred to Macquarie Group Limited or any subsidiary or Affiliate thereof (including, without
limitation, any fund managed or controlled thereby or any investment scheme or similar vehicle or separate managed accounts related
thereto) (other than the Company and its Subsidiaries) (each, a “Restricted Affiliate”) without the prior written
consent of the Company in its sole discretion; provided, however, any holder of a Note may conclusively rely upon a representation
from a proposed transferee as to whether or not such proposed transferee constitutes a Restricted Affiliate. Each such new Note
shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1. Each such new Note
shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date
of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover
any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations
of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding
of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its
name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2. Each transferee of
a Note shall deliver an executed joinder to the Intercreditor Agreement to the Company and the Collateral Agent.

 

Section 13.3         Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(3))
of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which
evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such
loss, theft, destruction or mutilation), and

 

(a)          in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such
Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000
or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory),
or

 

(b)          in
the case of mutilation, upon surrender and cancellation thereof,

 

within ten Business Days thereafter, the
Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to
which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed
or mutilated Note if no interest shall have been paid thereon.

 

    	-40-

    	 

    

 

		Section 14	Payments on
Notes.

 

Section 14.1         Place
of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable
on the Notes shall be made in New York, New York at the principal office of Wells Fargo Bank, National Association, in such jurisdiction.
The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place
of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust
company in such jurisdiction.

 

Section 14.2         Home
Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained
in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole
Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose
below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have
from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the
making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after
any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company
pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser
will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been
paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will
afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased
by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this
Section 14.2.

 

    	-41-

    	 

    

  

		Section 15	Expenses, Etc.

 

Section 15.1         Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and expenses
(including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or
other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection
with any amendments, waivers or consents under or in respect of this Agreement, the Notes, any Guaranty Agreement or any Security
Document (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and
expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement,
the Notes, any Guaranty Agreement or any Security Document or in responding to any subpoena or other legal process or informal
investigative demand issued in connection with this Agreement, the Notes, any Guaranty Agreement or any Security Document, or by
reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred in connection
with the insolvency or bankruptcy of MHGCI, the Company or any Subsidiary or in connection with any work-out or restructuring of
the transactions contemplated hereby, by the Notes, by any Guaranty Agreement or by the Security Documents, (c) the fees, costs
and expenses, including without limitation reasonable attorneys’ fees, of the Collateral Agent required to be paid by the
Company or any Subsidiary pursuant to any Security Document or required to be reimbursed by any holder of a Note pursuant to the
Intercreditor Agreement, (d) the costs and expenses, including without limitation reasonable attorneys’ fees, of preparing,
recording and filing all financing statements, instruments and other documents to create, perfect and fully preserve and protect
the Liens granted pursuant to the Security Documents and the rights of the holders of the Notes or of the Collateral Agent for
the benefit of the holders of the Notes and the other parties party to the Intercreditor Agreement and (e) the costs and expenses
incurred in connection with the initial filing of this Agreement and all related documents and financial information with the CMIAO;
provided, that such costs and expenses under this clause (e) shall not exceed $3,500. The Company will pay, and will
save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any,
of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the
Notes).

 

Section 15.2         Survival.
The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, the Notes or any Security Document, and the termination of this Agreement or any
Security Document.

 

		Section 16	Survival of
Representations and Warranties; Entire Agreement.

 

All representations
and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer
by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder
of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to
this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence,
this Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Company and supersede
all prior agreements and understandings relating to the subject matter hereof.

 

		Section 17	Amendment and
Waiver.

 

Section 17.1         Requirements.
This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively
or prospectively), only with the written consent of the Company and the Required Holders, except that (a) no amendment or waiver
of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing; and (b) no amendment or waiver may, without the written consent
of each Purchaser and the holder of each Note at the time outstanding, (i) subject to the provisions of Section 12 relating to
acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change
the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage
of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver, or (iii) amend any
of Sections 8, 11(b), 12, 17 or 20.

 

    	-42-

    	 

    

 

Section 17.2         Solicitation
of Holders of Notes.

 

(a)          Solicitation.
 The Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information,
sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision
with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, of the Notes or of any Security
Document. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to
the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered
by, or receives the consent or approval of, the requisite holders of Notes.

 

(b)          Payment.
 The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional
interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for
or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof,
of the Notes or of any Security Document unless such remuneration is concurrently paid, or security is concurrently granted or
other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent
to such waiver or amendment.

 

(c)          Consent
in Contemplation of Transfer. Any consent made pursuant to this Section 17 by a holder of Notes that has transferred or has
agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company pursuant to Section 8.5 and has provided
or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely
as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would
not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the
same or similar conditions) shall be void and of no force or effect except solely as to such holder.

 

Section 17.3         Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and
is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been
marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement,
Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between
the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver
of any rights of any holder of such Note.

 

    	-43-

    	 

    

 

Section 17.4         Notes
Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement
or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders
of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the
Company or any of its Affiliates shall be deemed not to be outstanding.

 

		Section 18	Notices.

 

All notices and communications
provided for hereunder shall be in writing and sent (a) by telecopy or electronic mail if the sender on the same day sends
a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), (b) by registered
or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service
(charges prepaid). Any such notice must be sent:

 

(1)         if
to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or
at such other address as such Purchaser or nominee shall have specified to the Company in writing,

 

(2)         if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing,
or

 

(3)         if
to the Company, to the Company at its address set forth at the beginning hereof to the attention of the chief executive officer
or the general counsel, or at such other address as the Company shall have specified to the holder of each Note in writing.

 

Notices under this Section 18 will be deemed
given only when actually received.

 

		Section 19	Reproduction
of Documents.

 

This Agreement and
all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed,
(b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates
and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic,
photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.
The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether
or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any
other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing
evidence to demonstrate the inaccuracy of any such reproduction.

 

    	-44-

    	 

    

 

 

		Section 20	Confidential
Information.

 

For the purposes of
this Section 20, “Confidential Information” shall mean information delivered to any Purchaser by or on behalf
of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that
is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser
as being confidential information of the Company or such Subsidiary, provided that such term does not include information
that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes
publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise
becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements
delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality
of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential
information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential
Information to (1) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by its Notes), (2) its auditors, financial advisors and
other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms
of this Section 20, (3) any other holder of any Note and the Collateral Agent, (4) any Institutional Investor to which it
sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (5) any Person from which it
offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 20), (6) any federal or state regulatory authority having jurisdiction
over such Purchaser, (7) the NAIC or the CMIAO or, in each case, any similar organization, or any nationally recognized rating
agency that requires access to information about such Purchaser’s investment portfolio, or (8) any other Person to which
such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable
to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such
Purchaser is a party or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably
determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and
remedies under such Purchaser’s Notes, this Agreement or any Security Document. Each holder of a Note, by its acceptance
of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were
a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information
required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to
this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section
20.

 

In the event that as
a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions
contemplated by or otherwise pursuant to this Agreement, any Purchaser is required to agree to a confidentiality undertaking (whether
through Intralinks or otherwise) which is different from the terms of this Section 20, the terms of this Section 20 shall, as between
such Purchaser and the Company, supersede the terms of any such other confidentiality undertaking.

 

    	-45-

    	 

    

 

		Section 21	Substitution
of Purchaser.

 

Each Purchaser shall
have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder,
by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s
agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of
the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other
than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such
Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of
the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate
as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate,
but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of
the Notes under this Agreement.

 

		Section 22	Miscellaneous.

 

Section 22.1         Successors
and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind
and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a
Note) whether so expressed or not.

 

Section 22.2         Payments
Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, any payment of principal
of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding
Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business
Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity
date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest
payable on such next succeeding Business Day.

 

Section 22.3         Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given
to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP.
For purposes of determining compliance with the financial covenants contained in this Agreement, any election by the Company to
measure any financial liability using fair value (as permitted by Accounting Standard Codification Topic No. 825-10-25 –
Fair Value Option or any similar accounting standard) shall be disregarded and such determination shall be made as if such election
had not been made.

 

Section 22.4         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction.

 

    	-46-

    	 

    

 

Section 22.5         Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each
other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.

 

For the avoidance of
doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

 

Section 22.6         Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto.

 

Section 22.7         Governing
Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

Section 22.8         Jurisdiction
and Process; Waiver of Jury Trial. 

 

(a)          The
Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes.
To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as
a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)          The
Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form
of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other address
of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt
(1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall,
to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to
it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States
Postal Service or any reputable commercial delivery service.

 

    	-47-

    	 

    

 

(c)          Nothing
in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate
jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(d)          The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes, the Security Documents
or any other document executed in connection herewith or therewith.

 

* * * * *

    	-48-

    	 

    

  

The
execution hereof by the Purchasers shall constitute a contract among the Company and the Purchasers for the uses and purposes
hereinabove set forth.

 

	 	The
    Gas Company, LLC
	 	 	 
	 	By	 /s/ JEFFREY M. KISSEL 
	 	 	Name:
	 	 	Title: PRESIDENT AND
    CHIEF EXECUTIVE OFFICER

 

This
Agreement is hereby

accepted
and agreed to as

of
the date hereof.

 

[Add Purchaser Signature
Blocks

 

Signature Page to Note Purchase Agreement

 

    	-49-

    	 

    

 

Information Relating to
Purchasers

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Liberty National Life Insurance Company

    [Redacted]	 	$	10,850,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Globe Life and Accident Insurance Company

    [Redacted]	 	$	7,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Farmers New World Life Insurance Company

    [Redacted]	 	$	7,150,000	 

 

    	 

    	 

    

  

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	The Prudential Insurance Company of America

    [Redacted]	 	$	18,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Prudential Arizona Reinsurance Captive Company

    [Redacted]	 	$	5,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Prudential Arizona Reinsurance Universal Company

    [Redacted]	 	$	1,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Prudential Annuities Life Assurance Corporation

    [Redacted]	 	$	1,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	United of Omaha Life Insurance Company

    [Redacted]	 	$	25,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Connecticut General Life Insurance Company	 	$	1,000,000	 
	[Redacted]	 	$	2,000,000	 
	 	 	$	2,000,000	 
	 	 	$	1,000,000	 
	 	 	$	1,000,000	 
	 	 	$	1,000,000	 
	 	 	$	1,000,000	 
	 	 	$	3,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	Life Insurance Company of North America

    [Redacted]	 	$	7,000,000	 

 

    	 

    	 

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Notes to be Purchased	 
	CIGNA Health and Life Insurance Company

    [Redacted]	 	$	6,000,000	 

 

    	 

    	 

    

 

Defined Terms

 

As used herein, the
following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Affiliate”
shall mean, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through
one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect
to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting
or equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially
own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. As used in this
definition, “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the
Company.

 

“Aggregate
Cash Available for Distribution” shall mean, as of any date of determination, the sum of (i) $6,500,000 for the fiscal
quarters which commenced prior to June 30, 2012 and (ii) (a) the aggregate amount of Cash Available for Distribution for the
fiscal quarters which commenced after June 30, 2012 and prior to such date of determination, minus (b) the aggregate amount
of (x) Restricted Payments made pursuant to clauses (3), (4) and (5) of Section 10.5(c) and (y) any loan or advance of funds by
the Company to HGC (or other parent entity) or pursuant to the Intercompany Loan Agreement made after July 1, 2012. It being understood
and agreed that, for the purposes of determining the portion of “Aggregate Cash Available for Distribution” allocable
to the fiscal quarter commencing July 1, 2012, the negative covenant contained in Section 10.5 of this Agreement shall be deemed
to be effective as of July 1, 2012.

 

“Agreement”
shall mean this Agreement as it may be amended or supplemented from time to time. 

 

“Anti-Money
Laundering Laws” is defined in Section 5.16(c).

 

“Asset Disposition”
shall mean the disposition of any or all of the assets (including, without limitation, any Capital Stock owned thereby) of
the Company or any Subsidiary thereof whether by sale, lease, transfer or otherwise, and any issuance of Capital Stock by any Subsidiary
of the Company to any Person other than the Company or any Subsidiary thereof (other than dispositions of assets with a fair market
value of less than $500,000). The term “Asset Disposition” shall not include (a) any Equity Issuance, (b) the sale
of inventory in the ordinary course of business, (c) the transfer of assets to the Company or any Subsidiary Guarantor pursuant
to any other transaction permitted pursuant to Section 10.7, (d) the write-off, discount, sale or other disposition of defaulted
or past-due receivables and similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable
financing transaction, (e) the disposition of any Swap Contract, (f) dispositions of investments in cash and Cash Equivalents,
and (g) the transfer by the Company or any Subsidiary Guarantor of its assets to the Company or any Subsidiary Guarantor.

 

Schedule
B

(to Note Purchase Agreement)

 

    	 

    	 

    

 

“Blocked Person”
is defined in Section 5.16(a).

 

“Business
Day” shall mean (a) for the purposes of Section 8.8 only, any day other than a Saturday, a Sunday or a day on which commercial
banks in New York, New York are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or Honolulu, Hawaii are required
or authorized to be closed.

 

“Capital Asset”
shall mean, with respect to the Company and its Subsidiaries, any asset that should, in accordance with GAAP, be classified and
accounted for as a capital asset on a Consolidated balance sheet of the Company and its Subsidiaries. 

 

“Capital Expenditures”
shall mean, with respect to the Company and its Subsidiaries for any period, the aggregate cost of all Capital Assets acquired
by the Company and its Subsidiaries during such period, as determined in accordance with GAAP, net of any Net Cash Proceeds received
from all dispositions of Capital Assets during such period (to the extent permitted hereunder) that have been reinvested pursuant
to clause (i) of the second paragraph of Section 10.6; provided that Capital Expenditures shall not be less than zero.

 

“Capital Lease”
shall mean, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset
and the incurrence of a liability in accordance with GAAP.

 

“Capital Stock”
shall mean (1) in the case of a corporation, capital stock, (2) in the case of an association or business entity, any
and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (3) in the case
of a partnership, partnership interests (whether general or limited), (4) in the case of a limited liability company, membership
interests, (5) any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing Person and (6) any and all warrants, rights or options to purchase any
of the foregoing. 

 

“Cash Available
for Distribution” shall mean, for any fiscal quarter, the sum (without duplication) of:

 

(a)          Net
Cash Flow from Operating Activities during such fiscal quarter;

 

(b)          less
Restricted Payments made pursuant to Section 10.5(c)(2) during such fiscal quarter;

 

(c)          plus
Restricted Payments made pursuant to Section 10.5(c)(3) during such fiscal quarter;

 

(d)          plus
payments of principal received by the Company pursuant to the Intercompany Loan Agreement during such fiscal quarter;

 

(e)          less
principal payments made by the Company or its Subsidiaries in respect of Indebtedness and Guaranties in respect of Indebtedness
during such fiscal quarter; and

 

    	-2-

    	 

    

 

(f)          less
Capital Expenditures and asset purchases of the Company and its Subsidiaries during such fiscal quarter (except to the extent attributable
to the incurrence of Capital Lease obligations or otherwise financed by incurring Indebtedness; provided that if, on an aggregate
basis, the total amount of Indebtedness (including Capital Lease obligations) that financed all Capital Expenditures and asset
purchases of the Company and its Subsidiaries on and after July 1, 2012, through the end of such fiscal quarter exceeds 70% of
the aggregate amount of all such Capital Expenditures and asset purchases, this exception shall in no event be greater than 70%
of the aggregate amount of such Capital Expenditures and asset purchases of the Company and its Subsidiaries on and after July
1, 2012 through, the end of such fiscal quarter).

 

“Cash Equivalents”
shall mean, collectively, (1) marketable direct obligations issued or unconditionally guaranteed by the United States or any
agency thereof maturing within 180 days from the date of acquisition thereof, (2) commercial paper maturing no more than 180
days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s,
(3) certificates of deposit maturing no more than 180 days from the date of creation thereof issued by commercial banks incorporated
under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000
and having a rating of “A” or better by a nationally recognized rating agency; provided that the aggregate amount
invested in such certificates of deposit shall not at any time exceed $5,000,000 for any one such certificate of deposit and $10,000,000
for any one such bank, or (4) time deposits maturing no more than 30 days from the date of creation thereof with commercial
banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are
insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder. 

 

“Change of
Control” shall mean (1) the Sponsor shall cease to directly or indirectly own and control more than 50% of the economic
and voting interests in HGC, (2) the failure of HGC to own 100% of outstanding equity interests of the Company or (3) the
failure of the Sponsor to be entitled, directly or indirectly, whether through ownership of membership interests, contract or otherwise,
to direct or cause the direction of the management and policies of the Company.

 

“Closing”
is defined in Section 3.

 

“CMIAO”
shall mean the Capital Markets & Investment Analysis Office of the NAIC (formerly known as the Securities Valuation Office)
or any successor to such office. 

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder
from time to time.

 

“Collateral”
shall mean all property of the Company and its Subsidiaries, now owned or hereafter acquired, upon which a Lien is purported to
be created by any Security Document.

 

“Collateral
Agent” shall mean Wells Fargo Bank, National Association, as collateral agent under the Intercreditor Agreement, and
its successors and permitted assigns in such capacity.

 

    	-3-

    	 

    

 

“Company”
shall mean The Gas Company, LLC, a Hawaii limited liability company or any successor that becomes such in the manner prescribed
in Section 10.7.

 

“Confidential
Information” is defined in Section 20.

 

“Consolidated”
shall mean, when used with reference to financial statements or financial statement items of any Person, such statements or items
on a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated
Capitalization” shall mean, as of any date of determination, the sum of (i) Consolidated Total Indebtedness at such time
and (ii) Consolidated Net Worth as of the end of the most recent fiscal quarter for which financial statements are available.

 

 

“Consolidated
EBITDA” shall mean, for any fiscal quarter, for the Company and its Subsidiaries in accordance with GAAP and determined
on a Consolidated basis, Consolidated Net Income for such fiscal quarter adjusted for, to the extent used in determining Consolidated
Net Income for such fiscal quarter:

 

(a)          any
extraordinary gains/losses and generally non-recurring income/expense and any unrealized gains/losses for derivatives during such
fiscal quarter;

 

(b)          depreciation,
amortization and other non-cash charges or losses of the Company and its Subsidiaries (including, but not limited to, the non-cash
portion of net periodic defined benefit costs, bad debt expense net of cash recoveries, deferred rent, amortization of debt financing
costs and asset retirement obligations) during such fiscal quarter;

 

(c)          provision/benefit
for current and deferred income taxes (both state and federal) during such fiscal quarter;

 

(d)          Consolidated
Interest Expense, net of interest income, during the relevant fiscal quarter;

 

(e)          Indebtedness-related
fees (which includes, but is not limited to, commitment fees and agency fees) during such fiscal quarter; and

 

(f)          expenses
incurred under the Management Agreement during such fiscal quarter.

 

“Consolidated
Interest Coverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period
of four consecutive fiscal quarters ending on or immediately prior to such date to (b) Consolidated Interest Expense for the period
of four consecutive fiscal quarters ending on or immediately prior to such date

 

“Consolidated
Interest Expense” shall mean, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for the Company and its Subsidiaries in accordance with GAAP, interest expense (including, without limitation, interest expense
attributable to Capital Leases and all net payment obligations pursuant to Swap Contracts) for such period.

  

    	-4-

    	 

    

 

“Consolidated
Net Income” shall mean, for any period, the net income (or loss) of the Company and its Subsidiaries for such period,
determined on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated
Net Income of the Company and its Subsidiaries for any period, there shall be excluded (a) the net income (or loss) of any Person
(other than a Subsidiary which shall be subject to clause (c) below), in which the Company or any of its Subsidiaries has a joint
interest with a third party, except to the extent such net income is actually paid in cash to the Company or any of its Subsidiaries
by dividend or other distribution during such period, (b) the net income (or loss) of any Person accrued prior to the date it becomes
a Subsidiary of the Company or any of its Subsidiaries or is merged into or consolidated with the Company or any of its Subsidiaries
or that Person’s assets are acquired by the Company or any of its Subsidiaries except to the extent included pursuant to
the foregoing clause (a), and (c) the net income (if positive), of any Subsidiary to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary to the Company or any of its Subsidiaries of such net income (i) is not
at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to any taxes payable on such dividends or
distributions, but in each case only to the extent of such prohibition or taxes.

 

“Consolidated
Net Worth” shall mean, as of any date of determination with respect to the Company and its Subsidiaries, (i) the sum
of all amounts that would, in conformity with GAAP, be included on the Consolidated balance sheet of the Company and its Subsidiaries
under “stockholders’ equity” or such similar caption on such date and minus (ii) accumulated other comprehensive
income (or loss) determined on a Consolidated basis, without duplication, in accordance with GAAP.

 

“Consolidated
Total Assets” shall mean, at any date of determination, with respect to the Company and its Subsidiaries, the total assets,
on a consolidated basis, of the Company and its Subsidiaries, determined in accordance with GAAP. 

 

“Consolidated
Total Indebtedness” shall mean, as of any date of determination with respect to the Company and its Subsidiaries on a
Consolidated basis without duplication, the sum of all Indebtedness of the Company and its Subsidiaries.

 

“Consolidated
Total Indebtedness to Consolidated Capitalization Ratio” shall mean, as of any date of determination, the ratio of (a)
Consolidated Total Indebtedness on such date to (b) Consolidated Capitalization on such date.

 

“Control Event”
shall mean (a) the execution by the Company or any of its Subsidiaries or Affiliates of any agreement or letter of intent with
respect to any proposed transaction or event or series of transactions or events which, individually or in the aggregate, may reasonably
be expected to result in a Change of Control or (b) the execution of any written agreement which, when fully performed by the parties
thereto, would result in a Change of Control.

 

    	-5-

    	 

    

 

“Controlled
Entity” shall mean any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled
Affiliates. As used in this definition, “Control” shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.

 

“Credit Agreement”
shall mean the Credit Agreement dated as of August 8, 2012 by and among the Company, the Lenders (as defined therein) from time
to time parties thereto, Wells Fargo Bank, National Association, as administrative agent, and the other agents party thereto, as
amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof,
which constitute the primary bank credit facility of the Company and its Subsidiaries

 

“Default”
shall mean an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or
both, become an Event of Default.

 

“Default Rate”
shall mean that rate of interest that is the greater of (a) 2.00% per annum above the rate of interest stated in clause (a)
of the first paragraph of the Notes or (b) 2.00% over the rate of interest publicly announced by Wells Fargo Bank, National
Association, in New York, New York as its “base” or “prime” rate.

 

“Disclosure
Documents” is defined in Section 5.3.

 

“Disqualified
Capital Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock
into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is
mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise (except
as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of
control or asset sale event shall be subject to the prior repayment in full of the Notes and other obligations under this Agreement
and the Security Documents that are accrued and payable), (b) is redeemable at the option of the holder thereof (other than solely
for Qualified Capital Stock) (except as a result of a change of control or asset sale so long as any rights of the holders thereof
upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Notes and
all other obligations under this Agreement and the Security Documents that are accrued and payable), in whole or in part, (c) provides
for the scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other
Capital Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is 91 days after the maturity
date of the Notes; provided, that if such Capital Stock is issued pursuant to a plan for the benefit of the Company or its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because
it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

“Environmental
Laws” shall mean any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including but not limited to those
related to Hazardous Materials.

 

    	-6-

    	 

    

 

“Equity Issuance”
shall means (1) any issuance by the Company or any Subsidiary thereof to any Person other than the Company or a Subsidiary
thereof, of (a) shares of its Capital Stock, (b) any shares of its Capital Stock pursuant to the exercise of options
or warrants or (c) any shares of its Capital Stock pursuant to the conversion of any debt securities to equity and (2) any
capital contribution from any Person (other than the Company or a Subsidiary Guarantor) into the Company or any Subsidiary thereof.
The term “Equity Issuance” shall not include any Asset Disposition.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect.

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under
Section 414 of the Code.

 

“Event of
Default” is defined in Section 11.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“FDIC”
shall mean the Federal Deposit Insurance Corporation or any successor thereto.

 

“FEMA”
shall mean the Federal Emergency Management Agency and any successor thereto.

 

“GAAP”
shall mean generally accepted accounting principles as in effect from time to time in the United States of America.

 

“Governmental
Authority” shall mean

 

(a)          the
government of

 

(1)         the
United States of America or any state or other political subdivision thereof, or

 

(2)         any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction
over any properties of the Company or any Subsidiary, or

 

(b)          any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Guarantors”
shall mean, collectively, MHGCI, so long as the MHGCI Guaranty Agreement is in effect, and each Subsidiary party to the Subsidiary
Guaranty Agreement.

 

    	-7-

    	 

    

 

“Guaranty”
shall mean, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable
instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other
obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred
through an agreement, contingent or otherwise, by such Person:

 

(a)          to
purchase such indebtedness or obligation or any property constituting security therefor;

 

(b)          to
advance or supply funds (1) for the purchase or payment of such indebtedness or obligation, or (2) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make
available funds for the purchase or payment of such indebtedness or obligation;

 

(c)          to
lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or
obligation of the ability of any other Person to make payment of the indebtedness or obligation; or

 

(d)          otherwise
to assure the owner of such indebtedness or obligation against loss in respect thereof.

 

In any computation of the indebtedness
or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty
shall be assumed to be direct obligations of such obligor.

 

“Guaranty
Agreement” shall mean the MHGCI Guaranty Agreement or the Subsidiary Guaranty Agreement.

 

“Hazardous
Materials” shall mean any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard
to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment,
storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or
shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited
or penalized substances.

 

“HGC”
shall mean HGC Holdings LLC, a Hawaii limited liability company.

 

“HGC Credit
Agreement” means the credit agreement dated as of August 8, 2012 among HGC, as borrower; the several banks and other
financial institutions from time to time parties thereto, as lenders; and Wells Fargo Bank, National Association, as administrative
agent for such lenders.

 

“holder”
shall mean, with respect to any Note the Person in whose name such Note is registered in the register maintained by the Company
pursuant to Section 13.1; provided, however, that if such Person is a nominee, then for the purposes of Sections 7,
12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note
whose name and address appears in such register.

 

    	-8-

    	 

    

 

“Indebtedness”
with respect to any Person shall mean, at any time, without duplication,

 

(a)          its
liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 

(b)          its
liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary
course of business but including all liabilities created or arising under any conditional sale or other title retention agreement
with respect to any such property);

 

(c)          all
liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases;

 

(d)          all
liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed
or otherwise become liable for such liabilities);

 

(e)          all
its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by
banks and other financial institutions (whether or not representing obligations for borrowed money); and

 

(f)          any
Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through (e) hereof.

 

Indebtedness
of any Person shall include all obligations of such Person of the character described in clauses (a) through (f) to the extent
such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under
GAAP.

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional
Investor” shall mean (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of
its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust
company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company,
any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related
Fund of any holder of any Note.

 

“Insurance
and Condemnation Event” shall mean the receipt by the Company or any of its Subsidiaries of any cash insurance proceeds
or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to
any of their respective property.

 

“Intercompany
Loan Agreement” shall mean that certain Credit Agreement dated as March 31, 2008 between the Sponsor and the Company
as in effect on the date of the Closing.

 

    	-9-

    	 

    

 

“Intercreditor
Agreement” is defined in Section 4.6.

 

“Lender”
shall mean each financial institution from time to time party to the Credit Agreement as a “lender.”

 

“Lien”
shall mean, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest
or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention
agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder
agreements, voting trust agreements and all similar arrangements).

 

“Make-Whole
Amount” is defined in Section 8.8.

 

“Management
Agreement” shall mean that certain Corporation Allocation Policy Infrastructure and Specialized Funds, dated as of December
2004 (as amended on April 24, 2008) as in effect on the date of the Closing.

 

“Material”
shall mean material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of
the Company and its Subsidiaries taken as a whole.

 

“Material
Adverse Effect” shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets
or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company or any Subsidiary to perform
its obligations under this Agreement, the Notes or the Security Documents to which it is a party or (c) the validity or enforceability
of this Agreement, the Notes or any Security Documents.

 

“Memorandum”
is defined in Section 5.3.

 

“MHGCI”
shall mean Macquarie HGC Investment LLC, a Hawaii limited liability company and the owner of HGC.

 

“MHGCI Guaranty
Agreement” is defined in Section 2.2.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgages”
shall mean the collective reference to each mortgage, deed of trust or other real property security document, encumbering any real
property now or hereafter owned by the Company or any Subsidiary, in each case, in form and substance reasonably satisfactory to
the Required Holders and executed by the Company or such Subsidiary in favor of the Collateral Agent, for the ratable benefit of
the Secured Parties, as any such document may be amended, restated, supplemented or otherwise modified from time to time.

 

“Multiemployer
Plan” shall mean any “multiemployer plan” (as such term is defined in Section 4001(a)(3) of ERISA) to which
contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate
or with respect to which the Company or any ERISA Affiliate may have any liability.

 

    	-10-

    	 

    

 

“NAIC”
shall mean the National Association of Insurance Commissioners or any successor thereto.

 

“Net Cash
Flow from Operating Activities” shall mean, with respect to the Company and its Subsidiaries for any period, the net
cash flow from operating activities of the Company and its Subsidiaries during such period, as determined in accordance with GAAP.

 

“Net Cash
Proceeds” shall mean, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event, the
gross proceeds received by the Company or any of its Subsidiaries therefrom (including any cash, Cash Equivalents, deferred payment
pursuant to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (1) in the
case of an Asset Disposition, all income taxes and other taxes assessed by a Governmental Authority as a result of such transaction,
(2) all reasonable and customary out-of-pocket fees and expenses incurred in connection with such transaction or event and (3) the
principal amount of, premium, if any, and interest on any Indebtedness secured by a Lien on the asset (or a portion thereof) disposed
of, which Indebtedness is required to be repaid in connection with such transaction or event (other than the Senior Secured Obligations)
and (b) with respect to any offering of equity securities, the gross cash proceeds received by the Company or any of its Subsidiaries
therefrom less all reasonable and customary out-of-pocket legal, underwriting and other fees and expenses incurred in connection
therewith.

 

“Notes”
is defined in Section 1.

 

“OFAC”
is defined in Section 5.16(a).

 

“OFAC Listed
Person” is defined in Section 5.16(a).

 

“OFAC Sanctions
Program” shall mean any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of
OFAC Sanctions Programs may be found at http://www.ustreas.gov/offices/enforcement/ofac/programs/.

 

“Officer’s
Certificate” shall mean a certificate of a Responsible Officer of the Company.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization,
business entity or Governmental Authority.

 

“Plan”
shall mean, other than any Multiemployer Plans, (1) an “employee pension benefit plan” (as defined in Section 3(2)
of ERISA) subject to Title I of ERISA that is established or maintained, or to which contributions are made or required to be made,
by the Company or any Subsidiary or with respect to which the Company or any Subsidiary may have any liability or (2) an “employee
pension benefit plan” (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA that is or, within the preceding
five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made
or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have
any liability.

 

    	-11-

    	 

    

 

“Preferred
Stock” shall mean any class of capital stock of a Person that is preferred over any other class of capital stock (or
similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution
of such Person.

 

“Prepayment
Date” is defined in Section 8.7(a).

 

“Prepayment
Event” is defined in Section 8.7(a).

 

“property”
or “properties” shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible
or intangible, choate or inchoate.

 

“Proposed
Prepayment Date” is defined in Section 8.6(c).

 

“PTE”
is defined in Section 6.2(a).

 

“Purchaser”
or “Purchasers” shall mean each of the purchasers whose signatures appear at the end of this Agreement and
such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however,
that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note
as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser”
of such Note for the purposes of this Agreement upon such transfer.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified
Capital Stock” shall mean any Capital Stock that is not Disqualified Capital Stock.

 

“Qualified
Institutional Buyer” shall mean any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act.

 

“Ratable Portion”
for any Note shall mean an amount equal to the product of (a) the Net Cash Proceeds from any Asset Dispositions or Insurance
and Condemnation Events being applied to the payment or prepayment of Indebtedness pursuant to clause (ii) of the second paragraph
of Section 10.6 multiplied by (b) a fraction, the numerator of which is the aggregate outstanding principal amount of
such Note and the denominator of which is the aggregate outstanding principal amount of the sum of (1) the Notes and (2) the Indebtedness
under the Credit Agreement.

 

“Reinvestment
Date” shall mean, (a) with respect to Net Cash Proceeds from Asset Dispositions, the date that is 180 days after receipt
of such Net Cash Proceeds unless such Net Cash Proceeds are committed to be reinvested prior to such date, in which case the Reinvestment
Date shall be 360 days after receipt of such Net Cash Proceeds and (b) with respect to Net Cash Proceeds from Insurance and Condemnation
Events, the date that is 270 days after receipt of such Net Cash Proceeds unless such Net Cash Proceeds is committed to be reinvested
prior to such date, in which case the Reinvestment Date shall be 540 days after receipt of such Net Cash Proceeds.

 

    	-12-

    	 

    

 

“Related Fund”
shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is
advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment
advisor.

 

“Required
Holders” shall mean, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding
(exclusive of Notes then owned by the Company or any of its Affiliates).

 

“Responsible
Officer” shall mean the chief executive officer, president, chief financial officer, principal accounting officer, comptroller,
treasurer or assistant treasurer of the Company.

 

“Restricted
Affiliate” is defined in Section 13.2.

 

“Restricted
Payments” is defined in Section 10.5.

 

“S&P”
shall mean Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw Hill Company
Inc. and any successor thereto.

 

“Secured Parties”
shall mean the holders of the Notes and the other holders of Senior Secured Obligations.

 

“Securities”
or “Security” shall have the meaning specified in Section 2(1) of the Securities Act.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

 

“Security
Agreement” shall mean that certain Security Agreement dated as of August 8, 2012 entered into between the Company and
the Collateral Agent and substantially in the form attached hereto as Exhibit 4, as such agreement may be amended, supplemented,
restated or otherwise modified from time to time.

 

“Security
Documents” shall mean the Security Agreement, the Mortgages, the Intercreditor Agreement and all other security
documents hereafter delivered to the Collateral Agent granting a Lien on any property of any Person to secure the obligations and
liabilities of the Company or any Subsidiary under this Agreement or the Notes and the other Senior Secured Obligations.

 

“Senior Secured
Obligations” shall have the meaning given for such term in the Intercreditor Agreement.

 

    	-13-

    	 

    

 

“Solvent”
shall mean, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any
Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including
all contingent liabilities computed at the amount which, in light of all the facts and circumstances existing at such time, represents
the amount that could reasonably be expected to become an actual and matured liability), (b) such Person is able to pay its debts
or other obligations in the ordinary course as they mature and (c) such Person has capital not unreasonably small to carry on its
business and all business in which it proposes to be engaged.

 

“Source”
is defined in Section 6.2.

 

“Sponsor”
shall mean Macquarie Infrastructure Company, Inc., a Delaware corporation.

 

“Subsidiary”
shall mean, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person
and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in
the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person,
and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person
or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture
can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).
Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the
Company.

 

“Subsidiary
Debt” shall mean (without duplication), as of the date of any determination thereof, the sum of all Indebtedness of Subsidiaries
of the Company (including all Guaranties of Indebtedness of the Company (other than Guaranties by a Subsidiary Guarantor of Indebtedness
subject to the Intercreditor Agreement)) but excluding Indebtedness owing to the Company or any Wholly-Owned Subsidiary.

 

“Subsidiary
Guarantor” shall mean each Subsidiary party to the Subsidiary Guaranty Agreement.

 

“Subsidiary
Guaranty Agreement” is defined in Section 9.8(a).

 

“Swap Contract”
shall mean (a) any and all interest rate swap transactions, basis 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 foreign exchange transactions, cap transactions, floor transactions,
currency options, spot contracts or any other similar transactions or any of the foregoing (including, but without limitation,
any options to enter into any of the foregoing), 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.

 

“Tax Sharing
Agreement” shall mean that certain Income Tax Allocation Agreement, dated as of January 1, 2007, by and among the Company,
HGC, MHGCI and HGC Investment Corporation, a Delaware corporation, as in effect on the date of the Closing.

 

“Title Companies”
is defined in Section 9.10(2).

 

    	-14-

    	 

    

 

“USA PATRIOT
ACT” shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect.

 

“Wholly-Owned
Subsidiary” shall mean, at any time, any Subsidiary one hundred percent of all of the equity interests (except directors’
qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned
Subsidiaries at such time.

 

    	-15-

    	 

    

 

[Form of Note]

 

The Gas Company, LLC

 

4.22% Senior Secured Note
Due August 8, 2022

 

	No. [_____]	[Date]
	$[_______]	PPN 36714# AA5

 

For
Value Received, the undersigned, The Gas Company, LLC (herein called the “Company”),
a limited liability company organized and existing under the laws of the State of Hawaii, hereby promises to pay to ____________,
or registered assigns, the principal sum of _____________________ Dollars (or so
much thereof as shall not have been prepaid) on August 8, 2022 (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.22% per annum from
the date hereof, payable semiannually, on the eighth day of February and August in each year, commencing with the February 8 or
August 8 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable,
and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default,
on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the
greater of (i) 6.22% or (ii) 2.00% over the rate of interest publicly announced by Wells Fargo Bank, National Association,
from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand).

 

Payments of principal
of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America
at the principal offices of Wells Fargo Bank, National Association, in New York, New York or at such other place as the Company
shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of
a series of Senior Secured Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of August 8, 2012 (as from time to time amended, the “Note Purchase Agreement”), between the Company
and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by
its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase
Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered
Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a
written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due
presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof
for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

EXHIBIT 1

(to Note Purchase Agreement)

 

    	 

    	 

    

 

This Note is subject
to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but
not otherwise.

 

The payment by the
Company of the principal of, interest on, Make-Whole Amount, if any, is secured by the Collateral as set forth in the Security
Documents.

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be
construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State.

 

	 	The Gas Company, LLC
	 	 	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

    	-2-

    	 

    

 

Execution
Version

 

 

MHGCI Guaranty Agreement

 

Dated as of August 8, 2012

 

	 	Re:	$100,000,000 4.22% Senior Secured Notes due August 8, 2022	 
	 	 	of	 
	 	 	The Gas Company, LLC	 

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	SECTION 1.	Definitions	3
	 	 	 
	SECTION 2.	Guaranty of Notes and Note Purchase Agreement	4
	 	 	 
	SECTION 3.	Guaranty of Payment and Performance	4
	 	 	 
	SECTION 4.	General Provisions Relating to the Guaranty	4
	 	 	 
	SECTION 5.	Representations and Warranties of the Guarantor	9
	 	 	 
	SECTION 6.	Amendments, Waivers and Consents	11
	 	 	 
	SECTION 7.	Notices	11
	 	 	 
	SECTION 8.	Termination	11
	 	 	 
	SECTION 9.	Miscellaneous	12

 

    	-2-

    	 

    

 

MHGCI Guaranty Agreement

 

	 	Re:	$100,000,000 4.22% Senior Secured Notes due August 8, 2022	 
	 	 	of	 
	 	 	The Gas Company, LLC	 

 

This MHGCI
Guaranty Agreement dated as of August 8, 2012 (this “Guaranty”) is entered into by the undersigned, Macquarie
HGC Investment LLC, a Hawaii limited liability company (the “Guarantor”).

 

Recitals

 

A.           The
Guarantor is the indirect owner of 100% of the issued and outstanding equity interests of The Gas Company, LLC, a Hawaii limited
liability company (the “Company”).

 

B.           The
Company has entered into that certain Note Purchase Agreement dated as of August 8, 2012 (as the same may be amended, supplemented,
restated or otherwise modified from time to time, the “Note Purchase Agreement”) with each of the institutional
investors named on Schedule A attached thereto (collectively, the “Note Purchasers”), providing for, among other
things, the issue and sale by the Company to the Note Purchasers of $100,000,000 aggregate principal amount of its 4.22% Senior
Secured Notes due August 8, 2022 (collectively, the “Notes”). The Note Purchasers together with their successors
and assigns are collectively referred to herein as the “Holders.”

 

C.           The
Note Purchasers have required as a condition of their purchase of the Notes that the Company causes the Guarantor to enter into
this Guaranty, and the Company has agreed to cause the Guarantor to execute this Guaranty in order to induce the Note Purchasers
to purchase the Notes and thereby benefit the Company and its Subsidiaries by providing funds to the Company for the purposes described
in Section 5.14 of the Note Purchase Agreement.

 

Now,
therefore, as required by Section 4.4 of the Note Purchase Agreement and in consideration of the premises and other good
and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, the Guarantor does hereby covenant and
agree as follows: 

 

		Section 1	Definitions.

 

Capitalized terms used
herein shall have the meanings set forth in the Note Purchase Agreement unless defined herein.

 

    	-3-

    	 

    

 

 

		Section 2	Guaranty of Notes and Note Purchase Agreement.

 

The Guarantor does
hereby irrevocably, absolutely and unconditionally guarantee unto the Holders from the date hereof until the Termination Date (as
defined below): (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest on the Notes
from time to time outstanding, as and when such payments shall become due and payable whether by lapse of time, upon redemption
or prepayment, by extension or by acceleration or declaration or otherwise (including, to the extent permitted by applicable law,
interest due on overdue payments of principal, Make-Whole Amount, if any, or interest at the rate set forth in the Notes) in federal
or other immediately available funds of the United States of America which at the time of payment or demand therefor shall be legal
tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Company of each
and all of the obligations, covenants and agreements required to be performed or owed by the Company under the terms of the Notes,
the Note Purchase Agreement and each Security Document and (3) the full and prompt payment, upon demand by any Holder of all
costs and expenses, legal or otherwise (including reasonable attorneys’ fees), if any, as shall have been expended or incurred
in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes,
the Note Purchase Agreement, any Security Document or under this Guaranty or in any consultation or action in connection therewith
or herewith.

 

		Section 3	Guaranty of Payment and Performance.

 

Subject to Section
8 hereof, this is an irrevocable, absolute and unconditional guarantee of payment and performance (and not merely of collection)
and the Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect
of any Note, the Note Purchase Agreement or any Security Document be brought against the Company or any other Person or that resort
be had to any direct or indirect security for the Notes or for this Guaranty or any other remedy. Subject to Section 8 hereof,
any Holder may, at its option, proceed hereunder against the Guarantor in the first instance to collect monies when due, the payment
of which is guaranteed hereby, without first proceeding against the Company or any other Person and without first resorting to
any direct or indirect security for the Notes or for this Guaranty or any other remedy. Except as set forth in Section 8 hereof,
the liability of the Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct
or indirect security for, or other guaranties of, any indebtedness, liability or obligation of the Company or any other Person
to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, indebtedness,
liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by
any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.

 

		Section 4	General Provisions Relating to the Guaranty.

 

(a)          The
Guarantor hereby consents and agrees that, until the Termination Date, any Holder or Holders from time to time, with or without
any further notice to or assent from the Guarantor or any other Person may, without in any manner affecting the liability of the
Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable:

 

(1)         extend
in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance
or payment of any indebtedness, liability or obligation of the Company or of any other Person secondarily or otherwise liable for
any indebtedness, liability or obligation of the Company on the Notes, or waive any default with respect thereto, or waive, modify,
amend or change any provision of the Note Purchase Agreement, any Security Document, any other agreement or waive this Guaranty;
or

 

    	-4-

    	 

    

 

(2)         sell,
release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held
by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Indebtedness, liability
or obligation of the Company or of any other Person secondarily or otherwise liable for any indebtedness, liability or obligation
of the Company on the Notes; or

 

(3)         settle,
adjust or compromise any claim of the Company against any other Person secondarily or otherwise liable for any indebtedness, liability
or obligation of the Company on the Notes.

 

The Guarantor hereby
ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment,
impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to
the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by reason thereof,
it being understood that the Guarantor shall at all times be bound by this Guaranty and remain liable hereunder.

 

(b)          The
Guarantor hereby waives, to the fullest extent permitted by law, until the Termination Date:

 

(1)         notice
of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of the Company, present or
future, or of the reliance of such Holders upon this Guaranty (it being understood that every indebtedness, liability and obligation
described in Section 2 hereof shall conclusively be presumed to have been created, contracted or incurred in reliance upon
the execution of this Guaranty);

 

(2)         demand
of payment by any Holder from the Company or any other Person indebted in any manner on or for any of the indebtedness, liabilities
or obligations hereby guaranteed; and

 

(3)         presentment
for the payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor
to any party thereto and to the Guarantor.

 

The obligations of
the Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action
at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason
of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than
any compulsory counterclaim), recoupment or termination whatsoever.

 

(c)          Subject
to Section 8 hereof, the obligations of the Guarantor hereunder shall be binding upon the Guarantor and its successors and assigns,
and shall remain in full force and effect irrespective of:

 

    	-5-

    	 

    

 

(1)         the
genuineness, validity, regularity or enforceability of the Notes, the Note Purchase Agreement, any Security Document or any other
agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company or any other Person
on or in respect of the Notes or under the Note Purchase Agreement, any Security Document or any other agreement or the power or
authority or the lack of power or authority of the Company to issue the Notes or the Company to execute and deliver the Note Purchase
Agreement, any Security Document or any other agreement or of the Guarantor to execute and deliver this Guaranty or to perform
any of its obligations hereunder or the existence or continuance of the Company or any other Person as a legal entity; or

 

(2)         any
default, failure or delay, willful or otherwise, in the performance by the Company, the Guarantor or any other Person of any obligations
of any kind or character whatsoever under the Notes, the Note Purchase Agreement, any Security Document, this Guaranty or any other
agreement; or

 

(3)         any
creditors’ rights, bankruptcy, receivership or other insolvency proceeding of the Company or any other Person or in respect
of the property of the Company or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the
sale of all or substantially all of the assets of or winding up of the Company or any other Person; or

 

(4)         impossibility
or illegality of performance on the part of the Company, the Guarantor or any other Person of its obligations under the Notes,
the Note Purchase Agreement, any Security Document, this Guaranty or any other agreements; or

 

(5)         in
respect of the Company or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not
imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance,
floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure
of suppliers or carriers, inability to obtain materials, action of any federal or state regulatory body or agency, change of law
or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Company
or any other Person and whether or not of the kind hereinbefore specified; or

 

(6)         any
attachment, claim, demand, charge, lien, order, process, encumbrance or any other happening or event or reason, similar or dissimilar
to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, indebtedness,
obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against the Company,
the Guarantor or any other Person or any claims, demands, charges or liens of any nature, foreseen or unforeseen, incurred by the
Company, the Guarantor or any other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement,
any Security Document or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments
herein provided; or

 

    	-6-

    	 

    

 

(7)         any
order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision
thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening,
event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance
by the Company, the Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase
Agreement, any Security Document, this Guaranty or any other agreement; or

 

(8)         the
failure of the Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty;
or

 

(9)         any
failure or lack of diligence in collection or protection, failure in presentment or demand for payment, protest, notice of protest,
notice of default and of nonpayment, any failure to give notice to the Guarantor of failure of the Company, the Guarantor or any
other Person to keep and perform any obligation, covenant or agreement under the terms of the Notes, the Note Purchase Agreement,
any Security Document, this Guaranty or any other agreement or failure to resort for payment to the Company, the Guarantor or to
any other Person or to any other guaranty or to any property, security, liens or other rights or remedies; or

 

(10)        the
acceptance of any additional security or other guaranty, the advance of additional money to the Company or any other Person, the
renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase
Agreement any Security Document or any other agreement, or the sale, release, substitution or exchange of any security for the
Notes; or

 

(11)        any
merger or consolidation of the Company, the Guarantor or any other Person into or with any other Person or any sale, lease, transfer
or other disposition of any of the assets of the Company, the Guarantor or any other Person to any other Person, or any change
in the ownership of any shares or other equity interests of the Company, the Guarantor or any other Person; or

 

(12)        any
defense whatsoever that: (i) the Company or any other Person might have to the payment of the Notes (including, principal, Make-Whole
Amount, if any, or interest), other than payment thereof in federal or other immediately available funds or (ii) the Company or
any other Person might have to the performance or observance of any of the provisions of the Notes, the Note Purchase Agreement,
any Security Document or any other agreement, whether through the satisfaction or purported satisfaction by the Company or any
other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization,
dissolution, liquidation, winding-up or otherwise; or

 

(13)        any
act or failure to act with regard to the Notes, the Note Purchase Agreement, any Security Document, this Guaranty or any other
agreement or anything which might vary the risk of the Guarantor or any other Person; or

 

    	-7-

    	 

    

 

(14)        any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Guarantor or any other Person
in respect of the obligations of the Guarantor or other Person under this Guaranty or any other agreement;

 

provided that
the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures
or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto
that the obligations of the Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except
by the payment of the principal of, Make-Whole Amount, if any, and interest on the Notes in accordance with their respective terms
whenever the same shall become due and payable as in the Notes provided, at the place specified in and all in the manner and with
the effect provided in the Notes and the Note Purchase Agreement, as each may be amended or modified from time to time. Without
limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as
and when, from time to time, the Company shall default under or in respect of the terms of the Notes, the Note Purchase Agreement
or any Security Document and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the
Company under the Notes, the Note Purchase Agreement or any Security Document, this Guaranty shall remain in full force and effect
and shall apply to each and every subsequent default.

 

(d)          All
rights of any Holder under this Guaranty shall be considered to be transferred or assigned at any time or from time to time upon
the transfer of any Note held by such Holder whether with or without the consent of or notice to the Guarantor under this Guaranty
or to the Company.

 

(e)          To
the extent of any payments made under this Guaranty, the Guarantor shall, until the Termination Date, be subrogated to the rights
of the Holder or Holders upon whose Notes such payment was made, but the Guarantor covenants and agrees that such right of subrogation
and any and all claims of the Guarantor against the Company, any endorser or other guarantor or against any of their respective
properties shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of
the Notes and satisfaction by the Company of its obligations under the Note Purchase Agreement and each Security Document and by
the Guarantor of its obligations under this Guaranty, and, until the Termination Date, the Guarantor shall not take any action
to enforce such right of subrogation, and the Guarantor shall not accept any payment in respect of such right of subrogation, until
all of the Notes and all amounts payable by the Guarantor hereunder have indefeasibly been finally paid in cash in full and all
of the obligations of the Company under the Note Purchase Agreement and each Security Document and of the Guarantor under this
Guaranty have been satisfied. Notwithstanding any right of the Guarantor to ask, demand, sue for, take or receive any payment from
the Company, all rights, liens and security interests of the Guarantor, whether now or hereafter arising and howsoever existing,
in any assets of the Company shall be and hereby are, until the Termination Date, subordinated to the rights, if any, of the Holders
in those assets. The Guarantor shall not have any right to possession of any such asset or to foreclose upon any such asset, whether
by judicial action or otherwise, unless and until the earlier of (i) the occurrence of the Termination Date and (ii) the date all
of the Notes and the obligations of the Company under the Note Purchase Agreement and each Security Document shall have been paid
in cash in full and satisfied.

 

    	-8-

    	 

    

 

(f)          The
Guarantor agrees that to the extent the Company or any other Person makes any payment on any Note, which payment or any part thereof
is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required
to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause,
then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued
in full force and effect with respect to the Guarantor’s obligations hereunder, as if said payment had not been made. The
liability of the Guarantor hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from
any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind
relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality,
invalidity or fraud asserted by any account debtor or by any other Person.

 

(g)          No
Holder shall be under any obligation: (1) to marshal any assets in favor of the Guarantor or in payment of any or all of the liabilities
of the Company under or in respect of the Notes, the Note Purchase Agreement or any Security Document or the obligations of the
Guarantor hereunder or (2) to pursue any other remedy that the Guarantor may or may not be able to pursue themselves and that may
lighten the Guarantor’s burden, any right to which the Guarantor hereby expressly waives.

 

(h)          If
an event permitting the acceleration of the maturity of the principal amount of the Notes shall at any time have occurred and be
continuing and such acceleration shall at such time be prevented or the right of any Holder to receive any payment under any Note
shall at such time be delayed or otherwise affected by reason of the pendency against the Company of a case or proceeding under
a bankruptcy or insolvency law, the Guarantor agrees that, for purposes of this Guaranty and its obligations hereunder, the maturity
of such principal amount shall be deemed to have been accelerated with the same effect as if the Holders had accelerated the same
in accordance with the terms of the Note Purchase Agreement, and the Guarantor shall forthwith pay such accelerated principal of,
premium, if any, and interest on the Notes and any other amounts guaranteed hereunder.

 

		Section 5	Representations and Warranties of the Guarantor.

 

The Guarantor represents
and warrants to each Holder that:

 

(a)          The
Guarantor is a limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, and is duly qualified as a foreign limited liability company and is in good standing in each jurisdiction in which
such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on (1) the business,
operations, affairs, financial condition, assets or properties of the Guarantor and its subsidiaries, taken as a whole, or (2) the
ability of the Guarantor to perform its obligations under this Guaranty or (3) the validity or enforceability of this Guaranty
(herein in this Section 5, a “Material Adverse Effect”). The Guarantor has the limited liability company
power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business
it transacts and proposes to transact, to execute and deliver this Guaranty and to perform the provisions hereof.

 

    	-9-

    	 

    

 

(b)          This
Guaranty has been duly authorized by all necessary action on the part of the Guarantor, and this Guaranty constitutes a legal,
valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

(c)          The
execution, delivery and performance by the Guarantor of this Guaranty will not (1) contravene, result in any breach of, or
constitute a default under, or result in the creation of any lien in respect of any material property of the Guarantor or any of
its subsidiaries under any material indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational
document or any other agreement or instrument to which the Guarantor or any of its subsidiaries is bound or by which the Guarantor
or any of its subsidiaries or any of their respective material properties may be bound or affected, (2) conflict with or result
in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or
governmental authority applicable to the Guarantor or any of its subsidiaries or (3) violate any provision of any statute
or other rule or regulation of any governmental authority applicable to the Guarantor or any of its subsidiaries.

 

(d)          No
consent, approval or authorization of, or registration, filing or declaration with, any governmental authority is required in connection
with the execution, delivery or performance by the Guarantor of this Guaranty.

 

(e)          Neither
the Guarantor nor any of its subsidiaries is subject to regulation under Investment Company Act of 1940, as amended, the Public
Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, the Federal Power Act, as amended.
Neither the Guarantor nor any of its subsidiaries is subject to regulation under federal or state law as a public utility except
that the Company is subject to regulation as a public utility under Chapter 269 of the Hawaii Revised Statutes.

 

(g)          The
Guarantor is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction
and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay
its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts
as they become absolute and matured. The Guarantor does not intend to incur, or believe or should have believed that it will incur,
debts beyond its ability to pay such debts as they become due. The Guarantor will not be rendered insolvent by the execution and
delivery of, and performance of its obligations under, this Guaranty. The Guarantor does not intend to hinder, delay or defraud
its creditors by or through the execution and delivery of, or performance of its obligations under, this Guaranty.

 

(h)          The
obligations of the Guarantor under this Guaranty rank at least pari passu in right of payment with all other unsecured indebtedness
(actual or contingent) of the Guarantor that is not expressed to be subordinate or junior in rank to any other unsecured indebtedness
of the Guarantor including, without limitation, all obligations of the Guarantor under any guaranty of indebtedness of any other
Person, including without limitation any guaranty of indebtedness under the Credit Agreement.

 

    	-10-

    	 

    

 

		Section 6	Amendments, Waivers and Consents.

 

(a)          This
Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and
only with) the written consent of the Guarantor and the Required Holders, except that (1) no amendment or waiver of any of
the provisions of Sections 3, 4 or 5, or any defined term (as it is used therein), will be effective as to any Holder unless
consented to by such Holder in writing, and (2) no such amendment or waiver may, without the written consent of each Holder,
(i) change the percentage of the principal amount of the Notes the Holders of which are required to consent to any such amendment
or waiver or (ii) amend Section 2 or this Section 6.

 

(b)          Any
amendment or waiver consented to as provided in this Section 6 applies equally to all Holders of Notes affected thereby and
is binding upon them and upon each future holder and upon the Guarantor. No such amendment or waiver will extend to or affect any
obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing
between the Guarantor and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of
any Holder. As used herein, the term “this Guaranty” and references thereto shall mean this Guaranty as it may from
time to time be amended or supplemented.

 

		Section 7	Notices.

 

All communications
provided for hereunder shall be in writing, mailed or delivered, postage prepaid, if addressed to the Guarantor, c/o The Gas Company,
LLC, 745 Fort Street, Suite 1800, Honolulu, HI 96813, Attention: Jeffrey M. Kissel, President and Chief Executive Officer, or if
addressed to a Holder, as set forth in Schedule A to the Note Purchase Agreement or to such other address as such Holder or the
Guarantor may designate to the other in writing. Notices under this Section 7 will be deemed given only when actually received.

 

		Section 8	Termination.

 

Notwithstanding anything
to the contrary set forth herein, this Guaranty shall automatically terminate and be of no further force and effect immediately
upon the date (such date the “Termination Date”) of delivery by the Company (by electronic transmission or otherwise)
to the Holders of copies of the annual audited financial statements for the fiscal year ending December 31, 2011 required by Section
7.1(b) of the Note Purchase Agreement and the applicable officer’s certificate required to be delivered with such financial
statements pursuant to Section 7.2 of the Note Purchase Agreement and in no event shall any obligation of the Guarantor under this
Guaranty be reinstated following the Termination Date, provided, that the Guarantor shall have been, or shall concurrently
be, released pursuant to the provisions of the MHGCI Guaranty Agreement (as defined in the Credit Agreement), including, without
limitation Section 8 thereof, in each case, as in effect on the date hereof.

 

    	-11-

    	 

    

 

		Section 9	Miscellaneous.

 

(a)          No
remedy herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but
each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or
hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default, omission
or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such
right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle any Holder to exercise
any remedy reserved to it under this Guaranty, it shall not be necessary for such Holder to physically produce its Note in any
proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required.

 

(b)          The
Guarantor will pay all sums becoming due under this Guaranty by the method and at the address specified for such purpose for such
Holder, in the case of a Holder that is a Note Purchaser, on Schedule A to the Note Purchase Agreement or by such other method
or at such other address as any Holder shall have from time to time specified to the Guarantor or the Company on behalf of the
Guarantor in writing for such purpose, without the presentation or surrender of this Guaranty or any Note.

 

(c)          Any
provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction.

 

(d)          This
Guaranty shall be binding upon the Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its
successors and assigns so long as its Notes remain outstanding and unpaid. If the Guarantor enters into any consolidation or merger,
pursuant to which the Guarantor is not the surviving entity (the “Successor Corporation”), the Successor Corporation
shall execute and deliver to each Holder its assumption of the due and punctual performance and observance of each covenant and
condition of this Guaranty (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders).

 

(e)          This
Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute
one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto.

 

(f)          This
Guaranty shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of
a jurisdiction other than such State.

 

    	-12-

    	 

    

 

(h)          The
Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guaranty. To the fullest
extent permitted by applicable law, the Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or
otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum.

 

(i)          The
Guarantor consents to process being served by or on behalf of any Holder in any suit, action or proceeding of the nature referred
to in Section 9(h) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, return receipt requested, to it at its address specified in Section 7 or at such other address of which such
holder shall then have been notified pursuant to said Section. The Guarantor agrees that such service upon receipt (1) shall
be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the
fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices
hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service
or any reputable commercial delivery service.

 

(j)          Nothing
in this Section 9 shall affect the right of any Holder to serve process in any manner permitted by law, or limit any right
that any Holder may have to bring proceedings against the Guarantor in the courts of any appropriate jurisdiction or to enforce
in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(k)          The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Guaranty or any other document executed
in connection herewith or therewith.

 

    	-13-

    	 

    

 

In
Witness Whereof, the undersigned has
caused this Guaranty to be duly executed by an authorized representative as of the date first written above.

 

	 	Macquarie HGC Investment LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	-14-

    	 

    

 

Execution
Version

 

 

Intercreditor
and Collateral Agency Agreement

 

Dated as of August 8, 2012

 

By and Among

 

Wells
Fargo Bank, National Association,

as Collateral Agent

 

And

 

Wells
Fargo Bank, National Association,

as Administrative Agent

 

And

 

The Noteholders Party Hereto,

as Creditors

 

 

 

 

 

 

 

 

Exhibit 3

(To Note Purchase
Agreement) 

    	-15-

    	 

    

 

Table of Contents

 

	Section	 	Heading	Page
	 	 	 	 	 
	SECTION 1.	Definitions	 	2
	 	 	 	 	 
	 	Section 1.1.	Definitions	2
	 	 	 	 
	 	Section 1.2.	Effectiveness of this Agreement	8
	 	 	 	 	 
	SECTION 2.	Relationships Among Secured Parties	8
	 	 	 	 	 
	 	Section 2.1.	Restrictions on Actions	8
	 	 	 	 
	 	Section 2.2.	Representations and Warranties; Agreements of Creditors	9
	 	 	 	 
	 	Section 2.3.	Cooperation; Accountings	10
	 	 	 	 
	 	Section 2.4.	Termination of Credit Agreement, Note Agreement or Additional Secured Facility	10
	 	 	 	 	 
	SECTION 3.	Appointment and Authorization of Collateral Agent; Appointment of Co-Agents	10
	 	 	 	 	 
	 	Section 3.1.	Appointment and Authorization of Collateral Agent	10
	 	 	 	 
	 	Section 3.2.	Appointment of Co-Agents	11
	 	 	 	 	 
	SECTION 4.	Agency Provisions	11
	 	 	 	 	 
	 	Section 4.1.	Delegation of Duties	11
	 	 	 	 
	 	Section 4.2.	Exculpatory Provisions	11
	 	 	 	 
	 	Section 4.3.	Reliance by Collateral Agent	12
	 	 	 	 
	 	Section 4.4.	Knowledge or Notice of Default, Event of Default, Special Event of Default or Acceleration	12
	 	 	 	 
	 	Section 4.5.	Non-Reliance on Collateral Agent and Other Creditors	12
	 	 	 	 
	 	Section 4.6.	Indemnification	13
	 	 	 	 
	 	Section 4.7.	Collateral Agent in Its Individual Capacity	13
	 	 	 	 
	 	Section 4.8.	Successor Collateral Agent	13
	 	 	 	 	 
	SECTION 5.	Actions by the Collateral Agent	15
	 	 	 	 	 
	 	Section 5.1.	Duties and Obligations	15
	 	 	 	 
	 	Section 5.2.	Notification of Default or Acceleration	15
	 	 	 	 
	 	Section 5.3.	Actions of Collateral Agent; Exercise of Remedies	15
	 	 	 	 
	 	Section 5.4.	Instructions from Creditors	15
	 	 	 	 
	 	Section 5.5.	Protective Advances	16
	 	 	 	 
	 	Section 5.6.	Changes to Security Documents	16
	 	 	 	 
	 	Section 5.7.	Release of Collateral	16

 

    	-i-

    	 

    

 

	 	Section 5.8.	Other Actions	16
	 	 	 	 
	 	Section 5.9.	Cooperation	17
	 	 	 	 
	 	Section 5.10.	Distribution of Proceeds	17
	 	 	 	 
	 	Section 5.11.	Senior Preferential Payments and Special Collateral Account	18
	 	 	 	 
	 	Section 5.12.	Authorized Investments	19
	 	 	 	 
	 	Section 5.13.	Restoration of Obligations	19
	 	 	 	 
	 	Section 5.14.	Bankruptcy Preferences	19
	 	 	 	 	 
	SECTION 6.	Bankruptcy Proceedings	20
	 	 	 
	SECTION 7.	Miscellaneous	20
	 	 	 	 	 
	 	Section 7.1.	Creditors; Other Collateral	20
	 	 	 	 
	 	Section 7.2.	Marshalling	20
	 	 	 	 
	 	Section 7.3.	Consents, Amendments, Waivers	21
	 	 	 	 
	 	Section 7.4.	Governing Law	21
	 	 	 	 
	 	Section 7.5.	Parties in Interest	21
	 	 	 	 
	 	Section 7.6.	Counterparts	21
	 	 	 	 
	 	Section 7.7.	Termination	22
	 	 	 	 
	 	Section 7.8.	Notices	22
	 	 	 	 
	 	Section 7.9.	Senior Secured Obligations Held by Company	23

 

    	-ii-

    	 

    

 

Attachment to Intercreditor
and Collateral Agency Agreement:

 

Exhibit A – List of Security Documents

 

Exhibit B – Addresses of Creditors

 

Exhibit C – Joinder

 

Exhibit D –Additional Secured Lender Joinder

 

Exhibit E –Administrative Agent Joinder

 

    	-iii-

    	 

    

 

Intercreditor and Collateral Agency Agreement

 

This
Intercreditor and Collateral Agency Agreement dated as of August 8, 2012 (this “Agreement”), is
entered into by and among Wells Fargo Bank, National Association, in its capacity
as Collateral Agent (as hereinafter defined), Wells Fargo Bank, National Association,
in its capacity as Administrative Agent (as hereinafter defined) for the Lenders (as hereinafter defined), each Noteholder (as
hereinafter defined) named on the signature pages hereof and each other Creditor which becomes a party hereto after the date hereof.

 

Recitals:

 

The Gas Company, LLC,
a Hawaii limited liability company (the “Company”), and HGC Holdings LLC, a Hawaii limited liability company,
are concurrently herewith entering into that certain Credit Agreement dated as of August 8, 2012 (as amended, supplemented, replaced,
restated or otherwise modified from time to time, the “Credit Agreement”) with the several banks and
other financial institutions or entities from time to time party thereto as lenders and Wells Fargo Bank, National Association,
as administrative agent, pursuant to which the Lenders are providing revolving credit loans and other extensions of credit to
the Company.

 

The Company is concurrently
herewith entering into that certain Note Purchase Agreement dated as of August 8, 2012 (as amended, restated, supplemented, replaced,
refinanced or otherwise modified from time to time, the “Note Agreement”) with each of the purchasers listed
on Schedule A thereto (collectively, the “Noteholders”), pursuant to which the Noteholders will purchase
$100,000,000 aggregate principal amount of 4.22% Senior Secured Notes due August 8, 2022 of the Company (the “Senior
Secured Notes”).

 

The Company may from
time to time enter into Additional Secured Facilities (as hereinafter defined) pursuant to which the Additional Senior Lenders
(as hereinafter defined) provide Additional Secured Debt (as hereinafter defined) to the Company.

 

The Revolving Obligations
(as hereinafter defined), the Senior Note Obligations (as hereinafter defined) and any Additional Secured Obligations (as hereinafter
defined) will be secured equally and ratably by the Collateral (as hereinafter defined) pursuant to the Security Documents (as
hereinafter defined) and administered in accordance with the terms and conditions hereof. The Lenders and the Noteholders desire
to appoint Wells Fargo Bank, National Association, as the collateral agent (the “Collateral Agent”) to act
on behalf of the Creditors (as hereinafter defined) regarding the Collateral, all as more fully provided herein. The parties hereto
have entered into this Agreement to, among other things, define the rights, duties, authority and responsibilities of the Collateral
Agent and the relationship between the Creditors regarding their pari passu interests in the Collateral.

 

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

 

    	 

    	 

    

 

		Section 1	Definitions.

 

Section 1.1         Definitions.
The following terms shall have the meanings assigned to them in this Section 1.1 or in the provisions of this Agreement
referred to below:

 

“Additional
Secured Debt” shall mean indebtedness of the Company so long as (a) such indebtedness and the Lien with respect
to such indebtedness are in each case permitted by each of (i) the Credit Agreement, (ii) the Note Agreement and (iii) each
Additional Secured Facility then outstanding, (b) immediately before and after giving effect thereto, no Event of Default shall
have occurred which is continuing or be caused thereby and the Company shall be in pro forma compliance with the financial covenants
contained in each of the Credit Agreement and the Note Agreement and (c) the holders of such indebtedness shall have become a party
hereto pursuant to an Additional Secured Lender Joinder.

 

“Additional
Secured Facility” shall mean any credit agreement or note agreement pursuant to which the Company incurs Additional Secured
Debt.

 

“Additional
Secured Facility Documents” shall mean each Additional Secured Facility, any guaranty relating thereto and all other
agreements, documents, certificates and instruments relating to, arising out of, or in any way connected therewith or any of the
transactions contemplated thereby (including, without limitation, the Security Documents).

 

“Additional
Secured Facility Exposure” shall mean, with respect to each Additional Secured Lender, the sum, with duplication, of
(a) the aggregate outstanding principal amount of outstanding loans (whether term loans or revolving loans) and other extensions
of credit of such Additional Secured Lender as of such date and (b) the amount of the undrawn commitment of such Additional Secured
Lender to fund further borrowing requests by the Company or otherwise extend credit pursuant to such Additional Secured Facility
(as used in this definition, collectively, the “Undrawn Commitment”) as of such date; provided, that,
if (1) a Bankruptcy Proceeding with respect to the Company has been commenced, (2) any of the Senior Secured Obligations have been
accelerated (which acceleration has not been rescinded) and the Collateral Agent shall have received notice of such acceleration,
(3) such Additional Secured Lender has terminated its Undrawn Commitment or (4) a Default or Event of Default under the applicable
Additional Secured Facility shall exist and such Additional Secured Lender shall not have, concurrently with its delivery of any
instructions to the Collateral Agent, acknowledged in writing its willingness to continue to fund borrowing requests by the Company
and otherwise extend credit, in each case, in accordance with the applicable Additional Secured Facility, then “Additional
Secured Facility Exposure” shall mean, as of such date of determination, for such Additional Secured Lender, the amounts
referred to in clause (a) of this definition for such Additional Secured Lender as of such date.

 

“Additional
Secured Lender” shall mean the financial institutions providing Additional Secured Debt pursuant to an Additional Secured
Facility, and their successors and permitted assigns.

 

“Additional
Secured Lender Joinder” shall mean a joinder to this Agreement in substantially the form of Exhibit D hereto.

 

    	- 2 -

    	 

    

 

“Additional
Secured Obligations” shall mean the obligations of the Company under any Additional Secured Facility and the other Additional
Secured Facility Documents.

 

“Administrative
Agent” shall mean the party identified as such in the Credit Agreement, and its successor and permitted assigns.

 

“Administrative
Agent Joinder” shall mean a joinder to this Agreement in substantially the form of Exhibit E hereto.

 

“Affiliate”
shall mean, at any time, and as to any Person, any other Person that, directly or indirectly, is in control of, is controlled
by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the
power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies
of such Person, whether by contract or otherwise.

 

“Agreement”
shall have the meaning assigned thereto in the Preamble hereof, and shall include such agreement as amended, supplemented,
replaced, restated or otherwise modified in accordance with its terms.

 

“Bankruptcy
Code” shall mean the Bankruptcy Reform Act of 1978, as codified under Title 11 of the United States Code, and the Bankruptcy
Rules promulgated thereunder, as the same may be in effect from time to time.

 

“Bankruptcy
Proceeding” shall mean, with respect to any Person, a general assignment by such Person for the benefit of its creditors,
or the institution by or against such Person of any proceeding seeking relief as debtor, or seeking to adjudicate such Person as
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or composition of such Person or its debts, under any
law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian
or other similar official for such Person or for any substantial part of its property.

 

“Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are
required or authorized to be closed.

 

“Cash Equivalent
Investments” shall mean: (a) direct obligations of the United States government or any agencies thereof and obligations
guaranteed by the United States government, in each case having remaining terms to maturity of not more than 30 days; and (b) certificates
of deposit, time deposits and acceptances, having remaining terms to maturity of not more than 30 days issued by United States
banks which have a combined capital and surplus of at least $1,000,000,000 and having an “A” rating or better assigned
thereto by Standard & Poor’s Ratings Group, a Division of The McGraw Hill Companies, Inc. or Moody’s Investors
Service, Inc.

 

“Cash Management
Agreement” shall mean any agreement to provide cash management services, including treasury, depository, overdraft,
credit or debit card, electronic funds transfer and other cash management arrangements between the Company or a Subsidiary of
the Company and a Cash Management Provider.

 

    	- 3 -

    	 

    

 

“Cash Management
Provider” shall mean any Person that, at the time it enters into a Cash Management Agreement, is a Lender, an Affiliate
of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent.

 

“Collateral”
shall mean (a) all collateral under, and cash received in respect of, the Security Documents, (b) all collateral
held by the Collateral Agent, the Administrative Agent or any other Creditor under the Loan Documents, the Senior Note Documents
or the Additional Secured Facility Documents, (c) all cash received as a result of the exercise of any setoff rights of any
Creditor and (d) all cash received as a result of any claim under any Secured Guaranty.

 

“Collateral
Agent” shall mean the party identified as such in the Recitals hereof, and its successors and permitted assigns in such
capacity.

 

“Company”
shall mean that party identified as such in the Recitals hereof, and its successors and permitted assigns.

 

“Credit Agreement”
shall have the meaning assigned thereto in the Recitals hereof.

 

“Creditor”
shall mean any one of the Administrative Agent, the Lenders, the Noteholders, any Additional Secured Lender, any Secured Hedge
Provider under a Secured Hedge Agreement, any Cash Management Provider and any successors and permitted assigns to the interests
in the Senior Secured Obligations owing to any such Persons.

 

“Default”
shall mean any event or condition, the occurrence of which would, with the lapse of time or the giving of notice, or both,
constitute an Event of Default.

 

“Event of
Default” shall mean any event or occurrence which would constitute an “Event of Default” under the terms
of the Credit Agreement, the Note Agreement or any Additional Secured Facility or an event of default under the terms of any Security
Document.

 

“Hedge Agreement”
shall mean “Hedge Agreement” (or equivalent term) as defined in the Credit Agreement.

 

“Joinder”
shall mean a joinder to this Agreement in the form of Exhibit C hereto.

 

“L/C Exposure”
shall mean, as of any date of determination and without duplication, the “L/C Obligations” (or equivalent term) as
defined in the Credit Agreement.

 

“L/C Issuer”
shall mean Wells Fargo Bank, National Association or any other Lender who becomes an “Issuing Lender” (or equivalent
term) under the Credit Agreement or any Affiliate thereof and its permitted successors as “Issuing Lender” (or equivalent
term) under the Credit Agreement.

 

    	- 4 -

    	 

    

 

“Lender Exposure”
shall mean, as of any date of determination, for any Lender, the sum, without duplication, of (a) the Total Outstandings of
such Lender as of such date and (b) the Revolving Availability of such Lender as of such date; provided, that, if (1) a
Bankruptcy Proceeding with respect to the Company has been commenced, (2) any of the Senior Secured Obligations have been accelerated
(which acceleration has not been rescinded) and the Collateral Agent shall have received notice of such acceleration, (3) such
Lender has terminated its Revolving Commitment or (4) a Default or Event of Default under the Credit Agreement shall exist and
such Lender shall not have, concurrently with its delivery of any instructions to the Collateral Agent, acknowledged in writing
its willingness to continue to fund borrowing requests by the Company (or, if such Lender is also the L/C Issuer, its willingness
to issue Letters of Credit requested by the Company) and otherwise extend credit, in each case, in accordance with the Credit Agreement,
then “Lender Exposure” shall mean, as of such date of determination, for such Lender, such Lender’s Total Outstandings
as of such date.

 

“Lenders”
shall mean the several banks and other financial institutions or entities from time to time party to the Credit Agreement as lenders,
and their successors and permitted assigns.

 

“Letters of
Credit” shall mean all letters of credit issued under or pursuant to the Credit Agreement.

 

“Letters of
Credit Collateral Account” shall have the meaning assigned thereto in Section 5.10 hereof.

 

“Lien”
shall mean, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same
economic effect as any of the foregoing).

 

“Loan Documents”
shall mean the Credit Agreement, any guaranty relating thereto and all other agreements, documents, certificates and instruments
relating to, arising out of, or in any way connected therewith or any of the transactions contemplated thereby (including, without
limitation, the Security Documents).

 

“Majority
Creditors” shall mean Creditors, considered as a single class, holding more than 50% of the sum of (a) the aggregate
principal amount of the Lender Exposure of all Lenders, (b) the aggregate outstanding principal amount of the indebtedness
evidenced by the Senior Secured Notes and (c) the aggregate principal amount of Additional Secured Facility Exposure of all Additional
Secured Lenders.

 

“Note Agreement”
shall have the meaning assigned thereto in the Recitals hereof, and shall include such agreement as amended, supplemented,
replaced, restated or otherwise modified in accordance with its terms.

 

“Noteholders”
those parties identified as such in the Recitals hereof, and their successors and permitted assigns.

 

“Notice of
Default” shall mean a notice pursuant to Section 5.2 hereof from the Collateral Agent to the Creditors of the occurrence
of a Default or an Event of Default.

 

“Notice of
Special Default” shall have the meaning assigned thereto in Section 5.11(a).

 

    	- 5 -

    	 

    

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Required
Additional Secured Lenders” shall mean, with respect to any Additional Secured Facility, the Additional Secured Lenders
required pursuant to the terms of such Additional Secured Facility to waive Events of Default thereunder.

 

“Required
Holders” shall have the meaning assigned thereto in the Note Agreement.

 

“Required
Lenders” shall mean the “Required Lenders” as defined in the Credit Agreement.

 

“Revolving
Availability” shall mean an amount equal to the “Revolving Credit Commitment” (or equivalent term) as defined
in the Credit Agreement of a Lender minus the “Extensions of Credit” (or equivalent term) as defined in the Credit
Agreement of such Lender.

 

“Revolving
Commitment” shall mean the commitment of the Lenders to fund further borrowing requests by the Company, participate in
L/C Exposure and otherwise extend credit, in each case, in accordance with the Credit Agreement.

 

“Revolving
Obligations” shall mean the obligations of the Company under the Credit Agreement and the other Loan Documents.

 

“Secured Guaranty”
shall mean any guaranty of any Senior Secured Obligation to the extent that recoveries thereunder are subject to this Agreement
(including, without limitation, Section 5.10).

 

“Secured
Hedge Agreement” shall mean any Hedge Agreement entered into by the Company or a Subsidiary thereof with a Secured Hedge
Provider in order to manage existing or anticipated interest rate, exchange rate or commodity price risks or to secure feed stock
or inventory and not for speculative purposes.

 

“Secured Hedge
Provider” shall mean any Person that, at the time it enters into a Hedge Agreement, is a Lender, an Affiliate of a Lender,
the Administrative Agent or an Affiliate of the Administrative Agent.

 

“Security
Documents” shall mean the documents set forth on Exhibit A hereto and all other agreements, documents and instruments
relating to, arising out of, or in any way connected with any of the foregoing documents or granting to the Collateral Agent Liens
to secure the Senior Secured Obligations, whether now or hereafter executed, each as amended or amended and restated in conjunction
herewith, or as may be amended, supplemented, replaced, restated or otherwise modified from time to time hereafter in accordance
with the terms hereof and thereof. Security Documents shall not, however, include the Credit Agreement, the Note Agreement, any
Additional Secured Facility or the Senior Secured Notes.

 

“Senior Note
Documents” shall mean the Note Agreement, the Senior Secured Notes, any guaranty relating thereto and all other agreements,
documents, certificates and instruments relating to, arising out of, or in any way connected therewith or any of the transactions
contemplated thereby (including, without limitation, the Security Documents).

 

    	- 6 -

    	 

    

 

“Senior Note
Obligations” shall mean the obligations of the Company under the Note Agreement, the Senior Secured Notes and the other
Senior Note Documents.

 

“Senior Preferential
Payment” shall mean any payments, property constituting Collateral or proceeds of the Collateral, from the Company or
any other source (including, without limitation under any Secured Guaranty) with respect to the Senior Secured Obligations which
are:

 

a.
received by a Creditor within 90 days prior to the (1) commencement of a Bankruptcy Proceeding with respect to the
Company or any of its Subsidiaries or (2) the acceleration of the Revolving Obligations, the Senior Note Obligations or
the Additional Secured Obligations and which payment reduces the amount of the Senior Secured Obligations owed to such
Creditor below the amount owed to such Creditor as of the 90th day prior to such occurrence;

 

b.
received by a Creditor (1) within 90 days prior to the occurrence of any other Event of Default which has not been waived or
cured within 45 days after the occurrence thereof and which payment reduces the amount of the Senior Secured Obligations owed
to such Creditor below the amount owed to such Creditor as of the 90th day prior to the occurrence of such Event of Default
or (2) within 45 days after the occurrence of such Event of Default; or

 

c.
received by a Creditor after the occurrence of a Special Event of Default except as
provided in Section 5.11(b).

 

“Senior
Secured Notes” shall have the meaning assigned thereto in the Recitals hereof.

 

“Senior Secured
Obligations” shall mean, collectively, (a) the indebtedness, obligations and liabilities of the Company and its Subsidiaries
(i) to the Lenders, the L/C Issuer and the Administrative Agent under the Loan Documents (including, without limitation, the Revolving
Obligations) and (ii) to the Lenders, Affiliates of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent
under Cash Management Agreements and Secured Hedge Agreements, (b) the indebtedness, obligations and liabilities of the Company
and its Subsidiaries to the Noteholders under the Senior Note Documents (including, without limitation, the Senior Note Obligations),
(c) the indebtedness, obligations and liabilities of the Company and its Subsidiaries to the Additional Secured Lenders under the
Additional Secured Facilities (including, without limitation, the Additional Secured Obligations) and (d) the obligations and liabilities
of the Company and its Subsidiaries to the Collateral Agent under this Agreement, the Loan Documents, the Senior Note Documents,
any Additional Secured Facility Documents and the Security Documents, in each case whether now existing or hereafter arising, joint
or several, direct or indirect, absolute or contingent, due or to become due, matured or unmatured, liquidated or unliquidated,
arising by contract, operation of law or otherwise, and all obligations of the Company and its Subsidiaries, to the Creditors,
arising out of any extension, refinancing or refunding of any of the foregoing obligations.

 

    	- 7 -

    	 

    

 

“Special Collateral
Account” shall mean that certain interest bearing restricted account maintained by the Collateral Agent for the purpose
of receiving and holding Senior Preferential Payments.

 

“Special Event
of Default” shall mean (a) the commencement of a Bankruptcy Proceeding with respect to the Company or any of its Subsidiaries,
(b) any other Event of Default which has not been waived or cured within 45 days after the occurrence thereof, (c) the acceleration
of the Revolving Obligations, the Senior Note Obligations or any Additional Secured Obligations or (d) any demand for payment under
any Secured Guaranty.

 

“Subsidiary”
shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock
or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power
only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation,
partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through
one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or
to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Total Outstandings”
shall mean “Extensions of Credit” (or equivalent term) as defined in the Credit Agreement.

 

Section 1.2         Effectiveness
of this Agreement. The effectiveness of this Agreement is conditioned upon (a) the execution and delivery of this Agreement
by the Collateral Agent, the Administrative Agent and the Noteholders and (b) the execution, delivery and effectiveness of
the Credit Agreement and the Note Agreement by each of the parties thereto.

 

		Section 2	Relationships Among Secured Parties.

 

Section 2.1         Restrictions
on Actions. Each Creditor (or in the case of the Lenders, the Administrative Agent on behalf of the Lenders) agrees that, so
long as any Senior Secured Obligations are outstanding, the provisions of this Agreement shall provide the exclusive method by
which any Creditor may exercise rights and remedies under the Security Documents. Therefore, each Creditor shall, for the mutual
benefit of all Creditors, except as permitted under this Agreement:

 

(a)  
Refrain from taking or filing any action, judicial or otherwise, to enforce any rights or pursue any remedy under the Security
Documents, except for delivering notices hereunder;

 

(b)  
Refrain from (1) selling any Senior Secured Obligations to the Company or any of its Affiliates after the occurrence of and during
the continuance of any Default or Event of Default and (2) accepting any guaranty of, or any other security for, the Senior Secured
Obligations from the Company or any of its Affiliates, except for (i) any cash collateral received by the Administrative Agent
or any other Creditor pursuant to the requirement of the Loan Documents, the Senior Note Documents or any Additional Secured Facility
Documents (which cash collateral shall constitute Collateral for purposes of this Agreement), (ii) any Secured Guaranty or (iii)
any security granted to the Collateral Agent for the benefit of all Creditors; and

 

    	- 8 -

    	 

    

 

(c)  
Refrain from exercising any rights or remedies under the Security Documents which have or may have arisen or which may arise as
a result of a Default or Event of Default;

 

provided, however, that nothing
contained in subsections (a) through (c) above, shall prevent any Creditor from (1) imposing a default rate of interest in
accordance with the Credit Agreement, the Note Agreement or any Additional Secured Facility, as applicable, (2) accelerating the
maturity of, or demanding payment from the Company or any Subsidiary on, any Senior Secured Obligation owing to such Creditor,
(3) instituting legal action against the Company or any Subsidiary to obtain a judgment or other legal process in respect of such
Senior Secured Obligation, (4) subject to Section 6, filing to commence a Bankruptcy Proceeding against the Company or any Subsidiary
and filing claims and otherwise participating in any voluntary or involuntary Bankruptcy Proceeding, (5) raising any defenses
in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent
may direct and control any defense directly relating solely to the Collateral or any one or more of the Security Documents but
not relating to any Creditor, which shall be governed by the provisions of this Agreement or (6) exercising any right of setoff,
recoupment or similar right; provided that the amounts so setoff or recouped shall constitute Collateral for purposes of
this Agreement and the Creditor shall promptly cause such amounts to be delivered to the Collateral Agent for deposit in the Special
Collateral Account.

 

Section 2.2         Representations
and Warranties; Agreements of Creditors.

 

(a)  
Each of the Creditors (or in the case of the Lenders, the Administrative Agent on behalf of the Lenders), individually and not
jointly, represents and warrants to the other parties hereto that:

 

(1)         the
execution, delivery and performance by such Creditor of this Agreement has been duly authorized by all necessary corporate or similar
proceedings and does not and will not contravene any provision of law, its charter or by-laws or any amendment thereof, or of any
indenture, agreement, instrument or undertaking binding upon such Creditor; and

 

(2)         the
execution, delivery and performance by such Creditor of this Agreement will result in a valid and legally binding obligation of
such Creditor enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium,
regulatory and similar laws or generally application and by general principles of equity.

 

(b)  
The Administrative Agent further represents and warrants to the other parties hereto that as of the date hereof the Administrative
Agent has the power and authority under the Loan Documents to execute and deliver this Agreement and to carry out its obligations
hereunder, in each case, on behalf of the Lenders.

 

    	- 9 -

    	 

    

 

(c)  The
Administrative Agent and each Lender shall cause each of their Affiliates that are Secured Hedge Providers or Cash Management Providers
to comply with the provisions of this Agreement.

 

Section 2.3         Cooperation;
Accountings. Each of the Creditors will, upon the reasonable request of another Creditor or the Collateral Agent, from time
to time execute and deliver or cause to be executed and delivered such further instruments, and do and cause to be done such further
acts as may be necessary or proper to carry out more effectively the provisions of this Agreement. Each Creditor agrees to provide
to each other Creditor and the Collateral Agent upon reasonable request a statement of all payments received by it in respect of
Senior Secured Obligations. The Collateral Agent will from time to time provide to each other Creditor upon reasonable request
a statement of all (a) amounts received pursuant to the Security Documents (including, without limitation, in connection with the
exercise of remedies thereunder) and (b) disbursements made therewith.

 

Section 2.4         Termination
of Credit Agreement, Note Agreement or Additional Secured Facility. Upon payment in full of all Senior Secured Obligations
to any Creditor, and, in the case of the Credit Agreement and any Additional Secured Facility which includes a revolving credit
facility, the termination of such Lender’s Revolving Commitment or such Additional Secured Lender’s commitment to fund
further borrowing requests by the Company or otherwise extend credit under the applicable Additional Secured Facility, such Creditor
shall cease to be a party to this Agreement; provided, however, if all or any part of any payments to such Creditor are
thereafter invalidated or set aside or required to be repaid to any Person in any Bankruptcy Proceeding or pursuant to Section
5.11, then this Agreement in respect of such Creditor shall be renewed as of such date and shall thereafter continue in full force
and effect to the extent of the Senior Secured Obligations so invalidated, set aside or repaid.

 

Section
3Appointment and Authorization of Collateral Agent; Appointment of Co-Agents.

 

Section 3.1         Appointment
and Authorization of Collateral Agent.

 

(a)  Each
Creditor (or in the case of the Lenders, the Administrative Agent on behalf of the Lenders) hereby designates and appoints Wells
Fargo Bank, National Association, as the Collateral Agent of such Creditor under this Agreement and the Security Documents and
Wells Fargo Bank, National Association, hereby accepts such designation and appointment. The appointment made by this Section 3.1(a)
is given for valuable consideration and coupled with an interest and is irrevocable so long as the Senior Secured Obligations,
or any part thereof, shall remain unpaid or subject to disgorgement hereunder, any Lender is obligated to fund any borrowing under
the Loan Documents or any Additional Secured Lender is obligated to fund any borrowing under any Additional Secured Facility Documents.

 

    	- 10 -

    	 

    

 

(b)  Each
Creditor (or in the case of the Lenders, the Administrative Agent on behalf of the Lenders) has reviewed the Security Documents
set forth on Exhibit A and hereby irrevocably authorizes Wells Fargo Bank, National Association, as the Collateral Agent for such
Creditor to (1) execute and enter into each of the Security Documents and all other instruments relating to said Security
Documents, (2) to take action on its behalf expressly permitted to perfect, maintain and preserve the Liens granted thereby,
(3) to execute instruments of release or to take such other action necessary to release Liens upon the Collateral to the extent
authorized by this Agreement, the Security Documents or the requisite Creditors and (4) to exercise such other powers and
perform such other duties as are, in each case, expressly delegated to the Collateral Agent by the terms hereof.

 

(c)  Notwithstanding
any provision to the contrary elsewhere in this Agreement or the Security Documents, the Collateral Agent shall not have any duties
or responsibilities except those expressly set forth herein or therein or any trust or fiduciary relationship with any Creditor,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any Security Document or otherwise exist against the Collateral Agent.

 

Section 3.2         Appointment
of Co-Agents. At any time or times, in order to comply with any legal requirement in any jurisdiction, the Collateral Agent
may appoint a bank or trust company or one or more other Persons reasonably acceptable to the Majority Creditors, either to act
as co-agent or co-agents, jointly with the Collateral Agent, or to act as separate agent or agents on behalf of the Creditors with
such power and authority as may be necessary for the effectual operation of the provisions hereof and of the Security Documents
and as may be specified in the instrument of appointment.

 

		Section 4	Agency Provisions.

 

Section 4.1         Delegation
of Duties. The Collateral Agent may exercise its powers and execute any of its duties under this Agreement and the Security
Documents jointly with any co-trustee or co-trustees appointed pursuant to Section 3.2 or by or through employees, agents,
attorneys-in-fact or separate trustees appointed pursuant to Section 3.2 and shall be entitled to take and to rely on advice
of counsel concerning all matters pertaining to such powers and duties. The Collateral Agent shall not be responsible for the negligence
or misconduct of any agents, attorneys-in-fact, co-trustees or separate trustees selected by it with reasonable care. Subject to
Section 3.2, the Collateral Agent may utilize the services of such Persons as the Collateral Agent in its sole discretion may determine,
and all reasonable fees and expenses of such Persons shall be borne by the Company.

 

Section 4.2         Exculpatory
Provisions. Neither the Collateral Agent nor any of the Collateral Agent’s officers, directors, employees, agents, attorneys-in-fact,
co-trustees, separate trustees or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it
or such Person under or in connection with this Agreement or any Security Document (except for its or such Person’s own gross
negligence or willful misconduct) or (b) responsible in any manner to any of the Creditors for any recitals, statements, representations
or warranties made by the Company or any Creditor or any officer of any thereof contained in any Security Document or in any certificate,
report, statement or other document referred to or provided for in, or received by, the Collateral Agent under or in connection
with this Agreement, any Security Document or any other document in any way connected therewith, or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of the Security Documents or any Lien under the Security Documents or the perfection
or priority of any such Lien or for any failure of the Company to perform its obligations thereunder. Neither the Collateral Agent
nor any of the Collateral Agent’s officers, directors, employees, agents, attorneys-in-fact, co-trustees, separate trustees
or Affiliates shall be under any obligation to the Creditors to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, the Security Documents.

 

    	- 11 -

    	 

    
 

Section 4.3         Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing
(in electronic or physical form), resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex
or teletype message, statement, order or other document or conversation reasonably believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without
limitation, counsel to the Company), independent accountants and other experts selected by the Collateral Agent. The Collateral
Agent shall be fully justified in failing or refusing to take action under this Agreement or the Security Documents unless it shall
first receive such advice or concurrence of the Majority Creditors as is contemplated by Section 5 hereof and it shall first
be indemnified to its reasonable satisfaction by the Creditors against any and all liability and expense which may be incurred
by it by reason of taking, continuing to take or refraining from taking any such action. The Collateral Agent shall in all cases
be fully protected in acting, or in refraining from acting, under this Agreement and the Security Documents in accordance with
the provisions of Section 5.8 hereof and in accordance with written instructions of the Majority Creditors pursuant to Section 5.3
hereof, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Creditors and all
future holders of the Senior Secured Obligations.

 

Section 4.4         Knowledge
or Notice of Default, Event of Default, Special Event of Default or Acceleration. The Collateral Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default, Event of Default, Special Event of Default or the acceleration of
any of the Senior Secured Obligations unless the Collateral Agent has received written notice from the Administrative Agent, a
Creditor or the Company referring to the Credit Agreement, the Note Agreement or the applicable Additional Secured Facility, describing
such Default, Event of Default, Special Event of Default or acceleration, setting forth in reasonable detail the facts and circumstances
thereof and stating that the Collateral Agent may rely on such notice without further inquiry.

 

Section 4.5         Non-Reliance
on Collateral Agent and Other Creditors. Each Creditor expressly acknowledges that except as expressly set forth in this Agreement,
neither the Collateral Agent nor any of the Collateral Agent’s officers, directors, employees, agents, attorneys-in-fact,
co-trustees, separate trustees or Affiliates has made any representations or warranties to it and that no act by the Collateral
Agent hereinafter taken, including any review of the affairs of the Company or any Subsidiary, shall be deemed to constitute any
representation or warranty by the Collateral Agent to any Creditor. Each Creditor represents that it has, independently and without
reliance upon the Collateral Agent or any other Creditor, and based on such documents and information as it has deemed appropriate,
made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness
of the Company and its Subsidiaries. Each Creditor also represents that it will, independently and without reliance upon the Collateral
Agent or any other Creditor, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit analysis, appraisals and decisions in taking or not taking action under the Security Documents and this Agreement
and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Company and its Subsidiaries. Except for notices, reports and other documents expressly required
to be furnished to the Creditors by the Collateral Agent hereunder or under any Security Document, the Collateral Agent shall not
have any duty or responsibility to provide the Creditors with any credit or other information concerning the business, operations,
property, financial and other condition or creditworthiness of the Company or any Subsidiary which may come into the possession
of the Collateral Agent or any of its officers, directors, employees, agents, attorneys-in-fact co-trustees, separate trustees
or Affiliates.

 

    	- 12 -

    	 

    
 

Section 4.6         Indemnification.
Each Creditor shall indemnify the Collateral Agent in its capacity as such (to the extent not reimbursed by the Company or
a Subsidiary of the Company and without limiting the obligation of the Company or such Subsidiary to do so), ratably according
to its respective share of the sum of (a) the aggregate amount of Lender Exposure, (b) the aggregate principal amount
of indebtedness evidenced by the Senior Secured Notes and (c) the aggregate amount of Additional Secured Facility Exposure, from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind whatsoever which may at any time (including, without limitation, at any time following an Event of Default or the payment
of the Senior Secured Obligations) be imposed on, incurred by or asserted against the Collateral Agent arising out of actions or
omissions of the Collateral Agent specifically required or permitted by this Agreement or by the exercise of remedies pursuant
to written instructions of the Majority Creditors pursuant to Section 5.3 hereof; provided that no Creditor shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements to the extent due to the Collateral Agent’s gross negligence or willful misconduct. The
agreements in this Section 4.6 shall survive the payment of the Senior Secured Obligations.

 

Section 4.7         Collateral
Agent in Its Individual Capacity. Wells Fargo Bank, National Association, and its Affiliates may make loans to, accept deposits
from and generally engage in any kind of business with the Company and its Affiliates as though such Person was not the Collateral
Agent hereunder. With respect to any obligations owed to it under the Credit Agreement, Wells Fargo Bank, National Association,
shall have the same rights and powers under this Agreement as any Creditor and may exercise the same as though it were not the
Collateral Agent, and the terms “Creditor” and “Creditors” shall include Wells Fargo Bank, National
Association, in its individual capacity.

 

Section 4.8         Successor
Collateral Agent. 

 

(a)          The
Collateral Agent may resign at any time upon 30 days’ written notice to the Creditors and the Company, may be removed at
any time, with or without cause, by the Majority Creditors by written notice delivered to the Company, the Collateral Agent and
the Creditors and, if the Collateral Agent is a Lender or Additional Secured Lender, may be removed by the Required Holders at
any time that the Collateral Agent has failed to take any action that the Collateral Agent is required to take hereunder after
request therefor by the Majority Creditors or the Collateral Agent has taken any action hereunder that the Collateral Agent is
not authorized to take hereunder or that violates the terms hereof. After any resignation or removal hereunder of the Collateral
Agent, the provisions of this Section 4 shall continue to inure to its benefit as to any actions taken or omitted to be taken by
it in its capacity as Collateral Agent hereunder while it was the Collateral Agent under this Agreement.

 

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(b)          Upon
receiving written notice of any such resignation or removal, a successor Collateral Agent shall be appointed by the Majority Creditors;
provided, however, that such successor Collateral Agent shall be (1) a bank or trust company having a combined capital
and surplus of at least $1,000,000,000, subject to supervision or examination by a Federal or state lending authority and (2) authorized
under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent. If a successor
Collateral Agent shall not have been appointed pursuant to this Section 4.8(b) within such 30 day period after the Collateral
Agent’s resignation or upon removal of the Collateral Agent, then any Creditor or the Collateral Agent (unless the Collateral
Agent is being removed) may petition a court of competent jurisdiction for the appointment of a successor Collateral Agent. Such
court shall, after such notice as it may deem proper, appoint a successor Collateral Agent meeting the qualifications specified
in this Section 4.8(b). The Creditors hereby consent to such petition and appointment so long as such criteria are met. If
a successor Collateral Agent shall not have been appointed pursuant to this Section 4.8(b) within 360 days after the Collateral
Agent’s resignation or upon removal of the Collateral Agent, then the resignation or removal shall nonetheless become effective
and the Creditors acting collectively shall thereafter have the rights and obligations of the Collateral Agent hereunder and under
the Security Documents until a successor Collateral Agent has been appointed and accepted such appointment. The appointment of
a successor Collateral Agent pursuant to this Section 4.8(b) shall become effective upon the acceptance of the appointment
as Collateral Agent hereunder by a successor Collateral Agent. Upon such effective appointment, the successor Collateral Agent
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent.

 

(c)          The
resignation or removal of a Collateral Agent shall take effect on the day specified in the notice described in Section 4.8(a),
unless previously a successor Collateral Agent shall have been appointed and shall have accepted such appointment, in which event
such resignation or removal shall take effect immediately upon the acceptance of such appointment by such successor Collateral
Agent, provided, however, that no such resignation or removal shall be effective hereunder unless and until a successor
Collateral Agent shall have been appointed and shall have accepted such appointment.

 

(d)          Upon
the effective appointment of a successor Collateral Agent, the successor Collateral Agent shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Collateral Agent and the predecessor Collateral Agent hereby appoints
the successor Collateral Agent the attorney-in-fact of such predecessor Collateral Agent to accomplish the purposes hereof, which
appointment is coupled with an interest. Such appointment and designation shall be full evidence of the right and authority to
act as Collateral Agent hereunder and all Collateral, power, trusts, duties, documents, rights and authority of the previous Collateral
Agent shall rest in the successor, without any further deed or conveyance. The predecessor Collateral Agent shall, nevertheless,
on the written request of the Majority Creditors or successor Collateral Agent, execute and deliver any other such instrument transferring
to such successor Collateral Agent all the Collateral, properties, rights, power, trust, duties, authority and title of such predecessor.
The Company, to the extent requested by the Majority Creditors or the Collateral Agent shall procure any and all documents, conveyances
or instruments and execute same, to the extent required, in order to reflect the transfer to the successor Collateral Agent.

 

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		Section 5	Actions by the
Collateral Agent.

 

Section 5.1         Duties
and Obligations. The duties and obligations of the Collateral Agent are only those set forth in this Agreement and in the Security
Documents.

 

Section 5.2         Notification
of Default or Acceleration. If the Collateral Agent has been notified in writing as provided in Section 4.4 that a Default
or an Event of Default has occurred or that any of the Senior Secured Obligations have been accelerated, the Collateral Agent shall
notify the Creditors and may notify the Company of such determination. Any Creditor that has delivered notice to the Company or
the Administrative Agent pursuant to the Credit Agreement, the Note Agreement or any Additional Secured Facility, as applicable,
that a Default or an Event of Default has occurred or that any of the Senior Secured Obligations have been accelerated, or facts
which indicate that a Default or an Event of Default has occurred or the Senior Secured Obligations have been accelerated, shall
deliver to the Collateral Agent a written statement to such effect. Failure to do so, however, does not constitute a waiver of
any such Default or Event of Default by the Creditors. Upon receipt of a notice described herein or in Section 4.4 from a
Creditor of the occurrence of a Default or an Event of Default or that any of the Senior Secured Obligations have been accelerated,
the Collateral Agent shall promptly (and in any event no later than three Business Days after receipt of such notice in the manner
provided in Section 7.8 hereof) issue its “Notice of Default” to all Creditors. The Notice of Default may contain
a recommendation of actions by the Creditors and/or request instructions from the Creditors as to specific matters and shall specify
the date on which responses are due in order to be timely within Section 5.4 hereof.

 

Section 5.3         Actions
of Collateral Agent; Exercise of Remedies.  The Collateral Agent shall take only such actions and exercise only such remedies
under the Security Documents as are approved in a written notice or notices delivered to the Collateral Agent and signed by the
Majority Creditors.

 

Section 5.4         Instructions
from Creditors.  If any Creditor does not respond in a timely manner to any notice from the Collateral Agent or request
for instructions within the time period specified by the Collateral Agent in a Notice of Default or request for instructions (which
shall be a minimum of 10 Business Days), the Senior Secured Obligations held by such Creditor shall be deemed to have voted against
any action set forth in such notice or request for instructions.

 

    	- 15 -

    	 

    
 

Section 5.5         Protective
Advances. If the Collateral Agent has asked the Creditors for instruction to make a payment with regard to a Default or Event
of Default which the Collateral Agent, in good faith, believes to be required to protect the interests of the Creditors in the
Collateral and if the Majority Creditors have not yet responded to such request, the Collateral Agent shall be authorized to make
such payment, but shall not be required to make such payment and shall in no event have any liability for failure to make such
payment.

 

Section 5.6         Changes
to Security Documents. Any term of the Security Documents may be amended, and the performance or observance by the parties
to a Security Document of any term of such Security Document may be waived (either generally or in a particular instance and either
retroactively or prospectively) by the Collateral Agent only upon the written consent of the Majority Creditors; provided that
no amendment to the Security Documents which directly or indirectly narrows the description of the Collateral or the obligations
being secured thereby, changes the priority of payments to the Creditors under the Security Documents, changes any voting provisions
contained therein or amends the definition of “Majority Creditors” may be made without the written consent of all of
the Creditors.

 

Notwithstanding the
foregoing, the Collateral Agent may, without the consent of the Majority Creditors, amend the Security Documents (a) to add property
hereafter acquired by the Company intended to be subjected to the Security Documents or to correct or amplify the description of
any property subject to the Security Documents and (b) to cure any ambiguity or cure, correct or supplement any defective provisions
of the Security Documents (so long as the same shall in no respect be adverse to the interest of any Creditor).

 

Section 5.7         Release
of Collateral. Unless a Default or an Event of Default has occurred and is continuing, the Collateral Agent may, without the
approval of the Creditors as required by Section 5.3 hereof, release any Collateral under the Security Documents which is
permitted to be sold or disposed of by the Company and its Subsidiaries, pursuant to each of the Credit Agreement, the Note Agreement
and each Additional Secured Facility and execute and deliver such releases as may be necessary to terminate of record the Collateral
Agent’s security interest in such Collateral. In determining whether any such release is permitted, the Collateral Agent
may rely upon instructions from the Required Lenders in respect of the Credit Agreement, the Required Holders in respect of the
Note Agreement and the applicable Required Additional Secured Lenders in respect of the applicable Additional Secured Facility.

 

Section 5.8         Other
Actions. The Collateral Agent shall have the right to take such actions, or omit to take such actions, hereunder and under
the Security Documents not inconsistent with the written instructions of the Majority Creditors delivered pursuant to Section 5.3
hereof or the terms of this Agreement, including actions the Collateral Agent deems necessary or appropriate to perfect or continue
the perfection of the Liens on the Collateral for the benefit of the Creditors. Except as otherwise provided by applicable law,
the Collateral Agent shall have no duty as to the collection or protection of the Collateral or any income thereon, nor as to the
preservation of rights against prior parties, nor as to the preservation of rights pertaining to the Collateral beyond the safe
custody of any Collateral in the Collateral Agent’s actual possession.

 

    	- 16 -

    	 

    
 

Section 5.9         Cooperation.
To the extent that the exercise of the rights, powers and remedies of the Collateral Agent in accordance with this Agreement requires
that any action be taken by any Creditor, such Creditor shall take such reasonable action and reasonably cooperate with the Collateral
Agent to ensure that the rights, powers and remedies of all Creditors are exercised in full.

 

Section 5.10         Distribution
of Proceeds. All amounts owing with respect to the Senior Secured Obligations shall be secured by the Collateral without distinction
as to whether some Senior Secured Obligations are then due and payable and other Senior Secured Obligations are not then due and
payable. Upon any realization upon the Collateral and/or the receipt of any payments under any Security Document or realization
under any Secured Guaranty, the Creditors agree that the proceeds thereof shall be applied (a) first, to the amounts
owing to the Collateral Agent by the Company or the Creditors pursuant to this Agreement or the Security Documents, including,
without limitation, payment of expenses incurred by the Collateral Agent with respect to maintenance and protection of the Collateral
and of expenses incurred with respect to the sale of or realization upon any of the Collateral or the perfection, enforcement or
protection of the rights of the Creditors (including reasonable attorneys’ fees and expenses of every kind); (b) second,
equally and ratably to the payment of all amounts (including, without limitation, principal, interest, fees, expenses, any make-whole
amount or breakage amount) then due to the Creditors under the Credit Agreement, the Note Agreement and each Additional Secured
Facility which payments shall be distributed ratably to each Lender, each Noteholder and each Additional Secured Lender according
to the aggregate amount of such amounts then owing to each Creditor; and (c) third, the balance, if any, shall be returned
to the Company or such other Persons as are entitled thereto; provided that such balance shall be held by the Collateral
Agent if (1) all Senior Secured Obligations have not been accelerated or are not yet due and payable or (2) an indemnification
claim by the Collateral Agent or any Creditor is pending under any Loan Document, Senior Note Document or Additional Secured Facility
Document.

 

Any payment pursuant
to this Section 5.10 with respect to the outstanding amount of any undrawn Letters of Credit shall be paid to the Collateral
Agent for deposit in an account (the “Letters of Credit Collateral Account”) to be held as collateral for the
Senior Secured Obligations and disposed of as provided herein. On each date on which a payment is made to a beneficiary pursuant
to a draw on a Letter of Credit, the Collateral Agent shall distribute from the Letters of Credit Collateral Account for application
to the payment of the reimbursement obligation due to the Lenders with respect to such draw an amount equal to the product of (1) the
amount then on deposit in the Letters of Credit Collateral Account and (2) a fraction, the numerator of which is the amount
of such draw and the denominator of which is the outstanding amount of all undrawn Letters of Credit immediately prior to such
draw. On each date on which a reduction in the outstanding amount of undrawn Letters of Credit occurs other than on account of
a payment made to a beneficiary pursuant to a draw on a Letter of Credit, then the Collateral Agent shall distribute from the Letters
of Credit Collateral Account an amount equal to the product of (1) the amount then on deposit in the Letters of Credit Collateral
Account and (2) a fraction, the numerator of which is the amount of such reduction in the outstanding amount of undrawn Letters
of Credit and the denominator of which is the outstanding amount of all undrawn Letters of Credit immediately prior to such reduction,
which amount shall be distributed as provided in the first paragraph of this Section 5.10. At such time as the outstanding
amount of all undrawn Letters of Credit is reduced to zero, any amount remaining in the Letters of Credit Collateral Account, after
the distribution therefrom as provided above, shall be distributed as provided in the first paragraph of this Section 5.10.

 

    	- 17 -

    	 

    
 

		Section 5.11	Senior Preferential Payments and Special Collateral
Account.

 

(a)          The
Collateral Agent shall give each Creditor a written notice (a “Notice of Special Default”) promptly,
but no later than, three Business Days after being notified in writing by a Creditor that an Event of Default constituting a Special
Event of Default has occurred. After the receipt of such Notice of Special Default, all Senior Preferential Payments other than
those payments received pursuant to subsection (b) of this Section 5.11 shall be deposited into the Special Collateral Account.
Each Creditor agrees that no Default or Event of Default shall occur as a result of payments so made on a timely basis to the Collateral
Agent.

 

(b)          If
(1) such Special Event of Default is waived by the Required Lenders, the Required Holders or the applicable Required Additional
Secured Lenders, as applicable, and if no other Event of Default has occurred and is continuing, (2) such Special Event of Default
is cured by the Company or by any amendment of the Credit Agreement, the Note Agreement or an Additional Secured Facility, as applicable,
and if no other Event of Default has occurred and is continuing or (3) except with respect to a Special Event of Default resulting
from a Bankruptcy Proceeding, none of the Senior Secured Obligations have been accelerated nor have the Majority Creditors instructed
the Collateral Agent to foreclose on the Collateral, seek the appointment of a receiver, commence litigation against the Company
or any of its Subsidiaries, liquidate the Collateral, commence a Bankruptcy Proceeding against the Company or any of its Subsidiaries,
seize Collateral, or exercise other remedies of similar character prior to the 180th day following such Special Event of Default,
the Collateral Agent thereupon shall return all amounts, together with their pro rata share of interest earned thereon, held in
the Special Collateral Account representing payment of any Senior Secured Obligations to the Creditor initially entitled thereto,
and no payments thereafter received by a Creditor shall constitute a Senior Preferential Payment by reason of such cured or waived
Special Event of Default. No payment returned to a Creditor for which such Creditor has been obligated to make a deposit into the
Special Collateral Account shall thereafter ever be characterized as a Senior Preferential Payment. If the Special Event of Default
is an Event of Default under the terms of one or more of the Credit Agreement, the Note Agreement or any Additional Secured Facility,
the Collateral Agent shall not return any payments to the Creditors pursuant to clause (1) above unless such Special Event
of Default shall have been waived under each such agreement where such Special Event of Default is an Event of Default by the Required
Lenders, the Required Holders and/or the applicable Required Additional Secured Lenders, as applicable.

 

(c)          Each
Creditor agrees that upon its knowledge of the occurrence of a Special Event of Default it shall (1) promptly notify the Collateral
Agent of the receipt of any Senior Preferential Payments, (2) hold such amounts in trust for the Creditors and act as agent of
the Creditors during the time any such amounts are held by it and (3) deliver to the Collateral Agent such amounts for deposit
into the Special Collateral Account.

 

    	- 18 -

    	 

    
 

(d)          If
any of the Senior Secured Obligations have been accelerated or the Majority Creditors have instructed the Collateral Agent to foreclose
on the Collateral, seek the appointment of a receiver, commence litigation against the Company or any of its Subsidiaries, liquidate
the Collateral, commence a Bankruptcy Proceeding against the Company or any of its Subsidiaries, seize Collateral, or exercise
other remedies of similar character, then all funds, together with interest earned thereon, held in the Special Collateral Account
and all subsequent Senior Preferential Payments shall be applied in accordance with the provisions of Section 5.10 above.

 

Section 5.12         Authorized
Investments. Any and all funds held by the Collateral Agent in its capacity as Collateral Agent, whether pursuant to any provision
of any of the Security Documents or otherwise, shall to the extent feasible within a reasonable time be invested by the Collateral
Agent in Cash Equivalent Investments. Any interest earned on such funds shall be disbursed to the Creditors in accordance with
Section 5.10 or Section 5.11, as applicable. The Collateral Agent may hold any such funds in a common interest bearing account.
To the extent that the interest rate payable with respect to any such account varies over time, the Collateral Agent may use an
average interest rate in making the interest allocations among the respective Creditors. The Collateral Agent shall have no duty
to place funds held pursuant to this Section 5.12 in investments which provide a maximum return; provided, however, that
the Collateral Agent shall to the extent feasible invest funds in Cash Equivalent Investments with reasonable promptness. In the
absence of gross negligence or willful misconduct, the Collateral Agent shall not be responsible for any loss of any funds invested
in accordance with this Section 5.12.

 

Section 5.13         Restoration
of Obligations. For the purposes of determining the amount of outstanding Senior Secured Obligations, if any Creditor is required
to deposit any Senior Preferential Payment in the Special Collateral Account, then the obligations intended to be satisfied by
such Senior Preferential Payment shall be revived, as of the date of the deposit of such amount with the Collateral Agent, in the
amount of such Senior Preferential Payment and such obligation shall continue in full force and effect (and bear interest from
such deposit date at the non-default rate provided in the underlying document) as if such Creditor had not received such payment.
All such revived obligations shall be included as Senior Secured Obligations for purposes of allocating any payments under Section
5.10 and for applying the definition of Majority Creditors. If any such revived obligation shall not be allowed as a claim
under the Bankruptcy Code due to the fact that the Senior Preferential Payment has in fact been made by the Company, the Creditors
shall make such other equitable arrangements for the purchase and sale of participations in the Senior Secured Obligations and
shall execute and deliver such agreements as are necessary to evidence such arrangements, in each case in order to effectuate the
intent of this Section 5.13.

 

Section 5.14         Bankruptcy
Preferences. If any payment to a Creditor is subsequently invalidated, declared to be fraudulent or preferential or set aside
and is required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law
or equitable cause, and such Creditor has previously made a deposit in respect of such payment into the Special Collateral Account
pursuant to Section 5.11, then the Collateral Agent shall distribute to such Creditor proceeds from the Special Collateral Account
in an amount equal to such deposit or so much thereof as is affected by such events together with any interest earned thereon (which
amount of interest shall not exceed the amount of interest, if any, such Creditor is then required to repay) and if, due to previous
disbursements to the Creditors pursuant to Section 5.11(d), the proceeds in the Special Collateral Account are insufficient for
such purpose, then each other Creditor shall pay to such Creditor upon demand an amount equal to a ratable portion of such disbursements
of the deposit and interest thereon which was distributed to each such Creditor according to the aggregate amounts so distributed
to each such Creditor.

 

    	- 19 -

    	 

    
 

		Section 6	Bankruptcy Proceedings.

 

The following provisions
shall apply during any Bankruptcy Proceeding of the Company or any of its Affiliates:

 

(a)          The
Collateral Agent shall represent all Creditors in connection with all matters directly relating solely to the Collateral, including,
without limitation, use, sale or lease of Collateral, use of cash collateral, relief from the automatic stay and adequate protection.
The Collateral Agent shall act on the instructions of the Majority Creditors; provided that no such vote by the Majority
Creditors shall treat the Lenders, the Noteholders or the Additional Secured Lenders differently with respect to rights in the
Collateral from any other class of Creditors.

 

(b)          Each
Creditor shall be free to act independently on any issue not directly relating solely to the Collateral. Each Creditor shall give
prior notice to the Collateral Agent of any action hereunder to the extent that such notice is possible. If such prior notice is
not given, such Creditor shall give prompt notice following any action taken hereunder.

 

(c)          Any
proceeds of the Collateral received by any Creditor as a result of, or during, any Bankruptcy Proceeding will be delivered promptly
to the Collateral Agent for distribution in accordance with Section 5.10.

 

Section
7 Miscellaneous.

 

Section 7.1         Creditors;
Other Collateral. The Creditors agree that all of the provisions of this Agreement shall apply to any and all properties, assets
and rights of the Company and its Subsidiaries, in which the Collateral Agent or any Creditor at any time acquires a security interest
or Lien pursuant to the Security Documents, the Loan Documents, the Senior Note Documents or any Additional Secured Facility Documents,
including, without limitation, real property or rights in, on or over real property, notwithstanding any provision to the contrary
in any mortgage, leasehold mortgage or other document purporting to grant or perfect any Lien in favor of the Creditors or any
of them or the Collateral Agent for the benefit of the Creditors.

 

Section 7.2         Marshalling.
The Collateral Agent shall not be required to marshall any present or future security for (including, without limitation, the Collateral),
or guaranties of, the Senior Secured Obligations or any of them, or to resort to such security or guaranties in any particular
order; and all of each of such Person’s rights in respect of such security and guaranties shall be cumulative and in addition
to all other rights, however existing or arising. To the extent that they lawfully may, the Creditors hereby agree that they will
not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement of the Creditors’
rights under the Security Documents or under any other instrument evidencing any of the Senior Secured Obligations or under which
any of the Senior Secured Obligations is outstanding or by which any of the Senior Secured Obligations is secured or guaranteed.

 

    	- 20 -

    	 

    
 

Section 7.3         Consents,
Amendments, Waivers. All amendments, waivers or consents of any provision of this Agreement shall be effective only if the
same shall be in writing and signed by the Majority Creditors and the Collateral Agent; provided, however, that no such
amendment, waiver or consent to Section 2.2 shall be effective without the written consent of any Creditor adversely affected thereby;
provided, further, that no such amendment, waiver or consent to Sections 2.1, 4.6, 4.8, 5.3, 5.6, 5.7, 5.10, 5.11,
6 or this Section 7.3 or to the definition of “Additional Secured Facility Exposure,” “Additional Secured Lender,”
“Additional Secured Debt,” “Collateral,” “Lender Exposure,” “Majority Creditors,”
“Senior Preferential Payment,” “Senior Secured Obligations” or “Special Event of Default” or
any defined term as used in such sections or definitions shall be effective without the written consent of all of the Creditors
(other than Cash Management Providers and Secured Hedge Providers).

 

Section 7.4         Governing
Law. This Agreement shall be deemed to be a contract under seal and shall for all purposes be governed by and construed in
accordance with the laws of the State of New York (without regard to conflicts of law provisions thereof other than Section 5-1401
of the New York General Obligations Law).

 

Section 7.5         Parties
in Interest.

 

(a)          All
terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns
of the parties hereto, including, without limitation, any future holder of the Senior Secured Obligations; provided that
(1) no Creditor (other than a Lender) may assign or transfer its rights hereunder or under the Security Documents (and no successor
Administrative Agent which is appointed pursuant to the Credit Agreement shall succeed to any rights hereunder or under the Security
Documents) without such assignees, transferees or successor delivering an executed Joinder, Additional Secured Lender Joinder or
Administrative Agent Joinder, as applicable, to the Collateral Agent pursuant to which such assignee, transferee or successor agrees
to be bound by the terms of this Agreement as though named herein and (2) no Lender may assign or transfer its rights hereunder
or under the Security Documents unless (i) such assignees or transferees are party to the Credit Agreement and (ii) the Administrative
Agent is bound by the provisions of this Agreement (whether as a party or by Administrative Agent Joinder).

 

(b)          The
Collateral Agent has no duty to acknowledge, and shall be deemed to not have any knowledge of, any notice from or for the benefit
of any Creditor or Person claiming to be a Creditor, or to provide any notice or other communication to any Creditor, unless such
Creditor or Person claiming to be a Creditor has complied with Section 7.5(a).

 

Section 7.6         Counterparts.
This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each
of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving
this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom
enforcement is sought.

 

    	- 21 -

    	 

    
 

Section 7.7         Termination.
 Upon payment in full of the Senior Secured Obligations in accordance with their respective terms and the termination of
the Revolving Commitments and any undrawn commitments under an Additional Secured Facility, this Agreement shall terminate except
for those provisions hereof that by their express terms shall survive the termination of this Agreement.

 

Section 7.8         Notices.
Except as otherwise expressly provided herein, all notices, consents and waivers and other communications made or required to be
given pursuant to this Agreement shall be in writing and shall be delivered by hand, mailed by registered or certified mail or
prepaid overnight air courier, or by facsimile communications, addressed as follows:

 

	If to the Collateral Agent, at:	Wells Fargo Bank, National Association,
	 	as Collateral Agent
	 	1525 West W.T. Harris Boulevard
	 	Mail Code: D1109-019
	 	Charlotte, NC 28262
	 	Attn: Syndication Agency Services
	 	Telephone: 704-590-2706
	 	Facsimile: 704-590-2790
	 	Email: agencyservices.requests@wellsfargo.com
	 	 
	If to any Creditor, at:	Such address as set forth on Exhibit B hereto
	 	 
	If to the Company, at:	The Gas Company, LLC
	 	745 Fort Street
	 	Suite 1800
	 	Honolulu, HI 96813
	 	United States of America
	 	Attention: Jeffrey M. Kissel,
	 	President and Chief Executive Officer
	 	Telephone No.: (808) 535-5908
	 	Facsimile No.: (808) 535-5943
	 	E-mail: JKissel@hawaiigas.com
	 	 
	With a copy to:	The Gas Company, LLC
	 	745 Fort Street
	 	Suite 1800
	 	Honolulu, HI 96813
	 	United States of America
	 	Attention: Nathan C. Nelson, General Counsel
	 	Telephone No.: (808) 535-5912
	 	Facsimile No.: (808) 535-5943
	 	E-mail: NNelson@hawaiigas.com

 

    	- 22 -

    	 

    
 

or at such other address for notice as
the Collateral Agent or such Creditor shall last have furnished in writing to the Person giving the notice, provided that
a notice by overnight air courier shall only be effective if delivered at a street address designated for such purpose and a notice
by facsimile communication shall only be effective if made by confirmed transmission at a telephone number designated for such
purpose.

 

Section 7.9         Senior
Secured Obligations Held by Company. Solely for the purpose of (a) determining whether the holders of the requisite percentage
of the aggregate principal amount of Senior Secured Obligations then outstanding approved or consented to any amendment, waiver
or consent to be given under this Agreement, or have directed the taking of any action provided herein to be taken upon the direction
of the holders of a specified percentage of the aggregate principal amount of Senior Secured Obligations then outstanding or (b)
determining Majority Creditors, Senior Secured Obligations directly or indirectly owned by the Company or any of its Affiliates
shall be deemed not to be outstanding and not to represent any Revolving Availability or Additional Secured Facility Exposure.

 

*          *           *

 

    	- 23 -

    	 

    

 

In
witness whereof, the parties hereto have caused these presents to be duly executed as an instrument under seal by their
authorized representatives as of the date first written above.

 

	 	Wells Fargo Bank, National Association, 

    as Collateral Agent
	 	 
	 	By:	 
	 	Name:
	 	Title:

  

    	 

    	 

    

 

	 	Wells Fargo Bank, National Association, as Administrative Agent
	 	 
	 	By: 	 
	 	  Name: 
	 	  Title: 
	 	 
	 	_____________, as
    a Noteholder
	 	 
	 	By:	 
	 	  Name: 
	 	  Title:

 

Signature Page to Intercreditor and Collateral
Agency Agreement

 

    	 

    	 

    

  

The
undersigned hereby acknowledges (a) the terms of the foregoing Agreement, (b) that the foregoing Agreement is for the
sole benefit of the Creditors and that it has no rights or benefits under such Agreement, (c) that the foregoing Agreement
is for the purpose of defining the rights, duties authority and responsibilities of the Collateral Agent and the relationship
among the Creditors regarding their pari passu interest in the Collateral and that
nothing therein shall impair, as between the Company and any Creditor, the obligations of the Company under the Loan Documents,
the Senior Note Documents or any Additional Secured Facility Documents and (d) that the provisions of the foregoing Agreement
may be waived, amended or modified without its consent.

 

	 	The Gas Company, LLC
	 	 	 
	 	By:	 
	 	  Name: 	 
	 	  Title: 	 

 

Signature Page to Intercreditor and Collateral
Agency Agreement

 

    	 

    	 

    

 

Security Documents

 

Security
Agreement dated as of August 8, 2012 entered into between the Company and the Collateral Agent and substantially in the form attached
hereto as Exhibit 4, as such agreement may be amended, supplemented, restated or otherwise modified from time to time.

 

Each
other “Security Document” as defined in the Credit Agreement.

 

Each
other “Security Document” as defined in the Note Agreement. 

  

Exhibit
A

(to
Intercreditor and Collateral Agency Agreement)

 

    	 

    	 

    

 

Addresses
of Creditors

 

Lenders:

 

Administrative
Agent:

 

Wells
Fargo Bank, National Association

1525
West W.T. Harris Boulevard

Mail
Code: D1109-019

Charlotte,
NC 28262

Attn:
Syndication Agency Services

Telephone:
704-590-2706

Facsimile:
704-590-2790

Email: 
agencyservices.requests@wellsfargo.com

 

Noteholders:

 

	Noteholder	Notice Address
	 	 
	Liberty
    National Life Insurance Company	Prudential Private Placement Investors,
    L.P.
	 	c/o Prudential Capital Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention:  Managing Director, Energy
    Finance Group – Oil & Gas
	 	 
	Globe
    Life and Accident Insurance Company	Prudential Private Placement Investors,
    L.P.
	 	c/o Prudential Capital Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention:  Managing Director, Energy
    Finance Group – Oil & Gas

 

Exhibit
B

(to
Intercreditor and Collateral Agency Agreement)

 

    	 

    	 

    

 

	Farmers
    New World Life Insurance Company	Prudential
    Private Placement Investors, L.P.
	 	c/o Prudential Capital
    Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention: 
    Managing Director, Energy Finance Group – Oil & Gas
	 	 
	The
    Prudential Insurance Company of America	The Prudential Insurance
    Company of America
	 	c/o Prudential Capital
    Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention: 
    Managing Director, Energy Finance Group – Oil & Gas
	 	 
	Prudential
    Arizona Reinsurance Captive Company	Prudential Arizona
    Reinsurance Captive Company
	 	c/o Prudential Capital
    Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention: 
    Managing Director, Energy Finance Group – Oil & Gas
	 	 
	Prudential
    Arizona Reinsurance Universal Company	Prudential Arizona
    Reinsurance Universal Company
	 	c/o Prudential Capital
    Group
	 	2200 Ross Avenue
	 	Suite 4200E
	 	Dallas, TX 75201
	 	 
	 	Attention: 
    Managing Director, Energy Finance Group – Oil & Gas
	 	 
	Prudential
    Annuities Life Assurance Corporation	Prudential
        Annuities Life Assurance Corporation

        c/o
        Prudential Capital Group

        2200
        Ross Avenue

        Suite
        4200E

        Dallas,
        TX 75201

         

        Attention:
        Managing Director, Energy Finance Group – Oil & Gas

	 	 
	United
    of Omaha Life Insurance Company	4
        - Investment Accounting

        United
        of Omaha Life Insurance Company

        Mutual
        of Omaha Plaza

        Omaha,
        NE 68175-1011

	 	 
	Connecticut
    General Life Insurance Company	c/o Cigna Investments,
    Inc.
 Attention:  Fixed Income Securities
 Wilde Building, A5PRI
 900 Cottage Grove Rd
 Bloomfield, Connecticut
    06002
 E-Mail:  CIMFixedIncomeSecurities@Cigna.com

 

    	B-2

    	 

    

 

	Life
    Insurance Company of North America	c/o Cigna Investments, Inc.
	 	Attention:  Fixed Income Securities
	 	Wilde Building, A5PRI
	 	900 Cottage Grove Rd
	 	Bloomfield, Connecticut 06002
	 	E-Mail:  CIMFixedIncomeSecurities@Cigna.com
	 	 
	CIGNA
    Health and Life Insurance Company	c/o Cigna Investments, Inc.
	 	Attention:  Fixed Income Securities
	 	Wilde Building, A5PRI
	 	900 Cottage Grove Rd
	 	Bloomfield, Connecticut 06002
	 	E-Mail:  CIMFixedIncomeSecurities@Cigna.com

  

    	B-3

    	 

    

  

Joinder
to Intercreditor Agreement

 

Wells
Fargo Bank, National Association, as Collateral Agent

__________

__________,
__________ ___

Attention:
__________

Telecopy:
(___) ___-____

Telephone:
(___) ___-____

 

Reference
is made to the Intercreditor and Collateral Agency Agreement dated as of August 8, 2012 (as amended or otherwise modified from
time to time, the “Intercreditor Agreement”; capitalized terms not
otherwise defined herein being used as defined in the Intercreditor Agreement) among Wells Fargo Bank, National Association, as
Collateral Agent, the Administrative Agent, the Noteholders party thereto and certain other creditors of the Company, relating
to indebtedness of The Gas Company, LLC, a Hawaii limited liability company.

 

By
executing and delivering this Joinder, the undersigned holder of Senior Secured Obligations issued pursuant to the Note Agreement
agrees, on its own behalf, to be bound by all of the terms and provisions of the Intercreditor Agreement as a Noteholder. The
address set forth under the signature of the undersigned constitutes its address for the purposes of Section 7.8 of the Intercreditor
Agreement.

 

Dated
as of: 

 

	 	_____________,
    as a Noteholder
	 	 
	 	By: 	 
	 	  Name: 
	 	  Title:
	 	 
	 	[Insert address for notices]

 

 

 

Exhibit
C

(to
Intercreditor and Collateral Agency Agreement)

  

    	 

    	 

    

 

Joinder
to Intercreditor Agreement (Additional Secured Lender)

 

Wells
Fargo Bank, National Association, as Collateral Agent

__________

__________,
__________ ___

Attention:
__________

Telecopy:
(___) ___-____

Telephone:
(___) ___-____

 

Reference
is made to the Intercreditor and Collateral Agency Agreement dated as of August 8, 2012 (as amended or otherwise modified from
time to time, the “Intercreditor Agreement”; capitalized terms not
otherwise defined herein being used as defined in the Intercreditor Agreement) among Wells Fargo Bank, National Association, as
Collateral Agent, the Administrative Agent, the Noteholders party thereto and certain other creditors of the Company, relating
to indebtedness of The Gas Company, LLC, a Hawaii limited liability company.

 

We
acknowledge that we have received and reviewed a copy of the Intercreditor Agreement. By executing and delivering this Joinder,
the undersigned holder of Senior Secured Obligations issued pursuant to [describe Additional Secured Facility] agrees, on its
own behalf, to be bound by all of the terms and provisions of the Intercreditor Agreement as an Additional Secured Lender. 

 

The
Additional Secured Facility Documents relating to the applicable Additional Secured Facility are described on Schedule 1 attached
hereto.

 

The
address set forth under the signature of the undersigned constitutes its address for the purposes of Section 7.8 of the Intercreditor
Agreement.

 

Dated
as of: 

 

	 	_____________,
    as an Additional Secured Lender
	 	 
	 	By: 	 
	 	  Name: 
	 	  Title:
	 	 
	 	[Insert address for notices]

  

Exhibit
D

(to
Intercreditor and Collateral Agency Agreement)

 

    	 

    	 

    

 

EXECUTION VERSION

 

Joinder
to Intercreditor Agreement (Administrative Agent)

 

Wells
Fargo Bank, National Association, as Collateral Agent

__________

__________,
__________ ___

Attention:
__________

Telecopy:
(___) ___-____

Telephone:
(___) ___-____

 

Reference
is made to the Intercreditor and Collateral Agency Agreement dated as of August 8, 2012 (as amended or otherwise modified from
time to time, the “Intercreditor Agreement”; capitalized terms not
otherwise defined herein being used as defined in the Intercreditor Agreement) among Wells Fargo Bank, National Association, as
Collateral Agent, the Administrative Agent, the Noteholders party thereto and certain other creditors of the Company, relating
to indebtedness of The Gas Company, LLC, a Hawaii limited liability company.

 

By
executing and delivering this Joinder, the undersigned successor Administrative Agent agrees, on its own behalf, to be bound by
all of the terms and provisions of the Intercreditor Agreement as Administrative Agent. The address set forth under the signature
of the undersigned constitutes its address for the purposes of Section 7.8 of the Intercreditor Agreement.

 

Dated
as of: 

 

	 	_____________,
    as successor Administrative Agent
	 	 
	 	By: 	 
	 	  Name: 
	 	  Title:
	 	 
	 	[Insert address for notices]

 

Exhibit E

(to
Intercreditor and Collateral Agency Agreement)

 

    	 

    	 

    

 

 

 

SECURITY
AGREEMENT

 

Dated
as of August 8, 2012

 

between

 

THE
GAS COMPANY, LLC

 

as
Grantor

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent, on behalf of the

Secured Parties

 

 

 

 

 

Exhibit 4

(to Note Purchase Agreement) 

    	7

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	Section
    1.01	Certain Defined Terms	1
	 	 	 
	ARTICLE II THE COLLATERAL	9
	 	 	 
	Section 2.01	Collateral	9
	 	 	 
	Section 2.02	Grant to Collateral Agent	10
	 	 	 
	Section 2.03	Intellectual Property	11
	 	 	 
	Section 2.04	Perfection	11
	 	 	 
	Section 2.05	Instruments	11
	 	 	 
	Section 2.06	Use of Collateral	12
	 	 	 
	Section 2.07	Rights and Obligations	12
	 	 	 
	Section 2.08 	Termination	12
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES	13
	 	 	 
	Section 3.01	Name; Jurisdiction of Organization; Chief
    Executive Office	13
	 	 	 
	Section 3.02	Title	13
	 	 	 
	Section 3.03	Perfection and Priority	13
	 	 	 
	Section 3.04	Intellectual Property	14
	 	 	 
	Section 3.05	Investment Property	14
	 	 	 
	Section 3.06	Deposit Accounts; Securities Accounts	14
	 	 	 
	Section 3.07	Commercial Tort Claims	15
	 	 	 
	Section 3.08	Valid Security Interests	15
	 	 	 
	ARTICLE IV COVENANTS	15
	 	 	 
	Section 4.01	Generally	15
	 	 	 
	Section 4.02	Preservation and Protection of Security
    Interests	16
	 	 	 
	Section 4.03	Maintenance of Perfected Security Interest;
    Further Documentation	17
	 	 	 
	Section 4.04	Changes in Location, Name, Etc	17
	 	 	 
	Section 4.05	Taxes	18
	 	 	 
	Section 4.06	Further Assurances	18
	 	 	 
	Section 4.07	Insurance	18
	 	 	 
	ARTICLE V REMEDIES	19

 

    	i

    	 

    
 

	Section 5.01	Events of Default, Etc	19
	 	 	 
	Section 5.02	Private Sale	20
	 	 	 
	Section 5.03	Application of Proceeds	21
	 	 	 
	Section 5.04	Deficiency	21
	 	 	 
	Section 5.05	Assignment of Governmental Approvals	21
	 	 	 
	Section 5.06	Security Interest Absolute	21
	 	 	 
	ARTICLE VI THE COLLATERAL AGENT	22
	 	 	 
	Section 6.01	Appointment as Attorney-in-Fact	22
	 	 	 
	Section 6.02	Performance in Lieu of Grantor	23
	 	 	 
	Section 6.03	Duty of the Collateral Agent	23
	 	 	 
	Section 6.04	Authority of the Collateral Agent	23
	 	 	 
	Section 6.05	Role of the Collateral Agent	24
	 	 	 
	ARTICLE VII MISCELLANEOUS PROVISIONS	24
	 	 	 
	Section 7.01	Indemnification	24
	 	 	 
	Section 7.02	Amendments	24
	 	 	 
	Section 7.03	Waivers	24
	 	 	 
	Section 7.04	Notices	25
	 	 	 
	Section 7.05	Successors and Assigns	25
	 	 	 
	Section 7.06	Counterparts	26
	 	 	 
	Section 7.07	Governing Law; Consent to Jurisdiction;
    Waiver of Jury Trial	26
	 	 	 
	Section 7.08	Captions	26
	 	 	 
	Section 7.09	Severability	26
	 	 	 
	Section 7.10	Entire Agreement	26
	 	 	 
	Section 7.11 	Expenses	26

  

	Schedule 1	Organization and Chief Executive
    Office of Grantor
	Schedule 2	Assigned Project Documents
	Schedule 3	Government Approvals
	Schedule 4	Material Intellectual Property
	Schedule 5	Deposit Accounts and Securities Accounts
	Schedule 6	Commercial Tort Claims
	Schedule 7	Investment Property

 

    	ii

    	 

    

 

SECURITY AGREEMENT

 

This
SECURITY AGREEMENT (this “Agreement”), dated as of August 8, 2012 is made by and between THE GAS COMPANY, LLC
a Hawaii limited liability company (the “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity
as collateral agent for the benefit of and representative of the Secured Parties (in such capacity, herein called the “Collateral
Agent”).

 

RECITALS

 

A.           Pursuant
to the Credit Agreement, dated as of the date hereof (the “Credit Agreement”), by and among the Grantor, the
Lenders party thereto and Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”),
the lenders party from time to time thereto have agreed to make extensions of credit to the Grantor on the terms and subject to
the conditions set forth therein.

 

B.           It
is a requirement under the Credit Agreement and a condition precedent to the making of the loans thereunder that the Grantor shall
have executed and delivered this Agreement to the Collateral Agent.

 

C.           Pursuant
to the Note Purchase Agreement, dated as of the date hereof (the “Note Purchase Agreement”), by and among the
Grantor and each of the purchasers listed on Schedule A thereto (collectively, the “Noteholders”), the Noteholders
have agreed to purchase $100,000,000 aggregate principal amount of 4.22% Senior Secured Notes due August 8, 2022 of the Grantor
(the “Notes”).

 

D.           It
is a requirement under the Note Purchase Agreement and a condition precedent to the issuance and sale of the Notes thereunder
that the Grantor shall have executed and delivered this Agreement to the Collateral Agent.

 

NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Grantor hereby agrees with the Collateral Agent as follows:

  

ARTICLE I

 

DEFINITIONS

 

Section
1.01 Certain Defined Terms.

 

(a) In
addition to the terms defined in the preamble and the recitals, the following terms used herein shall have the respective
meanings set forth below:

 

“Accounts”
has the meaning assigned to the term “accounts” in the Uniform Commercial Code.

 

“Additional
Secured Debt” shall mean indebtedness of the Grantor so long as (a) such indebtedness is permitted by each of (i) the
Credit Agreement, (ii) the Note Purchase Agreement and (iii) each Additional Secured Facility then outstanding, (b) immediately
before and after giving effect thereto, no Event of Default shall have occurred which is continuing or be caused thereby and the
Grantor shall be in pro forma compliance with the financial covenants contained in each of the Credit Agreement and the Note Purchase
Agreement and (c) the holders of such indebtedness shall have become a party to the Intercreditor Agreement pursuant to the terms
thereof. 

 

    	1

    	 

    
 

“Additional
Secured Facility” shall mean any credit agreement or note agreement pursuant to which the Grantor incurs Additional
Secured Debt. 

 

“Additional
Secured Facility Documents” shall mean each Additional Secured Facility, any guaranty relating thereto and all other
agreements, documents, certificates and instruments relating to, arising out of, or in any way connected therewith or any of the
transactions contemplated thereby (including, without limitation, the Security Documents). 

 

“Additional
Secured Lender” shall mean the financial institutions providing Additional Secured Debt pursuant to an Additional Secured
Facility, and their successors and permitted assigns. 

 

“Additional
Secured Obligations” shall mean the obligations of the Grantor under any Additional Secured Facility and the other Additional
Secured Facility Documents.

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such first Person or any of its Subsidiaries. The term “control”
means (a) the power to vote 10% or more of the securities or other equity interests of a Person having ordinary voting power,
or (b) the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies
of a Person, whether through ownership of voting securities, by contract or otherwise. The terms “controlling” and
“controlled” have meanings correlative thereto.

 

“Assigned
Agreements” has the meaning assigned to such term in Section 2.01 hereof.

 

“Bank”
has the meaning assigned to the term “bank” in the Uniform Commercial Code.

 

“Capital
Stock” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in
the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company,
membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options
to purchase any of the foregoing.

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft,
credit or debit card, electronic funds transfer and other cash management arrangements.

 

“Cash
Management Bank” means any Person that, at the time it enters into a Cash Management Agreement, is a Lender, an Affiliate
of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash Management
Agreement. 

 

    	2

    	 

    
 

“Chattel
Paper” has the meaning assigned to the term “chattel paper” in the Uniform Commercial Code.

 

“Collateral”
has the meaning assigned to that term in Section 2.01 hereof.

 

“Commercial
Tort Claim” has the meaning assigned to the term “commercial tort claim” in the Uniform Commercial Code.

 

“Control”
has, with respect to Deposit Accounts, Investment Property, Electronic Chattel Paper and Letter-of-Credit Rights, the respective
meaning assigned to the term “control” in the Uniform Commercial Code.

 

“Copyright
Collateral” shall mean all Copyrights, whether now owned or hereafter acquired by Grantor.

 

“Copyrights”
shall mean, collectively, (a) all copyrights, copyright registrations and applications for copyright registrations, (b) all renewals
and extensions of all copyrights, copyright registrations and applications for copyright registration and (c) all rights, now
existing or hereafter coming into existence, (i) to all income, royalties, damages and other payments (including in respect of
all past, present or future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii)
to sue for all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing under
or pertaining to any of the foregoing throughout the world. 

 

“Creditor”
shall mean any one of the Administrative Agent, the Lenders, the Noteholders, any Additional Secured Lender and any successors
and permitted assigns to the interests in the Secured Obligations owing to any such Persons. 

 

“Credit
Party” shall mean the Grantor and each Subsidiary party to a Secured Guaranty.

 

“Deposit
Accounts” has the meaning assigned to the term “deposit accounts” in the Uniform Commercial Code.

 

“Documents”
has the meaning assigned to the term “documents” in the Uniform Commercial Code.

 

“Electronic
Chattel Paper” has the meaning assigned to the term “electronic chattel paper” in the Uniform Commercial
Code.

 

“Equipment”
has the meaning assigned to the term “equipment” in the Uniform Commercial Code.

 

“Event
of Default” shall mean any event or occurrence which would constitute an “Event of Default” under the terms
of the Credit Agreement, the Note Purchase Agreement or any Additional Secured Facility or an event of default under the terms
of any Security Document.

 

“Finance
Documents” shall mean, collectively, the Loan Documents, the Senior Note Documents and the Additional Secured Facility
Documents. 

 

    	3

    	 

    
 

“Fixtures”
has the meaning assigned to the term “fixtures” in the Uniform Commercial Code.

 

“General
Intangibles” has the meaning assigned to the term “general intangibles” in the Uniform Commercial Code.

 

“Goods”
has the meaning assigned to the term “goods” in the Uniform Commercial Code. 

 

“Governmental
Approvals” shall mean all authorizations, consents, approvals, permits, licenses and exemptions of, registrations with
or by, grants by, and filings with, and reports to, all Governmental Authorities.

 

“Governmental
Authorities” shall mean the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).

 

“Grantor”
shall have the meaning set forth in the preamble.

 

“Hedge
Agreement” 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, 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, 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, or any other master agreement, all as amended, restated, supplemented
or otherwise modified from time to time.

 

“Hedge
Bank” means any Person that, at the time it enters into a Hedge Agreement permitted under Article VIII of the
Credit Agreement, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent,
in its capacity as a party to such Hedge Agreement.

 

“Indemnified
Liabilities” has the meaning set forth in Section 7.01 hereof.

 

“Instruments”
has the meaning assigned to the term “instruments” in the Uniform Commercial Code.

 

    	4

    	 

    
 

 

“Intellectual Property”
shall mean all Copyright Collateral, all Patent Collateral and all Trademark Collateral, together with (a) all inventions, processes,
production methods, proprietary information, know-how and trade secrets; (b) all licenses or user or other agreements granted to
Grantor with respect to any of the foregoing, in each case whether now or hereafter owned or used, (c) all information, customer
lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering
reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic
machinery software and programs; (d) all field repair data, sales data and other information relating to sales or service of products
now or hereafter manufactured; (e) all accounting information and all media in which or on which any information or knowledge or
data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge,
records or data; (f) all Governmental Approvals now held or hereafter obtained by Grantor in respect of any of the foregoing; and
(g) all causes of action, claims and warranties now owned or hereafter acquired by Grantor in respect of any of the foregoing.
It is understood that Intellectual Property shall include all of the foregoing owned or acquired by Grantor on a worldwide basis.

 

“Intercompany
Loan Agreement” means the Credit Agreement dated as of March 31, 2008 between the Sponsor and the Grantor as in effect
on the date hereof.

 

“Intercompany Note”
means any promissory note evidencing loans made by the Grantor or any or its Subsidiaries to HGC or any of its Subsidiaries.

 

“Intercreditor
Agreement” shall mean the Intercreditor Agreement dated as of the date hereof, by and among the Collateral Agent, the
Administrative Agent, the Noteholders and each other Creditor from time to time party thereto.

 

“Inventory” has the
meaning assigned to the term “inventory” in the Uniform Commercial Code.

 

“Investment Property”
has the meaning assigned to the term “investment property” in the Uniform Commercial Code.

 

“Issuers” means the
collective reference to each issuer of any Investment Property.

 

“Letter-of-Credit Rights”
has the meaning assigned to the term “letter-of-credit rights” in the Uniform Commercial Code.

 

“Lien”
shall mean, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation
or encumbrance of any kind in respect of such asset.

 

“Loan Documents”
shall mean the Credit Agreement, any guaranty relating thereto and all other agreements, documents, certificates and instruments
relating to, arising out of, or in any way connected therewith or any of the transactions contemplated thereby (including, without
limitation, the Security Documents), all as may be amended, restated, supplemented or otherwise modified from time to time.

 

“Material Contract”
shall mean (a) any contract or other agreement, written or oral, of any Credit Party or any of its Subsidiaries involving
monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum or (b) any other contract or agreement,
written or oral, of any Credit Party or any of its Subsidiaries the failure to comply with which could reasonably be expected to
have a Material Adverse Effect (as defined in any Finance Document).

 

    	5

    	 

    

 

“Material Intellectual Property”
shall mean Intellectual Property owned by or licensed to the Grantor and material to the Grantor’s business as conducted
on the date hereof.

 

“Patent Collateral”
shall mean all Patents, whether now owned or hereafter acquired by Grantor.

 

“Patents” shall mean,
collectively, (a) all patents and patent applications, (b) all reissues, divisions, continuations, renewals, extensions and continuations-in-part
of all patents or patent applications and (c) all rights, now existing or hereafter coming into existence, (i) to all income, royalties,
damages, and other payments (including in respect of all past, present and future infringements) now or hereafter due or payable
under or with respect to any of the foregoing, (ii) to sue for all past, present and future infringements with respect to any of
the foregoing and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the world, including all inventions
and improvements described or discussed in all such patents and patent applications.

 

“Payment Intangible”
has the meaning assigned to the term “payment intangible” in the Uniform Commercial Code.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Pledged Notes” shall
mean all promissory notes listed on Schedule 7, all Intercompany Notes at any time issued to the Grantor and all other promissory
notes issued to or held by the Grantor (other than promissory notes issued in connection with extensions of trade credit by the
Grantor in the ordinary course of business).

 

“Pledged Stock” shall
mean the shares of Capital Stock listed on Schedule 7, together with any other shares, stock certificates, options, interests
or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by,
the Grantor while this Agreement is in effect.

 

“Proceeds” has the meaning
assigned to the term “proceeds” in the Uniform Commercial Code.

 

“Revolving
Obligations” shall mean the obligations of the Grantor under the Credit Agreement and the other Loan Documents.

 

“Secured Cash
Management Agreement” means any Cash Management Agreement that is entered into by and between any Credit Party and any
Cash Management Bank.

 

“Secured Hedge
Agreement” means any Hedge Agreement permitted under Article VIII of the Credit Agreement, in each case that is
entered into by and between any Credit Party and any Hedge Bank.

 

“Secured Guaranty”
shall mean any guaranty of any Secured Obligation to the extent that recoveries thereunder are subject to the Intercreditor Agreement
(including, without limitation, Section 5.10 thereof).

 

    	6

    	 

    

 

“Secured Obligations”
shall mean, collectively, (a) the indebtedness, obligations and liabilities of the Grantor and its Subsidiaries to the Lenders,
the Issuing Lender and the Administrative Agent under the Loan Documents (including, without limitation, the Revolving Obligations),
(b) the indebtedness, obligations and liabilities of the Grantor and its Subsidiaries under any Secured Hedge Agreement and any
Secured Cash Management Agreement, (c) the indebtedness, obligations and liabilities of the Grantor and its Subsidiaries to the
Noteholders under the Senior Note Documents (including, without limitation, the Senior Note Obligations), (d) the indebtedness,
obligations and liabilities of the Grantor and its Subsidiaries to the Additional Secured Lenders under the Additional Secured
Facilities (including, without limitation, the Additional Secured Obligations), (e) the obligations and liabilities of the Grantor
and its Subsidiaries to the Collateral Agent under this Agreement, the Loan Documents, the Senior Note Documents, any Additional
Secured Facility Documents and the Security Documents, in each case whether now existing or hereafter arising, joint or several,
direct or indirect, absolute or contingent, due or to become due, matured or unmatured, liquidated or unliquidated, arising by
contract, operation of law or otherwise, and all obligations of the Grantor and its Subsidiaries, to the Secured Parties, arising
out of any extension, refinancing or refunding of any of the foregoing obligations and (f) the payment by the Grantor to the Collateral
Agent of all sums expended or advanced by the Collateral Agent pursuant to any provision of this Agreement or any such other Security
Document.

 

“Secured Parties”
shall mean each Creditor that is a party to (or otherwise subject to the provisions of) the Intercreditor Agreement.

 

“Security Documents”
shall mean this Agreement, the Mortgages, the Intercreditor Agreement and all other security documents hereafter delivered to the
Collateral Agent granting a Lien on any property of any Person to secure the Secured Obligations.

 

“Senior Note
Documents” shall mean the Note Purchase Agreement, the Notes, any guaranty relating thereto and all other agreements,
documents, certificates and instruments relating to, arising out of, or in any way connected therewith or any of the transactions
contemplated thereby (including, without limitation, the Security Documents).

 

“Senior Note
Obligations” shall mean the obligations of the Grantor under the Note Purchase Agreement, the Notes and the other Senior
Note Documents.

 

“Securities Accounts”
has the meaning assigned to the term “securities accounts” in the Uniform Commercial Code.

 

“Securities Intermediary”
has the meaning assigned to the term “securities intermediary” in the Uniform Commercial Code.

 

“Security” has the meaning
assigned to the term “security” in the Uniform Commercial Code.

 

“Security Entitlement”
has the meaning assigned to the term “security entitlement” in the Uniform Commercial Code.

 

“Software” has the meaning
assigned to the term “software” in the Uniform Commercial Code.

 

“Sponsor”
means Macquarie Infrastructure Company, Inc.

 

    	7

    	 

    

 

“Subsidiary” shall mean
as to any person, any corporation, partnership, limited liability company or other entity of which more than 50% of the outstanding
equity interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other
managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly)
or the management is otherwise controlled by (directly or indirectly) such person (irrespective of whether, at the time, equity
interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have
or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary”
or “Subsidiaries” herein shall refer to those of the Grantor.

 

“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, fines, additions to tax or penalties applicable
thereto.

 

“Trademark Collateral”
shall mean all Trademarks, whether now owned or hereafter acquired by Grantor. Notwithstanding the foregoing, Trademark Collateral
shall not include any Trademark which would be rendered invalid, abandoned, void or unenforceable by reason of its being included
as part of the Trademark Collateral.

 

“Trademarks” shall mean,
collectively, (a) all trade names, trademarks and service marks, logos, trademark and service mark registrations and applications
for trademark and service mark registrations, (b) all renewals and extensions of any of the foregoing and (c) all rights, now existing
or hereafter coming into existence, (i) to all income, royalties, damages and other payments (including in respect of all past,
present and future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii) to sue for
all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing under or pertaining
to any of the foregoing throughout the world, together, in each case, with the product lines and goodwill of the business connected
with the use of, or otherwise symbolized by, each such trade name, trademark and service mark.

 

“Uniform Commercial Code”
or “UCC” shall mean the Uniform Commercial Code as in effect in any applicable jurisdiction from time to time.

 

Article
II

 

THE
COLLATERAL

 

Section
2.01 Collateral. For the purposes of this Agreement, all of the following property now owned or at any time hereafter
acquired by the Grantor or in which the Grantor now has or at any time in the future may acquire any right, title or
interests, is collectively referred to as the “Collateral”:

 

(a)     all
Accounts;

 

(b)     all
Deposit Accounts;

 

(c)     all
Instruments;

 

    	8

    	 

    

 

(d)    all Documents;

 

(e)    all
Chattel Paper, including all Electronic Chattel Paper;

 

(f)    all
Inventory;

 

(g)    all Equipment;

 

(h)    all Fixtures;

 

(i)    all Goods
not covered by the preceding clauses of this Section 2.01;

 

(j)    all
letters of credit and Letter-of-Credit Rights;

 

(k)    all Intellectual
Property;

 

(l)    all Investment
Property;

 

(m)    all Commercial
Tort Claims;

 

(n)    all
Payment Intangibles, Software and General Intangibles not covered by the preceding clauses of this Section 2.01;

 

(o)    all Securities
and Securities Accounts;

 

(p)    all other
tangible and intangible property of Grantor, including all books, correspondence, pollution allowances, offsets and similar rights,
credit files, records, invoices, tapes, cards, computer runs and other papers and documents in the possession or under the control
of Grantor or any computer bureau or service company from time to time acting for Grantor;

 

(q)    all Material
Contracts that are specified on the attached Schedule 2 and, to the extent assignable, all material agreements, leases
and other similar instruments related to the business and operations of the Grantor (including those in which the Grantor is a
third party beneficiary) to which the Grantor becomes a party from time to time after the Closing Date, and all amounts payable
to the Grantor under any Material Contract and any other such material agreement, lease or other similar instrument (such Material
Contracts and all such other material agreements, contracts, leases and other similar instruments, collectively, the “Assigned
Agreements”);

 

(r)    all Governmental
Approvals required or obtained in connection with the business and operations of the Grantor or any of its Subsidiaries and/or
in connection with any transactions contemplated by the Finance Documents (including the Governmental Approvals listed in Schedule
3), except that any such Governmental Approval that by its terms or by operation of law would become void, voidable, terminable
or revocable if a security interest therein were granted hereunder, is excluded from the lien and security interest granted pursuant
to this Agreement, but only to the extent necessary to avoid such voidness, voidability, terminability or revocability;

 

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(s)    to the extent
assignable, any present or future right, title or interest of the Grantor under any insurance, indemnity, warranty or guaranty
in respect of the business and operations of the Grantor or any of its Subsidiaries and any rents, revenues, incomes, profits,
proceeds of insurance or other rights to compensation in respect of the business and operations of the Grantor or any of its Subsidiaries;

 

(t)    all other
personal property and Fixtures of Grantor, whether now owned or hereafter existing or hereafter acquired or arising, or in which
Grantor may have an interest, and wheresoever located, whether or not of a type which may be subject to a security interest under
the UCC, and any replacements, renewals, or substitutions for any of the foregoing or additional tangible or intangible personal
property hereafter acquired by Grantor; and

 

(u)    all Proceeds
and products in whatever form of all or any part of the foregoing Collateral, including all rents, profits, income and benefits
of the foregoing Collateral and all proceeds of insurance and all condemnation awards and all other compensation for any event
of loss with respect to all or any part of the foregoing Collateral (together with all rights to recover and proceed with respect
to the same), and all accessions to, substitutions for and replacements of all or any part of the foregoing Collateral;

 

provided, however, that notwithstanding
any of the other provisions set forth in this Article 2, this Agreement shall not constitute a grant of a security interest
in any property to the extent that such grant of a security interest is prohibited by any requirements of law of a Governmental
Authority or requires a consent not obtained of any Governmental Authority pursuant to such requirement of law.

 

Section
2.02 Grant to
Collateral Agent. The Grantor, as collateral security for the prompt payment in full when due (whether at stated maturity,
upon acceleration, on any optional or mandatory prepayment date or otherwise) and performance of any and all of the Secured Obligations,
hereby collaterally assigns, mortgages, pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, a
continuing, first-priority security interest in, all of the Grantor’s right, title and interest in, to and under the Collateral.
Neither the foregoing nor anything in this Agreement shall constitute an assignment or grant of a security interest in, and “Collateral”
shall not include or be deemed to include, any intent-to-use United States federal trademark application prior to the filing of
a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and
solely during the period in which, such assignment or grant could impair the validity or enforceability of such intent-to-use
trademark application or the underlying trademark under applicable law.

 

Section
2.03 Intellectual Property. Subject to the occurrence of an Event of Default, solely for the purpose of enabling the
Collateral Agent to exercise its rights, remedies, powers and privileges under Section 6.01 hereof to the extent the Collateral
Agent is in such circumstance lawfully entitled to exercise those rights, remedies, powers and privileges, and for no other purpose,
the Grantor hereby grants to the Collateral Agent, to the extent the Grantor is able to make such grant without violation of any
agreement to which the Grantor is a party, a nonexclusive license (exercisable without payment of royalty or other compensation
to the Grantor) to use, assign, license or sublicense any of the Intellectual Property of the Grantor, together with reasonable
access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation
or printout of those items.

 

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Section
2.04 Perfection.

 

(a)    The Grantor
authorizes the Collateral Agent to execute and cause the filing of such financing statements, continuation statements and other
documents in such offices as are or shall be necessary or as the Collateral Agent may determine to be appropriate to create, perfect
and establish the priority of the liens granted by this Agreement in any and all of the Collateral, to preserve the validity,
perfection or priority of the liens granted by this Agreement in any and all of the Collateral, or to enable the Collateral Agent
to exercise its remedies, rights, powers and privileges under this Agreement. Concurrently with the execution and delivery of
this Agreement, the Grantor shall (i) deliver to the Collateral Agent any and all Instruments, endorsed or accompanied by such
instruments of assignment and transfer in such form and substance as the Collateral Agent may reasonably request, , and (ii) take
all such other actions and authenticate or sign and file or record such other records or instruments, as are necessary or as the
Collateral Agent may request to perfect and establish the priority of the liens granted by this Agreement in any and all of the
Collateral or to enable the Collateral Agent to exercise its remedies, rights, powers and privileges under this Agreement.

 

(b)    The Grantor
acknowledges that it is not authorized to file any amendment or termination statement with respect to any financing statement relating
to any security interest granted hereunder without the prior written consent of the Collateral Agent and agrees that it will not
do so without the prior written consent of the Collateral Agent, subject to the Grantor’s rights under Section 9-509(d)(2)
of the UCC.

 

Section 2.05
Instruments. So long as no Event of Default has occurred and is continuing, the Grantor may retain for collection in the ordinary
course of business any Instruments obtained by it in the ordinary course of business, and the Collateral Agent shall, promptly
upon the request, and at the expense of the Grantor, make appropriate arrangements for making any Instruments pledged by the Grantor
available to the Grantor for purposes of presentation, collection or renewal. Any such arrangement shall be effected, to the extent
deemed appropriate by the Collateral Agent, against a trust receipt or like document.

 

Section 2.06
Use of Collateral. So long as no Event of Default has occurred and is continuing, the Grantor shall be entitled to use and
possess the Collateral in any lawful manner not in breach of this Agreement or any other Finance Document, and subject to the
rights, remedies, powers and privileges of the Collateral Agent under Articles V and VI hereof.

 

Section 2.07
Rights and Obligations.

 

No reference
in this Agreement to proceeds or to the sale or other disposition of the Collateral shall authorize the Grantor to sell or otherwise
dispose of any Collateral except to the extent otherwise expressly permitted by the terms of the Finance Documents. The Collateral
Agent shall not be required to take steps necessary to preserve any rights against prior parties to any part of the Collateral.

 

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(b)    Notwithstanding
anything to the contrary herein, the Grantor shall remain liable to perform its duties and obligations under each of the Assigned
Agreements and any other agreements included in the Collateral in accordance with their respective terms to the same extent as
if this Agreement had not been executed and delivered. The exercise by the Collateral Agent of any right, remedy, power or privilege
in respect of this Agreement shall not release the Grantor from any of its duties and obligations under such Assigned Agreements
and any other agreements unless expressly assumed by the Collateral Agent in writing. The Collateral Agent shall not have any duty,
obligation or liability under such Assigned Agreement or other agreement or in respect of any Governmental Approval included in
the Collateral by reason of this Agreement or any other Security Document, nor shall the Collateral Agent be obligated to perform
any of the duties or obligations of the Grantor under any such Assigned Agreement or other agreement or any such Governmental Approval
or to take any action to collect or enforce any claim (for payment) under any such Assigned Agreement or agreement or Governmental
Approval.

 

(c)    No lien granted
by this Agreement in the Grantor’s right, title and interest in any Assigned Agreement, other agreement, or Governmental
Approval shall be deemed to be a consent by the Collateral Agent to any such Assigned Agreement, other agreement or Governmental
Approval.

 

Section 2.08
Termination. This Agreement shall create continuing security interests in the Collateral and shall remain in full force and
effect for the benefit of the Secured Parties until all Secured Obligations to be paid or performed under the Finance Documents
have been indefeasibly paid and performed in full and any commitments under the Finance Documents have terminated, except for
unmatured surviving obligations that, by their terms, survive the termination of the Loan Documents but are not, as of the date
of determination, due and payable and for which no outstanding claim has been made (“Unmatured Surviving Obligations”).
Upon the happening of all of such events, the security interests granted hereby shall terminate and the Collateral Agent shall
forthwith cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation
whatsoever, other than as to the release of the Collateral Agent’s Lien thereon and the absence of any continuing Lien arising
by, through or under the Collateral Agent, any remaining Collateral and moneys received in respect of the Collateral, to or on
the order of the Grantor. The Collateral Agent, upon payment of its fees and expenses (including reasonable attorney’s fees
and expenses), shall execute and deliver to the Grantor, at the Grantor’s expense, such documentation as the Grantor shall
reasonably request to evidence such termination or expiration and release the liens created under this Agreement, including termination
statement(s) for any financing statement on file with respect to the Collateral. The security interests created hereby shall be
released with respect to any portion of the Collateral that is sold, transferred or otherwise disposed of in compliance with the
terms and conditions of any of the Finance Documents. Notwithstanding the foregoing, this Agreement shall continue to be effective
or be reinstated and relate back to such time as though this Agreement had always been in effect, as the case may be, if at any
time any amount received by the Collateral Agent or any other Secured Party in respect of the Secured Obligations is rescinded
or must otherwise be restored or returned by the Collateral Agent or other Secured Party upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of any Grantor or any other Person or upon the appointment of any intervenor or conservator of,
or trustee or similar official for, any Grantor or any other Person or any substantial part of its properties, or otherwise, all
as though such payments had not been made.

 

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ARTICLE III 

 

REPRESENTATIONS
AND WARRANTIES

 

The Grantor hereby represents and warrants
each of the following to the Secured Parties as of the date of execution and delivery of this Agreement:

 

Section 3.01 Name; Jurisdiction
of Organization; Chief Executive Office .

 

(a) Schedule
1 attached hereto correctly sets forth the Grantor’s full and correct legal name, type of organization, jurisdiction
of organization, organizational identification number, if any, chief executive office and principal place of business and mailing
address as of the date of this Agreement.

 

(b) The Grantor
has not (i) changed its location (as defined in Section 9-307 of the Uniform Commercial Code); (ii) previously changed its name
except as set forth on Schedule 1 or (iii) previously become a “new debtor” (as defined in the Uniform Commercial
Code) with respect to a currently effective security agreement entered into by another Person except as set forth on Schedule
1.

 

Section
3.02 Title. The Grantor is the sole record and beneficial owner of the Collateral in which it purports to grant
a lien pursuant to this Agreement, and the Grantor has full power and authority to grant the security interests in and to the
Collateral under this Agreement. Grantor will be the sole owner of such collateral hereafter acquired, free and clear of any and
all Liens or claims of others except for Liens that are permitted under each Finance Document and Grantor has full power and authority
to grant the security interests in and to the Collateral under this Agreement.

 

Section
3.03 Perfection and Priority. The security interests granted pursuant to this Agreement shall constitute a valid and
continuing first-priority, perfected security interest in favor of the Collateral Agent, on behalf of and for the benefit of the
Secured Parties, in the Collateral for which perfection is governed by the UCC or filings with the United States Copyright Office
or the United States Patent and Trademark Office, upon the fulfillment by the Grantor of its obligations to perfect such security
interests in accordance with Section 2.04 hereof, and all filings and other actions necessary or desirable to perfect and
protect such security interests have been duly made or taken. Such security interests shall be prior to all other liens on the
Collateral except for liens having priority over the Collateral Agent’s liens by operation of law or otherwise as permitted
under the Finance Documents.

 

Section
3.04 Intellectual Property.

 

(a) Schedule
4 attached hereto sets forth all Material Intellectual Property of the Grantor on the date hereof. The Material Intellectual
Property set forth on such schedule constitutes all of the intellectual property rights necessary to conduct its business other
than such Intellectual Property the absence of which would not reasonably result in a Material Adverse Effect (as defined in any
Finance Document).

 

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(b) On the date
hereof, all Material Intellectual Property owned by the Grantor is valid and subsisting and, to the best knowledge of the Grantor,
the use thereof in the business of the Grantor does not infringe the intellectual property rights of any other Person.

 

(c) Except
as set forth in Schedule 4, on the date hereof, none of the Material Intellectual Property owned by the Grantor is the
subject of any licensing or franchise agreement pursuant to which the Grantor is the licensor or franchisor.

 

(d) No
holding, decision, or judgment has been rendered by any Governmental Authority that would limit, cancel, or question the validity
of, or the Grantor’s rights in, any Material Intellectual Property in any respect that could reasonably be expected to result
in a Material Adverse Effect (as defined in any Finance Document).

 

(e) No
action or proceeding seeking to limit, cancel, or question the validity of any Material Intellectual Property owned by the Grantor
or the Grantor’s ownership interest therein is, on the date hereof, pending, or, to the best knowledge of the Grantor, threatened.
There are no claims, judgments, or settlements to be paid by the Grantor relating to the Material Intellectual Property.

 

Section
3.05 Investment Property. (a) The shares of Pledged Stock pledged by the Grantor hereunder as set forth on Schedule
7 constitute all the issued and outstanding shares of all classes of the capital stock owned by the Grantor.

 

(b) All the shares
of the Pledged Stock have been duly and validly issued and are fully paid and nonassessable.

 

(c) Each
of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance
with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

(c) The
Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder,
free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this
Agreement.

 

Section
3.06 Deposit Accounts; Securities Accounts. The only Deposit Accounts or Securities Accounts maintained by the
Grantor on the date hereof are those set forth on Schedule 5 attached hereto and no additional Deposit Accounts or Securities
Accounts shall be established by the Grantor without the prior written consent of the Collateral Agent.

 

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Section
3.07 Commercial Tort Claims. The only existing or potential Commercial Tort Claims of the Grantor, in excess of
$5,000,000, existing on the date hereof (regardless of whether the amount, defendant, or other material facts can be determined
and regardless of whether such Commercial Tort Claim has been asserted, threatened, or has otherwise been made known to the obligee
thereof or whether litigation has been commenced for such claims) are those set forth on Schedule 6 attached hereto.

 

Section
3.08 Valid Security Interests. Financing statements or other appropriate instruments have been filed pursuant
to the UCC as may be necessary to perfect the security interest granted or purported to be granted hereby to the extent any such
security interest may be perfected by the filing of such a financing statement. All other action necessary or requested by the
Collateral Agent, including with respect to titled Collateral, to protect and perfect the security interest in each item of the
Collateral has been duly taken, including the delivery of all originals of any Chattel Paper, Instruments and certificated securities,
and all other Collateral with respect to which a security interest may be perfected by the Collateral Agent’s taking possession
thereof. Subject to the requirements contained in the UCC with respect to the filing of continuation statements and necessary
filings with the U.S. Copyright Office and the U.S. Patent and Trademark Office, this Agreement constitutes a valid, continuing
and perfected first-priority security interest in the Collateral in favor of the Collateral Agent for the equal and ratable benefit
of the Secured Parties, subject to no Liens (other than Liens that are permitted under each Finance Document), and is enforceable
as such against creditors of and purchasers from the Grantor and against any owner, lessee or mortgagee of the real property where
any of the Collateral is located or to which any of the Collateral relates and against any purchaser of such real property and
any present or future creditor obtaining a Lien on such real property.

 

ARTICLE IV

 

COVENANTS

 

So long as any Secured Obligations are
outstanding or any commitments under the Finance Documents have not been terminated (other than Unmatured Surviving Obligations),
the Grantor covenants and agrees as follows, unless otherwise consented to in writing by the Collateral Agent:

 

Section 4.01 Generally.
The Grantor shall (a) except for the security interests created pursuant to this Agreement, not create or suffer to exist any
Lien upon or with respect to any Collateral, except Liens that are permitted under each Finance Document; (b) not use or permit
any Collateral to be used unlawfully or in violation of any provision of this Agreement, any other Security Document, any applicable
law, or any policy of insurance covering the Collateral; (c) not sell, transfer, or assign (by operation of law or otherwise)
any Collateral except as permitted under the Finance Documents; (d) not enter into any agreement or undertaking restricting the
right or ability of the Grantor or the Collateral Agent to sell, assign, or transfer any Collateral except as permitted under
the Finance Documents; and (e) promptly notify the Collateral Agent of its entry into any agreement or assumption of undertaking
that restricts the ability to sell, assign, or transfer any Collateral.

 

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Section
4.02 Preservation and Protection of Security Interests. The Grantor shall:

  

(a) upon the acquisition
after the date of this Agreement by the Grantor of any Securities, Instruments, Deposit Accounts, Securities Accounts, other Investment
Property, Electronic Chattel Paper, or Letter-of-Credit Rights, promptly (x) take such action with respect to that Collateral as
is specified for that type of Collateral in Section 2.04 hereof and (y) take all such other actions, and authenticate or
sign and file or record such other records or instruments, as are necessary or as the Collateral Agent may reasonably request to
create, perfect and establish the priority of the liens granted by this Agreement in any and all such Collateral, to preserve the
validity, perfection or priority of the liens granted by this Agreement in any and all of such Collateral or to enable the Collateral
Agent to exercise its remedies, rights, powers and privileges under this Agreement, including, but not limited to, obtaining such
agreements from third parties as the Collateral Agent shall deem necessary in connection with the preservation, perfection, or
enforcement of any of its rights hereunder;

 

(b) upon the Grantor’s
acquiring, or otherwise becoming entitled to the benefits of, any Copyright (or copyrightable material), Patent (or patentable
invention), Trademark (or associated goodwill) or other Intellectual Property or upon or prior to the Grantor’s filing, either
directly or through the Collateral Agent, any licensee or any other designee, of any application with any Governmental Authority
for any Copyright, Patent, Trademark or other Intellectual Property, in each case after the date of this Agreement, execute and
deliver such contracts, agreements and other instruments as the Collateral Agent may request to create, perfect and establish the
priority of the liens granted by this Agreement in that and any related Intellectual Property (provided that no filing shall be
required with respect to Intellectual Property if Grantor determines that such Intellectual Property is not material to the business
of the Grantor or that such a filing is not, in Grantor’s reasonable business judgment, necessary or advisable for Grantor’s
business);

 

(c) promptly give
notice to the Collateral Agent upon the initiation of any Commercial Tort Claim in excess of $5,000,000 and authorize the Collateral
Agent to amend Schedule 6 hereto, without any further action or consent from the Grantor, to include any such Commercial
Tort Claim as Collateral hereunder; and

 

(d) whether with
respect to Collateral as of the date of this Agreement or Collateral in which the Grantor acquires rights in the future, from time
to time at the Grantor’s expense, authorize, give, authenticate, execute, deliver, file or record any and all financing statements,
notices, contracts, agreements or other records or instruments, obtain any and all Governmental Approvals, and third party consents
in accordance with the Finance Documents (including any consent of any licensor, lessor or other Person obligated on any Collateral),
execute any agreement, or deliver any Collateral to the Collateral Agent, in form and substance satisfactory to the Collateral
Agent, in order to provide the Collateral Agent with control with respect to Collateral in order for the Collateral Agent to obtain,
for the benefit of the Secured Parties, a perfected security interest in such Collateral, and take all such other actions, as are
necessary or as the Collateral Agent may reasonably request, including with respect to titled Collateral, to create, perfect and
establish the priority of the liens granted by this Agreement in any and all the Collateral, to preserve the validity, perfection
or priority of the liens granted by this Agreement in any and all of the Collateral or to enable the Collateral Agent to exercise
its remedies, rights, powers and privileges under this Agreement, including causing any or all Securities to be transferred of
record into the name of the Collateral Agent or its nominee upon the request of the Collateral Agent (and the Collateral Agent
agrees that if any Security is transferred into its name or the name of its nominee, the Collateral Agent shall thereafter promptly
give to the Grantor copies of any notices and communications received by it with respect to such Security).

 

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Section
4.03 Maintenance of Perfected Security Interest; Further Documentation.

 

(a) The Grantor
shall maintain the security interests created by this Agreement as perfected security interests having at least the priority described
in Section 3.03 hereof and shall defend such security interests against the claims and demands of all Persons.

 

(b) The Grantor
shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral
and such other reports in connection with the Collateral as the Collateral Agent may reasonably request, all in reasonable detail.
The Collateral Agent and the other Secured Parties shall have the right to inspect the Collateral as set forth in the applicable
Finance Documents.

 

(c) At any time
and from time to time, upon the written request of the Collateral Agent, and at the sole expense of the Grantor, the Grantor shall
promptly and duly record, or cause to be recorded, such further instruments and documents and take such further action as the Collateral
Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and
powers herein granted, including the filing of any financing or continuation statement under the UCC (or other similar laws) in
effect in any jurisdiction with respect to the security interests created hereby. The Collateral Agent shall not be responsible
for filing any financing or continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral.

 

Section
4.04 Changes in Location, Name, Etc.

 

(a) The Grantor
shall not, without prompt notice to the Collateral Agent, do any of the following:

 

1.          change
its jurisdiction of organization or the location of its chief executive office from that referred to in Section 3.01(a)
hereof; or

 

2.          change
its name, identity, or organizational structure or its principal and chief executive offices to such an extent that any financing
statement filed in connection with this Agreement would become misleading.

 

(b) The Grantor
shall keep and maintain at its own cost and expense satisfactory and complete records of the Collateral, including a record of
all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral.

 

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Section
4.05 Taxes. Except as expressly permitted by the Finance Documents, the Grantor shall pay promptly when due all property
and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, services,
materials and supplies) against the Collateral; provided, that the Grantor shall in any event pay such taxes, assessments,
charges, levies or claims not later than 5 days prior to the date of any proposed sale under any judgment, writ, or warrant of
attachment entered or filed against the Grantor or any of the Collateral as a result of the failure to make such payment.

 

Section
4.06 Further Assurances. The Grantor, from time to time upon the written request of the Collateral Agent, shall
execute and deliver such further documents and do such other acts and things as the Collateral Agent may reasonably request in
order fully to effect the purposes of this Agreement, including within 10 business days after the date hereof issue a promissory
note under the Intercompany Loan Agreement and take the actions required pursuant to Section 2.04 in connection with such promissory
note.

 

Section
4.07 Insurance. The Grantor shall:

 

(a)          carry
and maintain insurance during the term of this Agreement of the types, in the amounts and subject to such deductibles and other
terms customarily carried from time to time by others engaged in substantially the same business as such Person and operating in
the same geographic area as such Person, including, but not limited to, fire, public liability, property damage and worker’s
compensation;

 

(b)          furnish
to any Secured Party, upon written request, full information as to the insurance carried and prompt notice of any material modification
to the insurance required to be maintained hereunder;

 

(c)          carry
and maintain each policy for such insurance with any other insurer which is reasonably satisfactory to the Collateral Agent; and

 

(d)          obtain
and maintain endorsements reasonably acceptable to the Collateral Agent for such insurance naming the Collateral Agent as additional
insured and the Collateral Agent as lender’s loss payee (other than naming the Collateral Agent as additional insured and
the Collateral Agent as lender’s loss payee with respect to worker’s compensation insurance);

 

provided that if the Grantor shall
fail to maintain insurance in accordance with this Section 4.07 of this Agreement, or if the Grantor shall fail to
provide the required endorsements with respect thereto, the Collateral Agent shall have the right (but shall be under no obligation)
to procure such insurance and the Grantor agrees to reimburse the Collateral Agent for all reasonable costs and expenses of procuring
such insurance. All such policies as to which the Collateral Agent is named as an additional insured or loss payee, as the case
may be, shall (i) provide that the same shall not be cancelled or terminated without at least thirty (30) days’ (or
ten (10) days’ in the case of nonpayment of premium) prior written notice to each insured and each loss payee named therein,
(ii) provide for at least thirty (30) days’ prior written notice to each insured and each loss payee named therein of
the date on which such policies shall terminate by lapse of time if not renewed, (iii) provide that the insurer thereunder
waives all right of subrogation against the Collateral Agent, (iv) be primary without right of contribution from any other
insurance carried by or on behalf of the Collateral Agent, any Secured Party or the Collateral Agent with respect to any interest
in the Collateral (except with respect to workers’ compensation insurance), (v) provide that no Person other than the
Grantor shall have any liability for any premiums with respect thereto, and (vi) provide that inasmuch as the policies are
written to cover more than one insured, all terms and conditions, insuring agreements and endorsements, with the exception of limits
of liability, shall operate in the same manner as if there were a separate policy covering each insured. The Collateral Agent shall
not, by reason of accepting, rejecting, approving or obtaining insurance incur any liability for the existence, nonexistence, form
or legal sufficiency thereof, the solvency of any insurer, or the payment of any losses.

 

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ARTICLE V 

 

REMEDIES

 

Section
5.01 Events of Default, Etc. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent
may exercise, for the benefit of and on behalf of the Secured Parties, in addition to all other rights and remedies granted to
it in this Agreement and in any other instrument or agreement securing, evidencing, or relating to the Secured Obligations, all
rights and remedies with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in effect in the
jurisdiction where such rights, remedies, powers and privileges are asserted) and such additional rights, remedies, powers and
privileges to which a secured party is entitled under the laws in effect in any jurisdiction where any rights, remedies, powers
and privileges in respect of this Agreement or the Collateral may be asserted, including the right, to the maximum extent permitted
by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent
were the sole and absolute owner of the Collateral (and Grantor agrees to take all such action as may be appropriate to give effect
to such right). Without limiting the generality of the foregoing, the Collateral Agent, without demand of performance or other
demand, presentment, protest, advertisement, or notice of any kind (except any notice required by law referred to below) to or
upon the Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived),
may in such circumstances forthwith do any of the following:

 

(a) require Grantor
to, and Grantor shall, assemble the Collateral owned by it at such place or places, reasonably convenient to both the Collateral
Agent and the Grantor, designated in the Collateral Agent’s request;

 

(b) make any reasonable
compromise or settlement it deems desirable with respect to any of the Collateral and may extend the time of payment, arrange for
payment in installments, or otherwise modify the terms of, all or any part of the Collateral;

 

(c) in its name
or in the name of the Grantor or otherwise, demand, sue for, collect and receive any money or property at any time payable or receivable
on account of or in exchange for all or any part of the Collateral, but shall be under no obligation to do so; and

 

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(d) upon 30 days’
prior written notice to the Grantor of the time and place, with respect to all or any part of the Collateral which shall then be
or shall thereafter come into the possession, custody or control of the Collateral Agent or any of its respective agents, sell,
lease, assign, give option or options to purchase, or otherwise dispose of all or any part of such Collateral (or contract to do
any of the foregoing), at such place or places as the Collateral Agent deems best, for cash, for credit or for future delivery
(without thereby assuming any credit risk) and at public or private sale (except such notice as is required above or by applicable
statute and cannot be waived), and the Collateral Agent or any other Person may be the purchaser, lessee or recipient of any or
all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter
hold the same absolutely free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory
or otherwise) of the Grantor, any such demand, notice and right or equity being hereby expressly waived and released. The Collateral
Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time
by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may
be so adjourned.

 

The proceeds of, and other realization
upon, the Collateral by virtue of the exercise of remedies under this Section 5.01 shall be applied in accordance with Section
5.03.

 

Section
5.02 Private Sale.

 

(a) The Collateral
Agent shall incur no liability as a result of the sale, lease or other disposition of all or any part of the Collateral at any
private sale pursuant to Section 5.01 conducted in a commercially reasonable manner. The Grantor hereby waives any claims
against the Collateral Agent arising by reason of the fact that the price at which the Collateral may have been sold at such a
private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the
Secured Obligations, even if the Collateral Agent accepts the first offer received and does not offer the Collateral to more than
one offeree.

 

(b) The Grantor
recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933 and applicable state securities laws,
the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those
who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to distribution
or resale. The Grantor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral
Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agree that
any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall
have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary
to permit the respective issuer of such Collateral to register it for public sale. To the extent permitted by applicable law, the
Grantor hereby specifically waives all rights of redemption, stay or appraisal which it has or may have under any applicable law
now existing or hereafter enacted. The Grantor authorizes the Collateral Agent, at any time and from time to time, to execute,
in connection with a disposition of any Collateral pursuant to the provisions of this Agreement, any endorsements, assignments
or other instruments of conveyance or transfer with respect to such Collateral.

 

    	20

    	 

    

 

 

Section
5.03 Application of Proceeds. Except as otherwise expressly provided in this Agreement, the Collateral Agent shall
apply all Proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all
or any part of the Collateral, as provided in Section 9.4 of the Intercreditor Agreement.

 

Section
5.04 Deficiency. If the proceeds of, or other realization upon, the Collateral by virtue of the exercise of remedies
under Section 5.01 hereof are insufficient to cover the costs and expenses of such exercise and the payment in full of
the Secured Obligations, the Grantor shall remain liable for any deficiency.

 

Section
5.05 Assignment of Governmental Approvals. The Grantor shall, upon the occurrence and during the continuance of
an Event of Default at the request of the Collateral Agent, contemporaneously with and at any other time following any foreclosure
by the Collateral Agent on any part of the Collateral, assign, transfer or otherwise furnish to the Collateral Agent or to any
transferee of the interest of the Collateral Agent (to the extent so assignable or transferable), all of the Grantor’s rights
and interest in, to and under all Governmental Approvals, including all offsets (including environmental credits and offsets),
allowances and similar rights issued under or in connection with applicable law. At the request of the Collateral Agent upon the
occurrence and during the continuance of an Event of Default following collection, enforcement, foreclosure, sale, lease, license
or other disposition by the Collateral Agent on or with respect to the Collateral, the Grantor agrees to use its best efforts
to assist the Collateral Agent in renewing or extending in the name of the Collateral Agent (or any other Person) or otherwise
obtaining the benefits of all of the Governmental Approvals and other rights referred to in the immediately preceding sentence
to the extent that such Governmental Approvals and other rights shall not be assignable or transferable.

 

Section
5.06 Security Interest Absolute. All the rights of the Collateral Agent and the other Secured Parties hereunder and the
security interest and all obligations of the Grantor hereunder shall be absolute and unconditional irrespective of:

 

(a) any lack of
validity or enforceability of any of the Finance Documents or any of the Collateral or any other agreement or instrument relating
thereto;

 

(b) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment,
modification or waiver of or any consent to any departure from or any termination or cancellation of any Finance Document or any
of the Collateral or any other agreement or instrument related thereto;

 

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

 

(d) to the full
extent permitted by applicable law, any other circumstance that might otherwise constitute a defense available to, or a discharge
of, the Grantor or any third party pledgor.

 

    	21

    	 

    

 

ARTICLE VI

 

THE
COLLATERAL AGENT

 

Section
6.01 Appointment as Attorney-in-Fact. The Grantor hereby irrevocably constitutes and appoints the Collateral Agent and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact for the purpose of
carrying out the provisions of this Agreement and taking any action and executing any documents or instruments that the
Collateral Agent may deem is necessary or advisable to accomplish the purposes of this Agreement, to perfect, preserve the
validity, perfection and priority of, and enforce any lien granted by this Agreement and, after the occurrence and during the
continuance of an Event of Default, to exercise its rights, remedies, powers and privileges under this Agreement. This
appointment as attorney-in-fact is irrevocable and coupled with an interest until this Agreement is terminated and the
security interests created hereby are released. Without limiting the generality of the foregoing, the Collateral Agent shall
be entitled under this Section 6.01 to do any of the following:

 

(a) ask, demand,
collect, sue for, recover, receive and give receipt and discharge for amounts due and to become due under and in respect of all
or any part of the Collateral, defend any suit, action or proceeding brought against the Grantor with respect to any Collateral,
and settle, compromise or adjust any such suit, action or proceeding;

 

(b) receive, endorse
and collect any Accounts, Chattel Paper, Instruments or General Intangibles;

 

(c) file any claims
or take any action or proceeding in any court of law or equity that the Collateral Agent may reasonably deem necessary or advisable
for the collection of all or any part of the Collateral, defend any suit, action or proceeding brought against the Grantor with
respect to any Collateral, and settle, compromise or adjust any such suit, action or proceeding;

 

(d) execute, in
connection with any sale or disposition of the Collateral pursuant to Section 5.01 or Section 5.02 hereof, any endorsements,
assignments, bills of sale or other instruments of conveyance or transfer with respect to all or any part of the Collateral;

 

(e) enforce the
rights of the Grantor under any provision of any Assigned Agreement to the extent permitted thereunder and under the terms of this
Agreement;

 

(f) pay or discharge
Taxes and Liens levied or placed on the Collateral;

 

(g) generally,
sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely
as though the Collateral Agent were the absolute owner thereof for all purposes; and

 

(h) do, at the
Collateral Agent’s option and at the Grantor’s expense, at any time, from time to time, all acts and things as are
necessary to protect, preserve, or realize upon the Collateral and the Collateral Agent’s and the other Secured Parties’
security interests therein and to effect the intent of this Agreement, all as fully and effectively as the Grantor might do.

 

    	22

    	 

    

 

 

Anything in this Section 6.01 to
the contrary notwithstanding, the Collateral Agent agrees that it shall not exercise any right under the power of attorney provided
for in this Section 6.01 unless an Event of Default shall have occurred and be continuing.

 

Section
6.02 Performance in Lieu of Grantor. Upon the occurrence and during the continuance of an Event of Default, the Collateral
Agent, without releasing the Grantor from any obligation, covenant or condition hereof, itself may (but shall not be obligated
to) make any payment or perform, or cause the performance of, any such obligation, covenant, condition or agreement or any other
action in such manner and to such extent as the Collateral Agent may deem necessary to protect, perfect or continue the perfection
of the security interest granted under this Agreement. Any reasonable costs or expenses incurred by the Collateral Agent in connection
with the foregoing shall be payable by the Grantor to the Collateral Agent on demand.

 

Section
6.03 Duty of the Collateral Agent. The Collateral Agent shall be accountable only for amounts that it receives as a result
of the exercise of such powers. The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation
of the Collateral in its possession shall be to deal with it in the same manner as it deals with similar property for its own
account and as otherwise required by Article 9 of the UCC. None of the Collateral Agent, the Secured Parties or any of their respective
officers, directors, employees, or agents shall be liable for failure to demand, collect, or realize upon any Collateral or for
any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the
Grantor or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on the
Collateral Agent hereunder are solely to protect its interest in the Collateral on behalf of the Secured Parties, as to a first-priority
security interest in such Collateral, and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise
any such powers. The Collateral Agent and the Secured Parties shall be accountable only for amounts that they actually receive
as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees, or agents
shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith
or willful misconduct.

 

Section
6.04 Authority of the Collateral Agent. The Grantor acknowledges that the rights and responsibilities of the Collateral Agent
under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the
Collateral Agent of any option, voting right, request, judgment, or other right or remedy provided for hereunder or resulting
or arising out of this Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by such
agreements with respect thereto as may exist from time to time among them.

 

Section
6.05 Role of the Collateral Agent. The rights, duties, liabilities and immunities of the Collateral Agent and its appointment
and replacement hereunder shall be governed by the provisions contained in this Agreement.

 

    	23

    	 

    

 

ARTICLE VII

 

MISCELLANEOUS
PROVISIONS

 

Section
7.01 Indemnification. The Grantor shall defend, indemnify and hold harmless the Collateral Agent and the other Secured
Parties and their officers, directors and employees, from and against any and all costs, expenses, disbursements, liabilities,
obligations, losses, damages, injunctions, judgments, suits, actions, causes of action, fines, penalties, claims and demands,
of every kind or nature (including reasonable attorney’s fees and expenses) (herein collectively called the “Indemnified
Liabilities”) which are occasioned by, result from or arise out of any of the terms, agreements, or covenants to be
performed by the Grantor or any party thereto under this Agreement or any applicable Assigned Agreement, other than Indemnified
Liabilities resulting from the Collateral Agent’s or other Secured Party’s gross negligence or willful misconduct
or by the Collateral Agent’s or other Secured Party’s breach of its obligations hereunder or thereunder and other
than Indemnified Liabilities incurred after the Collateral Agent or any other Secured Party has expressly assumed in writing the
Grantor’s obligations under any Assigned Agreement.

 

Section
7.02 Amendments. Any term, covenant, agreement or condition of this Agreement may be amended or waived only by
an instrument in writing signed by the Grantor and the Collateral Agent.

 

Section
7.03 Waivers.

 

(a) The waiver
(whether expressed or implied) by the Collateral Agent of any breach of the terms or conditions of this Agreement, and the consent
(whether expressed or implied) of any Secured Party shall not prejudice any remedy of the Collateral Agent or any Secured Party
in respect of any continuing or other breach of the terms and conditions hereof, and shall not be construed as a bar to any right
or remedy which the Collateral Agent or any Secured Party would otherwise have on any future occasion under this Agreement.

 

(b) No failure
to exercise nor any delay in exercising, on the part of the Collateral Agent or any Secured Party of any right, power or privilege
under this Agreement shall operate as a waiver thereof; further, no single or partial exercise of any right, power or privilege
under this Agreement shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
All remedies hereunder and under the other Security Documents are cumulative and are not exclusive of any other remedies that may
be available to a party, whether at law, in equity, or otherwise. The application of the Collateral to satisfy the Secured Obligations
pursuant to the terms hereof shall not operate to release the Grantor or any other Credit Party from its obligations until payment
in full of any deficiency has been made in cash.

 

Section
7.04 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in
writing (including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or
made when delivered by hand or, in the case of notice given by mail, private courier, overnight delivery service or facsimile,
when received, addressed as follows, or to such other address as may be hereafter notified in accordance with this Section
7.04 by the respective parties hereto:

 

    	24

    	 

    
 

The Grantor:

 

The Gas Company, LLC

745 Fort Street

Honolulu, HI 96813

United States of America

Attention of: Jeffrey M. Kissel, President and Chief
Executive Officer

Telephone No.: (808) 535-5908

Facsimile No.: (808) 535-5943

E-mail: JKissel@hawaiigas.com

 

with a copy to:

 

The Gas Company, LLC

745 Fort Street

Suite 1800

Honolulu, HI 96813

United States of America

Attention of: Nathan C. Nelson, General Counsel

Telephone No.: (808) 535-5912

Facsimile No.: (808) 535-5943

E-mail: NNelson@hawaiigas.com 

 

The Collateral Agent:

 

Wells Fargo Bank, National Association

1525 West W.T. Harris Boulevard

Mail Code: D1109-019

Charlotte, NC 28262

Attn: Syndication Agency Services

Telephone: 704-590-2706

Facsimile: 704-590-2790

Email: agencyservices.requests@wellsfargo.com

 

Section
7.05 Successors and Assigns.

 

(a) This Agreement
shall be binding upon and inure to the benefit of the Collateral Agent and the Grantor and their successors and permitted assigns.

 

(b)  Nothing contained
in this Agreement or any other Security Document is intended to limit the right of any Secured Party to assign, transfer, or grant
participations in its rights in its Secured Obligations and in accordance with the provisions of such Secured Party’s respective
Finance Documents.

 

    	25

    	 

    

 

Section
7.06 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.

 

Section
7.07 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed
in accordance with the substantive laws of the State of New York. Each of the parties hereto hereby irrevocably (a) consents and
submits to the non-exclusive jurisdiction of any New York state court sitting in New York County, New York or any federal court
of the United States sitting in the Southern District of New York, as any party may elect solely for purposes of any suit, action
or proceeding arising out of or relating to this Agreement (and not as a general submission to New York jurisdiction) and (b)
WAIVES THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION IN WHICH ANY OF THE PARTIES HERETO ARE PARTIES RELATING TO OR ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

Section
7.08 Captions. The headings of the several articles and sections and subsections of this Agreement are inserted for convenience
only and shall not in any way affect the meaning or construction of any provision of this Agreement.

 

Section
7.09 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of such provisions or the remaining provisions of this Agreement.

 

Section
7.10 Entire Agreement. This Agreement, together with any other agreement executed in connection with this Agreement,
is intended by the parties as a final expression of their agreement as to the matters covered by this Agreement and is intended
as a complete and exclusive statement of the terms and conditions of such agreement.

 

Section
7.11 Expenses. The Grantor agrees to pay or to reimburse the Collateral Agent for all reasonable documented costs and
expenses (including reasonable attorney’s fees and expenses) that may be incurred by the Collateral Agent in any effort
to enforce any of the obligations of the Grantor in respect of the Collateral or in connection with (a) the preservation of the
liens on, or the rights of the Secured Parties to the Collateral pursuant to this Agreement or (b) any actual or attempted sale,
lease, disposition, exchange, collection, compromise, settlement or other realization in respect of, or care of, the Collateral,
including all such reasonable costs and expenses (and reasonable attorney’s fees and expenses) incurred in any bankruptcy,
reorganization, workout or other similar proceeding.

 

[signature page follows]

 

    	26

    	 

    
 

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

 

	 	THE GAS COMPANY, LLC, as Grantor
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, as Collateral Agent
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature page
to the TGC Credit Agreement]

 

    	 

    	 

    
 

Schedule 1

 

Organization and Chief Executive Office
of Grantor

 

Borrower’s Legal Name, Type and Jurisdiction of Organization,
and Organizational Identification Number:

 

The Gas Company, LLC, a Hawaii limited liability company

 

Organizational ID#: 23473

 

Borrower’s Chief Executive Office and Mailing Address:

 

(a)          Chief
Executive Office Address:

 

745 Fort Street

Suite 1800

Honolulu, HI 96813

Telephone No.: (808) 535-5908

E-mail: JKissel@hawaiigas.com

 

(b)          Mailing
Address

 

PO Box 3000

Honolulu, HI 96802-3000

 

    	 

    	 

    
 

Schedule 2

 

Assigned Agreements

 

None.

 

    	 

    	 

    
 

Schedule 3

 

Government Approvals

 

Hawaii Public Utilities Commission Decision and Order No. 30434,
filed on June 12, 2012 in Docket No. 2012-0073 re: Approval of Proposed Financing and Security Arrangements and Related Matters.

 

    	 

    	 

    
 

Schedule 4

 

Material Intellectual Property

 

None.

 

    	 

    	 

    
 

Schedule 5

 

Deposit Accounts and Securities Accounts

 

1) Deposit Accounts: [redacted]

 

2) Securities Account: [redacted]

 

    	 

    	 

    
 

Schedule 6

 

Commercial Tort Claims

 

None.

 

    	 

    	 

    

 

Schedule 7

 

Investment Properties

 

DESCRIPTION OF INVESTMENT PROPERTY

 

Pledged Stock:

 

	Issuer	 	Class of Stock	 	Stock Certificate No.	 	No. of Shares
	 	 	 	 	 	 	 

None.

 

Pledged Notes:

 

	Issuer	 	Payee	 	Principal Amount
	 	 	 	 	 

 

None.Exhibit 10.2

 

EXECUTION VERSION

 

 

 

$80,000,000

 

CREDIT AGREEMENT

dated as of August 8, 2012,

 

by and among

 

HGC Holdings LLC,

 

as Borrower,

the Lenders referred to herein,

as Lenders,

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Sole Book Manager

 

 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	SECTION 1.1	Definitions	1
	 	 	 
	SECTION 1.2	Other Definitions and Provisions	21
	 	 	 
	SECTION 1.3	Accounting Terms	21
	 	 	 
	SECTION 1.4	UCC Terms	21
	 	 	 
	SECTION 1.5	Rounding	21
	 	 	 
	SECTION 1.6	References to Agreement and Laws	21
	 	 	 
	SECTION 1.7	Times of Day	22
	 	 	 
	SECTION 1.8	Guaranty Obligations	22
	 	 	 
	SECTION 1.9	Covenant Compliance Generally	22
	 	 	 
	ARTICLE II TERM LOAN FACILITY	22
	 	 	 
	SECTION 2.1	Term Loan	22
	 	 	 
	SECTION 2.2	Procedure for Advance of Term Loan	22
	 	 	 
	SECTION 2.3	Repayment of Term Loans	22
	 	 	 
	SECTION 2.4	Prepayments of Term Loans	23
	 	 	 
	ARTICLE III GENERAL LOAN PROVISIONS	24
	 	 	 
	SECTION 3.1	Interest	24
	 	 	 
	SECTION 3.2	Notice and Manner of Conversion or Continuation of Loans	25
	 	 	 
	SECTION 3.3	Fees	26
	 	 	 
	SECTION 3.4	Manner of Payment	26
	 	 	 
	SECTION 3.5	Evidence of Indebtedness	26
	 	 	 
	SECTION 3.6	Adjustments	26
	 	 	 
	SECTION 3.7	Obligations of Lenders	27
	 	 	 
	SECTION 3.8	Changed Circumstances	28
	 	 	 
	SECTION 3.9	Indemnity	29
	 	 	 
	SECTION 3.10	Increased Costs	29
	 	 	 
	SECTION 3.11	Taxes	30
	 	 	 
	SECTION 3.12	Mitigation Obligations; Replacement of Lenders	32
	 	 	 
	SECTION 3.13	Defaulting Lenders	33
	 	 	 
	ARTICLE IV CONDITIONS OF CLOSING AND BORROWING	34
	 	 	 
	SECTION 4.1	Conditions to Closing and Initial Extensions of Credit	34
	 	 	 
	SECTION 4.2	Conditions to All Extensions of Credit	38

 

    	-i-

    	 

    

 

Table
of Contents

(continued)

 

	 	Page
	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE BORROWER	38
	 	 	 
	SECTION 5.1	Organization; Power; Qualification	39
	 	 	 
	SECTION 5.2	Ownership	39
	 	 	 
	SECTION 5.3	Authorization Enforceability	39
	 	 	 
	SECTION 5.4	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc.	39
	 	 	 
	SECTION 5.5	Compliance with Law; Governmental Approvals	40
	 	 	 
	SECTION 5.6	Tax Returns and Payments	40
	 	 	 
	SECTION 5.7	Capital Structure	40
	 	 	 
	SECTION 5.8	Environmental Matters	40
	 	 	 
	SECTION 5.9	Employee Benefit Matters	41
	 	 	 
	SECTION 5.10	Margin Stock	42
	 	 	 
	SECTION 5.11	Government Regulation	42
	 	 	 
	SECTION 5.12	Material Contracts	42
	 	 	 
	SECTION 5.13	Employee Relations	42
	 	 	 
	SECTION 5.14	Burdensome Provisions	42
	 	 	 
	SECTION 5.15	Financial Statements	43
	 	 	 
	SECTION 5.16	No Material Adverse Change	43
	 	 	 
	SECTION 5.17	Solvency	43
	 	 	 
	SECTION 5.18	Titles to Properties	43
	 	 	 
	SECTION 5.19	Litigation	43
	 	 	 
	SECTION 5.20	OFAC	43
	 	 	 
	SECTION 5.21	Absence of Defaults	44
	 	 	 
	SECTION 5.22	Senior Indebtedness Status	44
	 	 	 
	SECTION 5.23	Investment Bankers’ and Similar Fees	44
	 	 	 
	SECTION 5.24	Disclosure	44
	 	 	 
	SECTION 5.25	Bank Accounts and Securities Accounts	44
	 	 	 
	SECTION 5.26	Agreements with Affiliates	44
	 	 	 
	SECTION 5.27	Existing Indebtedness; Existing Liens	44
	 	 	 
	SECTION 5.28	Policies of Insurance	45
	 	 	 
	SECTION 5.29	No Agreements to Sell Assets; Etc.	45
	 	 	 
	SECTION 5.30	Creation, Perfection and Priority of Liens	45

 

    	-ii-

    	 

    

 

Table
of Contents

(continued)

 

	 	Page
	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS	45
	 	 	 
	SECTION 6.1	Financial Statements and Budgets	45
	 	 	 
	SECTION 6.2	Certificates; Other Reports	46
	 	 	 
	SECTION 6.3	Notice of Litigation and Other Matters	47
	 	 	 
	SECTION 6.4	Preservation of Corporate Existence and Related Matters	48
	 	 	 
	SECTION 6.5	Maintenance of Property and Licenses	48
	 	 	 
	SECTION 6.6	Insurance	49
	 	 	 
	SECTION 6.7	Accounting Methods and Financial Records	49
	 	 	 
	SECTION 6.8	Payment of Taxes and Other Obligations	49
	 	 	 
	SECTION 6.9	Compliance with Laws and Approvals	49
	 	 	 
	SECTION 6.10	Environmental Laws	49
	 	 	 
	SECTION 6.11	Compliance with ERISA	49
	 	 	 
	SECTION 6.12	Compliance with Agreements	49
	 	 	 
	SECTION 6.13	Visits and Inspections	50
	 	 	 
	SECTION 6.14	Reserved	50
	 	 	 
	SECTION 6.15	Hedge Agreement	50
	 	 	 
	SECTION 6.16	Use of Proceeds	50
	 	 	 
	SECTION 6.17	Corporate Governance	50
	 	 	 
	SECTION 6.18	Further Assurances	50
	 	 	 
	SECTION 6.19	Restricted Payments of TGC	50
	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	51
	 	 	 
	SECTION 7.1	Indebtedness	51
	 	 	 
	SECTION 7.2	Liens	52
	 	 	 
	SECTION 7.3	Investments	53
	 	 	 
	SECTION 7.4	Fundamental Changes	54
	 	 	 
	SECTION 7.5	Asset Dispositions	54
	 	 	 
	SECTION 7.6	Restricted Payments	54
	 	 	 
	SECTION 7.7	Transactions with Affiliates	55
	 	 	 
	SECTION 7.8	Accounting Changes; Organizational Documents	56
	 	 	 
	SECTION 7.9	Reserved	56
	 	 	 
	SECTION 7.10	No Further Negative Pledges; Restrictive Agreements	56
	 	 	 
	SECTION 7.11	Nature of Business	57

 

    	-iii-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 7.12	Amendments of Other Documents	57
	 	 	 
	SECTION 7.13	Sale Leasebacks	57
	 	 	 
	SECTION 7.14	Reserved	57
	 	 	 
	SECTION 7.15	Financial Covenants	57
	 	 	 
	SECTION 7.16	Limited Holding Company Status of the Borrower	58
	 	 	 
	SECTION 7.17	Reserved.	58
	 	 	 
	SECTION 7.18	Accounts	58
	 	 	 
	SECTION 7.19	Jurisdiction of Formation	58
	 	 	 
	SECTION 7.20	Foreign Assets Control Regulations	58
	 	 	 
	ARTICLE VIII DEFAULT AND REMEDIES	58
	 	 	 
	SECTION 8.1	Events of Default	58
	 	 	 
	SECTION 8.2	Remedies	61
	 	 	 
	SECTION 8.3	Rights and Remedies Cumulative; Non-Waiver; etc.	61
	 	 	 
	SECTION 8.4	Crediting of Payments and Proceeds	62
	 	 	 
	SECTION 8.5	Administrative Agent May File Proofs of Claim	62
	 	 	 
	SECTION 8.6	Credit Bidding	63
	 	 	 
	ARTICLE IX THE ADMINISTRATIVE AGENT	63
	 	 	 
	SECTION 9.1	Appointment and Authority	63
	 	 	 
	SECTION 9.2	Rights as a Lender	64
	 	 	 
	SECTION 9.3	Exculpatory Provisions	64
	 	 	 
	SECTION 9.4	Reliance by the Administrative Agent	65
	 	 	 
	SECTION 9.5	Delegation of Duties	65
	 	 	 
	SECTION 9.6	Resignation of Administrative Agent	66
	 	 	 
	SECTION 9.7	Non-Reliance on Administrative Agent and Other Lenders	66
	 	 	 
	SECTION 9.8	No Other Duties, etc.	66
	 	 	 
	SECTION 9.9	Collateral and Guaranty Matters	67
	 	 	 
	SECTION 9.10	Secured Hedge Agreements and Secured Cash Management Agreements	67
	 	 	 
	ARTICLE X MISCELLANEOUS	68
	 	 	 
	SECTION 10.1	Notices	68
	 	 	 
	SECTION 10.2	Amendments, Waivers and Consents	70
	 	 	 
	SECTION 10.3	Expenses; Indemnity	71
	 	 	 
	SECTION 10.4	Right of Setoff	73

 

    	-iv-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 10.5	Governing Law; Jurisdiction, Etc.	73
	 	 	 
	SECTION 10.6	Waiver of Jury Trial	74
	 	 	 
	SECTION 10.7	Reversal of Payments	74
	 	 	 
	SECTION 10.8	Injunctive Relief	74
	 	 	 
	SECTION 10.9	Accounting Matters	74
	 	 	 
	SECTION 10.10	Successors and Assigns; Participations	75
	 	 	 
	SECTION 10.11	Treatment of Certain Information; Confidentiality	79
	 	 	 
	SECTION 10.12	Performance of Duties	80
	 	 	 
	SECTION 10.13	All Powers Coupled with Interest	80
	 	 	 
	SECTION 10.14	Survival	80
	 	 	 
	SECTION 10.15	Titles and Captions	80
	 	 	 
	SECTION 10.16	Severability of Provisions	81
	 	 	 
	SECTION 10.17	Counterparts; Integration; Effectiveness; Electronic Execution	81
	 	 	 
	SECTION 10.18	Term of Agreement	81
	 	 	 
	SECTION 10.19	USA PATRIOT Act	81
	 	 	 
	SECTION 10.20	Independent Effect of Covenants	81
	 	 	 
	SECTION 10.21	Inconsistencies with Other Documents	81

 

	SCHEDULES
	Schedule 1.1	-	Commitments
	 	 	 
	 	 	 
	 	 	 

 

    	-v-

    	 

    

 

CREDIT AGREEMENT, dated
as of August 8, 2012, by and among HGC HOLDINGS LLC, a Hawaii limited liability company, as Borrower, the lenders who are party
to this Agreement and the lenders who may become a party to this Agreement pursuant to the terms hereof, as Lenders, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Lenders.

 

STATEMENT OF PURPOSE

 

The Administrative
Agent and the Lenders party hereto have agreed, to extend certain credit facilities to the Borrower, subject to the terms and conditions
hereof.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties
hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.1           Definitions. The following terms when used in
this Agreement shall have the meanings assigned to them below:

 

“Additional
TGC Notes” means notes issued by TGC after the Closing Date on terms substantially similar to the TGC Notes (other than
price and maturity) or otherwise reasonably satisfactory to the Administrative Agent, the proceeds of which are used to refinance
the TGC Loans.

 

“Administrative
Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant
to Section 9.6.

 

“Administrative
Agent’s Office” means the office of the Administrative Agent specified in or determined in accordance with the
provisions of Section 10.1(c).

 

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

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such first Person or any of its Subsidiaries. The term “control”
means (a) the power to vote 10% or more of the securities or other equity interests of a Person having ordinary voting power, or
(b) the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies
of a Person, whether through ownership of voting securities, by contract or otherwise. The terms “controlling” and
“controlled” have meanings correlative thereto.

 

“Agent Parties”
has the meaning set forth in Section 10.1(e)(ii).

 

“Agreement”
means this credit agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Applicable
Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits,
licenses, approvals, interpretations having the force of law and orders of Governmental Authorities and all binding orders and
decrees of all arbitrators.

 

    	 

    	 

    

 

“Applicable
Margin” means the corresponding percentages per annum as set forth below based on the Consolidated Total Indebtedness
to Consolidated Capitalization Ratio:

  

	 	Consolidated Total	 	 
	 	Indebtedness to	 	 
	Pricing	Consolidated	LIBOR	Base Rate
	Level	Capitalization Ratio	+	+
	I	Less than 10%	1.250%	0.250%
	II	Greater than or equal to 10% but less than 20%	1.375%	0.375%
	III	Greater than or equal to 20% but less than 40%	1.500%	0.500%
	IV	Greater than or equal to 40% but less than 60%	1.875%	0.875%
	V	Greater than or equal to 60%	2.250%	1.250%

 

The Applicable Margin shall be determined
and adjusted quarterly on the date (each a “Calculation Date”) 10 Business Days after the day by which the Borrower
is required to provide an Officer’s Compliance Certificate pursuant to Section 6.2(a) for the most recently ended
fiscal quarter of the Borrower; provided that (a) the Applicable Margin shall be based on Pricing Level V until the first
Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Consolidated
Total Indebtedness to Consolidated Capitalization Ratio as of the last day of the most recently ended fiscal quarter of the Borrower
preceding the applicable Calculation Date, and (b) if the Borrower fails to provide the Officer’s Compliance Certificate
as required by Section 6.2(a) for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation
Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level V until such time as an appropriate Officer’s
Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Consolidated Total
Indebtedness to Consolidated Capitalization Ratio as of the last day of the most recently ended fiscal quarter of the Borrower
preceding such Calculation Date. The Applicable Margin shall be effective from one Calculation Date until the next Calculation
Date. Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made
or issued.

 

Notwithstanding the foregoing, in the event
that any financial statement or Officer’s Compliance Certificate delivered pursuant to Section 6.1 or 6.2(a)
is shown to be inaccurate (regardless of whether (i) this Agreement is in effect, or (ii) any Extension of Credit is outstanding
when such inaccuracy is discovered or such financial statement or Officer’s Compliance Certificate was delivered), and such
inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall immediately
deliver to the Administrative Agent a corrected Officer’s Compliance Certificate for such Applicable Period, (B) the
Applicable Margin for such Applicable Period shall be determined as if the Consolidated Total Indebtedness to Consolidated Capitalization
Ratio in the corrected Officer’s Compliance Certificate were applicable for such Applicable Period, and (z) the Borrower
shall immediately and retroactively be obligated to pay to the Administrative Agent the accrued additional interest and fees owing
as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative
Agent in accordance with Section 3.4. Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders
with respect to Sections 3.1(c) and 8.2 nor any of their other rights under this Agreement. The Borrower’s
obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

 

    	2

    	 

    

 

“Applicable
Period” has the meaning set forth in the definition of “Applicable Margin”.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arranger”
means Wells Fargo Securities, LLC, in its capacity as sole lead arranger and sole bookrunner, and its successors.

 

“Asset Disposition”
means the disposition of any or all of the assets (including, without limitation, any Capital Stock owned thereby) of the Borrower
or any Subsidiary thereof whether by sale, lease, transfer or otherwise, and any issuance of Capital Stock by any Subsidiary of
the Borrower to any Person that is not the Borrower or any Subsidiary thereof. The term “Asset Disposition”
shall not include (a) any Equity Issuance, (b) the sale of inventory in the ordinary course of business, (c) the transfer of assets
to the Borrower or any Subsidiary pursuant to any other transaction permitted pursuant to Section 7.4, (d) the write-off,
discount, sale or other disposition of defaulted or past-due receivables and similar obligations in the ordinary course of business
and not undertaken as part of an accounts receivable financing transaction, (e) the disposition of any Hedge Agreement and (f)
dispositions of Investments in cash and Cash Equivalents.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 10.10), and accepted by the Administrative Agent, in substantially the form attached
as Exhibit G or any other form approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date of determination, in respect of any Capital Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) except during
any period of time during which a notice delivered to the Borrower under Section 3.8 shall remain in effect, LIBOR
for an Interest Period of one month plus 1%; each change in the Base Rate shall take effect simultaneously with the corresponding
change or changes in the Prime Rate, the Federal Funds Rate or LIBOR.

 

“Base Rate
Loan” means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 3.1(a).

 

“Borrower”
means HGC Holdings LLC, a Hawaii limited liability company.

 

“Borrower
Materials” has the meaning assigned thereto in Section 6.2.

 

“Business
Day” means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday,
Sunday or legal holiday on which banks in Charlotte, North Carolina, Honolulu, Hawaii and New York, New York, are open for the
conduct of their commercial banking business, and (b) with respect to all notices and determinations in connection with, and
payments of principal and interest on, any LIBOR Rate Loan, or any Base Rate Loan as to which the interest rate is determined by
reference to LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and between banks
in Dollar deposits in the London interbank market.

 

    	3

    	 

    

 

“Calculation
Date” has the meaning assigned thereto in the definition of Applicable Margin.

 

“Capital Asset”
means, with respect to the Borrower and its Subsidiaries, any asset that should, in accordance with GAAP, be classified and accounted
for as a capital asset on a Consolidated balance sheet of the Borrower and its Subsidiaries.

 

“Capital Expenditures”
means, with respect to the Borrower and its Subsidiaries for any period, the aggregate cost of all Capital Assets acquired by the
Borrower and its Subsidiaries during such period, as determined in accordance with GAAP, net of any Net Cash Proceeds received
from all dispositions of Capital Assets during such period (to the extent permitted hereunder) that have been reinvested pursuant
to Section 2.4(b)(i); provided that Capital Expenditures shall not be less than zero.

 

“Capital Lease”
means, at any time, a lease with respect to which the lessee is required to recognize the acquisition of an asset and the incurrence
of a liability in accordance with GAAP.

 

“Capital Stock”
means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and
all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case
of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership
interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any
of the foregoing.

 

“Cash Equivalents”
means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency
thereof maturing within 180 days from the date of acquisition thereof, (b) commercial paper maturing no more than 180 days
from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s, (c) certificates
of deposit maturing no more than 180 days from the date of creation thereof issued by commercial banks incorporated under the laws
of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating
of “A” or better by a nationally recognized rating agency; provided that the aggregate amount invested in such
certificates of deposit shall not at any time exceed $5,000,000 for any one such certificate of deposit and $10,000,000 for any
one such bank, or (d) time deposits maturing no more than 30 days from the date of creation thereof with commercial banks
or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured
by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder.

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements.

 

“Cash Management
Bank” means any Person that, at the time it enters into a Cash Management Agreement, is a Lender, an Affiliate of a Lender,
the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash Management Agreement.

 

“Change in
Control” means (1) the Sponsor shall cease to directly or indirectly own and control more than 50% of the economic and
voting interests in the Borrower, (2) the failure of the Borrower to own 100% of outstanding equity interests of TGC or (3) the
failure of the Sponsor to be entitled, directly or indirectly, whether through ownership of membership interests, contract or otherwise,
to direct or cause the direction of the management and policies of the Borrower.

 

    	4

    	 

    

 

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

 

“Closing Date”
means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each as amended or modified from
time to time.

 

“Collateral”
means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

 

“Collateral
Agent” means Wells Fargo Bank, National Association, as collateral agent under the Intercreditor Agreement, and its successors
and permitted assigns in such capacity.

 

“Commitment
Percentage” means, as to any Lender, such Lender’s Term Loan Percentage.

 

“Commitments”
means, collectively, as to all Lenders, the Term Loan Commitments.

 

“Communications”
has the meaning set forth in Section 10.1(e)(ii).

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of any Person, such statements or items on
a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated
Capitalization” means, as of any date of determination, the sum of (i) Consolidated Total Indebtedness and (ii) Consolidated
Net Worth.

 

“Consolidated
EBITDA” means, for any fiscal quarter, for the Borrower and its Subsidiaries in accordance with GAAP and determined on
a Consolidated basis, Consolidated Net Income for such fiscal quarter adjusted for, to the extent used in determining Consolidated
Net Income for such fiscal quarter, (i) any extraordinary gains/losses and generally non-recurring income/expense and any unrealized
gains/losses for derivatives during the relevant fiscal quarter; (ii) depreciation, amortization and other non-cash charges or
losses of the Borrower and its Subsidiaries (including, but not limited to, the non-cash portion of net periodic defined benefit
costs, bad debt expense net of cash recoveries, deferred rent, amortization of debt financing costs and asset retirement obligations)
during the relevant fiscal quarter; (iii) provision/benefit for current and deferred income taxes (both state and federal) during
the relevant fiscal quarter; (iv) Consolidated Interest Expense, net of interest income, during the relevant fiscal quarter; (v)
Indebtedness-related fees (which includes, but is not limited to, commitment fees and agency fees) during the relevant fiscal quarter;
and (vi) expenses incurred under the Management Agreement during the relevant fiscal quarter.

 

    	5

    	 

    

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period
of 4 consecutive fiscal quarters ending on or immediately prior to such date to (b) Consolidated Interest Expense for the
period of 4 consecutive fiscal quarters ending on or immediately prior to such date.

 

“Consolidated
Interest Expense” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for the Borrower and its Subsidiaries in accordance with GAAP, interest expense (including, without limitation, interest expense
attributable to Capital Leases and all net payment obligations pursuant to Hedge Agreements) for such period.

 

“Consolidated
Net Income” means, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period, determined
on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net Income
of the Borrower and its Subsidiaries for any period, there shall be excluded (a) the net income (or loss) of any Person (other
than a Subsidiary which shall be subject to clause (c) below), in which the Borrower or any of its Subsidiaries has a joint
interest with a third party, except to the extent such net income is actually paid in cash to the Borrower or any of its Subsidiaries
by dividend or other distribution during such period, (b) the net income (or loss) of any Person accrued prior to the
date it becomes a Subsidiary of the Borrower or any of its Subsidiaries or is merged into or consolidated with the Borrower or
any of its Subsidiaries or that Person’s assets are acquired by the Borrower or any of its Subsidiaries except to the extent
included pursuant to the foregoing clause (a), and (c) the net income (if positive), of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by such Subsidiary to the Borrower or any of its Subsidiaries
of such net income (i) is not at the time permitted by operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to
any taxes payable on such dividends or distributions, but in each case only to the extent of such prohibition or taxes.

 

“Consolidated
Net Worth” means, as of any date of determination with respect to the Borrower and its Subsidiaries, (i) the sum of all
amounts that would, in conformity with GAAP, be included on the Consolidated balance sheet of the Borrower and its Subsidiaries
under “stockholders’ equity” or such similar caption on such date and minus (ii) accumulated other comprehensive
income (or loss) determined on a Consolidated basis, without duplication, in accordance with GAAP.

 

“Consolidated
Total Indebtedness” means, as of any date of determination with respect to the Borrower and its Subsidiaries on a Consolidated
basis without duplication, the sum of all Indebtedness of the Borrower and its Subsidiaries.

 

“Consolidated
Total Indebtedness to Consolidated Capitalization Ratio” means, as of any date of determination, the ratio of (a) Consolidated
Total Indebtedness on such date to (b) Consolidated Capitalization on such date.

 

“Credit Facility”
means the Term Loan Facility.

 

“Debt Issuance”
means the issuance of any Indebtedness for borrowed money by the Borrower or any of its Subsidiaries.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States of America, 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.

 

    	6

    	 

    

 

“Default”
means any of the events specified in Section 8.1 which with the passage of time, the giving of notice or any other condition,
would constitute an Event of Default.

 

“Defaulting
Lender” means, subject to Section 3.13(b), any Lender that (a) has failed to (i) fund all or any portion of the
Term Loan required to be funded by it hereunder within two Business Days of the date such Loans unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one
or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount
required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower, the Administrative
Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that
effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that
such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to
the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by
the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the FDIC or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not
be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such
Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be
a Defaulting Lender (subject to Section 3.13(b)) upon delivery of written notice of such determination to the Borrower and
each Lender.

 

“Disqualified
Capital Stock” means any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock into
which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a)  matures or
is mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise (except
as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of
control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely
for Qualified Capital Stock) (except as a result of a change of control or asset sale so long as any rights of the holders thereof
upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and
all other Obligations that are accrued and payable and the termination of the Commitments), in whole or in part, (c) provides
for the scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any
other Capital Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is 91 days after the
Term Loan Maturity Date; provided, that if such Capital Stock is issued pursuant to a plan for the benefit of the Borrower or its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because
it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

    	7

    	 

    

 

“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

 

“Domestic
Subsidiary” means any Subsidiary organized under the laws of any political subdivision of the United States.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.10(b)(ii), (iv)
and (v) (subject to such consents, if any, as may be required under Section 10.10 (b)(ii)).

 

“Employee
Benefit Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained
for employees of the Borrower or any Subsidiary or (b) any Pension Plan or Multiemployer Plan that has at any time within
the preceding 7 years been maintained, funded or administered for the employees of the Borrower or any current or former ERISA
Affiliate.

 

“Environmental
Claims” means any and all administrative, judicial or arbitral actions, suits, demands, demand letters, claims, liens,
written notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary
course of business and not in response to any third party action or request of any kind) or proceedings by any Person relating
in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or
any approval given, under any such Environmental Law or relating to the actual or alleged presence of or exposure to Hazardous
Materials, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response,
remedial or other actions or damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting
from Hazardous Materials or arising from alleged injury or threat of injury to human health or the environment.

 

“Environmental
Laws” means any and all Applicable Laws, relating to the protection of human health (with respect to exposure to Hazardous
Materials) or the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution,
use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of
Hazardous Materials.

 

“Equity Issuance”
means (a) any issuance by the Borrower or any Subsidiary thereof to any Person that is not the Borrower or a Subsidiary thereof,
of (i) shares of its Capital Stock, (ii) any shares of its Capital Stock pursuant to the exercise of options or warrants
or (iii) any shares of its Capital Stock pursuant to the conversion of any debt securities to equity and (b) any capital
contribution from any Person that is not the Borrower into any Subsidiary thereof. The term “Equity Issuance” shall
not include (A) any Asset Disposition or (B) any Debt Issuance.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as amended or modified
from time to time.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that together with the Borrower or any of its Subsidiaries is treated
as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

    	8

    	 

    

 

“Eurodollar
Reserve Percentage” means, for any day, the percentage (expressed as a decimal) which is in effect for such day as prescribed
by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including,
without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category
of liabilities for a member bank of the Federal Reserve System in New York City.

 

“Event of
Default” means any of the events specified in Section 8.1; provided that any requirement for passage of
time, giving of notice, or any other condition, has been satisfied.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Excluded
Entity” means any of Macquarie Group Limited, or any Subsidiary or Affiliate thereof (including without limitation, any
fund managed or controlled thereby, or any investment scheme or similar vehicle or separate managed account related thereto).

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by
or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on or measured by its overall net income (however
denominated), and franchise Taxes and branch profits Taxes, in each case, imposed (i) by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable Lending Office is located or (ii) by any jurisdiction as a result of a connection between the Administrative
Agent, such Lender or such other recipient of any payment and such jurisdiction (other than a connection resulting solely from
negotiating, executing, delivering or performing its obligations or receiving a payment under, or enforcing, this Agreement, any
Note or any other Loan Document), (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower
under Section 3.12(b)), any withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to a law
in effect at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section 3.11(a), (c) Taxes
attributable to the Administrative Agent’s, such Lender’s or any other recipient’s failure to comply with Section
3.11(e) and (d) any Taxes imposed under FATCA.

 

“Existing
HGC Loan Agreement” means the Amended and Restated Loan Agreement dated as of June 7, 2006 among HGC, as borrower, MGH,
the lenders from time to time party thereto and Dresdner Bank AG London Branch, as administrative agent thereunder.

 

“Existing
Revolving Credit Facility” means that
certain $10,000,000 unsecured credit facility, dated as of April 10, 2007, among the Borrower, and First Hawaiian Bank, as amended,
restated, supplemented or otherwise modified from time to time.

 

“Existing
TGC Loan Agreement” means the Amended and Restated Loan Agreement dated June 7, 2006, by and among TGC, as borrower,
MGH, the lenders from time to time parties thereto, and Dresdner Bank AG London Branch, as administrative agent thereunder.

 

“Extensions
of Credit” means, as to any Lender at any time, (a) the aggregate principal amount of the Term Loan made by such
Lender then outstanding, or (b) the making of any Loan by such Lender, as the context requires.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date hereof (or any amended or successor version that is substantively
comparable), and any current or future regulations or official interpretations thereof (including any Revenue Ruling, Revenue Procedure,
Notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from Taxes under such provisions).

 

    	9

    	 

    

 

“FDIC”
means the Federal Deposit Insurance Corporation, or any successor thereto.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on such day (or, if such day is not a Business Day,
for the immediately preceding Business Day), as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day, provided that if such rate is not so published for any day which is a Business Day, the average of the quotation
for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by the Administrative Agent.

 

“Fee Letter”
means the separate fee letter agreement dated June 25, 2012, among the Borrower, the Administrative Agent and the Arranger.

 

“FEMA”
means the Federal Emergency Management Agency and any successor thereto.

 

“Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on each December 31.

 

“Foreign Lender”
means (i) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (ii) if the Borrower is not a U.S. Person any
Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

 

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

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental
Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings
with, and reports to, all Governmental Authorities.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Guaranty
Agreement” means any guarantee agreement entered by any guarantor
in connection with this Agreement, including the MHGCI Guaranty Agreement.

 

“Guaranty
Obligation” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business
of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend
or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations
incurred through an agreement, contingent or otherwise, by such Person ;

 

    	10

    	 

    

 

(a) to purchase
such Indebtedness or obligation or any property constituting security therefor;

 

(b) to advance or supply
funds (1) for the purchase or payment of such Indebtedness or obligation, or (2) to maintain any working capital or other balance
sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase
or payment of such Indebtedness or obligation;

 

(c) to lease properties
or to purchase properties or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the
ability of any other Person to make payment of the Indebtedness or obligation; or

 

(d) otherwise to assure
the owner of such Indebtedness or obligation against loss in respect thereof.

 

In any computation of
the Indebtedness or other liabilities of the obligor under any Guaranty Agreement, the Indebtedness or other obligations that are
the subject of such Guaranty Agreement shall be assumed to be direct obligations of such obligor.

 

“Hazardous
Materials” means any and all pollutants, toxic or hazardous
wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation,
manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including,
but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, crude oil, petroleum, petroleum
products or by-products or wastes, natural gas, synthetic natural gas, lead based paint, radon gas or similar restricted, prohibited
or penalized substances.

 

“Hedge Agreement”
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, 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, 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, or any other master agreement, all as amended, restated, supplemented
or otherwise modified from time to time.

 

“Hedge Bank”
means any Person that, at the time it enters into a Hedge Agreement permitted under Article VII, is a Lender, an Affiliate
of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Hedge Agreement.

 

    	11

    	 

    

 

“Hedge Termination
Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior
to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge
Agreements (which may include a Lender or any Affiliate of a Lender).

 

“HGC”
means HGC Holdings LLC, a Hawaii limited liability company.

 

“HGC Facility
Share” means, as of any date of determination with respect to an Asset Disposition or Insurance Condemnation Event, an
amount equal to the sum of (i) an amount equal to the portion of Net Cash Proceeds realized in such Asset Disposition or Insurance
Condemnation Event, as the case may be, which were offered as prepayment of the TGC Notes pursuant to Section 8.7 of the TGC Note
Purchase Agreement and declined by the holders of TGC Notes and (ii) if the aggregate amount of Net Cash Proceeds realized, in
the case of an Asset Disposition, exceeds $5,000,000 or, in the case of an Insurance Condemnation Event, exceeds $10,000,000, the
excess, if any, of (A) the excess of the aggregate amount of such Net Cash Proceeds less, in the case of an Asset Disposition,
$5,000,000, or, in the case of an Insurance Condemnation Event, $10,000,000 over (B) the aggregate principal amount TGC Notes and
TGC Loans outstanding on such date of determination.

 

“Indemnitee”
has the meaning set forth in Section 10.3(b).

 

“Indebtedness”
means, with respect to any Person, at any time, without duplication:

 

(a)          its
liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 

(b)          its
liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary
course of business but including all liabilities created or arising under any conditional sale or other title retention agreement
with respect to any such property;

 

(c)          all
liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases;

 

(d)          all
liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed
or otherwise become liable for such liabilities);

 

(e)          all
its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by
banks and other financial institutions (whether or not representing obligations for borrowed money); and

 

(f)          any
Guaranty Obligation of such Person with respect to liabilities of a type described in any of clauses (a) through (e) hereof.

 

Indebtedness of any
Person shall include all obligations of such Person of the character described in clauses (a) through (f) to the extent such Person
remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

    	12

    	 

    

 

“Insurance
and Condemnation Event” means the receipt by the Borrower or any of its Subsidiaries of any cash insurance proceeds or
condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any
of their respective Property.

 

“Intercompany
Loan Agreement” means the Credit Agreement dated as of March 31, 2008 between the Sponsor and TGC as in effect on the
Closing Date.

 

“Interest
Period” has the meaning assigned thereto in Section 3.1(b).

 

“Investment”
has the meaning assigned thereto in Section 7.3.

 

“IRS”
means the United States Internal Revenue Service, or any successor thereto.

 

“Lender”
means each Person executing this Agreement as a Lender on the Closing Date and any other Person that shall have become a party
to this Agreement as a Lender pursuant to an Assignment and Assumption, other than any Person that ceases to be a party hereto
as a Lender pursuant to an Assignment and Assumption.

 

“Lender Parties”
means, collectively, the Administrative Agent, the Lenders (and any other lenders from time to time party hereto), the Issuing
Lender, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time
to time pursuant to Section 9.5, and, in each case, their respective successors and permitted assigns.

 

“Lending Office”
means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit.

 

“LIBOR”
means,

 

(a)          for
any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the
rate for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page
(or any applicable successor page) at approximately 11:00 a.m. (London time) 2 Business Days prior to the first day of the applicable
Interest Period. If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page),
then “LIBOR” shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at
which deposits in Dollars in minimum amounts of at least $3,000,000 would be offered by first class banks in the London interbank
market to the Administrative Agent at approximately 11:00 a.m. (London time) 2 Business Days prior to the first day of the applicable
Interest Period for a period equal to such Interest Period.

 

(b)          for
any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate
for deposits in Dollars in minimum amounts of at least $3,000,000 for a period equal to one month (commencing on the date of determination
of such interest rate) which appears on the Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00
a.m. (London time) on such date of determination, or, if such date is not a Business Day, then the immediately preceding Business
Day. If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page) then “LIBOR”
for such Base Rate Loan shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which
deposits in Dollars in minimum amounts of at least $3,000,000 would be offered by first class banks in the London interbank market
to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one month
commencing on such date of determination.

 

    	13

    	 

    

 

Each calculation by
the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.

 

“LIBOR Rate”
means a rate per annum determined by the Administrative Agent pursuant to the following formula:

 

	LIBOR Rate =	LIBOR
	 	1.00-Eurodollar Reserve Percentage

 

“LIBOR Rate
Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate as provided in Section 3.1(a).

 

“Lien”
means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation 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.

 

“Loan Documents”
means, collectively, this Agreement, each Note, the Security Documents, the Fee Letter, and each other document, instrument, certificate
and agreement executed and delivered by the Borrower in favor of or provided to the Administrative Agent or any Lender Party in
connection with this Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and
any Secured Cash Management Agreement), all as may be amended, restated, supplemented or otherwise modified from time to time.

 

“Loans”
means the reference to the Term Loan, and “Loan” means any of such Loans.

 

“Lock-up Event”
means, on any Calculation Date, the failure of the Consolidated Total Indebtedness to Consolidated Capitalization Ratio as of such
Calculation Date to be less than 65%.

 

“Lock-up Period”
means, with respect to each Lock-up Event, the period commencing on the Calculation Date on which such Lock-up Event has occurred
and ending on the second consecutive Calculation Date on which no Lock-up Event has occurred.

 

“Management
Agreement” means that certain Corporate Allocation Policy Infrastructure and Specialized Funds, dated as of December
2004 (as amended on April 24, 2008) as in effect on the Closing Date.

 

“Material
Adverse Effect” means, with respect to the Borrower and its Subsidiaries, (a) a material adverse effect on the properties,
business, operations or financial condition of such Persons, taken as a whole, (b) a material impairment of the ability of any
such Person to perform its obligations under the Loan Documents to which it is a party, (c) a material impairment of the rights
and remedies of the Administrative Agent or any Lender under any Loan Document or (d) an impairment of the legality, validity,
binding effect or enforceability against the Borrower of any Loan Document to which it is a party.

 

“Material
Contract” means (a) any contract or other agreement, written or oral, of the Borrower or any of its Subsidiaries
involving monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum, provided that in connection
with any Hedge Agreement such monetary liability shall be calculated at its Hedge Termination Value, or (b) any other contract
or agreement, written or oral, of the Borrower or any of its Subsidiaries the failure to comply with which could reasonably be
expected to have a Material Adverse Effect.

 

    	14

    	 

    

 

“MGH”
means Macquarie Gas Holdings LLC

 

“MHGCI”
means Macquarie HGC Investment LLC.

 

“MHGCI
Guaranty Agreement” means the unconditional guaranty agreement of even date
herewith executed by MHGCI in favor of the Administrative Agent, for the ratable benefit of the Lender Parties, which shall be
in form and substance acceptable to the Administrative Agent, as amended, restated, supplemented or otherwise modified from time
to time.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgages”
means the collective reference to each mortgage, deed of trust or other real property security document, encumbering any real property
now or hereafter owned by the Borrower or any Subsidiary, in each case, in form and substance reasonably satisfactory to the Administrative
Agent and executed by the Borrower or such Subsidiary in favor of the Collateral Agent, for the ratable benefit of the Secured
Parties, as any such document may be amended, restated, supplemented or otherwise modified from time to time.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any
ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the
preceding 7 years.

 

“Net Cash
Proceeds” means, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event, the
gross proceeds received by the Borrower or any of its Subsidiaries therefrom (including any cash, Cash Equivalents, deferred payment
pursuant to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (i) in the
case of an Asset Disposition, all income taxes and other taxes assessed by a Governmental Authority as a result of such transaction,
(ii) all reasonable and customary out-of-pocket fees and expenses incurred in connection with such transaction or event and (iii) the
principal amount of, premium, if any, and interest on any Indebtedness secured by a Lien on the asset (or a portion thereof) disposed
of, which Indebtedness is required to be repaid in connection with such transaction or event, and (b) with respect to any
Equity Issuance or Debt Issuance, the gross cash proceeds received by the Borrower or any of its Subsidiaries therefrom less
all reasonable and customary out-of-pocket legal, underwriting and other fees and expenses incurred in connection therewith.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (i) requires
the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.2 and (ii) has been approved
by the Required Lenders.

 

“Notes”
means the collective reference to the Term Notes.

 

“Notice of
Account Designation” has the meaning assigned thereto in Section 4.1(f).

 

“Notice of
Borrowing” has the meaning assigned thereto in Section 2.2.

 

“Notice of
Conversion/Continuation” has the meaning assigned thereto in Section 3.2.

 

“Notice of
Prepayment” has the meaning assigned thereto in Section 2.4(a).

 

    	15

    	 

    

 

“Obligations”
means, in each case, whether now in existence or hereafter arising: (a) the principal of and interest on (including interest
accruing after the filing of any bankruptcy or similar petition) the Loans and (b) all other fees and commissions (including
attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties
owing by the Borrower and each of its Subsidiaries to the Lenders or the Administrative Agent, in each case under any Loan Document,
with respect to any Loan of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due,
contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that
accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any federal bankruptcy
laws (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization,
winding up or adjustment of debts, naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding.

 

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

 

“Officer’s
Compliance Certificate” means a certificate of a Responsible Officer of the Borrower substantially in the form attached
as Exhibit F.

 

“Other Taxes”
means all present or future stamp or documentary Taxes or any other excise or property Taxes arising from any payment made hereunder
or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement
or any other Loan Document, except any such Taxes that are imposed in connection with an assignment (other than an assignment pursuant
to a request by the Borrower under Section 3.12(b)).

 

“Participant”
has the meaning assigned thereto in Section 10.10(d).

 

“Participant
Register” has the meaning assigned thereto in Section 10.10(e).

 

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

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor agency.

 

“Pension Plan”
means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section
412 of the Code and which (a) is maintained, funded or administered for the employees of the Borrower or any ERISA Affiliate
or (b) has at any time within the preceding 7 years been maintained, funded or administered for the employees of the Borrower
or any current or former ERISA Affiliates.

 

“Permitted
Liens” means the Liens permitted pursuant to Section 7.2.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Platform”
has the meaning assigned thereto in Section 6.2.

 

“Preferred
Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar
equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of
such Person.

 

    	16

    	 

    

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime
rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such Prime Rate
occurs. The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index
or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

 

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Capital Stock.

 

“Qualified
Capital Stock” means any Capital Stock that is not Disqualified Capital Stock.

 

“Register”
has the meaning assigned thereto in Section 10.10(c).

 

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

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposure representing more than 50% of the Total Credit Exposure
of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time.

 

“Resignation
Effective Date” has the meaning set forth in Section 9.6(a).

 

“Responsible
Officer” means, as to any Person, the chief executive officer, president, chief financial officer, controller, principal
accounting officer, treasurer or assistant treasurer of such Person or any other officer of such Person reasonably acceptable to
the Administrative Agent. Any document delivered hereunder or under any other Loan Document that is signed by a Responsible Officer
of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

 

“Restricted
Payment” has the meaning assigned thereto in Section 7.6.

 

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

 

“Sanctioned
Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx,
or as otherwise published from time to time.

 

“Sanctioned
Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained
by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published
from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned
Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by the
U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Secured Cash
Management Agreement” means any Cash Management Agreement that is entered into by and between the Borrower and any Cash
Management Bank.

 

    	17

    	 

    

 

“Secured Hedge
Agreement” means any Hedge Agreement permitted under Article VII, in each case that is entered into by and between
the Borrower and any Hedge Bank.

 

“Secured Obligations”
means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by the Borrower under
(i) any Secured Hedge Agreement and (ii) any Secured Cash Management Agreement.

 

“Secured Parties”
means, collectively, the Lender Parties and any other holder from time to time of any Secured Obligations and, in each case, their
respective successors and permitted assigns.

 

“Security
Agreement”
means the security agreement of even date herewith executed by the Borrower in favor of the Collateral Agent, for the ratable benefit
of the Secured Parties, which shall be in form and substance acceptable to the Administrative Agent, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Security
Documents” means the collective reference to the Security Agreement, the Mortgages, the Guaranty Agreements and each
other agreement or writing pursuant to which the Borrower purports to pledge or grant a security interest in any Property or assets
securing the Secured Obligations or any such Person purports to guaranty the payment and/or performance of the Secured Obligations,
in each case, as amended, restated, supplemented or otherwise modified from time to time.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay
its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The
amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Sponsor”
means Macquarie Infrastructure Company, Inc.

 

“Subordinated
Indebtedness” means the collective reference to any Indebtedness incurred by the Borrower or any of its Subsidiaries
that is subordinated in right and time of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative
Agent.

 

“Subsidiary”
means as to any Person, any corporation, partnership, limited liability company or other entity of which more than 50% of the outstanding
Capital Stock having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other
managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly)
or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Capital
Stock of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might
have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary”
or “Subsidiaries” herein shall refer to those of the Borrower.

 

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“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, fines, additions to tax or penalties applicable
thereto.

 

“Tax Sharing
Agreement” means that certain Income Tax Allocation Agreement, dated as of January 1, 2007, by and among the Borrower,
TGC, MHGCI and HGC Investment Corporation, a Delaware corporation, as in effect on the Closing Date.

 

“Term Loan”
means the term loan made, or to be made, to the Borrower by the Lenders pursuant to Section 2.1.

 

“Term Loan
Commitment” means (a) as to any Lender, the obligation of such Lender to make a portion of the Term Loan to the
account of the Borrower hereunder on the Closing Date in an aggregate principal amount not to exceed the amount set forth opposite
such Lender’s name on the Register, as such amount may be reduced or otherwise modified at any time or from time to time
pursuant to the terms hereof and (b) as to all Lenders, the aggregate commitments of all Lenders to make such Term Loans.
The individual Term Loan Commitment of each Lender on the Closing Date is set forth on Schedule 1.1. The aggregate
Term Loan Commitment of all Lenders on the Closing Date shall be $80,000,000.

 

“Term Loan
Facility” means the term loan facility established pursuant to Article II.

 

“Term Loan
Lender” means any Lender with a Term Loan Commitment.

 

“Term Loan
Maturity Date” means the first to occur of (a) August 8, 2017, or (b) the date of acceleration of the Term Loans
pursuant to Section 8.2(a).

 

“Term Loan
Note” means a promissory note made by the Borrower in favor of a Term Loan Lender evidencing the portion of the Term
Loans made by such Term Loan Lender, substantially in the form attached as Exhibit A, and any amendments, supplements
and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole
or in part.

 

“Term Loan
Percentage” means, as to any Term Loan Lender, after the applicable Term Loans are made, the ratio of (a) the outstanding
principal balance of such Term Loan or Term Loans of such Term Loan Lender to (b) the aggregate outstanding principal balance
of all such Term Loans of all Term Loan Lenders.

 

“Termination
Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or could reasonably
be expected to result in liability of the Borrower in an aggregate amount in excess of the Threshold Amount: (a) a “Reportable
Event” described in Section 4043 of ERISA for which the 30 day notice requirement has not been waived by regulation, or (b) the
withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment
of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan
liabilities, or (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension
Plan by the PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of a Lien pursuant
to Section 430(k) of the Code or Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is
considered an at-risk plan or plan in endangered or critical status with the meaning of Sections 430, 431 or 432 of the Code or
Sections 303, 304 or 305 of ERISA or (h) the partial or complete withdrawal of the Borrower or any ERISA Affiliate
from a Multiemployer Plan if withdrawal liability is asserted by such plan, or (i) any event or condition which results in
the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, or (j) any event or condition
which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings
to terminate a Multiemployer Plan under Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.

 

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“TGC”
means The Gas Company, LLC, a Hawaii limited liability company.

 

“TGC Credit
Agreement” means the credit agreement among TGC, as borrower; the several banks and other financial institutions from
time to time parties thereto, as lenders; and Wells Fargo, as administrative agent for such lenders.

 

“TGC Dividend
Block Event” means in the event and for so long as TGC is prohibited from making Restricted Payments for the purpose
of prepaying the Loans pursuant to the last paragraph of Section 8.6 of the TGC Credit Agreement.

 

“TGC Loan
Documents” means TGC Credit Agreement and the other “Loan Documents” as defined therein.

 

“TGC Loans”
means the loans made under the TGC Credit Agreement.

 

“TGC Note
Purchase Agreement” means the Note Purchase Agreement dated as of the date hereof among the Borrower and the purchasers
named therein, as amended, restated, supplemented or otherwise modified from time to time.

 

“TGC Notes”
means the notes issued under the US$100,000,000 Note Purchase Agreement, dated as of the Closing Date, entered into by the Borrower,
as issuer and the purchasers party thereto.

 

“TGC Revolving
Credit Commitments” means the commitments under the TGC Credit Agreement.

 

“Threshold
Amount” means $5,000,000.

 

“Total Credit
Exposure” means, as to any Lender at any time, the outstanding Term Loans of such Lender at such time.

 

“Transactions”
means, collectively, (a) repayment of any amounts outstanding under the Existing HGC Loan Agreement and the Existing TGC Loan
Agreement, (b) the initial Extensions of Credit, (c) the issuance of the TGC Notes, (d) the entry into the TGC Loan Documents and
(e) the payment of the costs and expenses incurred in connection with the foregoing.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York, as amended or modified from time to time.

 

“United States”
means the United States of America.

 

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

 

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“Wells Fargo”
means Wells Fargo Bank, National Association, a national banking association, and its successors.

 

SECTION
1.2           Other Definitions and Provisions. With reference
to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”,
(d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e)
any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) 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, (g) 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,
(h) 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, (i) the
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form, (j) in the computation of periods
of time from a specified date to a later specified date, the word “from” means “from and including;” the
words “to” and “until” each mean “to but excluding;” and the word “through” means
“to and including” and (k) Section headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 

SECTION
1.3           Accounting Terms. All accounting terms not specifically
or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied
on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial
statements required by Section 6.1(a), except as otherwise specifically prescribed herein (including, without limitation,
as prescribed by Section 10.9). Notwithstanding the foregoing, for purposes of determining compliance with any covenant
(including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall
be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20
on financial liabilities shall be disregarded.

 

SECTION
1.4           UCC Terms. Terms defined in the UCC in effect
on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided
by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC
then in effect.

 

SECTION
1.5           Rounding. Any financial ratios required to be
maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding
the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

SECTION
1.6           References to Agreement and Laws. Unless otherwise
expressly provided herein, (a) references to formation documents, governing documents, agreements (including the Loan Documents)
and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and
other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications
are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

 

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SECTION
1.7           Times of Day. Unless otherwise specified, all
references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

SECTION
1.8           Guaranty Obligations. Unless otherwise specified,
the amount of any Guaranty Obligation shall be the lesser of the principal amount of the obligations guaranteed and still outstanding
and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty
Obligation.

 

SECTION
1.9           Covenant Compliance Generally. For purposes
of determining compliance under Sections 7.1, 7.2, 7.3, 7.5 and 7.6, any amount in a currency
other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated Net Income in
the annual and quarterly financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 6.1(a)
or (b), as applicable. Notwithstanding the foregoing, for purposes of determining compliance with Sections 7.1, 7.2
and 7.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket
contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after
the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions
of this Section 1.9 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness
or Investment may be incurred at any time under such Sections.

 

ARTICLE
II

TERM LOAN FACILITY

 

SECTION
2.1           Term Loan. Subject to the terms and conditions
of this Agreement, each Term Loan Lender severally agrees to make the Term Loan to the Borrower on the Closing Date in a principal
amount equal to such Lender’s Term Loan Commitment as of the Closing Date.

 

SECTION
2.2            Procedure for Advance of Term Loan. The Borrower
shall give the Administrative Agent an irrevocable Notice of Borrowing substantially in the form of Exhibit B (a
“Notice of Borrowing”) prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the
Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than 3 Business Days prior to the
Closing Date, that the Lenders make the Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent
a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth
in Section 3.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent
shall promptly notify each Term Loan Lender thereof. Not later than 2:00 p.m. on the Closing Date, each Term Loan Lender will make
available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately
available funds, the amount of such Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably
authorizes the Administrative Agent to disburse the proceeds of the Term Loan in immediately available funds by wire transfer to
such Person or Persons as may be designated by the Borrower in writing.

 

SECTION
2.3            Repayment of Term Loans. The Borrower shall
repay the aggregate outstanding principal amount of the Term Loan on the Term Loan Maturity Date.

 

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SECTION
2.4           Prepayments of Term Loans.

 

(a)          Optional
Prepayments. The Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay the
Term Loans, in whole or in part, upon delivery to the Administrative Agent of a notice of prepayment substantially in the form
of Exhibit D (a “Notice of Prepayment”) not later than 11:00 a.m. (i) on the same Business
Day as each Base Rate Loan and (ii) at least 3 Business Days before each LIBOR Rate Loan, specifying the date and amount of
repayment, whether the repayment is of LIBOR Rate Loans or Base Rate Loans or a combination thereof, and if a combination thereof,
the amount allocable to each. Each optional prepayment of the Term Loans hereunder shall be in an aggregate principal amount of
at least $3,000,000 or any whole multiple of $1,000,000 in excess thereof and shall be applied, on a pro rata basis, to the outstanding
principal installments of the Term Loan as directed by the Borrower. Each repayment shall be accompanied by any amount required
to be paid pursuant to Section 3.9 hereof. A Notice of Prepayment received after 11:00 a.m. shall be deemed received on
the next Business Day. The Administrative Agent shall promptly notify the applicable Term Loan Lenders of each Notice of Prepayment.

 

(b)          Mandatory
Prepayments.

 

(i)          Asset
Dispositions. The Borrower shall make mandatory principal prepayments of the Loans in an aggregate amount equal to the HGC
Facility Share of the aggregate Net Cash Proceeds from any Asset Disposition by the Borrower or any of its Subsidiaries; provided
that no such prepayment shall be required for so long as a TGC Dividend Block Event shall have occurred and be continuing. Any
mandatory principal prepayments of the Loans shall be made within 3 Business Days after the date of receipt of the Net Cash Proceeds
of any such Asset Disposition by the Borrower or any of its Subsidiaries; provided that, so long as no Default or Event
of Default has occurred and is continuing, no prepayment shall be required under this Section 2.4(b)(i) to the extent that
such Net Cash Proceeds are reinvested in assets used or useful in the business of the Borrower and its Subsidiaries within 180
days after receipt of such Net Cash Proceeds by the Borrower or such Subsidiary; provided further that any portion
of such Net Cash Proceeds not actually reinvested within such 180-day period shall be prepaid on or before the last day
of such 180-day period unless such portion is committed to be
reinvested, in which case such 180-day period shall be extended for an additional 180-day period.

 

(ii)         Insurance
and Condemnation Events. The Borrower shall make mandatory principal prepayments of the Loans in an aggregate amount equal
to the HGC Facility Share of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event by the Borrower or any of
its Subsidiaries; provided no such prepayment shall be required for so long as a TGC Dividend Block Event shall have occurred
and be continuing. Any mandatory principal prepayments of the Loans shall be made within 3 Business Days after the date of receipt
of Net Cash Proceeds of any such Insurance and Condemnation Event by the Borrower or such Subsidiary; provided that, so
long as no Default or Event of Default has occurred and is continuing, no prepayment shall be required under this Section 2.4(b)(ii)
to the extent that such Net Cash Proceeds are reinvested in assets used or useful in the business of the Borrower within
270 days after receipt of such Net Cash Proceeds by the Borrower or such Subsidiary; provided further that any portion
of the Net Cash Proceeds not actually reinvested within such 270-day period shall be prepaid on or before the last day of
such 270-day period unless such portion is committed to be reinvested,
in which case such 270-day period shall be extended for an additional 270-day period.

 

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(iii)        Notice;
Manner of Payment. Upon the occurrence of any event triggering the prepayment requirement under clauses (i) and (ii) above,
the Borrower shall promptly deliver a Notice of Prepayment to the Administrative Agent and upon receipt of such notice, the Administrative
Agent shall promptly so notify the Lenders. Each prepayment of the Loans under this Section 2.4(b) shall be applied on a pro rata
basis with respect to Loans of all Lenders.

 

(iv)        No
Reborrowings. Amounts prepaid in respect of the Term Loans pursuant to this Section may not be reborrowed. Each prepayment
shall be accompanied by any amount required to be paid pursuant to Section 3.9.

 

ARTICLE
III

GENERAL LOAN PROVISIONS

 

SECTION 3.1           Interest.

 

(a)          Interest
Rate Options. Subject to the provisions of this Section, at the election of the Borrower, the Term Loans shall bear interest
at (A) the Base Rate plus the Applicable Margin or (B) the LIBOR Rate plus the Applicable Margin (provided
that the LIBOR Rate shall not be available until three Business Days after the Closing Date unless the Borrower has delivered to
the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders
in the manner set forth in Section 3.9 of this Agreement). The Borrower shall select the rate of interest and Interest Period,
if any, applicable to any Loan at the time a Notice of Borrowing is given or at the time a Notice of Conversion/Continuation is
given pursuant to Section 3.2. Any Loan or any portion thereof as to which the Borrower has not duly specified an interest
rate as provided herein shall be deemed a Base Rate Loan.

 

(b)          Interest
Periods. In connection with each LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 2.2
or 3.2, as applicable, shall elect an interest period (each, an “Interest Period”) to be applicable to
such Loan, which Interest Period shall be a period of 1, 2, 3, or 6 months or, if agreed by all of the relevant Lenders, 9 or 12
months; provided that:

 

(i)          the
Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan and, in the case of immediately successive
Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period
expires;

 

(ii)         if
any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; provided, that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not
a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire
on the immediately preceding Business Day;

 

(iii)        any
Interest Period with respect to a LIBOR Rate Loan that 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 end on the last Business
Day of the relevant calendar month at the end of such Interest Period;

 

(iv)        no
Interest Period shall extend beyond the Term Loan Maturity Date, as applicable, and Interest Periods shall be selected by the Borrower
so as to avoid payment of any amounts pursuant to Section 3.9; and

 

(v)         there
shall be no more than 5 Interest Periods in effect at any time.

 

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(c)          Default
Rate. Subject to Section 8.3, (i) immediately upon the occurrence and during the continuance of an Event of Default
under Section 8.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders, upon the
occurrence and during the continuance of any other Event of Default, (A) the Borrower shall no longer have the option to request
LIBOR Rate Loans, (B) all outstanding LIBOR Rate Loans shall bear interest at a rate per annum of 2% in excess of the rate
(including the Applicable Margin) then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter
at a rate equal to 2% in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all
outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate
per annum equal to 2% in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other
Obligations arising hereunder or under any other Loan Document and (D) all accrued and unpaid interest shall be due and payable
on demand of the Administrative Agent. Interest shall continue to accrue on the Obligations after the filing by or against the
Borrower of any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether
state, federal or foreign.

 

(d)          Interest
Payment and Computation. Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each
calendar quarter commencing September 30, 2012; and interest on each LIBOR Rate Loan shall be due and payable on the last day of
each Interest Period applicable thereto, and if such Interest Period extends over 3 months, at the end of each 3 month interval
during such Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more
fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

 

(e)          Maximum
Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged
or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court
of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that
the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder
shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s
option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply
such excess to the principal balance of the Obligations on a pro rata basis. It is the intent hereof that the Borrower
not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or
indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower under Applicable Law.

 

SECTION
3.2           Notice and Manner of Conversion or Continuation
of Loans. Provided that no Default or Event of Default has occurred and is then continuing, the Borrower shall have the option
to (a) convert at any time all or any portion of any outstanding Base Rate Loans in a principal amount of no less than $3,000,000
or any whole multiple of $1,000,000 in excess thereof into one or more LIBOR Rate Loans and (b) upon the expiration of any
Interest Period, (i) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount of no less than $3,000,000
or a whole multiple of $1,000,000 in excess thereof into Base Rate Loans or (ii) continue such LIBOR Rate Loans as LIBOR Rate
Loans. Whenever the Borrower desires to convert or continue Loans as provided above, the Borrower shall give the Administrative
Agent irrevocable prior written notice in the form attached as Exhibit E (a “Notice of Conversion/Continuation”)
not later than 11:00 a.m. 3 Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective
specifying (A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued,
the last day of the Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a
Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the Interest Period to be
applicable to such converted or continued LIBOR Rate Loan. The Administrative Agent shall promptly notify the affected Lenders
of such Notice of Conversion/Continuation.

 

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SECTION
3.3           Fees. The Borrower shall pay to the Arranger
and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter.
The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified.

 

SECTION
3.4           Manner of Payment. Sharing of Payments. Each
payment by the Borrower on account of the principal of or interest on the Loans or of any fee, commission or other amounts payable
to the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement
to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment
in Dollars, in immediately available funds and shall be made without any set off, counterclaim or deduction whatsoever. Any payment
received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section
8.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received
after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative
Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices set forth
herein its Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such
payment and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent of Administrative
Agent’s fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under
Sections 3.9, 3.10, 3.11 or 10.3 shall be paid to the Administrative Agent for the account of the applicable
Lender. Subject to Section 3.1(b)(ii), if any payment under this Agreement shall be specified to be made upon a day
which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall
in such case be included in computing any interest if payable along with such payment.

 

SECTION
3.5           Evidence of Indebtedness. The Extensions of
Credit made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall
be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts
and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Term Loan
Note which shall evidence such Lender’s Term Loans in addition to such accounts or records. Each Lender may attach schedules
to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

 

SECTION
3.6           Adjustments. If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans
or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its
Loans and accrued interest thereon or other such obligations (other than pursuant to Sections 3.9, 3.10, 3.11
or 10.3) greater than its pro rata share thereof as provided herein, then the Lender receiving such greater
proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations
in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and other amounts owing them; provided that

 

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(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and

 

(ii)         the
provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender).

 

The Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

SECTION
3.7           Obligations of Lenders.

 

(a)          Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.2 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment
to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the daily average Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower
and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent
shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its
share of the applicable borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan
included in such borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Lender that shall have failed to make such payment to the Administrative Agent.

 

(b)          Nature
of Obligations of Lenders Regarding Extensions of Credit. The obligations of the Lenders under this Agreement to make the Loans
are several and are not joint or joint and several. The failure of any Lender to make available its Commitment Percentage of any
Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment
Percentage of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender
to make its Commitment Percentage of such Loan available on the borrowing date.

 

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SECTION
3.8           Changed Circumstances.

 

(a)          Circumstances
Affecting LIBOR Rate Availability. In connection with any request for a LIBOR Rate Loan or a Base Rate Loan as to which the
interest rate is determined with reference to LIBOR or a conversion to or continuation thereof, if for any reason (i) the Administrative
Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not
being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii)
the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable
and adequate means do not exist for ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate
Loan or any Base Rate Loan as to which the interest rate is determined with reference to LIBOR or (iii) the Required Lenders shall
determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and
fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative
Agent shall promptly give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that
such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans or Base Rate Loan as to which the interest
rate is determined with reference to LIBOR and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR
Rate Loan or a Base Rate Loan as to which the interest rate is determined with reference to LIBOR shall be suspended, and (i) in
the case of LIBOR Rate Loans, the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding
principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 3.1(d)), on the
last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal
amount of each such LIBOR Rate Loan to a Base Rate Loan as to which the interest rate is not determined by reference to LIBOR as
of the last day of such Interest Period; or (ii) in the case of Base Rate Loans as to which the interest rate is determined by
reference to LIBOR, the Borrower shall convert the then outstanding principal amount of each such Loan to a Base Rate Loan as to
which the interest rate is not determined by reference to LIBOR as of the last day of such Interest Period.

 

(b)          Laws
Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or
any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices)
with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable
agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations
hereunder to make or maintain any LIBOR Rate Loan or any Base Rate Loan as to which the interest rate is determined by reference
to LIBOR, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly
give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances
no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans or Base Rate Loans as to which the interest rate
is determined by reference to LIBOR, and the right of the Borrower to convert any Loan to a LIBOR Rate Loan or continue any Loan
as a LIBOR Rate Loan or a Base Rate Loan as to which the interest rate is determined by reference to LIBOR shall be suspended and
thereafter the Borrower may select only Base Rate Loans as to which the interest rate is not determined by reference to LIBOR hereunder,
(ii) all Base Rate Loans shall cease to be determined by reference to LIBOR and (iii) if any of the Lenders may not lawfully
continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto, the applicable Loan shall
immediately be converted to a Base Rate Loan as to which the interest rate is not determined by reference to LIBOR for the remainder
of such Interest Period.

 

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SECTION
3.9           Indemnity. The Borrower hereby indemnifies each
of the Lenders against any loss or expense (including any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain a LIBOR Rate Loan or from fees payable to terminate the deposits from which such funds were obtained)
which may arise or be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds acquired
to effect, fund or maintain any Loan (a) as a consequence of any failure by the Borrower to make any payment when due of any
amount due hereunder in connection with a LIBOR Rate Loan, (b) due to any failure of the Borrower to borrow, continue or convert
on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation or (c) due to any payment, prepayment
or conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period therefor. The amount of such loss
or expense shall be determined, in the applicable Lender’s sole discretion, based upon the assumption that such Lender funded
its Commitment Percentage of the LIBOR Rate Loans in the London interbank market and using any reasonable attribution or averaging
methods which such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining
such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower through the Administrative Agent
and shall be conclusively presumed to be correct save for manifest error.

 

SECTION 3.10         Increased
Costs. 

 

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

 

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

 

(ii)         impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans
made by such Lender (except for (A) Indemnified Taxes and Other Taxes, in either case that are indemnified pursuant to section
3.11, and (B) the imposition, or change in rate, of any Excluded Tax);

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any LIBOR Rate Loan (or of maintaining
its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether
of principal, interest or any other amount) then, upon written request of such Lender, the Borrower shall promptly pay to any such
Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital requirements, has or would have the effect of reducing the rate
of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of
this Agreement, the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy), then from time to time upon written request of such Lender the Borrower shall
promptly pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered. 

 

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

 

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(d)          Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date
that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof).

 

SECTION 3.11         Taxes.

 

(a)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, except as required
by Applicable Law; provided that if the applicable withholding agent shall be required by Applicable Law to deduct any Indemnified
Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased by the Borrower as necessary
so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent or the applicable Lender receives an amount equal to the sum it would have received had no such deductions
been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent
shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law.

 

(b)          Payment
of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

 

(c)          Indemnification
by the Borrower. Without duplication of Section 3.11(a) or Section 3.11(b), the Borrower shall indemnify the
Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section
3.11) paid by the Administrative Agent or such Lender and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a
Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error.

 

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

 

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(e)          Status
of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed
and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, any Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior
to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the
Borrower or the Administrative Agent, but only if such Lender is legally entitled to do so), whichever of the following is applicable:

 

(i)          in
the case of any Lender that is a U.S. Person, properly executed originals of IRS Form W-9 (or any successor form);

 

(ii)         in
the case of any Foreign Lender:

 

(A)         properly
executed originals of IRS Form W-8BEN (or any successor form) claiming eligibility for benefits of an income tax treaty to which
the United States is a party;

 

(B)         properly
executed originals of IRS Form W-8ECI (or any successor form);

 

(C)         if
such Foreign Lender is claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate
to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled
foreign corporation” described in section 881(c)(3)(C) of the Code and (y) properly executed originals of IRS Form W-8BEN
(or any successor form); 

 

(D)         if
such Foreign Lender is not the beneficial owner, properly executed originals of IRS Form W-8IMY (or any successor form), together
with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower to determine the withholding
or deduction required to be made; or

 

(E)         any
other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower
to determine the withholding or deduction required to be made.

 

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If a payment made to
or for the account of a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with any requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,
as applicable), such Lender shall (A) enter into such agreements with the IRS as necessary to establish an exemption from withholding
under FATCA; (B) comply with any certification, documentation, information, reporting or other requirement necessary to establish
an exemption from withholding under FATCA; (C) provide any documentation reasonably requested by the Borrower or the Administrative
Agent sufficient for the Administrative Agent and the Borrower to comply with their respective obligations, if any, under FATCA
and to determine that such Lender has complied such applicable requirements; and (D) provide a certification signed by the chief
financial officer, principal accounting officer, treasurer or controller of such Lender certifying that such Lender has complied
with any necessary requirements to establish an exemption from withholding under FATCA. To the extent that the relevant documentation
provided pursuant to this paragraph is rendered obsolete or inaccurate in any material respect as a result of changes in circumstances
with respect to the status of a Lender, such Lender shall, to the extent permitted by Applicable Law, deliver to the Borrower and
the Administrative Agent revised and/or updated documentation sufficient for the Borrower and the Administrative Agent to confirm
such Lender’s compliance with their respective obligations under FATCA.

 

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

 

(f)          Indemnification
of the Administrative Agent. Each Lender shall indemnify the Administrative Agent within 10 days after demand therefor, for
the full amount of any Taxes attributable to such Lender that are payable or paid by the Administrative Agent, and reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender under any Loan Document against any amount due to the Administrative Agent under
this paragraph (f). The agreements in this paragraph (f) shall survive the resignation and/or replacement of the Administrative
Agent.

 

(g)          Refunds.
If the Administrative Agent or any Lender determines in good faith that it has received a refund of any Taxes as to which it has
been indemnified by the Borrower pursuant to this Section 3.11 (including by the payment of additional amounts pursuant to Section
3.11(a)), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments, including
payments of additional amounts, made under this Section 3.11 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender, as applicable, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund). The Borrower, upon the written request
of such indemnified party, shall repay to such indemnified party the amount paid over to the Borrower by such indemnified party
pursuant to this Section 3.11(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.

 

(h)          Survival.
Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower
contained in this Section shall survive the payment in full of the Obligations.

 

SECTION
3.12         Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.10, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.11, then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.10 or Section 3.11, as the case may be, in the future and (ii) would not subject
such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

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(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.10, or if the Borrower is required to pay Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.11,
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section
3.12(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 10.10), all of its interests,
rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)          the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.10;

 

(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.9)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts);

 

(iii)        in
the case of any such assignment resulting from a claim for compensation under Section 3.10 or payments required to be made
pursuant to Section 3.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)        such
assignment does not conflict with Applicable Law; and

 

(v)         in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

SECTION
3.13         Defaulting Lenders.

 

(a)          Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders.

 

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(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 10.4 shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing to the Lenders as a result of
any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; third, so long as no Default or Event of Default exists,
to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by
the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement;
and fourth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 

 

(b)          Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while
that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

ARTICLE
IV

CONDITIONS OF CLOSING AND BORROWING

 

SECTION
4.1           Conditions to Closing and Initial Extensions of
Credit. The obligation of the Lenders to close this Agreement and to make the initial Loan is subject to the satisfaction of
each of the following conditions:

 

(a)          Executed
Loan Documents. This Agreement, a Term Loan Note in favor of each Lender requesting a Term Loan Note, and the Security Documents,
together with any other applicable Loan Documents, shall have been duly authorized, executed and delivered to the Administrative
Agent by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist hereunder or thereunder.

 

(b)          Closing
Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)          Officer’s
Certificate. A certificate from a Responsible Officer of the Borrower to the effect that (A) all representations and warranties
of the Borrower contained in this Agreement and the other Loan Documents are true, correct and complete; (B) the Borrower
is not in violation of any of the covenants contained in this Agreement and the other Loan Documents; (C) after giving effect
to the Transactions, no Default or Event of Default has occurred and is continuing; (D) since December 31, 2011, no event
has occurred or condition arisen, either individually or in the aggregate, that could reasonably be expected to have a Material
Adverse Effect; and (E)  the Borrower has satisfied each of the conditions set forth in Section 4.1 and Section
4.2.

 

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(ii)         Certificate
of Secretary of the Borrower. A certificate of a Responsible Officer of the Borrower certifying as to the incumbency and genuineness
of the signature of each officer of the Borrower executing Loan Documents to which it is a party and certifying that attached thereto
is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation of the Borrower and
all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation
or formation, (B) the bylaws or other governing document of the Borrower as in effect on the Closing Date, (C) resolutions
duly adopted by the board of directors (or other governing body) of the Borrower authorizing and approving the transactions contemplated
hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and
(D) each certificate required to be delivered pursuant to Section 4.1(b)(iii).

 

(iii)        Certificates
of Good Standing. Certificates as of a recent date of the good standing of the Borrower under the laws of its jurisdiction
of organization and, to the extent requested by the Administrative Agent, each other jurisdiction where the Borrower is qualified
to do business and, to the extent available, a certificate of the relevant taxing authorities of such jurisdictions certifying
that the Borrower has filed required tax returns and owes no delinquent taxes.

 

(iv)        Opinions
of Counsel. Favorable opinions of counsel to the Borrower addressed to the Administrative Agent and the Lenders with respect
to the Borrower, the Loan Documents and such other matters as the Lenders shall request (which such opinions shall expressly permit
reliance by permitted successors and assigns of the addressees thereof).

 

(c)          Personal
Property Collateral.

 

(i)          Filings
and Recordings. The Administrative Agent shall have received all filings and recordations that are necessary to perfect the
security interests of the Collateral Agent, on behalf of the Secured Parties, in the Collateral and the Administrative Agent shall
have received evidence reasonably satisfactory to the Administrative Agent that upon such filings and recordations such security
interests constitute valid and perfected first priority Liens thereon.

 

(ii)         Pledged
Collateral. The Collateral Agent shall have received (A) original stock certificates or other certificates evidencing
the Capital Stock pledged pursuant to the Security Documents, together with an undated stock power for each such certificate duly
executed in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents
together with an undated endorsement for each such promissory note duly executed in blank by the holder thereof.

 

(iii)        Lien
Search. The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, pending
litigation, bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against
the Borrower under the UCC (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under
the UCC should be made to evidence or perfect security interests in all assets of the Borrower, indicating among other things that
the assets of the Borrower are free and clear of any Lien (except for Permitted Liens).

 

(iv)        Hazard
and Liability Insurance. The Administrative Agent shall have received evidence of policies of property hazard, business interruption
and liability insurance, such policies to be reasonably satisfactory to the Administrative Agent, evidence of payment of all insurance
premiums for the current policy year of each (with appropriate endorsements naming the Collateral Agent as lender’s loss
payee (and mortgagee, as applicable) on all policies for property hazard insurance and as additional insured on all policies for
liability insurance, and if requested by the Administrative Agent, copies of such insurance policies .

 

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(d)          Consents;
Defaults.

 

(i)          Governmental
and Third Party Approvals. The Borrower shall have received all material governmental, shareholder and third party consents
and approvals necessary (or any other material consents as determined in the reasonable discretion of the Administrative Agent)
in connection with the transactions contemplated by this Agreement and the other Loan Documents and the other transactions contemplated
hereby and all applicable waiting periods shall have expired without any action being taken by any Person that could reasonably
be expected to restrain, prevent or impose any material adverse conditions on any of the Borrower or such other transactions or
that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment
of the Administrative Agent could reasonably be expected to have such effect.

 

(ii)         Consents;
Defaults. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is
related to or arises out of this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby
or thereby, or which, in the Administrative Agent’s reasonable determination, would make it inadvisable to consummate the
transactions contemplated by this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby
or thereby.

 

(e)          Financial
Matters.

 

(i)          Financial
Statements. The Administrative Agent shall have received (A) an audited Consolidated and consolidating balance sheet of
MHGCI and its Subsidiaries as of December 31, 2011 and the related audited Consolidated and consolidating statements of income
and retained earnings and cash flows for the Fiscal Year then ended and (B) an unaudited Consolidated and consolidating balance
sheet of MHGCI and its Subsidiaries as of June 30, 2012 and related unaudited Consolidated and consolidating interim statements
of income and retained earnings.

 

(ii)         Financial
Projections. The Administrative Agent shall have received pro forma Consolidated financial statements for the Borrower and
its Subsidiaries, operating budget and projections prepared by management of the Borrower, including balance sheets, income statements
and cash flow statements on a quarterly basis for the first year following the Closing Date and on an annual basis for each year
thereafter during the term of the Credit Facility, which shall not be materially inconsistent with any financial information or
projections previously delivered to the Administrative Agent.

 

(iii)        Financial
Condition/Solvency Certificate. The Borrower shall have delivered to the Administrative Agent a certificate, in form and substance
reasonably satisfactory to the Administrative Agent, and certified as accurate by a Responsible Officer of the Borrower, that (A) after
giving effect to the Transactions, the Borrower and each Subsidiary thereof is each Solvent, (B) attached thereto are calculations
evidencing compliance on a pro forma basis after giving effect to the Transactions with the covenants contained in Section 7.15
and (C) the financial projections previously delivered to the Administrative Agent represent the good faith estimates (utilizing
reasonable assumptions) of the financial condition and operations of the Borrower and its Subsidiaries.

 

    	36

    	 

    

 

(iv)        Reserved.

 

(v)         Payment
at Closing. The Borrower shall have paid (A) to the Administrative Agent, the Arranger and the Lenders the fees set forth
or referenced in Section 3.3 and to the extent invoiced, any other accrued and unpaid fees or commissions due hereunder,
(B) all invoiced fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested
by the Administrative Agent) to the extent accrued and unpaid prior to or on the Closing Date, plus such additional amounts of
such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred
or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between the Borrower and the Administrative Agent) and (C) to any other Person, to the extent invoiced,
such reasonable amount as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees
and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents.

 

(f)          Miscellaneous.

 

(i)          Notice
of Borrowing. The Administrative Agent shall have received a Notice of Borrowing from the Borrower in accordance with Section
2.2, and a Notice of Account Designation substantially in the form of Exhibit C (a “Notice of Account
Designation”) specifying the account or accounts to which the proceeds of any Loans made on or after the Closing Date
are to be disbursed.

 

(ii)         Existing
Indebtedness. Except for any amounts outstanding under the Existing Revolving Credit Facility or any Indebtedness permitted
pursuant to Section 7.1, all existing Indebtedness of the Borrower and its Subsidiaries shall be repaid in full and terminated
and all collateral security therefor shall be released, and the Administrative Agent shall have received pay-off letters in form
and substance reasonably satisfactory to it evidencing such repayment, termination and release. Any existing Indebtedness permitted
pursuant to Section 7.1 shall be on terms and conditions reasonably satisfactory to the Administrative Agent.

 

(iii)        TGC
Notes. TGC shall have received at least $100,000,000 in gross cash proceeds from the issuance of the TGC Notes.

 

(iv)        Funds
Flow Memorandum. The Administrative Agent shall have received a memorandum summarizing the sources and uses of funds from the
Extensions of Credit hereunder and the initial borrowings under the TGC Credit Agreement, if any, and in connection with the TGC
Notes.

 

(v)         PATRIOT
Act. The Borrower and each of the Subsidiaries shall have provided to the Administrative Agent and the Lenders the documentation
and other information requested by the Administrative Agent in order to comply with requirements of the PATRIOT Act. 

 

(vi)        TGC
Credit Agreement. The condition precedent set forth in Section 5.1 of the TGC Credit Agreement shall have been satisfied or
waived by the lenders thereunder. 

 

    	37

    	 

    

 

(vii)       Other
Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated
by this Agreement shall be reasonably satisfactory in form and substance to the Administrative Agent. The Administrative Agent
shall have received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the
transactions contemplated by this Agreement.

 

Without limiting the generality of the
provisions of the last paragraph of Section 9.3, for purposes of determining compliance with the conditions specified in
this Section 4.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior
to the proposed Closing Date specifying its objection thereto.

 

SECTION
4.2           Conditions to All Extensions of Credit. The
obligations of the Lenders to make or participate in any Extensions of Credit (including the initial Extension of Credit), convert
or continue any Loan are subject to the satisfaction of the following conditions precedent on the relevant borrowing, continuation,
conversion, issuance or extension date:

 

(a)          Continuation
of Representations and Warranties. The representations and warranties contained in Article V shall be true and correct
in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material
Adverse Effect, which such representation and warranty shall be true and correct in all respects on and as of such borrowing, continuation,
conversion, issuance or extension date with the same effect as if made on and as of such date, (except for any such representation
and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct
in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material
Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date.

 

(b)          No
Existing Default. No Default or Event of Default shall have occurred and be continuing on the borrowing, continuation or conversion
date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date.

 

(c)          Notices.
The Administrative Agent shall have received a Notice of Borrowing or Notice of Conversion/Continuation, as applicable, from the
Borrower in accordance with Section 2.2 or Section 3.2, as applicable.

 

(d)          Additional
Documents. The Administrative Agent shall have received each additional document, instrument, legal opinion or other item reasonably
requested by it.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF THE
BORROWER

 

To induce the Administrative
Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Borrower hereby represents
and warrants to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder,
which representations and warranties shall be deemed made on the Closing Date and as otherwise set forth in Section 4.2,
that:

 

    	38

    	 

    

 

SECTION
5.1           Organization; Power; Qualification. The Borrower
and each Subsidiary thereof (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or formation, (b) has the power and authority to own its Properties and to carry on its business as now
being and hereafter proposed to be conducted and (c) is duly qualified and authorized to do business in each jurisdiction
in which the character of its Properties or the nature of its business requires such qualification and authorization except in
jurisdictions where the failure to be so qualified or in good standing could not reasonably be expected to result in a Material
Adverse Effect. The jurisdictions in which the Borrower and each Subsidiary thereof are organized and qualified to do business
as of the Closing Date are described on Schedule 5.1.

 

SECTION
5.2           Ownership. Each Subsidiary of the Borrower as
of the Closing Date is listed on Schedule 5.2. As of the Closing Date, the capitalization of the Borrower and its Subsidiaries
consists of the number of shares, authorized, issued and outstanding, of such classes and series, with or without par value, described
on Schedule 5.2. All outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable
and not subject to any preemptive or similar rights, except as described in Schedule 5.2. The shareholders or other owners,
as applicable, of the Borrower and its Subsidiaries and the number of shares owned by each as of the Closing Date are described
on Schedule 5.2. As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities,
instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide
for or require the issuance of Capital Stock of the Borrower or any Subsidiary thereof, except as described on Schedule 5.2.
All Capital Stock of the Borrower has been offered and sold in compliance with all federal and state securities laws and all other
requirements of Applicable Law, except where any failure to comply could not reasonably be expected to have a Material Adverse
Effect.

 

SECTION
5.3           Authorization Enforceability. The Borrower and
each Subsidiary thereof has the right, power and authority and has taken all necessary corporate and other action to authorize
the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party in accordance
with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly
authorized officers of the Borrower and each Subsidiary thereof that is a party thereto, and each such document constitutes the
legal, valid and binding obligation of the Borrower and each Subsidiary thereof that is a party thereto, enforceable in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state
or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and
the availability of equitable remedies.

 

SECTION
5.4           Compliance of Agreement, Loan Documents and Borrowing
with Laws, Etc. The execution, delivery and performance by the Borrower and each Subsidiary thereof of the Loan Documents to
which each such Person is a party, in accordance with their respective terms, the Extensions of Credit hereunder and the transactions
contemplated hereby do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental
Approval or violate any Applicable Law relating to the Borrower or any Subsidiary thereof where the failure to obtain such Governmental
Approval or such violation could reasonably be expected to have a Material Adverse Effect, (b) conflict with, result in a
breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of the Borrower
or any Subsidiary thereof, (c) conflict with, result in a breach of or constitute a default under any indenture, agreement
or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental Approval
relating to such Person, which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter
acquired by such Person other than Permitted Liens or (e) require any consent or authorization of, filing with, or other act
in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution,
delivery, performance, validity or enforceability of this Agreement.

 

    	39

    	 

    

 

SECTION
5.5           Compliance with Law; Governmental Approvals.
The Borrower and each Subsidiary thereof (a) has all Governmental Approvals required by any Applicable Law for it to conduct
its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of
any pending or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is in compliance with each Governmental
Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties and
(c) has timely filed all material reports, documents and other materials required to be filed by it under all Applicable Laws
with any Governmental Authority and has retained all material records and documents required to be retained by it under Applicable
Law except in each case (a), (b) or (c) where the failure to have, comply or file could not reasonably be expected to have a Material
Adverse Effect.

 

SECTION
5.6           Tax Returns and Payments. The Borrower and each
Subsidiary thereof has duly filed or caused to be filed all federal, state, local and other tax returns required by Applicable
Law to be filed, and has paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments
and governmental charges or levies upon it and its property, income, profits and assets which are due and payable (other than any
amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves
in conformity with GAAP have been provided for on the books of the Borrower), except where
the failure to file such tax returns or pay such taxes could not reasonably be expected to have a Material Adverse Effect.
Such returns accurately reflect in all material respects all liability for taxes of the Borrower or any Subsidiary thereof for
the periods covered thereby, except where the failure to accurately reflect such liability
for taxes could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 5.6,
there is no material ongoing audit or examination or, to the knowledge of the Borrower, other investigation by any Governmental
Authority of the tax liability of the Borrower or any Subsidiary thereof. No Governmental Authority has asserted any Lien or other
claim against the Borrower or any Subsidiary thereof with respect to unpaid taxes which has not been discharged or resolved (other
than (a) any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves in conformity with GAAP have been provided for on the books of the Borrower and (b) any Permitted Lien).
The charges, accruals and reserves on the books of the Borrower and each Subsidiary thereof in respect of federal, state, local
and other taxes for all Fiscal Years and portions thereof since the organization of the Borrower or any Subsidiary thereof are
in the judgment of MHGCI and the Borrower adequate, and the Borrower does not anticipate any additional taxes or assessments for
any of such years.

 

SECTION
5.7           Capital Structure. The
Sponsor owns and controls more than 50% of the economic and voting interests in the Borrower. The Borrower owns 100% of outstanding
equity interests of TGC.

 

SECTION
5.8           Environmental Matters. Except as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect:

 

(a)          The
Borrower and each Subsidiary thereof and their respective properties and operations are in compliance with all, and have not violated
any, Environmental Laws;

 

(b)          Hazardous
Materials have not been transported or disposed of to or from any of the properties owned, leased or operated by the Borrower or
any Subsidiary thereof in violation of, or, to the knowledge of the Borrower, in a manner or to a location which could give rise
to liability under, Environmental Laws;

 

(c)          There
are no Environmental Claims pending, or, to the knowledge of the Borrower, threatened, against the Borrower or any Subsidiary or
with respect to any of their respective properties or operations, nor are there any administrative or judicial decrees or orders
outstanding under any Environmental Law with respect to the Borrower, any Subsidiary thereof or any of their respective properties
or operations; and

 

    	40

    	 

    

 

(d)          There
has been no release, or to the Borrower’s knowledge, threat of release, of Hazardous Materials at or from properties owned,
leased or operated by the Borrower or any Subsidiary, or by the Borrower or any Subsidiary
at any other location, now or in the past, in violation of or in amounts or in a manner that could give rise to liability
under Environmental Laws.

 

SECTION
5.9           Employee Benefit Matters.

 

(a)          As
of the Closing Date, neither the Borrower nor any Subsidiary maintains or contributes to, or has any obligation under, any Employee
Benefit Plan that is subject to Title IV of ERISA or Section 412 of the Code other than those identified on Schedule 5.9;

 

(b)          The
Borrower and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the regulations and published
interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial
amendment period as defined in Section 401(b) of the Code has not yet expired and except where a failure to so comply could not
reasonably be expected to have a Material Adverse Effect. Each Employee Benefit Plan that is intended to be qualified under Section
401(a) of the Code has been determined by the IRS to be so qualified, and each trust related to such plan has been determined to
be exempt under Section 501(a) of the Code except for such plans that have not yet received determination letters but for which
the remedial amendment period for submitting a determination letter has not yet expired and except as could not reasonably be expected
to have a Material Adverse Effect. No liability has been incurred by the Borrower or any ERISA Affiliate which remains unsatisfied
for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability
that could not reasonably be expected to have a Material Adverse Effect;

 

(c)          As
of the Closing Date and except as could not reasonably be expected to result in liability of the Borrower in an amount in excess
of the Threshold Amount, no Pension Plan has been terminated, nor has any Pension Plan become subject to funding based benefit
restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received or requested with respect to
any Pension Plan, nor has the Borrower or any ERISA Affiliate failed to make any contributions or to pay any amounts due and owing
as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan prior to the due dates of
such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any disclosure
under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

 

(d)          Except
where the failure of any of the following representations to be correct could not reasonably be expected to have a Material Adverse
Effect, neither the Borrower nor any ERISA Affiliate has: (i) engaged in a nonexempt prohibited transaction described in Section
406 of ERISA or Section 4975 of the Code; (ii) incurred any liability to the PBGC which remains outstanding other than the payment
of premiums and there are no premium payments which are due and unpaid; (iii) failed to make a required contribution or payment
to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment under Sections 412 or 430 of the
Code;

 

(e)          No
Termination Event has occurred or is reasonably expected to occur; 

 

    	41

    	 

    

 

(f)          Except
where the failure of any of the following representations to be correct in all material respects could not reasonably be expected
to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit
and/or investigation is existing or, to the best of the knowledge of the Borrower after due inquiry, threatened concerning or involving
(i) any employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by the Borrower
or any Subsidiary, (ii) any Pension Plan or (iii) any Multiemployer Plan.

 

SECTION
5.10         Margin Stock. Neither the Borrower nor any Subsidiary thereof
is engaged principally or as one of its activities in the business of extending credit for the purpose of “purchasing”
or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation
U of the Board of Governors of the Federal Reserve System). No part of the proceeds of any of the Loans will be used for purchasing
or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T,
U or X of such Board of Governors. Following the application of the proceeds of each Extension of Credit, not more than 25% of
the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a Consolidated basis) subject
to the provisions of Section 7.2 or Section 7.5 or subject to any restriction contained in any agreement or instrument
between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will
be “margin stock”. If requested by any Lender (through the Administrative Agent) or the Administrative Agent, the Borrower
will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements
of FR Form G-3 or FR Form U 1 referred to in Regulation U.

 

SECTION
5.11         Government Regulation. Neither the Borrower nor any Subsidiary
thereof is an “investment company” or a company “controlled” by an “investment company” (as
each such term is defined or used in the Investment Company Act of 1940, as amended) and neither the Borrower nor any Subsidiary
thereof is, or after giving effect to any Extension of Credit will be, subject to regulation under the Interstate Commerce Act,
as amended, the Federal Power Act, as amended, any state public utilities code or any other Applicable Law which limits its ability
to incur or consummate the transactions contemplated hereby, except that the incurrence of Indebtedness hereunder is subject to
the approval of the Hawaii Public Utility Commission.

 

SECTION
5.12         Material Contracts. Schedule 5.12 sets forth a complete
and accurate list of all Material Contracts of the Borrower and each Subsidiary thereof in effect as of the Closing Date. Other
than as set forth in Schedule 5.12, each such Material Contract is, and after giving effect to the consummation of the transactions
contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof. To the extent requested
by the Administrative Agent, the Borrower and each Subsidiary thereof has delivered to the Administrative Agent a true and complete
copy of each Material Contract required to be listed on Schedule 5.12 or any other Schedule hereto. Neither the Borrower
nor any Subsidiary thereof (nor, to the knowledge of the Borrower, any other party thereto) is in breach of or in default under
any Material Contract in any material respect.

 

SECTION
5.13         Employee Relations. Neither the Borrower nor any Subsidiary
thereof is party to any collective bargaining agreement or has any labor union been recognized as the representative of its employees
except as set forth on Schedule 5.13. The Borrower knows of no pending, threatened or contemplated strikes, work stoppage
or other collective labor disputes involving its employees or those of its Subsidiaries that, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.14         Burdensome Provisions. The Borrower and its Subsidiaries
do not presently anticipate that future expenditures needed to meet the provisions of any statutes, orders, rules or regulations
of a Governmental Authority will be so burdensome as to have a Material Adverse Effect. No Subsidiary is party to any agreement
or instrument or otherwise subject to any restriction or encumbrance that restricts or limits its ability to make dividend payments
or other distributions in respect of its Capital Stock to the Borrower or any Subsidiary or to transfer any of its assets or properties
to the Borrower or any other Subsidiary in each case other than existing under or by reason of the Loan Documents or Applicable
Law.

 

    	42

    	 

    

 

SECTION
5.15         Financial Statements. The audited and unaudited financial
statements delivered pursuant to Section 4.1(e)(i) are complete and correct and fairly present on a Consolidated basis the
assets, liabilities and financial position of the Borrower and its Subsidiaries as at such dates, and the results of the operations
and changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial
statements). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance
with GAAP. Such financial statements show all material indebtedness and other material liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments, and Indebtedness,
in each case, to the extent required to be disclosed under GAAP. The projections delivered pursuant to Section 4.1(e)(ii)
were prepared in good faith on the basis of the assumptions stated therein, which assumptions are believed to be reasonable in
light of then existing conditions except that such financial projections and statements shall be subject to normal year end closing
and audit adjustments.

 

SECTION
5.16         No Material Adverse Change. Since December 31, 2011, there
has been no material adverse change in the properties, business, operations, or financial condition of the Borrower and its Subsidiaries
and no event has occurred or condition arisen, either individually or in the aggregate, that could reasonably be expected to have
a Material Adverse Effect.

 

SECTION
5.17         Solvency. The Borrower and each Subsidiary thereof is Solvent.

 

SECTION
5.18         Titles to Properties. As of the Closing Date, the real
property listed on Schedule 5.18 constitutes all of the real property that is owned or leased by the Borrower or any of
its Subsidiaries. The Borrower and each Subsidiary thereof has such title to the real property owned or leased by it as is necessary
or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except those
which have been disposed of by the Borrower and its Subsidiaries subsequent to such date which dispositions have been in the ordinary
course of business or as otherwise expressly permitted hereunder.

 

SECTION
5.19         Litigation. There are no actions, suits or proceedings
pending nor, to the knowledge of the Borrower, threatened against the Borrower or any Subsidiary or relating to any of their respective
properties or before any arbitrator of any kind or before or by any Governmental Authority that could reasonably be expected to
have a Material Adverse Effect.

 

SECTION
5.20         OFAC. Neither the Borrower nor any of its Subsidiaries
(i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy
Act of the United States (50 U.S.C. App. §§ 1 et seq.), as amended, (ii) is in violation of (A) the Trading with the
Enemy Act, as amended, (B) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (C) the PATRIOT Act, (iii) is a Sanctioned
Person, (ii) has more than 10% of its assets in Sanctioned Countries, or (iii) derives more than 10% of its operating income from
investments in, or transactions with Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Extension of Credit
hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments
to, a Sanctioned Person or a Sanctioned Country.

 

    	43

    	 

    

 

SECTION
5.21         Absence of Defaults. No event has occurred or is continuing
(a) which constitutes a Default or an Event of Default, or (b) which constitutes, or which with the passage of time or
giving of notice or both would constitute, a default or event of default by the Borrower or any Subsidiary thereof under any Material
Contract or judgment, decree or order to which the Borrower or any Subsidiary thereof is a party or by which the Borrower or any
Subsidiary thereof or any of their respective properties may be bound or which would require the Borrower or any Subsidiary thereof
to make any payment thereunder prior to the scheduled maturity date therefore that, in any case under this clause (b), could,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.22         Senior Indebtedness Status. The Obligations and Secured
Obligations of the Borrower and each Subsidiary thereof under this Agreement and each of the other Loan Documents ranks and shall
continue to rank at least senior in priority of payment to all Subordinated Indebtedness and all senior unsecured Indebtedness
of each such Person and is designated as “Senior Indebtedness” under all instruments and documents, now or in the future,
relating to all Subordinated Indebtedness and all senior unsecured Indebtedness of such Person.

 

SECTION
5.23         Investment Bankers’ and Similar Fees. The Borrower
has no obligation to any Person in respect of any finders’, brokers’, investment banking or other similar fee in connection
with any of the Transactions.

 

SECTION
5.24         Disclosure. The Borrower and/or its Subsidiaries have disclosed
to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which the Borrower
and any Subsidiary thereof are subject, and all other matters known to them, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect. No financial statement, material report, material certificate or other material
information furnished (whether in writing or orally) by or on behalf of the Borrower or any Subsidiary thereof to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains any untrue statement
of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, pro forma financial
information, estimated financial information and other projected or estimated information, such information was prepared in good
faith based upon assumptions believed to be reasonable at the time.

 

SECTION
5.25         Bank Accounts and Securities Accounts. Schedule 5.25
sets forth a true and complete listing of all bank accounts and securities accounts maintained by the Borrower and its Subsidiaries
as of the Closing Date.

 

SECTION
5.26         Agreements with Affiliates. Except as disclosed on Schedule 5.26,
the Borrower has not entered into and, as of the Closing Date does not contemplate entering into, any material agreement or contract
with any Affiliate of such Person except upon terms at least as favorable to the Borrower as an arms-length transaction with unaffiliated
Persons, based on the totality of the circumstances.

 

SECTION
5.27         Existing
Indebtedness; Existing Liens.

 

(a)          Schedule
5.27(a) sets forth a complete and correct list of all outstanding Indebtedness of the Borrower as of the date of this Agreement.
The Borrower is not in default, and no waiver of default is currently in effect, in the payment of any principal or interest on
any of its Indebtedness, and no event or condition exists with respect to any Indebtedness of the Borrower that would permit (or
that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and
payable before its stated maturity or before its regularly scheduled dates of payment.

 

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(b)          Schedule
5.27 (b) sets forth a complete and correct list of all Liens on or in the Property of the Borrower (other than Permitted Liens).
The Borrower has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of
its property, whether now owned or hereafter acquired, to be subject to a Lien other than Permitted Liens.

 

SECTION
5.28         Policies of Insurance. Schedule 5.28 sets forth
a true and complete listing of all insurance maintained by the Borrower as of the Closing Date. Such insurance has not been terminated
and is in full force and effect, and the Borrower has taken all action required to be taken as of the date of this Agreement to
keep unimpaired its rights thereunder in all material respects. The Properties of the Borrower are insured with financially sound
and reputable insurance companies in such amounts, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar properties.

 

SECTION
5.29         No Agreements to Sell Assets; Etc. The Borrower has no
legal obligation, absolute or contingent, to any Person to sell the assets of the Borrower, or to effect any merger, consolidation
or other reorganization of the Borrower or to enter into any agreement with respect thereto.

 

SECTION
5.30         Creation, Perfection and Priority of Liens. As of the Closing
Date, the execution and delivery of the Loan Documents by the Borrower, together with UCC financing statements, are effective to
create in favor of the Collateral Agent for the benefit of itself and the Secured Parties, as security for the Secured Obligations,
a valid and perfected first priority Lien on all of the Collateral (subject only to Permitted Liens).

 

ARTICLE
VI

AFFIRMATIVE COVENANTS

 

Until all of the Obligations
(other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash and the Commitments
terminated, the Borrower will, and will cause each of its Subsidiaries to:

 

SECTION
6.1           Financial Statements and Budgets. Deliver to
the Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent (which shall promptly make such
information available to the Lenders in accordance with its customary practice):

 

(a)          Annual
Financial Statements. As soon as practicable and in any event within 90 days after the end of each Fiscal Year (commencing
with the Fiscal Year ended December 31, 2012), an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of
the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows and a report containing
management’s discussion and analysis of such financial statements for the Fiscal Year then ended, including the notes thereto,
all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal
Year and prepared in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or
results of operations of any change in the application of accounting principles and practices during the year. Such annual financial
statements shall be audited by KPMG LLP or an independent certified public accounting firm of recognized national standing reasonably
acceptable to the Administrative Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared
in accordance with generally accepted auditing standards that is not subject to any “going concern” or similar qualification
or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by the Borrower
or any of their Subsidiaries not in accordance with GAAP.

 

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(b)          Quarterly
Financial Statements. As soon as practicable and in any event within 45 days after the end of the first three fiscal quarters
of each Fiscal Year (commencing with the fiscal quarter ended June 30, 2012), an unaudited Consolidated balance sheet of the Borrower
and its Subsidiaries as of the close of such fiscal quarter and unaudited Consolidated statements of income, retained earnings
and cash flows and a report containing management’s discussion and analysis of such financial statements for the fiscal quarter
then ended and that portion of the Fiscal Year then ended, including the notes thereto, all in reasonable detail setting forth
in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and
prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position
or results of operations of any change in the application of accounting principles and practices during the period, and certified
by a Responsible Officer of MHGCI (as applicable) or the Borrower to present fairly in all material respects the financial condition
of the Borrower and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the
Borrower and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of
footnotes; provided that through the end of the Fiscal Year ending on December 31, 2012, the foregoing requirements of this
Section 6.1(b) may be satisfied with the delivery of such Consolidated and consolidating financial statements of MHGCI.

 

(c)          Annual
Business Plan and Budget. As soon as practicable and in any event within 60 days after the end of each Fiscal Year, a business
plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing 12 fiscal quarters, such plan to be
prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget,
a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the
financial covenants set forth in Section 7.15 and a report containing management’s discussion and analysis of such
budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate
from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions
believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and
its Subsidiaries for such period.

 

SECTION
6.2           Certificates; Other Reports. Deliver to the
Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)          at
each time financial statements are delivered pursuant to Sections 6.1(a) or (b) and at such other times as the Administrative
Agent shall reasonably request, a duly completed Officer’s Compliance Certificate and a report containing management’s
discussion and analysis of such financial statements;

 

(b)          promptly
upon receipt thereof, copies of all reports, if any, submitted to the Borrower, any Subsidiary thereof or any of their respective
boards of directors by their respective independent public accountants in connection with their auditing function, including, without
limitation, any management report and any management responses thereto;

 

(c)          promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of Indebtedness of the Borrower or any
Subsidiary thereof in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement;

 

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(d)          promptly
after the assertion or occurrence thereof, notice of any Environmental Claim
against, or of any noncompliance with any Environmental Law by or any liability under any Environmental Law of,
the Borrower or any Subsidiary thereof that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any
Property described in the Mortgages to be subject to any material restrictions on ownership, occupancy, use or transferability
under any Environmental Law;

 

(e)          promptly
upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations (including, without limitation, the PATRIOT Act), as from
time to time reasonably requested by the Administrative Agent or any Lender; and

 

(f)          such
other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary thereof
as the Administrative Agent or any Lender may reasonably request.

 

The Borrower shall provide electronic copies
of the Officer’s Compliance Certificates required by Section 6.2 to the Administrative Agent. Except for such Officer’s
Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

 

The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by or on behalf
of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on SyndTrak
Online or another similar electronic system (the “Platform”).

 

SECTION
6.3           Notice of Litigation and Other Matters. Promptly
(but in no event later than 10 days after any Responsible Officer of the Borrower obtains knowledge thereof) notify the Administrative
Agent in writing of (which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)          the
occurrence of any Default or Event of Default;

 

(b)          the
commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings before
any arbitrator against or involving the Borrower or any Subsidiary thereof or any of their respective properties, assets or businesses
in each case that if adversely determined could reasonably be expected to result in a Material Adverse Effect;

 

(c)          any
notice of any violation received by the Borrower or any Subsidiary thereof from any Governmental Authority including, without limitation,
any notice of violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect;

 

(d)          any
labor controversy that has resulted in a strike or other work action against the Borrower or any Subsidiary thereof;

 

(e)          any
attachment, judgment, lien, levy or order exceeding the Threshold Amount that may be assessed against the Borrower or any Subsidiary
thereof;

 

(f)          any
event which constitutes or which with the passage of time or giving of notice or both would constitute a default or event of default
under any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any Subsidiary
thereof or any of their respective properties may be bound which could reasonably be expected to have a Material Adverse Effect;

 

    	47

    	 

    

 

(g)          (i) any
unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of the
Code (along with a copy thereof), (ii) all notices received by the Borrower or any ERISA Affiliate of the PBGC’s intent
to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by
the Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability
pursuant to Section 4202 of ERISA and (iv) the Borrower obtaining knowledge or reason to know that the Borrower or any ERISA
Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the
meaning of Section 4041(c) of ERISA; and

 

(h)          any
event which makes any of the representations set forth in Article V that is subject to materiality or Material Adverse Effect
qualifications inaccurate in any respect or any event which makes any of the representations set forth in Article V that
is not subject to materiality or Material Adverse Effect qualifications inaccurate in any material respect.

 

Each notice pursuant
to Section 6.3 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.3(a) shall describe with particularity any and all provisions of this Agreement and any other Loan
Document that have been breached.

 

SECTION
6.4           Preservation of Corporate Existence and Related
Matters. Except as permitted by Section 7.4, preserve and maintain its separate corporate existence and all rights,
franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation
or other entity and authorized to do business in each jurisdiction where the nature and scope of its activities require it to so
qualify under Applicable Law in which the failure to so qualify could reasonably be expected to have a Material Adverse
Effect.

 

SECTION
6.5           Maintenance
of Property and Licenses.

 

(a)          In
addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and material to
its business, including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition,
ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and from time to time
make or cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary for the conduct
of its business, so that the business carried on in connection therewith may be conducted in a commercially reasonable manner,
in each case except as such action or inaction would not reasonably be expected to result in a Material Adverse Effect.

 

(b)          Maintain,
in full force and effect in all material respects, each and every material license, permit, certification, qualification, approval
or franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently
conducted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

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SECTION
6.6           Insurance. Maintain insurance with financially
sound and reputable insurance companies against at least such risks and in at least such amounts as are customarily maintained
by similar businesses and as may be required by Applicable Law and as are required by any Security Documents (including, without
limitation, hazard and business interruption insurance). All such insurance shall, (a) provide that no cancellation thereof
shall be effective until at least 30 days (or 10 days in the case of nonpayment of premium) after receipt by the Collateral Agent
of written notice thereof, (b) name the Collateral Agent as an additional insured party thereunder and (c) in the case
of each casualty insurance policy, name the Collateral Agent as lender’s loss payee. On the Closing Date and from time to
time thereafter deliver to the Collateral Agent (a) upon its request information in reasonable detail as to the insurance then
in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof
and the properties and risks covered thereby and (b) prompt notice of any material modification to the insurance policies required
to be maintained hereunder.

 

SECTION
6.7           Accounting Methods and Financial Records. Maintain
a system of accounting, and keep proper books, records and accounts (which shall be true and complete in all material respects)
as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in compliance
with the regulations of any Governmental Authority having jurisdiction over it or any of its Properties.

 

SECTION
6.8           Payment of Taxes and Other Obligations. Pay
and perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its
Property and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; provided,
that the Borrower or such Subsidiary may contest any item described in clause (a) of this Section in good faith so long as
adequate reserves are maintained with respect thereto in accordance with GAAP, except where the failure to pay or perform such
items described in clauses (a) or (b) of this Section could not reasonably be expected to have a Material Adverse Effect.

 

SECTION
6.9           Compliance with Laws and Approvals. Observe
and remain in compliance in all material respects with all Applicable Laws and maintain in full force and effect all Governmental
Approvals, in each case applicable to the conduct of its business except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

SECTION
6.10         Environmental Laws. In addition to and without limiting
the generality of Section 6.9, except as could not reasonably be expected to have a Material
Adverse Effect, (a) comply and ensure all tenants and subtenants, if any, comply with all Environmental Laws and obtain
and comply with and maintain, and ensure that all tenants and subtenants, if any, obtain and comply with and maintain, any and
all licenses, approvals, notifications, registrations or permits required by any Environmental Laws, (b) conduct and complete
all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws,
and (c) except as being contested in good faith and
by appropriate proceedings, promptly comply with all orders and directives of any Governmental
Authority regarding Environmental Laws.

 

SECTION
6.11         Compliance with ERISA. In addition to and without limiting
the generality of Section 6.9, (a) except where the failure to so comply could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Code and the
regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any action
or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer
Plan, and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information
about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

 

SECTION
6.12         Compliance with Agreements. Comply in all respects with
each term, condition and provision of all leases, agreements and other instruments entered into in the conduct of its business
including, without limitation, any Material Contract, except as could not reasonably be expected to have a Material Adverse Effect.

 

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SECTION
6.13         Visits and Inspections. Permit representatives of the Administrative
Agent or any Lender, from time to time upon prior reasonable notice and at such times during normal business hours, all at the
expense of the Borrower, to visit and inspect its properties; inspect, audit and make extracts from its books, records and files,
including, but not limited to, management letters prepared by independent accountants; and discuss with its principal officers,
and its independent accountants, its business, assets, liabilities, financial condition, results of operations and business prospects;
provided that excluding any such visits and inspections during the continuation of an Event of Default, the Administrative
Agent shall not exercise such rights more often than once during any calendar year at the Borrower’s expense; provided
further that upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may
do any of the foregoing at the expense of the Borrower at any time during normal business hours without advance notice.

 

SECTION 6.14         Reserved.

 

SECTION
6.15         Hedge Agreement. Not later than 30 days after the Closing
Date, enter into and maintain at all times thereafter for a period of not less than four years, Hedge Agreements with any Lender
or other Persons acceptable to the Administrative Agent, in an amount sufficient to cause at least 75% percent of the aggregate
principal amount of outstanding Indebtedness for borrowed money of the Borrower and its Subsidiaries to be fixed rate Indebtedness.

 

SECTION
6.16         Use of Proceeds. The Borrower shall use the proceeds of
the Loans to refinance the $80,000,000 of outstanding term loans of the Borrower.

 

SECTION
6.17         Corporate Governance. (a) Maintain entity records
and books of account separate from those of any other entity which is an Affiliate of such entity, (b) not commingle
its funds or assets with those of any other entity which is an Affiliate of such entity (except pursuant to cash management systems
reasonably acceptable to the Administrative Agent) and (c) provide that its board of directors (or equivalent governing body)
will hold all appropriate meetings to authorize and approve such entity’s actions, which meetings will be separate from those
of any other entity which is an Affiliate of such entity.

 

SECTION
6.18         Further Assurances. Maintain the security interest created
by the Security Documents in accordance with the terms of the Security Agreement, subject to the rights of the Borrower to dispose
of the Collateral pursuant to the Loan Documents; and make, execute and deliver all such additional and further acts, things, deeds,
instruments and documents as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably
require for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of renewing
the rights of the Lender Parties with respect to the Collateral as to which the Collateral Agent, for the ratable benefit of the
Secured Parties, has a perfected Lien pursuant hereto or thereto, including, without limitation, filing any financing or continuation
statements under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby
or by the other Loan Documents.

 

SECTION
6.19         Restricted Payments of TGC. The Borrower, as the sole shareholder
of TGC, shall, to the extent that TGC is permitted to make Restricted Payments under the TGC Credit Agreement, cause TGC to make
such Restricted Payments in the amounts and at the times required in order to enable the Borrower to pay interest due on the Loans,
to make any mandatory prepayments of the Loans required to be made under the TGC Credit Agreement and to make any other payment
required to be made by Borrower under the Loan Documents.

 

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ARTICLE
VII

NEGATIVE COVENANTS

 

Until all of the Obligations
(other than contingent, indemnification obligations not then due) have been paid and satisfied in full in cash, and the Commitments
terminated, the Borrower will not, and, other than in the case of Sections 7.16 and 7.17, will not permit any of its Subsidiaries
to.

 

SECTION
7.1           Indebtedness. Create, incur, assume or suffer
to exist any Indebtedness except:

 

(a)          the
Obligations and any refinancings, refundings, renewals or extensions thereof; provided that (i) the principal amount
of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal
to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing
and by an amount equal to any existing commitments unutilized thereunder and (ii) the final maturity date and weighted average
life of such refinancing, refunding, renewal or extension shall not be prior to or shorter than that applicable to the Indebtedness
prior to such refinancing, refunding, renewal or extension; 

 

(b)          Indebtedness
and obligations owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate, exchange rate
or commodity price risks or to secure feedstock or inventory and not for speculative purposes; 

 

(c)          Indebtedness
existing on the Closing Date and listed on Schedule 5.27(a), and, other than in the case of the Existing Revolving Credit
Facility, any refinancings, refundings, renewals or extensions thereof; provided that (i) the principal amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by
an amount equal to any existing commitments unutilized thereunder, (ii) the final maturity date and weighted average life
of such refinancing, refunding, renewal or extension shall not be prior to or shorter than that applicable to the Indebtedness
prior to such refinancing, refunding, renewal or extension and (iii) any refinancing, refunding, renewal or extension of any
Subordinated Indebtedness shall be (A) on subordination terms at least as favorable to the Lenders, (B) no more restrictive
on the Borrower and its Subsidiaries than the Subordinated Indebtedness being refinanced, refunded, renewed or extended and (C) in
an amount not less than the amount outstanding at the time of such refinancing, refunding, renewal or extension;

 

(d)          Indebtedness
incurred in connection with Capital Leases of TGC for barges used by TGC in the ordinary course of its business to transport its
gas;

 

(e)          unsecured
intercompany Indebtedness between the Borrower and its Subsidiaries and TGC and its Subsidiaries;

 

(f)          Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against
insufficient funds in the ordinary course of business;

 

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(g)          Indebtedness
of TGC and its Subsidiaries in connection with the TGC Credit Agreement, but in no event in excess of $100,000,000 and the TGC
Notes, but in no event in excess of $100,000,000, and, in each case, any refinancings, refundings, renewals or extensions thereof;
provided that (i) the principal amount of such Indebtedness is not increased at the time of such refinancing, refunding,
renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably
incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and (ii) the
final maturity date and weighted average life of such refinancing, refunding, renewal or extension shall not be prior to or shorter
than that applicable to the Indebtedness prior to such refinancing, refunding, renewal or extension; provided, further
that upon any refinancing of any outstanding TGC Loans with Additional TGC Notes, the TGC Revolving Credit Commitments shall be
permitted to be reinstated in an amount equal to the lesser of the principal amount of the TGC Loans subject to such refinancing
or $50,000,000;

 

(h)          Indebtedness
under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’
compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any
of the foregoing; or

 

(i)          unsecured
Indebtedness of TGC or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate principal amount
not to exceed $10,000,000 at any time outstanding.

 

SECTION
7.2           Liens. Create, incur, assume or suffer to exist,
any Lien on or with respect to any of its Property, whether now owned or hereafter acquired, except:

 

(a)          Liens
created pursuant to the Loan Documents;

 

(b)          Liens
in existence on the Closing Date and described on Schedule 5.27(b), including Liens incurred in connection with any refinancing,
refunding, renewal or extension of Indebtedness pursuant to Section 7.1(c) (solely to the extent that such Liens were in
existence on the Closing Date and described on Schedule 5.27(b)); provided that the scope of any such Lien shall
not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond
that in existence on the Closing Date, except for products and proceeds of the foregoing; 

 

(c)          Liens
for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of
ERISA) (i) not yet due or as to which the period of grace (not to exceed 30 days), if any, related thereto has not expired
or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the
extent required by GAAP;

 

(d)          the
claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred
in the ordinary course of business, which (i) are not overdue for a period of more than 30 days, or if more than 30 days overdue,
no action has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings
if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate, materially
impair the use thereof in the operation of the business of the Borrower or any of its Subsidiaries;

 

(e)          deposits
or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’
compensation, unemployment and health insurance and other types of social security or similar legislation, or to secure the performance
of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to
judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business,
in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral
on account thereof; 

 

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(f)          encumbrances
in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property or otherwise disclosed
by a survey or visual inspection, which in the aggregate are not substantial in amount and which do not, in any case, detract from
the value of such property or impair the use thereof in the Borrower’s ordinary conduct of business;

 

(g)          Liens
incurred by TGC and its Subsidiaries in connection with the TGC Credit Agreement and the TGC Notes, and, in each case, any refinancings,
refundings, renewals or extensions thereof; provided that the scope of any such Lien shall not be increased, or otherwise
expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except
for products and proceeds of the foregoing;

 

(h)          Liens
on fixed or capital assets acquired, constructed or improved by TGC or its Subsidiaries; provided that (i) such security interests
and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction
or improvement, and (ii) such security interests shall not apply to any other property or assets of the Borrower or its Subsidiaries;
and

 

(i)          Liens
incurred by the Borrower or its Subsidiaries pursuant to any Secured Hedge Agreement or Secured Cash Management Agreement, each
as required or permitted under this Agreement or the TGC Credit Agreement.

 

SECTION
7.3           Investments. Purchase, own, invest in or otherwise
acquire (in one transaction or a series of transactions), directly or indirectly, any Capital Stock, interests in any partnership
or joint venture (including, without limitation, the creation or capitalization of any Subsidiary), evidence of Indebtedness or
other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment
or interest whatsoever in any other Person, or make or permit to exist, directly or indirectly, any loans, advances or extensions
of credit to, or any investment in cash or by delivery of Property in, any Person (all the foregoing, “Investments”)
except:

 

(a)          (i) Investments
existing on the Closing Date in Subsidiaries existing on the Closing Date, (ii) Investments existing on the Closing Date (other
than Investments in Subsidiaries existing on the Closing Date) and described on Schedule 7.3 and (iii) Investments
made after the Closing Date by the Borrower in TGC;

 

(b)          Investments
in cash and Cash Equivalents;

 

(c)          Investments
by TGC or any of its Subsidiaries in the form of Capital Expenditures permitted pursuant to this Agreement;

 

(d)          deposits
made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 7.2;

 

(e)          Hedge
Agreements permitted pursuant to Section 7.1;

 

(f)          purchases
of assets in the ordinary course of business; 

 

(g)          Investments
in the form of intercompany Indebtedness permitted pursuant to Section 7.1(e);

 

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(i)          Investments
by the Borrower or any Subsidiary thereof in each other; and

 

(j)          So
long as no Default or Event of Default shall have occurred and be continuing, any loan or advance of funds by TGC (i) to the Borrower
or (ii) pursuant to the Intercompany Loan Agreement, but in each case only to the extent permitted under the TGC Credit Agreement
as in effect as of the date hereof.

 

For purposes of determining the amount
of any Investment outstanding for purposes of this Section 7.3, such amount shall be deemed to be the amount of such Investment
when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less
any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount
invested).

 

SECTION
7.4           Fundamental Changes. Consolidate with or merge
into any other Person or permit any other Person to merge into it, acquire any Person as a new Subsidiary or acquire all or substantially
all of the assets of any other Person without the prior written approval of the Administrative Agent acting at the direction of
the Required Lenders; provided that the Borrower and its Subsidiaries may merge into or consolidate with each other if (i)
no Default or Event of Default will result after giving effect to any such merger or consolidation and (ii) in any such merger
or consolidation the Borrower is the surviving person.

 

SECTION
7.5           Asset Dispositions. Make any Asset Disposition
except:

 

(a)          the
sale of obsolete, worn-out or surplus assets no longer used or usable in the business of TGC or any of its Subsidiaries;

 

(b)          sales
by TGC or its Subsidiaries of inventory to Persons in the ordinary course of their businesses and the granting of any option or
other right to purchase, lease or otherwise acquire inventory in the ordinary course of TGC’s business or the business of
its Subsidiaries;

 

(c)          sales
or other dispositions by TGC or its Subsidiaries of any Property, provided that (i) no Event of Default shall have occurred and
be continuing, (ii) the purchase price paid to TGC or its Subsidiaries for such Property shall be no less than the fair market
value of such Property as determined in good faith by the Borrower at the time of such sale (provided that details of such determination
be made available to the Administrative Agent upon request) and (iii) the aggregate purchase price paid to TGC or its Subsidiaries
for such Property during the same fiscal year pursuant to this clause (c) shall not exceed $10,000,000; and

 

(d)          sales
or other dispositions by the Borrower or its Subsidiaries of Investments permitted by Section 7.3(a) of this Agreement
for not less than fair market value as determined in good faith by the Borrower at the time of such sale (provided that the details
of such determination be made available to the Administrative Agent upon request).

 

SECTION
7.6           Restricted Payments. Declare or pay, directly
or indirectly, any dividend on, or make any payment or other distribution on account of, or purchase, redeem, retire or otherwise
acquire (directly or indirectly), or set apart assets for a sinking or other analogous fund for the purchase, redemption, retirement
or other acquisition of, any class of Capital Stock of the Borrower or any Subsidiary thereof, or make, directly or indirectly,
any distribution of cash, property or assets to the holders of shares of any Capital Stock of the Borrower or any Subsidiary thereof
(all of the foregoing, the “Restricted Payments”) provided that:

 

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(a)          the
Borrower or any Subsidiary thereof may pay dividends in shares of its own Qualified Capital Stock;

 

(b)          any
Subsidiary of the Borrower may pay cash dividends to the Borrower or ratably to all holders of its outstanding Qualified Capital
Stock; 

 

(c)          TGC
may declare and make (and each Subsidiary of TGC may declare and make to enable itself or TGC to do the same) Restricted Payments
to the Borrower, so that the Borrower may:

 

(i)          pay
corporate operating (including, without limitation, directors fees and expenses) and overhead expenses (including, without limitation,
rent, utilities and salary) in the ordinary course of business and fees and expenses of attorneys, accountants, appraisers and
the like;

 

(ii)         redeem,
retire or otherwise acquire shares of its Capital Stock or options or other equity or phantom equity in respect of its Capital
Stock from present or former officers, employees, directors or consultants (or their family members or trusts or other entities
for the benefit of any of the foregoing) or make severance payments to such Persons in connection with the death, disability or
termination of employment or consultancy of any such officer, employee, director or consultant to the extent that such purchase
is made with the Net Cash Proceeds of any offering of equity securities of or capital contributions to the Borrower; and 

 

(iii)        make
cash payments under the Management Agreement; and

 

(d)          the
Borrower may declare and make Restricted Payments to: 

 

(i)
redeem, retire or otherwise acquire shares of its Capital Stock or options or other equity or phantom equity in respect of its
Capital Stock from present or former officers, employees, directors or consultants (or their family members or trusts or other
entities for the benefit of any of the foregoing) or make severance payments to such Persons in connection with the death, disability
or termination of employment or consultancy of any such officer, employee, director or consultant to the extent that such purchase
is made with the Net Cash Proceeds of any offering of equity securities of or capital contributions to the Borrower; and

 

(ii)
pay cash dividends ratably to all holders of its outstanding Qualified Capital Stock (including the Sponsor and its Affiliates
pursuant to the Management Agreement), so long as (1) no Default or Event of Default shall have occurred and be continuing, (2)
no Lock-Up Period is in effect or (3) the Borrower has not failed to make a mandatory prepayment pursuant to Section 2.4(b) because
a TGC Dividend Block Event has occurred.

 

SECTION
7.7           Transactions with Affiliates. Directly or indirectly
enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of
any service or the payment of any management, advisory or similar fees, with (a) any officer, director, holder of any Capital
Stock in, or other Affiliate of, TGC, the Borrower or any of its Subsidiaries, (b) any Affiliate of any such officer, director
or holder or (c) the Sponsor or any officer, director, holder of any Capital Stock in, or other Affiliate of, the Sponsor,
other than:

 

(i)          transactions
among the Persons identified in clauses (a), (b) or (c) above that are explicitly permitted by Sections 7.1, 7.2,
7.3, 7.4, 7.5, 7.6 and 7.13; 

 

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(ii)         transactions
existing on the Closing Date and described on Schedule 7.7;

 

(iii)        other
transactions in the ordinary course of business on terms as favorable as would be obtained by it on a comparable arm’s-length
transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing
body) of the Borrower;

 

(iv)        employment
and severance arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective
officers and employees in the ordinary course of business;

 

(v)         payment
of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees
of TGC, the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation
of the Borrower and its Subsidiaries;

 

(vi)        payments
as contemplated under the Tax Sharing Agreement; and

 

(vii)       payment
to the Sponsor or its designee of (A) fees and indemnities in an amount not to exceed the amount set forth in the Management
Agreement and (B) reasonable out-of-pocket expenses; provided that, in either case set forth in the foregoing clauses (A)
or (B), no Event of Default shall have occurred and be continuing prior thereto or as result thereof.

 

SECTION
7.8           Accounting Changes; Organizational Documents.

 

(a)          Change
its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment
and reporting practices except as required by GAAP.

 

(b)          Amend,
modify or change its articles of incorporation (or corporate charter or other similar organizational documents) or amend, modify
or change its bylaws (or other similar documents) in any manner materially adverse to the rights or interests of the Lenders.

 

SECTION
7.9           Reserved.

 

SECTION
7.10         No Further Negative Pledges; Restrictive Agreements.

  

(a)          Enter
into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its
properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security
is given for some other obligation, except (i) pursuant to this Agreement and the other Loan Documents, (ii) pursuant to the TGC
Note Purchase Agreement and the documents related thereto, (iii) pursuant to the TGC Credit Agreement and the documents related
thereto, (iv) pursuant to any document or
instrument governing Indebtedness incurred pursuant to Section 7.1(h); provided, that any such restriction contained therein
relates only to the asset or assets acquired in connection therewith (v) restrictions contained in the organizational documents
of the Borrower as of the Closing Date and (vi) restrictions in connection with any Permitted Lien or any document or instrument
governing any Permitted Lien (provided, that any such restriction contained therein relates only to the asset or assets
subject to such Permitted Lien).

 

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(b)          Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of the Borrower
or any Subsidiary thereof to (i) pay dividends or make any other distributions to the Borrower or any Subsidiary on its Capital
Stock or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or
other obligation owed to the Borrower, (iii) make loans or advances to the Borrower or any Subsidiary, (iv) sell, lease
or transfer any of its properties or assets to the Borrower or any Subsidiary or (v) act as a guarantor pursuant to the Loan
Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred
to in clauses (i) through (v) above) for such encumbrances or restrictions existing under or by reason of (A) this Agreement
and the other Loan Documents, (B) the TGC Note Purchase Agreement and the documents related thereto as the same exist on the
date hereof, (C) pursuant to the TGC Credit Agreement and the documents related thereto, (D), Applicable Law, (E) any
document or instrument governing Indebtedness incurred pursuant to Section 7.1(h) (provided, that any such restriction contained
therein relates only to the asset or assets acquired in connection therewith), (F) any Permitted Lien or any document or
instrument governing any Permitted Lien (provided, that any such restriction contained therein relates only to the asset or assets
subject to such Permitted Lien), (G) obligations that are binding on a Subsidiary at the time such Subsidiary first becomes
a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation of such Person becoming a Subsidiary,
(H) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted
pursuant to Section 7.5) that limit the transfer of such Property pending the consummation of such sale, (I) customary
restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long
as such restrictions relate only to the assets subject thereto and (J) customary provisions restricting assignment of any
agreement entered into in the ordinary course of business.

 

SECTION
7.11         Nature of Business. Engage or permit any Subsidiary to,
engage in any business other than the current business that it or its Subsidiaries is currently engaged in including, but not
limited to, the distribution of natural gas, propane and synthetic natural gas including in connection with additional clean and
renewable energy alternatives, renewable natural gas and liquefied natural gas (LNG), and any business activity reasonably related
or ancillary thereto.

 

SECTION
7.12         Amendments of Other Documents. Amend, modify, waive or
supplement (or permit modification, amendment, waiver or supplement of) any of the terms or provisions of the Management Agreement,
the Intercompany Loan Agreement, the TGC Credit Agreement or any other Material Contract (other than the TGC Note Purchase Agreement
and the documents related thereto), in any respect which would materially and adversely affect the rights or interests of the
Administrative Agent and the Lenders hereunder, in each case, without the prior written consent of Required Lenders.

 

SECTION
7.13         Sale Leasebacks. Directly or indirectly become or remain
liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease or a Capital Lease, of
any Property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which the Borrower or any Subsidiary
thereof has sold or transferred or is to sell or transfer to a Person which is not the Borrower or Subsidiary of the Borrower
or (b) which the Borrower or any Subsidiary of the Borrower intends to use for substantially the same purpose as any other
Property that has been sold or is to be sold or transferred by the Borrower or such Subsidiary to another Person which is not
the Borrower or Subsidiary of the Borrower in connection with such lease.

 

SECTION
7.14         Reserved.

 

SECTION
7.15         Financial Covenants.

 

(a)          Consolidated
Total Indebtedness to Consolidated Capitalization Ratio. As of the last day of any fiscal quarter, permit the Consolidated
Total Indebtedness to Consolidated Capitalization Ratio to be greater than 67.5%.

 

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(b)          Consolidated
Interest Coverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Interest Coverage Ratio to be less
than 3.00 to 1.00.

 

SECTION
7.16         Limited Holding Company Status of the Borrower.

 

(a)          Hold
any assets other than (i) the Capital Stock of TGC and (ii) other miscellaneous non-material assets;

 

(b)          Have
any liabilities other than (i) the liabilities under the Loan Documents, (ii) liabilities incurred in connection with Hedge
Agreements required by Section 6.15, (iii) tax liabilities arising in the ordinary course of business, (iv) Indebtedness
permitted under Section 7.1, and (v) corporate, administrative and operating expenses in the ordinary course of business;
or

 

(c)          Engage
in any activities or business other than (i) holding the assets and incurring the liabilities described in this Section
7.16 and activities incidental and related thereto or (ii) making payments, dividends, distributions, issuances or other
activities permitted pursuant to Sections 7.6 or 7.7.

 

SECTION
7.17         Reserved.

 

SECTION
7.18         Accounts. Maintain bank accounts or securities accounts
other than (i) the bank accounts and securities accounts listed in Schedule 7.18, and (ii) additional bank
accounts and securities accounts established after the Closing Date for the working capital needs of the Borrower which are subject
to control agreements.

 

SECTION
7.19         Jurisdiction of Formation. Change their jurisdiction of
formation except upon not less than 90 days prior written notice to the Administrative Agent.

 

SECTION
7.20         Foreign Assets Control Regulations. Use the proceeds of
any Extension of Credit:

 

(i)          to
fund any operations of, to finance any investments or activities in, or to make any payments to, any person named on the list of
Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets
Control; or

 

(ii)         to
fund any operations in, to finance any investments or activities in, or to make any payments to, an agency of the government of
a country, an organization controlled by a country, or a person resident in a country that is subject to a sanctions program administered
by the U.S. Department of the Treasury's Office of Foreign Assets Control under 31 C.F.R. Chapter V.

 

ARTICLE
VIII

DEFAULT AND REMEDIES

 

SECTION
8.1           Events of Default. Each of the following shall
constitute an Event of Default:

 

(a)          Default
in Payment of Principal of Loans. The Borrower shall default in any payment of principal of any Loan when and as due (whether
at maturity, by reason of acceleration or otherwise).

 

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(b)          Other
Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration
or otherwise) of interest on any Loan or the payment of any other Obligation, and such default shall continue for a period of 3
Business Days.

 

(c)          Misrepresentation.
Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any Subsidiary
thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is
subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or
deemed made or any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower
or any Subsidiary thereof in this Agreement, any other Loan Document, or in any document delivered in connection herewith or therewith
that is not subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material
respect when made or deemed made.

 

(d)          Default
in Performance of Certain Covenants. The Borrower shall default in the performance or observance of any covenant or agreement
contained in Sections 6.4, 6.5(b), 6.9, 6.16 or Article VII.

 

(e)          Default
in Performance of Other Covenants and Conditions. The Borrower or any Subsidiary thereof shall default in the performance or
observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in
this Section) or any other Loan Document and such default shall continue for a period of 30 days after the earlier of (i) the
Administrative Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of the Borrower
having obtained knowledge thereof.

 

(f)          Indebtedness
Cross-Default. The Borrower or any Subsidiary thereof shall (i) default in the payment of any Indebtedness (other than
the Loans) the aggregate outstanding amount of which Indebtedness is in excess of the Threshold Amount beyond the period of grace
if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance
or performance of any other agreement or condition relating to any Indebtedness (other than the Loans) the aggregate outstanding
amount of which Indebtedness is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing
or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition
is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders)
to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to become due prior to its stated
maturity (any applicable grace period having expired).

 

(g)          Other
Cross-Defaults. The Borrower or any Subsidiary thereof shall default in the payment when due, or in the performance or observance,
of any obligation or condition of any Material Contract, and
in each case, any grace or cure period thereunder shall have expired, unless, but only as long as, the existence of any
such default is being contested by the Borrower or any such Subsidiary in good faith by appropriate proceedings and adequate reserves
in respect thereof have been established on the books of the Borrower to the extent required by GAAP.

 

(h)          Change
in Control. Any Change in Control shall occur.

 

(i)          Voluntary
Bankruptcy Proceeding. The Borrower or any Subsidiary thereof shall (i) commence a voluntary case under the federal bankruptcy
laws (as now or hereafter in effect), (ii) file a petition seeking to take advantage of any other laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of debts, (iii) consent to or
fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws
or other laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or
the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property,
domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment
for the benefit of creditors, or (vii) take any corporate action for the purpose of authorizing any of the foregoing.

 

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(j)          Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower or any Subsidiary thereof in any
court of competent jurisdiction seeking (i) relief under the federal bankruptcy laws (as now or hereafter in effect) or under
any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or
(ii) the appointment of a trustee, receiver, custodian, liquidator or the like for the Borrower or any Subsidiary thereof
or for all or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue
without dismissal or stay for a period of 60 consecutive days, or an order granting the relief requested in such case or proceeding
(including, but not limited to, an order for relief under such federal bankruptcy laws) shall be entered.

 

(k)          Failure
of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be
valid and binding on the Borrower or any Subsidiary thereof party thereto or any such Person shall so state in writing, or any
Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or
security interest in, any of the Collateral purported to be covered thereby, in each case other than in accordance with the express
terms hereof or thereof.

 

(l)          ERISA
Events. The occurrence of any of the following events: (i) the Borrower or any ERISA Affiliate fails to make full payment
when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, the Borrower or any
ERISA Affiliate is required to pay as contributions thereto and the resultant liability of the Borrower is in excess of the Threshold
Amount, or (ii) a Termination Event.

 

(m)          Judgment.
A judgment or order for the payment of money which causes the aggregate amount of all such judgments or orders (net of any amounts
paid or fully covered by independent third party insurance as to which the relevant insurance company does not dispute coverage)
to exceed the Threshold Amount shall be entered against the Borrower or any Subsidiary thereof by any court and such judgment or
order shall continue without having been discharged, vacated or stayed for a period of 60 consecutive days after the entry thereof.

 

(n)          Abandonment.
Except for in the case of force majeure in which case this Section 8.1(n) shall not apply, the Borrower or its Subsidiaries
shall abandon its business operations, which abandonment shall be deemed to have occurred if the Borrower or its Subsidiaries fails,
without reasonable cause, to conduct business operations in the ordinary course for a continuous period of more than 30 days.

 

(o)          Loss
of Governmental Approvals. Any material Governmental Approvals necessary (i) for the execution, delivery and performance
by the Borrower or any of its Subsidiaries of any of the Loan Documents or Material Contracts to which it is a party, or for the
performance by the Borrower of its material rights and obligations under any of the Loan Documents or Material Contracts to which
it is a party or (ii) for the ownership, leasing or operation of any material portion of the business of the Borrower or any
of its Subsidiaries (determined on a consolidated basis) as conducted as of the date hereof, shall be revoked, terminated, withdrawn,
suspended or materially modified unless (x) such Governmental Approval is reinstated within 10 days after the occurrence of such
event (or such longer period as is necessary to reinstate such Governmental Approval, so long as the Borrower or any of its Subsidiaries
are diligently pursuing such reinstatement and such extension of time does not result or could reasonably be expected to result
in a Material Adverse Effect), or (y) the revocation, termination, withdrawal, suspension or modification of such Governmental
Approval does not result in or could not reasonably be expected to result in a Material Adverse Effect.

 

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(p)          Illegality.
It becomes unlawful for the Borrower or its Subsidiaries to perform any of its obligations under the Loan Documents (other than
an illegality referred to in Section 3.8) and such illegality could reasonably be expected to have a Material Adverse Effect.

 

SECTION
8.2           Remedies. Upon the occurrence of an Event of
Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders,
the Administrative Agent shall, by notice to the Borrower:

 

(a)          Acceleration;
Termination of Credit Facility. Declare the principal of and interest on the Loans at the time outstanding, and all other amounts
owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations,
to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest
or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or the other Loan Documents
to the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings thereunder;
provided, that upon the occurrence of an Event of Default specified in Section 8.1(i) or (j), the Credit Facility
shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest
or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or in any other Loan
Document to the contrary notwithstanding.

 

(b)          General
Remedies. Exercise on behalf of the Lender Parties all of its other rights and remedies under this Agreement, the other Loan
Documents and Applicable Law, in order to satisfy all of the Obligations.

 

SECTION
8.3           Rights and Remedies Cumulative; Non-Waiver; etc.

  

(a)          The
enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended
to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise
of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given
hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No
delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of
any Event of Default. No course of dealing between the Borrower, the Administrative Agent and the Lenders or their respective agents
or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents
or to constitute a waiver of any Event of Default.

 

(b)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder
and under the other Loan Documents against the Borrower or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.2 for the benefit of all the Lenders; provided that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section
10.4 (subject to the terms of Section 3.4), or (c) any Lender from filing proofs of claim or appearing and filing pleadings
on its own behalf during the pendency of a proceeding relative to the Borrower under any Debtor Relief Law; and provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents,
then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.2
and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso, any Lender may, with the consent
of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

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SECTION
8.4           Crediting of Payments and Proceeds. In the
event that the Obligations have been accelerated pursuant to Section 8.2 or the Administrative Agent or any Lender has
exercised any remedy set forth in this Agreement or any other Loan Document, all payments received by the Lenders upon the Secured
Obligations and all net proceeds from the enforcement of the Secured Obligations shall be applied:

 

First, to payment
of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees,
payable to the Administrative Agent in its capacity as such;

 

Second, to payment
of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective
amounts described in this clause Second payable to them;

 

Third, to payment
of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Secured Obligations constituting unpaid principal of the Loans and payment obligations then owing under
Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Hedge Banks and the Cash Management
Banks in proportion to the respective amounts described in this clause Fourth held by them; and

 

Last, the balance,
if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable
Law.

 

Notwithstanding the
foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded
from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may
be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding
sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant
to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

SECTION
8.5           Administrative Agent May File Proofs of Claim.
In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower,
the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

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(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 3.3 and 10.3) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 3.3 and 10.3.

 

SECTION
8.6           Credit Bidding.

 

(a)          The
Administrative Agent, on behalf of itself and the Lenders, shall have the right to credit bid and purchase for the benefit of the
Administrative Agent and the Lenders all or any portion of Collateral at any sale thereof conducted by the Administrative Agent
under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, at any sale thereof conducted under
the provisions of the United States Bankruptcy Code, including Section 363 thereof, or a sale under a plan of reorganization, or
at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance
with Applicable Law.

 

(b)          Each
Lender hereby agrees that, except as otherwise provided in any Loan Documents or with the written consent of the Administrative
Agent and the Required Lenders, it will not take any enforcement action, accelerate obligations under any Loan Documents, or exercise
any right that it might otherwise have under applicable law to credit bid at foreclosure sales, UCC sales or other similar dispositions
of Collateral.

 

ARTICLE
IX

THE ADMINISTRATIVE AGENT

 

SECTION
9.1           Appointment and Authority.

 

(a)          Each
of the Lenders hereby irrevocably designates and appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder
and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders,
and neither the Borrower nor any Subsidiary thereof shall have rights as a third party beneficiary of any of such provisions. It
is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties.

 

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(b)          The
Administrative Agent shall also act as the Collateral Agent under the Loan Documents, and each of the Lenders (including in its
capacity as a potential Hedge Bank or Cash Management Bank) hereby irrevocably appoints and authorizes the Administrative Agent
to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by
the Borrower to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto
(including, without limitation, to enter into additional Loan Documents or supplements to existing Loan Documents on behalf of
the Lender Parties). In this connection, the Administrative Agent, as Collateral Agent and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to this Article IX for purposes of holding or enforcing any Lien on the Collateral
(or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction
of the Administrative Agent), shall be entitled to the benefits of all provisions of this Articles IX and X (including
Section 10.3, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents)
as if set forth in full herein with respect thereto.

 

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

 

SECTION
9.3           Exculpatory Provisions.

 

(a)          The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent:

 

(i)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)         shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

(iii)        shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

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(b)          The
Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Section 10.2 and Section 8.2) or
(ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower or a Lender.

 

(c)          The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

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

 

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

 

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SECTION
9.6           Resignation of Administrative Agent. The Administrative
Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with
an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders,
appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed,
such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

(a)          With
effect from the Resignation Effective Date, (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such
time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower
and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 10.3 shall continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring Administrative Agent was acting as Administrative Agent.

 

SECTION
9.7           Non-Reliance on Administrative Agent and Other
Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own 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.

 

SECTION
9.8           No Other Duties, etc.  Anything herein
to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents, book managers, lead managers,
arrangers, lead arrangers or co-arrangers listed on the cover page or signature pages hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative
Agent or a Lender hereunder.

 

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SECTION
9.9           Collateral and Guaranty Matters.

 

(a)          Each
of the Lenders (including in its or any of its Affiliate’s capacities as a potential Hedge Bank or Cash Management Bank)
irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(i)          to
release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties,
under any Loan Document (A) upon the payment in full of all Secured Obligations (other than (1) contingent indemnification
obligations and (2) obligations and liabilities under Secured Cash Management Agreements or Secured Hedge Agreements as to which
arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made), (B) that is sold or
to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (C) if approved,
authorized or ratified in writing in accordance with Section 10.2;

 

(ii)         to
subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of
any Permitted Lien; and

 

(iii)        to
release any guarantor from its obligations under any Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction
permitted hereunder.

 

Upon request by the Administrative Agent
at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any guarantor from its obligations pursuant to this Section
9.9. In each case as specified in this Section 9.9, the Administrative Agent will, at the Borrower’s expense,
execute and deliver to the Borrower such documents as the Borrower may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in
such item, or to release such guarantor from its obligations, in each case in accordance with the terms of the Loan Documents and
this Section 9.9. In the case of any such sale, transfer or disposal of any property constituting Collateral in a transaction
constituting an Asset Disposition permitted pursuant to Section 7.5, the Liens created by any of the Security Documents
on such property shall be automatically released without need for further action by any person.

 

(b)          The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s
Lien thereon, or any certificate prepared by the Borrower in connection therewith, nor shall the Administrative Agent be responsible
or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

SECTION
9.10         Secured Hedge Agreements and Secured Cash Management Agreements.
No Cash Management Bank or Hedge Bank that obtains the benefits of Section 8.4 or any Collateral by virtue of the provisions
hereof or of any Security Document shall have any right to notice of any action or to consent to, direct or object to any action
hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any
Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Agreements
and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Cash Management Agreements
and Secured Hedge Agreements, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be.

 

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ARTICLE
X

MISCELLANEOUS

 

SECTION
10.1         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 facsimile as follows:

 

If to the Borrower:

 

HGC Holdings LLC

745 Fort Street

Honolulu, HI 96813

United States of America

Attention of: Jeffrey M. Kissel, President and Chief Executive Officer

Telephone No.: (808) 535-5908

Facsimile No.: (808) 535-5943

E-mail: JKissel@hawaiigas.com

 

With copies to:

 

HGC Holdings LLC

745 Fort Street

Suite 1800

Honolulu, HI 96813

United States of America

Attention of: Nathan C. Nelson, General Counsel

Telephone No.: (808) 535-5912

Facsimile No.: (808) 535-5943

E-mail: NNelson@hawaiigas.com

 

If to Wells Fargo as

Administrative

Agent:

 

Wells Fargo Bank, National Association

1525 West W.T. Harris Boulevard

Mail Code: D1109-019

Charlotte, NC 28262

Attn: Syndication Agency Services

Telephone: 704-590-2706

Facsimile: 704-590-2790

Email:  agencyservices.requests@wellsfargo.com

 

If to any Lender:

 

To the address set forth on the Register

 

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Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or
the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other
communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be
deemed to have been sent at the opening of business on the next business day for the recipient.

 

(c)          Administrative
Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any
subsequent office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative
Agent’s Office referred to herein, to which payments due are to be made and at which Loans will be disbursed.

 

(d)          Change
of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto.

 

(e)          Platform.

 

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

 

(ii)         The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection
with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or entity for damages
of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses
(whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
communications through the Platform. “Communications” means, collectively, any notice, demand, communication,
information, document or other material that the Borrower provides to the Administrative Agent pursuant to any Loan Document or
the transactions contemplated therein which is distributed to the Administrative Agent or any Lender by means of electronic communications
pursuant to this Section, including through the Platform.

 

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SECTION
10.2         Amendments, Waivers and Consents. Except as set forth
below or as specifically provided in any Loan Document, any term, covenant, agreement or condition of this Agreement or any of
the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if,
such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the consent
of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided,
that no amendment, waiver or consent shall:

 

(a)          waive,
extend or postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written
consent of each Lender directly and adversely affected thereby;

 

(b)          reduce
the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso
to this Section) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each
Lender directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary
(i) to waive any obligation of the Borrower to pay interest at the rate set forth in Section 3.1(c) during the continuance
of an Event of Default or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect
of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder;

 

(c)          change
Section 3.6 or Section 8.4 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender directly and adversely affected thereby;

 

(d)          change
Section 2.4(b) in a manner that would alter the order of application of amounts prepaid pursuant thereto without the written
consent of each Lender directly and adversely affected thereby;

 

(e)          except
as otherwise permitted by this Section 10.2, change any provision of this Section or reduce the percentages specified in
the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required
to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the
written consent of each Lender directly affected thereby;

 

(f)          consent
to the assignment or transfer by the Borrower of its rights and obligations under any Loan Document to which it is a party (except
as permitted pursuant to Section 7.4), in each case, without the written consent of each Lender; or

 

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(g)          release
all or substantially all of the Collateral or release any Security Document (other than as authorized in Section 9.9 or
as otherwise specifically permitted or contemplated in this Agreement, the MHGCI Guaranty Agreement or any other applicable Security
Document) without the written consent of each Lender;

 

provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (ii) the Fee
Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, and (iii)
the Administrative Agent and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall
become effective without any further action or consent of any other party to any Loan Document) if the Administrative Agent and
the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any
such provision. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove
any amendment, waiver or consent hereunder.

 

SECTION
10.3         Expenses; Indemnity.

 

(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of one legal counsel (and, solely
in the case of a conflict of interest, one additional counsel, and, if reasonably necessary, one local counsel in any relevant
material jurisdiction to all such persons) for the Administrative Agent), and shall pay all fees and time charges and disbursements
for attorneys who may be employees of the Administrative Agent, in connection with the syndication of the Credit Facility, the
preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated) and (ii)  all out of pocket expenses incurred by the Administrative Agent or any Lender (including the fees,
charges and disbursements of one legal counsel (and, solely in the case of a conflict of interest, one additional counsel, and,
if reasonably necessary, one local counsel in any relevant material jurisdiction to all such persons) for the Administrative Agent
or any Lender), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent or any Lender,
in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 

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(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including, without limitation,
any Environmental Claims), damages, liabilities and related expenses (including the fees, charges and disbursements of any one
legal counsel (and, solely in the case of a conflict of interest, one additional counsel, and, if reasonably necessary, one local
counsel in any relevant material jurisdiction to all such persons) for any Indemnitee), and shall indemnify and hold harmless,
each Indemnitee from, and shall pay or reimburse any such Indemnitee for, all fees and time charges and disbursements for attorneys
who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including
the Borrower), other than such Indemnitee and its Related Parties, 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
contemplated hereby or thereby (including, without limitation, the Transactions), (ii) any Loan or the use or proposed use
of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any Subsidiary thereof, or any Environmental Claim to the extent related to the Borrower or
any Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any Subsidiary thereof,
and regardless of whether any Indemnitee is a party thereto, or (v) any claim (including, without limitation, any Environmental
Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto)
and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan
Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby,
including without limitation, reasonable and documented attorneys and consultant’s fees, provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee, or (y) result from a claim brought by the Borrower or any Subsidiary
thereof against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if the Borrower or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction. This Section 10.3(b) shall not apply to taxes except for Taxes arising from a non-Tax
claim.

 

(c)          Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a)
or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the
case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this clause (c) are subject
to the provisions of Section 3.7.

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use
of the proceeds thereof. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable promptly after demand therefor.

 

(f)          Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations
hereunder.

 

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SECTION
10.4         Right of Setoff. If an Event of Default shall have occurred
and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of
the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or any of their respective
Affiliates, irrespective of whether or not such Lender or any such Affiliate shall have made any demand under this Agreement or
any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or
office of such Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts
so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 8.4 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each
Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided
that the failure to give such notice shall not affect the validity of such setoff and application.

 

SECTION
10.5         Governing Law; Jurisdiction, Etc.

 

(a)          Governing
Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York.

 

(b)          Submission
to Jurisdiction. The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent,
any Lender or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions
relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties
hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any
such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted
by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any
Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower
or its properties in the courts of any jurisdiction.

 

(c)          Waiver
of Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

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(d)          Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable
Law.

 

SECTION
10.6         Waiver of Jury Trial.

 

EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

SECTION
10.7         Reversal of Payments. To the extent the Borrower makes
a payment or payments to the Administrative Agent for the ratable benefit of the Lenders or the Administrative Agent receives
any payment or proceeds of the Collateral which payments or proceeds or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations
or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds
had not been received by the Administrative Agent.

 

SECTION
10.8         Injunctive Relief. The Borrower recognizes that, in the
event the Borrower fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, any remedy
of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower agrees that the Lenders, at the Lenders’
option, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual
damages.

 

SECTION
10.9         Accounting Matters. If at any time any change in GAAP
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval
of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and
the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

 

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SECTION
10.10         Successors and Assigns; Participations.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the
provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d)
of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Loans at the time owing to it); provided that, in each case with respect
to any Credit Facility, any such assignment shall be subject to the following conditions:

 

(i)          Minimum
Amounts.

 

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

 

(B)         in
any case not described in paragraph (b)(i)(A) of this Section, the principal outstanding balance of the Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);

 

(ii)         Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this
Section and, in addition:

 

(A)         the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; and

 

(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of the Term Loans to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund.

 

(iii)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be
payable in connection with simultaneous assignments to two or more Approved Funds by a Lender and (B) the Administrative Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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(iv)        No
Assignment to Certain Persons. Subject to clause (vii) below, no such assignment shall be made to (A) the Borrower, any of
the Borrower’s Subsidiaries or Affiliates or the Sponsor or any of its Affiliates (including without limitation, any Excluded
Entity) or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (B).

 

(v)         No
Assignment to Natural Persons. No such assignment shall be made to a natural Person.

 

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

 

(vii)       Sponsor
Entity Assignments. Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign all or
a portion of its Term Loans to the Sponsor or any of its Affiliates in accordance with Section 10.10(b); provided that:

 

(A)         no
Default or Event of Default has occurred or is continuing or would result therefrom;

 

(B)         any
such Term Loans assigned shall be automatically and permanently cancelled for upon the effectiveness of such assignment and will
thereafter no longer be outstanding for any purpose hereunder;

 

(C)         no
such Term Loan may be assigned pursuant to this clause (vii), if after giving effect to such assignment, the Sponsor or any of
its Affiliates in the aggregate would own in excess of 20% of the Total Credit Exposure of all Lenders;

 

(D)         the
Sponsor or any of its Affiliates shall make a representation that, as of the date of any such assignment,
it is not in possession of any information regarding the Borrower or any of its Subsidiaries,
or their assets, their ability to perform any of their obligations under the Loan Documents
or any other matter that may be material to a decision by any Lender to participate in any such assignment
or any of the transactions contemplated thereby and that has not previously been disclosed to the Administrative Agent and the
Lenders;

 

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(E)         the
Sponsor or any of its Affiliates shall have any right to (i) attend (including by telephone) any meeting or discussions (or portion
thereof) among the Administrative Agent or any Lender to which representatives of the Borrower are not invited, and (ii) receive
any information or material prepared by Administrative Agent or any Lender or any communication by or among Administrative Agent
and/or one or more Lenders, except to the extent such information or materials have been made available to the Borrower or its
representatives (and in any case, other than the right to receive notices of prepayments and other administrative notices in respect
of its Loans required to be delivered to Lenders pursuant to Article II), or (iii) make or bring (or participate in, other than
as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative
Agent, the Collateral Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such
Agent or any other such Lender under the Loan Documents;

 

(F)         for
purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver,
consent or other action with respect to any of the terms of any Loan Document or any departure by the Borrower therefrom, (ii)
otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent, Collateral
Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document: the
Total Credit Exposure of the Sponsor or any of its Affiliates shall be deemed to be not outstanding for all purposes of calculating
whether the Required Lenders have taken or consented to any actions;

 

(G)         if
a case under Title 11 of the United States Code is commenced against the Borrower, the Borrower shall seek (and the Sponsor or
any of its Affiliates shall consent) to provide that the vote of the Sponsor or any of its Affiliates (in its capacity as a Lender)
with respect to any plan of reorganization of the Borrower shall not be counted except that the Sponsor’s or any of its Affiliates’
vote (in its capacity as a Lender) may be counted to the extent any such plan of reorganization proposes to treat the Obligations
held by the Sponsor or any of its Affiliates in a manner that is less favorable in any material respect to the Sponsor or any of
its Affiliates than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower;

 

(H)         the
Sponsor or any of its Affiliates hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest)
as the Sponsor’s or any of its Affiliates’ attorney-in-fact, with full authority in the place and stead of the Sponsor
or any of its Affiliates and in the name of the Sponsor or any of its Affiliates, from time to time in the Administrative Agent’s
discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry
out the provisions of paragraph (G) above; and

 

(I)         the
Borrower has authorized and consented to such assignment in writing in its sole discretion.

 

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Subject to acceptance and recording thereof
by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.8,
3.9, 3.10, 3.11 and 10.3 with respect to facts and circumstances occurring prior to the effective date
of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (d) of this Section.

 

(c)          Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in Charlotte,
North Carolina, a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names
and addresses of the Lenders, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest
error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable
time and from time to time upon reasonable prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries including
without limitation, any Excluded Entity) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including the Loans owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.3(c) with respect
to any payments made by such Lender to its Participant(s).

 

Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver or modification described in Section 10.2 that directly affects such Participant and could not be affected by
a vote of the Required Lenders. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.8,
3.9, 3.10 and 3.11 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section; provided that such Participant agrees to be subject to the provisions of Section
3.12 as if it were an assignee under paragraph (b) of this Section. Each Lender that sells a participation agrees, at the Borrower's
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.12
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
10.4 as though it were a Lender; provided that such Participant agrees to be subject to Section 3.6 as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its
other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment,
Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

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(e)          Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 3.10 and
3.11 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. No Participant
shall be entitled to the benefits of Section 3.11 unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.11(e) as though it were a Lender.

 

(f)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

SECTION
10.11         Treatment of Certain Information; Confidentiality. Each
of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its Affiliates and to its and its Related Parties (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 required or requested by, or required to be disclosed to, any rating agency,
or regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable Laws or
regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise
of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash Management
Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any Secured Hedge Agreement or Secured
Cash Management Agreement, or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related
Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder, (iii) to an investor or prospective investor in an Approved Fund that
also agrees that Information shall be used solely for the purpose of evaluating an investment in such Approved Fund, (iv) to
a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved Fund in connection with the
administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) to a nationally
recognized rating agency that requires access to information regarding the Borrower and its Subsidiaries, the Loans and the Loan
Documents in connection with ratings issued with respect to an Approved Fund; (g) on a confidential basis to (i) any rating agency
in connection with rating the Borrower or its Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility; (h) with the
consent of the Borrower, (i) to Gold Sheets and other similar bank trade publications, such information to consist of deal
terms and other information customarily found in such publications, (j) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender
or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (k) to governmental
regulatory authorities in connection with any regulatory examination of the Administrative Agent or any Lender or in accordance
with the Administrative Agent’s or any Lender’s regulatory compliance policy if the Administrative Agent or such Lender
deems necessary for the mitigation of claims by those authorities against the Administrative Agent or such Lender or any of its
subsidiaries or affiliates. For purposes of this Section, “Information” means all information received from
the Borrower or any Subsidiary thereof relating to the Borrower or any Subsidiary thereof or any of their respective businesses,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Borrower or any Subsidiary thereof; provided that, in the case of information received from the Borrower
or any Subsidiary thereof 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.

 

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SECTION
10.12         Performance of Duties. The Borrower’s obligations
under this Agreement and each of the other Loan Documents shall be performed by the Borrower at its sole cost and expense.

 

SECTION
10.13         All Powers Coupled with Interest. All powers of attorney
and other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent
or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an
interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain
in effect or the Credit Facility has not been terminated.

 

SECTION
10.14         Survival.

 

(a)          All
representations and warranties set forth in Article V and all representations and warranties contained in any certificate,
or any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with
any amendment thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties
made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made
as of a specific date), shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement,
any investigation made by or on behalf of the Lenders or any borrowing hereunder.

 

(b)          Notwithstanding
any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions
of this Article X and any other provision of this Agreement and the other Loan Documents shall continue in full force and
effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.

 

SECTION
10.15         Titles and Captions. Titles and captions of Articles,
Sections and subsections in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify
the provisions of this Agreement.

 

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SECTION
10.16         Severability of Provisions. Any provision of this Agreement
or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining
provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION
10.17         Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart of this Agreement

 

(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION
10.18         Term of Agreement. This Agreement shall remain in effect
from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations
not then due) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied
in full. No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such
termination or in respect of any provision of this Agreement which survives such termination.

 

SECTION
10.19         USA PATRIOT Act. The Administrative Agent and each Lender
hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record
information that identifies the Borrower and any guarantors, which information includes the name and address of the Borrower and
each guarantor and other information that will allow such Lender to identify the Borrower or such guarantor in accordance with
the PATRIOT Act.

 

SECTION
10.20         Independent Effect of Covenants. The Borrower expressly
acknowledges and agrees that each covenant contained in Articles VI or VII hereof shall be given independent effect.
Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted under any covenant contained in
Articles VI or VII, before or after giving effect to such transaction or act, the Borrower shall or would be in
breach of any other covenant contained in Articles VI or VII.

 

SECTION
10.21         Inconsistencies with Other Documents. In the event there
is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control;
provided that any provision of the Security Documents which imposes additional burdens on the Borrower or any of its Subsidiaries
or further restricts the rights of the Borrower or any of its Subsidiaries or gives the Collateral Agent or Lenders additional
rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect.

 

[Signature pages to follow]

 

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

 

	 	HGC HOLDINGS LLC, as Borrower
	 	 
	 	By:	 /s/ Jeffrey M. Kissel
	 	Name:	 Jeffrey M. Kissel
	 	Title:	 Chief Executive officer and President

 

HGC Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	AGENTS AND LENDERS:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Lender
	 	 
	 	By:	 /s/ Yann Blindert
	 	Name:	 Yann Blindert
	 	Title:	 Director

 

HGC Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	UNION BANK, N.A., as Lender
	 	 
	 	By:	/s/ Jeffrey Fesenmaier
	 	Name:	Jeffrey Fesenmaier
	 	Title:	Vice President

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	BANK OF HAWAII, as Lender
	 	 
	 	By:	/s/ Donovan Koki
	 	Name:	Donovan Koki
	 	Title:	Senior Vice President

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	CENTRAL PACIFIC BANK, as Lender
	 	 
	 	By:	/s/ Garrett Grace
	 	Name:	Garrett Grace
	 	Title:	Senior Vice President

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	AMERICAN SAVINGS BANK, F.S.B., as
	 	Lender
	 	 
	 	By:	/s/ Edward Chin
	 	Name:	Edward Chin
	 	Title:	Vice President

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	FIRST COMMERCIAL BANK NEW YORK
	 	BRANCH, as Lender
	 	 
	 	By:	/s/ Jason Lee
	 	Name:	Jason Lee
	 	Title:	V.P. and General Manager

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	HUA NAN COMMERCIAL BANK, LTD.,
	 	LOS ANGELES BRANCH, as Lender
	 	 
	 	By:	/s/ Oliver C. H. Hsu
	 	Name:	Oliver C. H. Hsu
	 	Title:	VP & General Manager

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	TAIWAN BUSINESS BANK LOS ANGELES
	 	BRANCH, as Lender
	 	 
	 	By:	/s/ Alex Wang
	 	Name:	Alex Wang
	 	Title:	S.V.P. & General Manager

 

HGC
Holdings LLC Credit Agreement

 

    	 

    	 

    

 

	 	TAIWAN COOPERATIVE BANK, LOS
	 	ANGELES BRANCH, as Lender
	 	 
	 	By:	/s/ Li Hua Huang
	 	Name:	Li Hua Huang
	 	Title:	VP & General Manager

 

HGC
Holdings LLC Credit Agreement

  

    	 

    	 

    

 

COMMITMENTS

 

	Name of Lender	 	Term Loan Commitment	 
	Wells Fargo Bank, National Association	 	$	14,285,714.29	 
	Union Bank, N.A.	 	$	13,142,857.14	 
	Bank of Hawaii	 	$	11,428,571.42	 
	Central Pacific Bank	 	$	11,428,571.42	 
	American Savings Bank, F.S.B.	 	$	8,571,428.57	 
	First Commercial Bank New York Branch	 	$	5,285,714.29	 
	Hua Nan Commercial Bank, Ltd. Los Angeles Branch	 	$	5,285,714.29	 
	Taiwan Business Bank, Los Angeles Branch	 	$	5,285,714.29	 
	Taiwan Cooperative Bank, Los Angeles Branch	 	$	5,285,714.29	 
	TOTAL	 	$	80,000,000.00	 

 

HGC Holdings LLC Credit Agreement

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