Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

$525,000,000 
 TERM LOAN CREDIT
AGREEMENT 
 among 
 PACIFIC GAS
AND ELECTRIC COMPANY, 
 as Borrower, 

the Lenders from Time to Time Parties Hereto, 

and 
 BANK OF AMERICA, N.A. 

as Administrative Agent, 
 Dated as
of April 20, 2022 
  
  

  
 i 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	 SECTION 1.
	 	DEFINITIONS	  	 	1	 
			
	 1.1
	 	Defined Terms	  	 	1	 
	 1.2
	 	Other Definitional Provisions and Interpretative Provisions	  	 	28	 
	 1.3
	 	Divisions	  	 	29	 
	 1.4
	 	Interest Rates; Benchmark Notification	  	 	29	 
			
	 SECTION 2.
	 	AMOUNT AND TERMS OF THE TERM LOANS	  	 	29	 
			
	 2.1
	 	Loans	  	 	29	 
	 2.2
	 	Procedures for Borrowing	  	 	30	 
	 2.3
	 	[Reserved.]	  	 	30	 
	 2.4
	 	[Reserved]	  	 	30	 
	 2.5
	 	[Reserved]	  	 	30	 
	 2.6
	 	Fees, Etc	  	 	30	 
	 2.7
	 	Termination of Commitments	  	 	31	 
	 2.8
	 	Prepayments	  	 	31	 
	 2.9
	 	Conversion and Continuation Options	  	 	31	 
	 2.10
	 	Limitations on Term Benchmark Loans	  	 	32	 
	 2.11
	 	Interest Rates and Payment Dates	  	 	32	 
	 2.12
	 	Computation of Interest and Fees	  	 	33	 
	 2.13
	 	Inability to Determine Interest Rate	  	 	33	 
	 2.14
	 	Pro Rata Treatment and Payments; Notes	  	 	35	 
	 2.15
	 	Change of Law	  	 	37	 
	 2.16
	 	Taxes	  	 	38	 
	 2.17
	 	Indemnity	  	 	43	 
	 2.18
	 	Change of Lending Office	  	 	43	 
	 2.19
	 	Replacement of Lenders	  	 	43	 
	 2.20
	 	Defaulting Lenders	  	 	44	 
	 2.21
	 	[Reserved]	  	 	45	 
			
	 SECTION 3.
	 	[RESERVED].	  	 	45	 
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	45	 
			
	 4.1
	 	Financial Condition	  	 	45	 
	 4.2
	 	No Change	  	 	45	 
	 4.3
	 	Existence; Compliance with Law	  	 	45	 
	 4.4
	 	Power; Authorization; Enforceable Obligations	  	 	46	 
	 4.5
	 	No Legal Bar	  	 	46	 
	 4.6
	 	Litigation	  	 	46	 
	 4.7
	 	No Default	  	 	47	 
	 4.8
	 	Taxes	  	 	47	 
	 4.9
	 	Federal Regulations	  	 	47	 

  
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	 4.10
	 	ERISA	  	 	47	 
	 4.11
	 	Investment Company Act; Other Regulations	  	 	48	 
	 4.12
	 	Use of Proceeds	  	 	48	 
	 4.13
	 	Environmental Matters	  	 	48	 
	 4.14
	 	Regulatory Matters	  	 	48	 
	 4.15
	 	Sanctions; Anti-Corruption	  	 	48	 
	 4.16
	 	Affected Financial Institutions	  	 	49	 
	 4.17
	 	Solvency	  	 	49	 
	 4.18
	 	Disclosure	  	 	49	 
	 4.19
	 	Status of Obligations	  	 	49	 
	 4.20
	 	Ownership of Property	  	 	50	 
	 4.21
	 	Covered Entity	  	 	50	 
			
	 SECTION 5.
	 	CONDITIONS PRECEDENT	  	 	50	 
			
	 5.1
	 	Conditions to the Effective Date	  	 	50	 
			
	 SECTION 6.
	 	AFFIRMATIVE COVENANTS	  	 	52	 
	 6.1
	 	Financial Statements	  	 	52	 
	 6.2
	 	Certificates; Other Information	  	 	53	 
	 6.3
	 	Payment of Taxes	  	 	53	 
	 6.4
	 	Maintenance of Existence; Compliance	  	 	53	 
	 6.5
	 	Maintenance of Property; Insurance	  	 	54	 
	 6.6
	 	Inspection of Property; Books and Records; Discussions	  	 	54	 
	 6.7
	 	Notices	  	 	54	 
	 6.8
	 	Maintenance of Licenses, etc	  	 	55	 
	 6.9
	 	Further Assurances	  	 	55	 
	 6.10
	 	Use of Proceeds	  	 	55	 
			
	 SECTION 7.
	 	NEGATIVE COVENANTS	  	 	55	 
			
	 7.1
	 	Indebtedness	  	 	55	 
	 7.2
	 	Consolidated Capitalization Ratio	  	 	57	 
	 7.3
	 	Liens	  	 	57	 
	 7.4
	 	Fundamental Changes	  	 	57	 
	 7.5
	 	Sale and Lease Back Transactions	  	 	58	 
	 7.6
	 	Swap Agreements	  	 	58	 
	 7.7
	 	Amendments to FMB Indenture	  	 	58	 
			
	 SECTION 8.
	 	EVENTS OF DEFAULT	  	 	59	 
			
	 SECTION 9.
	 	THE AGENTS	  	 	61	 
			
	 9.1
	 	Appointment and Authority	  	 	61	 
	 9.2
	 	Delegation of Duties	  	 	62	 
	 9.3
	 	Exculpatory Provisions	  	 	62	 
	 9.4
	 	Reliance by Administrative Agent	  	 	63	 
	 9.5
	 	Notice of Default	  	 	63	 

  
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	 9.6
	 	Non-Reliance on Agents and Other Lenders	  	 	64	 
	 9.7
	 	Indemnification	  	 	64	 
	 9.8
	 	Agent in Its Individual Capacity	  	 	64	 
	 9.9
	 	Successor Agents	  	 	65	 
	 9.10
	 	Documentation Agent and Syndication Agent	  	 	66	 
	 9.11
	 	Administrative Agent May File Proofs of Claim	  	 	66	 
	 9.12
	 	Certain ERISA Matters	  	 	67	 
	 9.13
	 	Erroneous Payment	  	 	68	 
			
	 SECTION 10.
	 	MISCELLANEOUS	  	 	70	 
			
	 10.1
	 	Amendments and Waivers	  	 	70	 
	 10.2
	 	Notices	  	 	72	 
	 10.3
	 	No Waiver; Cumulative Remedies	  	 	74	 
	 10.4
	 	Survival of Representations and Warranties	  	 	74	 
	 10.5
	 	Payment of Expenses and Taxes	  	 	74	 
	 10.6
	 	Successors and Assigns; Participations and Assignments	  	 	76	 
	 10.7
	 	Adjustments; Set off	  	 	80	 
	 10.8
	 	Counterparts; Electronic Execution; Binding Effect	  	 	81	 
	 10.9
	 	Severability	  	 	82	 
	 10.10
	 	Integration	  	 	82	 
	 10.11
	 	GOVERNING LAW	  	 	82	 
	 10.12
	 	Submission To Jurisdiction; Waivers	  	 	82	 
	 10.13
	 	Acknowledgments	  	 	83	 
	 10.14
	 	Confidentiality	  	 	83	 
	 10.15
	 	WAIVERS OF JURY TRIAL	  	 	84	 
	 10.16
	 	USA Patriot Act; Beneficial Ownership Regulation	  	 	84	 
	 10.17
	 	Judicial Reference	  	 	84	 
	 10.18
	 	No Advisory or Fiduciary Responsibility	  	 	84	 
	 10.19
	 	Acknowledgement Regarding Any Supported QFCs	  	 	85	 
	 10.20
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	86	 

  
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 SCHEDULES: 
  

			
	1.1	  	Commitments
	7.5	  	Sale and Lease Back Transactions

 EXHIBITS: 
  

			
	A	  	[Reserved]
	B	  	[Reserved]
	C	  	Form of Compliance Certificate
	D-1	  	Form of Secretary’s Certificate
	D-2	  	Form of Officer’s Certificate
	E	  	Form of Assignment and Assumption
	F	  	[Reserved]
	G	  	Forms of U.S. Tax Compliance Certificates
	H	  	Form of Note

  
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 This TERM LOAN CREDIT AGREEMENT (this “Agreement”), dated as of
April 20, 2022, among PACIFIC GAS AND ELECTRIC COMPANY, a California corporation (the “Borrower”), the banks and other financial institutions or entities from time to time parties to this Agreement (the
“Lenders”) and BANK OF AMERICA, N.A., as administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). 

W I T N E S S E T H: 
 WHEREAS,
the Borrower has requested that the Lenders provide the term loans set forth herein and the Lenders are willing to make available to the Borrower such term loans upon the terms and subject to the conditions set forth herein; and 

NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section Section 1 shall have the respective meanings set forth in this Section Section 1. 

“2-Year Tranche Commitment”: as to each
2-Year Tranche Lender, its obligation to make 2-Year Tranche Loans to the Borrower on the Effective Date pursuant to Section 2.1(a), in an aggregate principal
amount equal to the amount set forth opposite such 2-Year Tranche Lender’s name on Schedule 1.1, as such amount may be adjusted from time to time in accordance with this Agreement. As of the
Effective Date, the aggregate amount of the 2-Year Tranche Commitments for all 2-Year Tranche Lenders is $400,000,000. 

“2-Year Tranche Lender”: a Lender with a
2-Year Tranche Commitment or holding a 2-Year Tranche Loan. 

“2-Year Tranche Loans”: as defined in Section 2.1(b). 

“2-Year Tranche Maturity Date”: April 19, 2024. 

“364-Day Tranche Commitment”: as to each
364-Day Tranche Lender, its obligation to make 364-Day Tranche Loans to the Borrower on the Effective Date pursuant to Section 2.1(a), in an aggregate principal
amount equal to the amount set forth opposite such 364-Day Tranche Lender’s name on Schedule 1.1, as such amount may be adjusted from time to time in accordance with this Agreement. As of the
Effective Date, the aggregate amount of the 364-Day Tranche Commitments for all 364-Day Tranche Lenders is $125,000,000. 

“364-Day Tranche Lender”: a Lender with a
364-Day Tranche Commitment or holding a 364-Day Tranche Loan. 

“364-Day Tranche Loans”: as defined in Section 2.1(a). 

“364-Day Tranche Maturity Date”: April 19, 2023. 

  
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 “ABR”: for any day, a rate per annum equal to the greatest of (a) the
Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest
Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate
for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR
Reference Rate methodology). Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the
Adjusted Term SOFR Rate, respectively. If ABR is being used as an alternate rate of interest pursuant to Section 2.13 (for the avoidance of doubt, only until any amendment has become effective pursuant to Section 2.13(b)), then ABR shall
be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. If the ABR as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of
this Agreement. 
 “ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 

“Adjusted Daily Simple SOFR”: an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided
that if Adjusted Daily Simple SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. 

“Adjusted Term SOFR Rate”: for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such
Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. 

“Administrative Agent”: as defined in the preamble hereto. 

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

“Affiliate”: with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Parties”: as
defined in Section 10.2(d)(ii). 
 “Agents”: the Administrative Agent. 

“Agreement”: as defined in the preamble hereto. 

“Anti-Corruption Laws”: as defined in Section 4.15. 

  
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 “Applicable Margin”: for any day, (i) with respect to any ABR Loans,
0.25% per annum and (ii) with respect to Term Benchmark Loans, 1.25% per annum. 
 “Approved Fund”: with respect to
any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business that is administered or managed by
(a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of any entity that administers or manages such Lender. 

“Arranger”: Bank of America, N.A., an affiliate of BofA Securities, Inc., in its capacity as sole lead arranger and sole
bookrunner. 
 “A/R Securitization Assets”: (i) any accounts receivable, notes receivable, rights to future accounts
receivable, notes receivable or residuals or other similar rights to payments due or any other rights to payment or related assets in respect of the provision of gas and electric service to consumers or otherwise (whether then existing or arising in
the future) of the Borrower or any of its Subsidiaries and the proceeds thereof and (ii) all collateral securing such receivable or asset, all contracts and contract rights, guarantees or other obligations in respect of such receivable or
asset, lockbox accounts and records with respect to such receivables or asset and any other assets customarily transferred (or in respect of which security interests are customarily granted) together with receivables or assets in connection with a
securitization transaction involving such assets. 
 “A/R Securitization Subsidiary”: PG&E AR Facility, LLC and any
other Subsidiary formed and operating solely for the purpose of entering into A/R Securitization Transactions and engaging in activities ancillary thereto. 

“A/R Securitization Transaction”: any financing transaction or series of financing transactions entered into by the Borrower
or any Subsidiary of the Borrower pursuant to which the Borrower may sell, convey or otherwise transfer to any Person (including, without limitation, an A/R Securitization Subsidiary), or may grant a security interest in any A/R Securitization
Assets and that are (other than to the extent of the Standard A/R Securitization Obligations) non-recourse to the Borrower or any of its Subsidiaries (other than an A/R Securitization Subsidiary). 

“Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit E. 

“Available Tenor”: as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor
for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or
otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of
“Interest Period” pursuant to Section 2.13(e). 

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

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

“Benchmark”: initially, with respect to any Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition
Event, and the related Benchmark Replacement Date have occurred with respect to the Daily Simple SOFR or Term SOFR Rate, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(b). 
 “Benchmark
Replacement”: for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1) Adjusted Daily Simple SOFR; and 

(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body
or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the
related Benchmark Replacement Adjustment; 
 If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be
less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment”: with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive
or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method

  
 4 

 
for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body as of the
applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time. 
 “Benchmark
Replacement Conforming Changes”: with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “ABR,” the definition of “Business Day,” the
definition of “U.S. Government Securities Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or
continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and
implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is
reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 
 “Benchmark
Replacement Date”: with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof); or 
 (2) in the case of clause (3) of the definition of “Benchmark
Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component
thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if
any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 
 For the avoidance of doubt,
(i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events
set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

  
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 “Benchmark Transition Event”: with respect to any Benchmark, the occurrence
of one or more of the following events with respect to such then-current Benchmark: 
 (1) a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the
administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public
statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period”: with respect to any Benchmark, the period (if any) (x) beginning at the time that a
Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with Section 2.13 and (y) ending at the
time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with Section 2.13. 

  
 6 

 “Beneficial Owner”: as defined in Rule
13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Sections
13(d) and 14(d) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is
currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have correlative meanings. 

“Beneficial Ownership Certification”: a certification regarding beneficial ownership or control as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation”: 31 C.F.R. § 1010.230. 

“Benefit Plan”: any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Benefitted Lender”: as defined
in Section 10.7(a). 
 “BHC Act Affiliate”: an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)). 
 “Bond Delivery Agreement”: that certain Bond Delivery Agreement, dated as of the
Effective Date, between the Borrower and the Administrative Agent. 
 “Bond Documents”: collectively, the FMB Indenture,
the Supplemental Indenture, the Senior Bonds and the Bond Delivery Agreement. 
 “Borrower”: as defined in the preamble
hereto. 
 “Business Day”: a day (other than a Saturday or a Sunday) on which banks are open for business in New York City
or Chicago; provided that, in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan, any such day that is only an U.S. Government
Securities Business Day. 
 “Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on the balance sheet of such
Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP, subject to Section 1.2(f). 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

  
 7 

 “Cash Management Agreement”: any agreement to establish or maintain
accounts or provide cash management services, including treasury, depository, overdraft, netting services, cash pooling arrangements, credit or debit card, purchasing card, electronic funds transfer, automated clearing house, foreign exchange
facilities and other cash management arrangements. 
 “Change of Control”: the occurrence of one of the following: 

(i) (A) PCG shall at any time not be the Beneficial Owner of 100% of the common stock of the Borrower or (B) PCG shall at
any time not be the Beneficial Owner of at least 70% of the voting Capital Stock of the Borrower; or 
 (ii) any person or
group (within the meaning of the Exchange Act and the rules of the SEC thereunder as of the Effective Date) shall become the Beneficial Owner of shares representing more than 35% of the voting power of the Capital Stock of PCG; or 

(iii) at any point during any period of 24 consecutive months, commencing after the Effective Date, individuals who at the
beginning of such 24-month period were directors of PCG, together with any directors whose election or nomination for election to the board of directors of PCG (whether by the board of directors of PCG or any
shareholder of PCG) was approved by a majority of the directors who either were directors of PCG at the beginning of such 24-month period or whose election or nomination for election was so approved, cease to
constitute a majority of the board of directors of PCG; or 
 (iv) there shall have been (A) [reserved] or (B) a
transfer of the license and/or operating assets constituting more than 10% of the Net Tangible Assets of the Borrower to the State of California, to any other Governmental Authority or to a third party at the direction of State of California, the
CPUC or any similar Governmental Authority. 
 “Change of Law”: the occurrence, after the Effective Date, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation, statute, treaty, policy, guideline or directive by any Governmental Authority, (b) any change in any law, rule, regulation, statute, treaty, policy, guideline or
directive or in the application, interpretation, promulgation, implementation, administration or enforcement 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, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) 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 of Law”, regardless of the date enacted, adopted or issued. 

  
 8 

 “CME Term SOFR Administrator”: CME Group Benchmark Administration Limited
as administrator of the term Secured Overnight Financing Rate (SOFR) (or a successor administrator; provided that, in the event there are multiple successor administrators, the successor administrator hereunder shall be selected by the
Administrative Agent and the Borrower). 
 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment”: as to any Lender, its 364-Day Tranche Commitment or 2-Year Tranche Commitment. 
 “Commonly Controlled Entity”: an entity, whether or not
incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 

“Communications”: as defined in Section 10.2(d)(ii). 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit C. 

“Conduit Lender”: any special purpose corporation organized and administered by any Lender for the purpose of making Loans
otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a
Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or
requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Sections 2.14, 2.16, 2.17 or 10.5 than the
designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 

“Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes. 
 “Consolidated Capitalization”: on any date of determination, the sum of
(a) Consolidated Total Debt on such date, plus without duplication, (b) (i) the amounts set forth opposite the captions “common shareholders’ equity” (or any similar caption) and “preferred stock” (or any
similar caption) on the consolidated balance sheet, prepared in accordance with GAAP, of the Borrower and its Subsidiaries as of such date, and (ii) the outstanding principal amount of any junior subordinated deferrable interest debentures or
other similar securities issued by the Borrower or any of its Subsidiaries after the Effective Date. 

  
 9 

 “Consolidated Capitalization Ratio”: on any date of determination, the
ratio of (a) Consolidated Total Debt to (b) Consolidated Capitalization. 
 “Consolidated Total Debt”: at any
date, the aggregate principal amount of all obligations of the Borrower and its Significant Subsidiaries at such date that in accordance with GAAP would be classified as debt on a consolidated balance sheet of the Borrower, and without duplication
all Guarantee Obligations of the Borrower and its Significant Subsidiaries at such date in respect of obligations of any other Person that in accordance with GAAP would be classified as debt on a consolidated balance sheet of such Person;
provided that, the determination of “Consolidated Total Debt” shall exclude, without duplication, (a) the Securitized Bonds and any Indebtedness under any A/R Securitization Transaction, (b) Indebtedness of the
Borrower and its Significant Subsidiaries in an amount equal to the amount of cash held as cash collateral for any fully cash collateralized letter of credit issued for the account of the Borrower or any Significant Subsidiary, (c) imputed
Indebtedness of the Borrower or any Significant Subsidiary incurred in connection with power purchase and fuel agreements, (d) any junior subordinated deferrable interest debenture or other similar securities issued by the Borrower and
(e) as of any date of determination, the amount of any securities included within the caption “preferred stock” (or any similar caption) on a consolidated balance sheet, prepared in accordance with GAAP, of the Borrower as of such
date. 
 “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control”: the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

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

“Covered Entity”: any of the following: 

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

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

  
 10 

 “Covered Party”: as defined in Section 10.19. 

“CPUC”: the California Public Utilities Commission or its successor. 

“Daily Simple SOFR”: for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day
“SOFR Determination Date”) that is five (5) U.S. Government Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is
not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any
change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. 

“Debtor Relief Laws”: the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default”: any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse
of time, or both, has been satisfied. 
 “Default Right”: the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Lender”: subject to the
penultimate paragraph of Section 2.20, any Lender, as reasonably determined by the Administrative Agent, that has (a) failed to fund any portion of its Loans within two (2) Business Days of the date required to be funded by it under
this Agreement, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith 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, (b) notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its
funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement (other than a notice of a good faith dispute or related communications) or
generally under other agreements in which it commits to extend credit, 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 good faith
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) failed, within two
(2) Business Days after written request by the Administrative Agent or the Borrower, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans, unless the subject of a good faith
dispute (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 or the Borrower), (d) otherwise failed to pay over to the
Administrative Agent or 

  
 11 

 
any other Lender any other amount required to be paid by it under this Agreement within two (2) Business Days of the date when due, unless the subject of a good faith dispute, or
(e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a custodian appointed for it, or has consented to, approved of or acquiesced in any such
proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced in any
such proceeding or appointment, or (iii) become the subject of a Bail-In Action; provided that (x) if a Lender would be a “Defaulting Lender” solely by reason of events relating to a parent
company of such Lender or solely because a Governmental Authority has been appointed as receiver, conservator, trustee or custodian for such Lender, in each case as described in clause (e) above, the Administrative Agent may, in its discretion,
determine that such Lender is not a “Defaulting Lender” if and for so long as the Administrative Agent is satisfied that such Lender will continue to perform its funding obligations hereunder and (y) a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of voting stock or any other Capital Stock in such Lender or a parent company thereof by a Governmental Authority or an instrumentality thereof, or the exercise of control over such Lender or
parent company thereof, by a Governmental Authority or instrumentality thereof 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 any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to the
penultimate paragraph of Section 2.20) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Disposition”: with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof. The term “Dispose of” shall have a correlative meaning. 
 “Dollars” and
“$”: dollars in lawful currency of the United States. 
 “EEA Financial Institution”: (a) any credit
institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with
its parent. 
 “EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein and Norway.

  
 12 

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

“Effective Date”: the date on which the conditions precedent set forth in Section Section 5 shall have been satisfied or
waived, which date is April 20, 2022. 
 “Eligible Assignee”: (a) any commercial bank or other financial institution
having a senior unsecured debt rating by Moody’s of A3 or better and by S&P of A- or better, which is domiciled in a country which is a member of the OECD or (b) with respect to any Person
referred to in the preceding clause (a), any other Person that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of business all of the Capital Stock of which is owned,
directly or indirectly, by such Person; provided that in the case of clause (b), the Administrative Agent shall have consented to the designation of such Person as an Eligible Assignee (such consent not to be unreasonably withheld or
delayed). 
 “Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders,
regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human
health or the environment, as now or may at any time hereafter be in effect. 
 “ERISA”: the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “ERISA Event”: (a) any Reportable Event; (b) the failure of the
Borrower or any Commonly Controlled Entity to timely make a required contribution with respect to any Plan or any Multiemployer Plan; (c) the imposition of a Lien under Section 430 of the Code or Section 303 of ERISA with respect to
any Single Employer Plan; (d) the failure of the Borrower or any Commonly Controlled Entity to meet the minimum funding standard under Section 412 or 430 of the Code with respect to any Plan or the filing of an application for a funding
waiver with respect to any Single Employer Plan; (e) the incurrence by the Borrower or any Commonly Controlled Entity of any liability under Title IV of ERISA, including with respect to the termination of any Plan (other than the payment of
PBGC premiums in the ordinary course); (f) (i) the termination of, or the filing or receipt of a notice of intent to terminate, a Single Employer Plan under Section 4041 of ERISA, or the treatment of a plan amendment as a termination under
Section 4041 of ERISA, or (ii) (A) the appointment of a trustee to administer a Single Employer Plan under Section 4042, or (B) the institution by the PBGC of proceedings to terminate a Single Employer Plan or to have a trustee
appointed to administer a Single Employer Plan, or receipt by the Borrower of notice from the PBGC thereof, where such proceedings continue unstayed or in effect for more than 60 days, or such notice is not withdrawn by the PBGC within 60 days
following delivery by PBGC; (g) the incurrence by the Borrower or any Commonly Controlled Entity of any liability with respect to the complete withdrawal or partial withdrawal under Title IV of ERISA from any Multiemployer Plan; (h) the
receipt by the Borrower or any Commonly Controlled Entity of any notice from a Multiemployer Plan 

  
 13 

 
concerning the imposition of Withdrawal Liability; (i) receipt of notification by Borrower or any Commonly Controlled Entity from a Multiemployer Plan that such Multiemployer Plan is in
endangered or critical status (within the meaning of Section 305 of ERISA) or in Insolvency; (j) the incurrence by the Borrower or any Commonly Controlled Entity of any liability pursuant to Section 4063 or 4064 of ERISA or a
substantial cessation of operations with respect to a Plan within the meaning of Section 4062(e) of ERISA; (k) the posting of a bond or security under Section 436(f) of the Code with respect to any Plan; or (l) the Borrower
incurs material tax liability with respect to any Plan (including Sections 4975, 4980B, 4980D, 4980H and 4980I of the Code, as applicable). 

“Erroneous Payment”: as defined in Section 9.13(a). 

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

“Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Exchange Act”: Securities Exchange Act of 1934, as amended.

 “Excluded Taxes”: any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Lender, its lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in
the Loan (other than pursuant to an assignment request by the Borrower under Section 2.19) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.16(a) or (c), amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.16(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the Effective Date (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“FCA”: as defined in Section 2.13(b). 

“FCPA”: as defined in Section 4.15. 

  
 14 

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

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

“First Mortgage Bonds”: bonds issued by the Borrower pursuant to the FMB Indenture. 

“Floor”: the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the
modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance of doubt the initial Floor for each of the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR shall be 0.0%. 

“FMB Indenture”: the Indenture of Mortgage (Mortgage), dated as of June 19, 2020, between the Borrower and the Indenture
Trustee, as amended or supplemented from time to time, including as supplemented by the Supplemental Indenture. 
 “Foreign
Lender”: a Lender that is not a U.S. Person. 
 “FPA”: the Federal Power Act, as amended, and the rules and
regulations promulgated thereunder. 
 “Funding Office”: the office of the Administrative Agent specified in
Section 10.2(a) or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time, except as noted below.
In the event that any “Change in Accounting Principles” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then, upon the request of
the Borrower or the Required Lenders, the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Change in Accounting Principles with the desired
result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Change in Accounting Principles as if such Change in Accounting Principles had not been made. Until such time as such an amendment shall
have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Change in Accounting
Principles had not occurred. “Change in Accounting Principles” refers to (i) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards
Board of the American Institute of Certified Public Accountants or any successor thereto, the SEC or, if applicable, the Public Company Accounting Oversight Board and (ii) any change in the application of GAAP concurred by the Borrower’s
independent public accountants and disclosed in writing to the Administrative Agent. 

  
 15 

 “Governmental Authority”: any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners and supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a
reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation,
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof or (v) to reimburse or indemnify an issuer of a letter of credit, surety bond or guarantee issued by such issuer in respect
of primary obligations of a primary obligor other than the Borrower or any Significant Subsidiary; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course
of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation
is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

“IBA”: as defined in Section 2.13(b). 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables, including under energy procurement and transportation contracts, incurred in the ordinary course of such Person’s
business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional 

  
 16 

 
sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters
of credit, surety bonds or similar arrangements (other than reimbursement obligations, which are not due and payable on such date, in respect of documentary letters of credit issued to provide for the payment of goods and services in the ordinary
course of business), (g) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g)
above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including
accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation (provided, that if such Person is not liable for such obligation, the amount of such Person’s
Indebtedness with respect thereto shall be deemed to be the lesser of the stated amount of such obligation and the value of the property subject to such Lien), and (j) for the purposes of Section 8(e) only, all obligations of such Person
in respect of Swap Agreements, provided that Indebtedness as used in this Agreement shall exclude any Non-Recourse Debt and any obligations under any A/R Securitization Transaction. The Indebtedness of
any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. 

“Indebtedness Covenant Release Date”: the date of the expiration of the temporary waiver from its authorized capital
structure granted by the CPUC on May 28, 2020. 
 “Indemnified Liabilities”: as defined in Section 10.5. 

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

“Indemnitee”: as defined in Section 10.5. 

“Indenture Trustee”: The Bank of New York Mellon Trust Company, N.A. and any successor thereto as trustee under the FMB
Indenture. 
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such plan is insolvent within the
meaning of Section 4245 of ERISA. 

  
 17 

 “Interest Payment Date”: (a) as to any ABR Loan, the last day of each
March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one
month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month), (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the
Borrowing of which such Loan is a part and (d) as to any Loan, the date of any repayment or prepayment made in respect thereof. 

“Interest Period”: as to any Term Benchmark Loan, (a) initially, the period commencing on the borrowing or conversion
date, as the case may be, with respect to such Term Benchmark Loan and ending one month thereafter; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Term Benchmark Loan and
ending one month thereafter; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

(ii) the Borrower may not select an Interest Period that would extend beyond the applicable Maturity Date; 

(iii) any Interest Period 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 a calendar month; 

(iv) [reserved]; and 

(v) at the election of the Borrower, the initial Interest Period for any Term Benchmark Loans made on the Effective Date, shall
commence on the Effective Date and end on the last day of the calendar month during which the Effective Date occurs. 

“IRS”: the United States Internal Revenue Service. 

“knowledge of the Borrower”: actual knowledge of any Responsible Officer of the Borrower. 

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

  
 18 

 “Lenders”: as defined in the preamble hereto, including each Lender set
forth under the heading “Lender” on Schedule 1.1 and their respective successors and assigns as permitted hereunder; provided, that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to
include any Conduit Lender. 
 “Lien”: 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 Obligation having substantially the same economic effect as any of the foregoing). 
 “Loans”: the 364-Day Tranche Loans and the 2-Year Tranche Loans. 

“Loan Documents”: this Agreement, the Notes, the Supplemental Indenture, the Senior Bonds, the Bond Delivery Agreement, the
FMB Indenture and, in each case, any amendment, waiver, supplement or other modification to any of the foregoing; provided, that the term “Loan Documents” shall not include the FMB Indenture for any purposes under Section 2.16,
Section 8 or Section 10 (other than for the purposes of Sections 10.1(b)(iv)10.1(b)(iv) and 10.1(b)(x)). 
 “Material
Adverse Effect”: (a) a change in the business, property, operations or financial condition of the Borrower and its Subsidiaries taken as a whole that could reasonably be expected to materially and adversely affect the Borrower’s
ability to perform its obligations under the Loan Documents or (b) a material adverse effect on (i) the validity or enforceability of this Agreement or any of the other Loan Documents or (ii) the rights and remedies of the
Administrative Agent and the Lenders, taken as a whole, under this Agreement or any other Loan Document. 
 “Materials of
Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law,
including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 
 “Maturity Date”: (a) with respect to the
364-Day Tranche Loans, the 364-Day Tranche Maturity Date, and (b) with respect to the 2-Year Tranche Loans, the 2-Year Tranche Maturity Date. 
 “Moody’s”: Moody’s Investors Service, Inc.

 “Mortgaged Property”: as defined in the FMB Indenture. 

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

“Net Tangible Assets”: the total amount of the Borrower’s assets determined on a consolidated basis in accordance with
GAAP as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered under Section 6.1, less (a) the sum of the Borrower’s consolidated current liabilities determined in accordance with GAAP,
and (b) the amount of the Borrower’s consolidated assets classified as intangible assets, determined in accordance with GAAP. 

  
 19 

 “Non-Recourse Debt”: Indebtedness
of the Borrower or any of its Significant Subsidiaries that is incurred in connection with the acquisition, construction, sale, transfer or other Disposition of specific assets, to the extent recourse, whether contractual or as a matter of law, for non-payment of such Indebtedness is limited (a) to such assets, or (b) if such assets are (or are to be) held by a Subsidiary formed solely for such purpose, to such Subsidiary or the Capital Stock of such
Subsidiary. 
 “Notes”: as defined in Section 2.14(f). 

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

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

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

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity
of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise.

 “OECD”: the countries constituting the “Contracting Parties” to the Convention on the Organisation For
Economic Co-operation and Development, as such term is defined in Article 4 of such Convention. 

  
 20 

 “Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a
result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

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

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

“Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c)(iii). 

“Patriot Act”: as defined in Section 10.16. 

“Payment Recipient”: as defined in Section 9.13(a). 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 “PCG”: PG&E Corporation, a California corporation. 

“Percentage”: as to any Lender at any time with respect to a Tranche, the percentage which the aggregate principal amount of
such Lender’s Loans then outstanding constitutes of the aggregate principal amount of the Loans then outstanding with respect to such Tranche. 

“Permitted Refinancing”: with respect to any Indebtedness (the “Refinanced Indebtedness”), any extension,
refinancing, refunding or replacement thereof with Indebtedness provided that (i) the amount of such Indebtedness does not exceed the aggregate principal amount of the Refinanced Indebtedness, plus any premium, interest, fee or expenses payable
in connection therewith, (ii) the final maturity date of such Indebtedness is no earlier than the maturity date of the Refinanced Indebtedness, and (iii) the weighted average life to maturity of such Indebtedness is not shorter than the
weighted average life to maturity of the Refinanced Indebtedness. 

  
 21 

 “Person”: an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in respect of which the Borrower or a
Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Platform”: as defined in Section 10.2(d). 

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

“QFC”: the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance
with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” in Section 10.19. 

“Qualified Securitization Bond Issuer”: a Subsidiary of the Borrower formed and operating solely for the purpose of
(a) purchasing and owning property created under a “financing order” (as such term is defined in the California Public Utilities Code) or similar order issued by the CPUC, (b) issuing such securities pursuant to such order,
(c) pledging its interests in such property to secure such securities and (d) engaging in activities ancillary to those described in (a), (b) and (c). 

“Recipient”: the Administrative Agent or any Lender. 

“Reference Time”: with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR
Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting, (2) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (3) if such Benchmark is none of the Term
SOFR Rate or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion. 

“Register”: as defined in Section 10.6(b). 

“Regulation U”: Regulation U of the Federal Reserve Board as in effect from time to time. 

  
 22 

 “Related Parties”: with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body”: the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or
a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Relevant Rate”: (i) with respect to any Term Benchmark Borrowing, the Adjusted Term SOFR Rate or (ii) with respect to
any RFR Borrowing, Adjusted Daily Simple SOFR. 
 “Removal Effective Date”: as defined in Section 9.9(b). 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 

“Required Lenders”: at any time, the holders of more than 50% of the aggregate Loans then outstanding. The Loans of any
Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
 “Requirement of Law”: as to any
Person, the Articles of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other
Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Resignation Effective Date”: as defined in Section 9.9(a). 

“Resolution Authority”: with respect to any EEA Financial Institution, an EEA Resolution Authority and, with respect to any
UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer”: the chief executive officer, president,
chief financial officer, treasurer or assistant treasurer of the Borrower, but in any event, with respect to financial matters, the chief financial officer, treasurer or assistant treasurer of the Borrower. 

“RFR Borrowing”: as to any Borrowing, the RFR Loans comprising such Borrowing. 

“RFR Loan”: a Loan that bears interest at a rate based on Adjusted Daily Simple SOFR. 

“S&P”: Standard & Poor’s Global Ratings, a division of S&P Global Inc., and any successor thereto. 

  
 23 

 “Sanctions”: as defined in Section 4.15. 

“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Securitized Bonds”: without duplication, securities, however denominated, that are (i) issued by a Qualified
Securitization Bond Issuer, (ii) secured by or otherwise payable from charges authorized by the financing order referred to in clause (a) of the definition of “Qualified Securitization Bond Issuer,” and (iii) non-recourse to the Borrower or any of its Subsidiaries (other than the issuer of such securities). 

“Senior Bonds”: (i) with respect to the 364-Day Tranche Loans, that certain First
Mortgage Bond in the aggregate principal amount of $125,000,000 and (ii) with respect to the 2-Year Tranche Loans, that certain First Mortgage Bond in the aggregate principal amount of $400,000,000, in
each case, issued to the Administrative Agent pursuant to the Supplemental Indenture. 
 “Significant Subsidiary”: as
defined in Article 1, Rule 1-02(w) of Regulation S-X of the Exchange Act as of the Effective Date, provided that notwithstanding the foregoing, no special purpose
finance subsidiary, no A/R Securitization Subsidiary (or Subsidiaries of any A/R Securitization Subsidiary) nor any Qualified Securitization Bond Issuer (or Subsidiaries of any Qualified Securitization Bond Issuer) shall constitute a Significant
Subsidiary. Unless otherwise qualified, all references to a “Significant Subsidiary” or to “Significant Subsidiaries” in this Agreement shall refer to a “Significant Subsidiary” or “Significant Subsidiaries”
of the Borrower. 
 “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer
Plan. 
 “SOFR”: a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. 

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

“SOFR Administrator’s Website”: the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
 “SOFR
Determination Date”: has the meaning specified in the definition of “Daily Simple SOFR”. 
 “SOFR Rate
Day”: has the meaning specified in the definition of “Daily Simple SOFR”. 

  
 24 

 “Solvent”: with respect to the Borrower and its Subsidiaries, on a
consolidated basis, that as of the date of determination, (i) the fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, at a fair valuation on a going concern basis, exceeds, on a consolidated basis, their
debts and liabilities, subordinated, contingent or otherwise, (ii) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated and going concern basis, is greater than the amount that will be required
to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business, (iii) the
Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured in the ordinary course of business, (iv) the Borrower
and its Subsidiaries are not engaged in businesses, and are not about to engage in businesses for which they have unreasonably small capital. For purposes of this definition, the amount of any contingent liability at any time shall be computed as
the amount that, in light of all the facts and circumstances existing as of the Effective Date, would reasonably be expected to become an actual and matured liability. 

“Specified Exchange Act Filings”: the Borrower’s Form 10-K annual report for the
year ended December 31, 2021 and each and all of the Form 10-Qs and Form 8-Ks (and to the extent applicable proxy statements) filed by the Borrower or PCG with the
SEC after December 31, 2021 and prior to the date that is one Business Day before the Effective Date. 
 “Standard A/R
Securitization Obligations”: representations, warranties, covenants, indemnities, repurchase obligations, servicing obligations, guarantees, intercompany notes and obligations relating to contributions of A/R Securitization Assets to an A/R
Securitization Subsidiary and other obligations entered into by the Borrower or any of its Subsidiaries which are reasonably customary in A/R Securitization Transactions. 

“Subsidiary”: 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 Borrower. 

“Supplemental Indenture”: with respect to the Senior Bonds, the Fifteenth Supplemental Indenture, dated as of the Effective
Date, by and between the Borrower and the Indenture Trustee. 
 “Supported QFC”: as defined in Section 10.19. 

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

  
 25 

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

“Term Benchmark”: when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate. 
 “Term Loans”: has the
meaning assigned to it in Section 2.1(b). 
 “Term SOFR Determination Day”: has the meaning assigned to it under the
definition of Term SOFR Rate. 
 “Term SOFR Rate”: with respect to any Term Benchmark Borrowing and for any tenor
comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period
(such day, the “Term SOFR Determination Day”), as such rate is published by the CME Term SOFR Administrator. 

“Term SOFR Reference Rate”: for any day and time, with respect to any Term Benchmark Borrowing denominated in Dollars and for
any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on the Term SOFR Determination Day, the
“Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate
for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR
Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day. 

“Tranche”: (i) the 364-Day Tranche Commitments or the
364-Day Tranche Loans or (ii) the 2-Year Tranche Commitments or the 2-Year Tranche Loans. 

“Transferee”: any Assignee or Participant. 

“Type”: as to any Loan, its nature as an ABR Loan or a Term Benchmark Loan. 

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

  
 26 

 “UK Resolution Authority”: the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark
Replacement”: the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 
 “United
States” or “U.S.”: the United States of America. 
 “U.S. Government Securities Business Day”:
any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities. 
 “U.S. Person”: any Person that is a “United States Person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Special Resolution Regime”: as defined in
Section 10.19. 
 “U.S. Tax Compliance Certificate”: as defined in Section 2.16(e)(ii)(B)(III). 

“Utility Revolving Credit Agreement”: that certain Credit Agreement dated as of July 1, 2020, among the Borrower, the
lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 
 “Withdrawal Liability”:
any liability to a Multiemployer Plan as a result of a complete or partial withdrawal by the Borrower or any Commonly Controlled Entity from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 

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

  
 27 

 1.2 Other Definitional Provisions and Interpretative Provisions. 

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan
Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used herein and, except as otherwise
provided therein, in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to the Borrower and its Significant Subsidiaries defined in Section Section 1
and accounting terms partly defined in Section Section 1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume or become liable in respect of (and the words “incurred” and
“incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements
or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. 
 (c) The words “hereof”,
“herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are
to this Agreement unless otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 (e) The Borrower shall not be required to perform, nor shall it be required to guarantee the
performance of, any of the affirmative covenants set forth in Section 6 that apply to any of its Significant Subsidiaries nor shall any of the Borrower’s Significant Subsidiaries be required to perform, nor shall any of such Significant
Subsidiaries be required to guarantee the performance of, any of the Borrower’s affirmative covenants set forth in Section 6 or any of the affirmative covenants set forth in Section 6 that apply to any other Significant Subsidiary;
provided, that nothing in this Section 1.2(e) shall prevent the occurrence of a Default or an Event of Default arising out of the Borrower’s failure to cause any Significant Subsidiary to comply with the provisions of this Agreement
applicable to such Significant Subsidiary. 
 (f) Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of
Financial Accounting Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital
lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015. 

  
 28 

 1.3 Divisions. For all purposes under the Loan Documents, in connection with any
division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of
its existence by the holders of its Capital Stock at such time. 
 1.4 Interest Rates; Benchmark Notification. The interest rate on a
Loan denominated in Dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.13(b)
provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any
other matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or
successor to any such rate (including, without limitation, any Benchmark Replacement) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changes. The Administrative Agent and
its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Benchmark Replacement)
(or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion
to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Benchmark Replacement) (or any component of any of the foregoing), in each case pursuant to the terms of this
Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in
tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such information source
or service. 
 SECTION 2. AMOUNT AND TERMS OF THE TERM LOANS 

2.1 Loans. 
 (a) Subject to
the terms and conditions set forth herein, each 364-Day Tranche Lender (severally and not jointly) agrees to make a term loan (the “364-Day Tranche
Loans”) to the Borrower in Dollars on the Effective Date in an amount equal to such 364-Day Tranche Lender’s 364-Day Tranche Commitment. Loans under the 364-Day Tranche may be ABR Loans or Term Benchmark Loans, as further provided herein. 364-Day Tranche Loans borrowed under this Section 2.1(a) and paid or prepaid may not
be reborrowed. 

  
 29 

 (b) Subject to the terms and conditions set forth herein, each 2-Year Tranche Lender (severally and not jointly) agrees to make a term loan (the “2-Year Tranche Loans”) to the Borrower in Dollars on the Effective Date in
an aggregate amount equal to the amount of such 2-Year Tranche Lender’s 2-Year Tranche Commitment. Loans under the 2-Year
Tranche may be ABR Loans or Term Benchmark Loans, as further provided herein. 2-Year Tranche Loans borrowed under this Section 2.1(b) and paid or prepaid may not be reborrowed. 

2.2 Procedures for Borrowing. The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the
Administrative Agent (a) prior to 12:00 Noon, New York City time, three Business Days prior to the Effective Date, in the case of Term Benchmark Loans, or (b) prior to 1:00 P.M., New York City time, one Business Day prior to the Effective
Date, in the case of ABR Loans) specifying (i) the amount and Type of Loans to be borrowed on the Effective Date and (ii) in the case of Term Benchmark Loans, the respective amounts of each such Type of Loan and the respective lengths of
the initial Interest Period therefor. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to
the Administrative Agent for the account of the Borrower at the Funding Office prior to 10:00 A.M., New York City time, on the Effective Date in funds immediately available to the Administrative Agent. Such borrowing will then be made available to
the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the
Administrative Agent. 
 2.3 [Reserved]. 

2.4 [Reserved]. 
 2.5
[Reserved]. 
 2.6 Fees, Etc. 

(a) The Borrower agrees to pay to the Administrative Agent, for the account of each Lender (other than a Defaulting Lender to the extent
provided in Section 2.20), any fees payable in the amounts and at the times separately agreed upon between the Borrower and the Lenders. 

(b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any written, duly executed
fee agreements with the Administrative Agent and to perform any other obligations contained therein. 

  
 30 

 (c) [Reserved]. 

2.7 Termination of Commitments. The Commitments shall automatically terminate in full on the Effective Date after the proceeds of the
Loans have been made available to the Borrower. 
 2.8 Optional Prepayments. The Borrower may at any time and from time to time
prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 12:00 Noon, New York City time, three Business Days prior thereto, in the case of Term Benchmark Loans,
and no later than 2:00 p.m., New York City time, one Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Term Benchmark Loans or ABR Loans. Upon receipt
of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest
to such date on the amount prepaid. Partial prepayments of Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Notwithstanding the foregoing, any notice of prepayment delivered in
connection with any refinancing of all of the Loans with the proceeds of such refinancing or of any other incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent
upon the consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower, subject to compliance with the obligations under Section 2.17 in connection with any such
revocation, in the event such contingency is not met. Each prepayment of Loans under this clause (a) shall be applied to the prepayment in full of the aggregate principal amount and any accrued but unpaid interest with respect to the 364-Day Tranche Loans before being applied to prepay the aggregate principal amount and any accrued but unpaid interest with respect to the 2-Year Tranche Loans and shall be
accompanied by accrued interest and fees on the amount prepaid to the date fixed for prepayment plus, in the case of any Term Benchmark Loans that are prepaid on any day other than the last day of the Interest Period applicable to it, the
Borrower shall pay any amounts due to the Lenders as a result thereof pursuant to Section 2.17. 
 2.9 Conversion and Continuation
Options. 
 (a) The Borrower may elect from time to time to convert Term Benchmark Loans to ABR Loans by giving the Administrative Agent
prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Term Benchmark Loans may only be made on the last day of
an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time,
on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan may be converted into a Term Benchmark Loan when any Event of Default
has occurred and is continuing and the Required Lenders have determined in their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

  
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 (b) Any Term Benchmark Loan may be continued as such upon the expiration of the then current
Interest Period with respect thereto by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the defined term “Interest Period”, of the length of the next Interest Period to be
applicable to such Loans, provided that no Term Benchmark Loan may be continued as such when any Event of Default has occurred and is continuing and the Required Lenders have determined in their sole discretion not to permit such
continuations; provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph, subject to the preceding proviso, such Loans shall be automatically continued as Term Benchmark Loans
with an Interest Period of one month on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.10 Limitations on Term Benchmark Loans. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions and continuations of Term Benchmark Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that no more than five (5) Interest Periods shall be outstanding at any one time.

 2.11 Interest Rates and Payment Dates. 

(a) Each Term Benchmark Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
Term Benchmark determined for such day plus the Applicable Margin. 
 (b) Each ABR Loan shall bear interest at a rate per annum equal
to the ABR plus the Applicable Margin. 
 (c) (i) If all or a portion of the principal amount of the Loans shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a default rate per annum equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section
plus 2% and (ii) if all or a portion of any interest payable on the Loans or any other fee payable in connection herewith (excluding any expenses or other indemnity) shall not be paid when due (whether at the stated maturity, by
acceleration or otherwise), such overdue amount shall bear interest at a default rate per annum equal to the rate then applicable to ABR Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). 
 (d) Interest shall be
payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.11(c) shall be payable from time to time on demand. 

(e) The amount of each interest payment received by the Administrative Agent under the applicable Senior Bond shall be deemed to be a payment
of interest payable by the Borrower hereunder and shall reduce, dollar-for-dollar, the amount of interest then owing by the Borrower hereunder. 

  
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 2.12 Computation of Interest and Fees. 

(a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for
the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of ABR, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Term Benchmark. Any
change in the interest rate on a Loan resulting from a change in the ABR or the Term Benchmark shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as
practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 
 (b)
Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall constitute prima facie evidence of such amounts. The Administrative Agent shall, at the request of the Borrower or any Lender,
deliver to the Borrower or such Lender a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.11(a). 

2.13 Inability to Determine Interest Rate. 

(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.13, if: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the
commencement of any Interest Period for a Term Benchmark Loan, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or
published on a current basis), for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or 

(ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period
for a Term Benchmark Loan, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Term Loan for such
Interest Period or (B) at any time, Adjusted Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Term Loan; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any notice from the Borrower to the Administrative Agent that requests the conversion of any
Loans to, or continuation of any 

  
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Loans as, a Term Benchmark Loan shall instead be deemed to request the conversion of any Loans to, or continuation of any Loans as, (x) a RFR Borrowing so long as Adjusted Daily Simple SOFR
is not also the subject of Section 2.13(a)(i) or (ii) above or (y) an ABR Borrowing if Adjusted Daily Simple SOFR also is the subject of Section 2.13(a)(i) or (ii) above. 

(b) Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a
“Loan Document” for purposes of this Section 2.13), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then
(x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a
Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and
under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the
Required Lenders of each affected Class. 
 (c) Notwithstanding anything to the contrary herein or in any other Loan Document, the
Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement
Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i)any occurrence of a Benchmark Transition Event, (ii)the
implementation of any Benchmark Replacement, (iii)the effectiveness of any Benchmark Replacement Conforming Changes, (iv)the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v)the commencement or conclusion
of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.13, including any determination with
respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.13.

  
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 (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any
time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or
publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time
to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A)is subsequently displayed on a screen or information service for a
Benchmark (including a Benchmark Replacement) or (B)is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the
definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 
 (f)
Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or conversion to or continuation of Term Benchmark Loans to be made, converted or
continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an RFR Borrowing so long as
the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any
time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any
Term Benchmark Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time
as a Benchmark Replacement is implemented pursuant to this Section 2.13, any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be
converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the
subject of a Benchmark Transition Event, on such day. 
 2.14 Pro Rata Treatment and Payments; Notes. 

(a) [Reserved]. 

  
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 (b) Each payment (including each prepayment) by the Borrower on account of principal of and
interest on the Loans shall be made pro rata (i) in the case of the 364-Day Tranche Loans, according to the respective outstanding principal amounts of the
364-Day Tranche Loans then held by the 364-Day Tranche Lenders and (ii) in the case of the 2-Year Tranche Loans, according
to the respective outstanding principal amounts of the 2-Year Tranche Loans then held by the 2-Year Tranche Lenders. 

(c) Notwithstanding anything to the contrary herein, all payments (including prepayments) to be made by the Borrower hereunder, whether on
account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 4:00 P.M., New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, as
applicable, at the Funding Office, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments
on the Term Benchmark Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Term Benchmark Loan becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the
amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Effective Date, such Lender shall pay to the Administrative Agent, on
demand, such amount with interest thereon, at a rate equal to the greater of (i) the NYFRB Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period
until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of
manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after the Effective Date, the Administrative Agent shall also be entitled to recover such
amount with interest thereon at the rate per annum applicable to ABR Loans from the Borrower within 30 days after written demand therefor. 

(e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the
Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment 

  
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is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which
any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the NYFRB Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender
against the Borrower. 
 (f) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will promptly
execute and deliver to such Lender a promissory note (a “Note”) of the Borrower evidencing any Loans (or any portion thereof) of such Lender, substantially in the form of Exhibit H, with appropriate insertions as to date and
principal amount; provided, that delivery of Notes shall not be a condition precedent to the occurrence of the Effective Date or the making of the Loans on the Effective Date. 

(g) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.14(d), then the Administrative Agent may,
in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent hereunder for the account of such Lender for the benefit of the Administrative Agent to satisfy such
Lender’s obligations to the Administrative Agent, as the case may be, under such Section until all such unsatisfied obligations are fully paid, and/or (ii) so long as such Lender is a Defaulting Lender, hold any such amounts in a
segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in
its discretion. 
 2.15 Change of Law. 

(a) If a Change of Law shall: 

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

(ii) impose, modify or hold applicable any reserve, special deposit, compulsory loan, Federal Deposit Insurance Corporation
insurance charge or other similar insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any
Lender that is not otherwise included in the determination of the Term Benchmark Rate, which requirements are generally applicable to advances, loans and other extensions of credit made by such Lender; or 

(iii) impose on any Lender any other condition that is generally applicable to loans made by such Lender or participations
therein; 

  
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 and the result of any of the foregoing is to increase the cost to such Lender or such other Recipient, by an
amount that such Lender or such other Recipient deems to be material, of making, converting into, continuing or maintaining the Loans, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall
promptly pay such Lender or such other Recipient, within ten Business Days after its demand, any additional amounts necessary to compensate such Lender or such other Recipient for such increased cost or reduced amount receivable. If any Lender or
other Recipient becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled; provided,
however, that no Lender or other Recipient shall be entitled to demand such compensation more than 90 days following (x) the last day of the Interest Period in respect of which such demand is made or (y) the repayment of the Loan in
respect of which such demand is made. Notwithstanding any other provision herein, no Lender shall demand compensation pursuant to this Section 2.14 if it shall not at the time be the general policy or practice of such Lender to demand such
compensation from similarly situated borrowers (to the extent that such Lender has the right to do so under its credit facilities with similarly situated borrowers). 

(b) If any Lender shall have determined that a Change of Law regarding capital or liquidity requirements shall have the effect of reducing the
rate of return on such Lender’s capital or the capital of any corporation controlling such Lender as a consequence of its obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such Change
of Law (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the
Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

(c) A certificate as to any additional amounts payable pursuant to this Section 2.14 submitted by any Lender or any other Recipient to the
Borrower (with a copy to the Administrative Agent) shall constitute prima facie evidence of such costs or amounts. Notwithstanding anything to the contrary in this Section 2.14, the Borrower shall not be required to compensate a Lender or any
other Recipient pursuant to this Section 2.14 for any amounts incurred more than six months prior to the date that such Lender or such other Recipient notifies the Borrower of such Lender’s or such other Recipient’s intention to claim
compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive
effect not to exceed twelve months. The obligations of the Borrower pursuant to this Section 2.14 shall survive for 90 days after the termination of this Agreement and the payment of the Loans and all other amounts then due and payable
hereunder. 
 2.16 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable laws. If any applicable laws (as determined in the good faith discretion of the Borrower or Administrative Agent making the payment) require the

  
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deduction or withholding of any Tax from any such payment, then (A) the Borrower or Administrative Agent, as applicable shall withhold or make such deductions as are determined by the
Borrower or the Administrative Agent to be required, (B) the Borrower or Administrative Agent, as applicable shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such laws, and
(C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions
(including deductions applicable to additional sums payable under this Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Without limiting the provisions of subsection (a) above, the Borrower shall timely pay to the relevant Governmental Authority in
accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c)
(i) The Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 2.16) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or another Recipient (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or another Recipient, shall be conclusive absent manifest error. 

(ii) Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after
demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrower to do so), (y) the Administrative Agent against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c)(iii) relating to the maintenance of a
Participant Register and (z) the Administrative Agent against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender
by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, as the case may be, under this Agreement or any
other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

  
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 (d) Upon request by the Borrower or the Administrative Agent, as the case may be, after any
payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 2.16, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as
the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to
the Borrower or the Administrative Agent, as the case may be. 
 (e) (i) Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower
or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Sections 2.16(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the
generality of the foregoing, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

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

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

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

(IV) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on
behalf of each such direct and indirect partner. 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3) (C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the Effective Date. 
 (iii) Each Lender agrees that if any form or
certification it previously delivered pursuant to this Section 2.16 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) At no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf
of a Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of, or credit with
respect to, any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant to this Section 2.16), it shall pay to the Borrower an amount equal to such refund or credit
(but only to the extent of indemnity payments made under this Section 2.16 with respect to the Taxes giving rise to such refund or credit), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund or credit). The Borrower, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund
or credit to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to the Borrower pursuant to this paragraph (f) the payment of which
would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund or credit had not
been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph (f) shall not be construed to require any Recipient to make available its tax
returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person. 

  
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 (g) Each party’s obligations under this Section 2.16 shall survive for one year
after the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.17 Indemnity. The
Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss (other than the loss of Applicable Margin) or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making
a borrowing of, conversion into or continuation of Term Benchmark Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or
conversion from Term Benchmark Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Term Benchmark Loans on a day that is not the last day of an Interest
Period with respect thereto. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive for 90 days after the termination
of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.18 Change of Lending Office. Each Lender
agrees that, upon the occurrence of any event giving rise to the operation of Section 2.14 or 2.16 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such
Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole but reasonable judgment of such Lender,
cause such Lender and its lending office(s) to suffer no unreimbursed economic disadvantage or any legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower
or the rights of any Lender pursuant to Section 2.14 or 2.16. 
 2.19 Replacement of Lenders. The Borrower shall be permitted to
replace any Lender that (a) requests (on its behalf or any of its Participants) reimbursement for amounts owing pursuant to Section 2.14 or 2.16, (b) provides notice under Section 2.21 or (c) becomes a Defaulting Lender, with a
replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any
such replacement, such Lender shall have taken no action under Section 2.18 which eliminates the continued need for payment of amounts owing pursuant to Section 2.14 or 2.16, (iv) the replacement financial institution shall purchase, at
par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be liable to such replaced Lender under Section 2.17 if any Term Benchmark Loan owing to such replaced Lender
shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced
Lender shall be obligated to make such replacement in accordance with the 

  
 43 

 
provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be
consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.14 or 2.16, as the case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the
Administrative Agent or any other Lender shall have against the replaced Lender. 
 2.20 Defaulting Lenders. Notwithstanding anything
to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(a) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 7 or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 9.7), 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 that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the
Borrower with the consent of the Administrative Agent, not to be unreasonably withheld, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting
Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if such payment is a payment of the principal amount of the Loans in respect of which that Defaulting Lender has not fully funded its appropriate share such payment shall be applied solely to pay the Loans of
all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.20(a) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto; 

(b) [Reserved]; 
 (c) [Reserved];

 (d) [Reserved]; and 

  
 44 

 (e) that Defaulting Lender’s right to approve or disapprove any amendment, supplement,
modification, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section Section 10. 

If the Borrower and the Administrative Agent reasonably determine in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender
will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in
accordance with their Percentages, whereupon that 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. 
 2.21 [Reserved]. 

SECTION 3. [RESERVED]. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, the Borrower hereby represents and
warrants to the Administrative Agent and each Lender, on the Effective Date, that: 
 4.1 Financial Condition. The audited
consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of December 31, 2021, and the related consolidated statements of income and cash flows for the fiscal year ended on such date, reported on by Deloitte &
Touche LLP, in each case, (i) were prepared in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein, and (ii) present fairly in all material respects the consolidated
financial condition of the Borrower and its consolidated Subsidiaries as of such date, and its consolidated income and its consolidated cash flows for the respective fiscal year then ended. 

4.2 No Change. Since December 31, 2021, no Material Adverse Effect has occurred. 

4.3 Existence; Compliance with Law. Each of the Borrower and its Significant Subsidiaries (a) is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization, (b) has the organizational power and organizational authority to own and operate its property, to lease the property it operates as lessee and to conduct the business in
which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction 

  
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where its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to so qualify could not reasonably be expected
to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law except for any Requirements of Law being contested in good faith by appropriate proceedings and except to the extent that the failure to comply therewith
could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 4.4 Power; Authorization; Enforceable
Obligations. The Borrower has the corporate power and corporate authority to execute and deliver and to perform its obligations under the Loan Documents and to obtain extensions of credit hereunder. The Borrower has taken all necessary corporate
action to authorize the execution and delivery of, and performance of its obligations under, the Loan Documents to which it is a party and to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or
enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices which have been obtained or made and are in full force and effect, (ii) any consent, authorization or filing that may
be required in the future the failure of which to make or obtain could not reasonably be expected to have a Material Adverse Effect and (iii) applicable Requirements of Law (including the approval of the CPUC) prior to foreclosure or other
exercise of remedies under the Loan Documents. This Agreement has been, and each other Loan Document upon execution and delivery will be, duly executed and delivered. This Agreement constitutes, and each other Loan Document upon execution will
constitute, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by (x) applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally, laws of general application related to the enforceability of securities secured by real estate and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law) and (y) applicable Requirements of Law (including the approval of the CPUC) prior to foreclosure or other exercise of remedies hereunder or under the Loan Documents. 

4.5 No Legal Bar. The execution and delivery of, and the performance of the obligations under, this Agreement and the other Loan
Documents, the borrowing of the Loans hereunder and the use of the proceeds thereof will not violate in any material respect any Requirement of Law or any Contractual Obligation of the Borrower or any of its Significant Subsidiaries and will not
result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Loan Documents and the FMB
Indenture). 
 4.6 Litigation. (a) No litigation, investigation or proceeding of or before any arbitrator or Governmental
Authority is pending or, to the knowledge of the Borrower, threatened in writing by or against the Borrower or any of its Significant Subsidiaries or against any of their respective material properties or revenues with respect to any of the Loan
Documents. 

  
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 (b) No litigation, investigation or proceeding of or before any arbitrator or Governmental
Authority is pending or, to the knowledge of the Borrower, threatened in writing by or against the Borrower or any of its Significant Subsidiaries or against any of their respective material properties or revenues, except as disclosed in the
Specified Exchange Act Filings, that could reasonably be expected to have a Material Adverse Effect. 
 4.7 No Default. No Default or
Event of Default has occurred and is continuing. 
 4.8 Taxes. The Borrower and each of its Significant Subsidiaries has filed or
caused to be filed all Federal and state returns of income and franchise taxes imposed in lieu of net income taxes and all other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or
with respect to any claims or assessments for taxes made against it or any of its property by any Governmental Authority (other than (i) any amounts the validity of which are currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or any of its Significant Subsidiaries, as applicable, and (ii) claims which could not reasonably be expected to have a Material Adverse
Effect). No material tax Liens have been filed against the Borrower or any of its Significant Subsidiaries other than (A) Liens for taxes which are not delinquent or (B) Liens for taxes which are being contested in good faith by
appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or any of its Significant Subsidiaries, as applicable. 

4.9 Federal Regulations. No part of the proceeds of any Loans hereunder, will be used for “buying” or “carrying” any
“margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or for any purpose that violates the provisions of the Regulations of the Federal Reserve Board.

 4.10 ERISA. No Reportable Event has occurred during the five year period prior to the date on which this representation is made or
deemed made with respect to any Plan, and each Plan has complied with the applicable provisions of ERISA and the Code, except, in each case, to the extent that any such Reportable Event or failure to comply with the applicable provisions of ERISA or
the Code could not reasonably be expected to result in a Material Adverse Effect. During the five year period prior to the date on which this representation is made or deemed made, there has been no (i) failure to make a required contribution
to any Plan that would result in the imposition of a Lien or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such a Lien or encumbrance; or (ii) “unpaid
minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived, except, in each case, to the
extent that such event could not reasonably be expected to result in a Material Adverse Effect. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. The present
value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plan) did not, as of the last annual valuation date for which a certified actuarial valuation report is available prior to the date on which
this 

  
 47 

 
representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits, except as could not reasonably be expected to result in a Material Adverse
Effect. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan during the five year period prior to the date on which this representation is made or deemed made that has resulted
or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity would become subject to any liability under ERISA if the Borrower or any such Commonly Controlled Entity were
to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made, except as could not reasonably be expected to result in a Material Adverse Effect. No
such Multiemployer Plan is in endangered or critical status (within the meaning of Section 305 of ERISA) or in Insolvency. 
 4.11
Investment Company Act; Other Regulations. The Borrower is not an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.
On the Effective Date, the Borrower is not subject to regulation under any Requirement of Law (other than (a) Regulation X of the Federal Reserve Board and (b) Sections 817-830, and Sections 701 and
851 of the California Public Utilities Code) that limits its ability to incur Indebtedness under this Agreement. 
 4.12 Use of
Proceeds. The proceeds of the Loans shall be used to pay fees, costs and expenses relating to the transactions contemplated hereby and for working capital and general corporate purposes. 

4.13 Environmental Matters. Except as disclosed in the Specified Exchange Act Filings, the Borrower and its Significant Subsidiaries are
not subject to any pending violations or liabilities under Environmental Laws or relating to the disposal, spill or other release of Materials of Environmental Concern that would reasonably be expected to have a Material Adverse Effect, and, to the
knowledge of the Borrower, there are no facts, circumstances or conditions that could reasonably be expected to give rise to such violations or liabilities. 

4.14 Regulatory Matters. Solely by virtue of the execution, delivery and performance of, or the consummation of the transactions
contemplated by this Agreement, no Lender shall be or become subject to regulation (a) under the FPA or (b) as a “public utility” or “public service corporation” or the equivalent under any Requirement of Law. 

4.15 Sanctions; Anti-Corruption. None of the Borrower, any of its Subsidiaries, nor, to the knowledge of the Borrower, any director,
officer, agent, Affiliate or employee of the Borrower or any of its Subsidiaries is currently (i) the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. State
Department (“Sanctions”) or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of any Sanctions. None of the Borrower, any of its Subsidiaries nor, to the knowledge of the
Borrower, any director, officer, agent, Affiliate or employee of the Borrower or any of its Subsidiaries, has taken 

  
 48 

 
any action, directly or indirectly, that would result in a violation in any material respect by any such Person of the United States Foreign Corrupt Practices Act of 1977, as amended
(“FCPA”) or of any other anti-bribery or anti-corruption laws, rules, regulations legally applicable to such Persons (collectively, “Anti-Corruption Laws”). The Borrower will not use the proceeds of the Loans, or
lend, contribute or otherwise make available such proceeds (a) to any Subsidiary, Affiliate, joint venture partner or other Person or entity, to fund the activities of any Person, or in any country or territory, that, at the time of such
funding, is, or whose government is, the subject of any Sanctions, or (b) directly, or, to the knowledge of the Borrower, indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or of any Anti-Corruption Laws. 

4.16 Affected Financial Institutions. The Borrower is not an Affected Financial Institution. 

4.17 Solvency. The Borrower and its Subsidiaries, on a consolidated basis, are Solvent as of the Effective Date. 

4.18 Disclosure. 
 (a) All
written information relating to the Borrower, its Subsidiaries and their respective businesses, other than any projections, estimates and other forward-looking materials and information of a general economic or industry specific nature, that has
been provided by or on behalf of the Borrower to the Administrative Agent or the Lenders in connection with the transactions contemplated hereby does not, when taken as a whole, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (giving effect to all supplements and updates thereto). Any projected
information, estimates, other forward-looking materials and pro forma financial information that have been made available to any Lenders or the Administrative Agent prior to the Effective Date in connection with the transactions contemplated hereby
have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable as of the date such information was furnished to the Lenders and as of the Effective Date (it being understood that actual results may vary materially
from such projections and pro forma information and such projections and pro forma information are not a guarantee of performance). 
 (b) As
of the Effective Date, to the knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all
respects. 
 4.19 Status of Obligations. The issuance to the Administrative Agent of the Senior Bonds provides the Lenders, as
beneficial holders of the Senior Bonds through the Administrative Agent, the benefit of the Lien of the FMB Indenture equally and ratably with the holders of other First Mortgage Bonds. 

  
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 4.20 Ownership of Property. As of the Effective Date, each of the Borrower and its
Significant Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, subject to no Liens other than Liens permitted under Section 7.3, except for where the failure would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 4.21 Covered Entity. The Borrower
is not a Covered Entity. 
 SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to the Effective Date. The occurrence of the Effective Date and the obligation of each Lender to make its Loans hereunder
on the Effective Date is subject to the satisfaction of the following conditions precedent: 
 (a) Credit Agreement. The
Administrative Agent shall have received this Agreement (including copies of all schedules attached hereto in a form reasonably satisfactory to the Lenders), executed and delivered by the Administrative Agent, the Borrower and each Person listed on
Schedule 1.1. 
 (b) Consents and Approvals. All governmental and third party consents and approvals necessary in connection with the
execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby shall have been obtained and be in full force and effect; and the Administrative Agent shall have received a
certificate of a Responsible Officer to the foregoing effect. 
 (c) KYC Information. At least three (3) Business Days prior to
the Effective Date, the Administrative Agent and each Lender shall have received all documentation and information relating to the Borrower as is reasonably requested in writing by the Administrative Agent and/or any such Lender at least ten
(10) Business Days prior to the Effective Date that is required by Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership
Regulation. If the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation and the Administrative Agent or any Lender so request at least five (5) Business Days prior to the Effective Date, then at
least three (3) Business Days prior to the Effective Date, the Borrower shall have delivered to the Administrative Agent and/or any such Lender a Beneficial Ownership Certification in relation to the Borrower. 

(d) Bond Documents. The Administrative Agent shall have received: 

(i) the Bond Delivery Agreement, duly executed and delivered by the Borrower and Administrative Agent; 

(ii) the Senior Bonds in a face amount equal to the Loans as of the Effective Date, duly issued and authenticated under the FMB
Indenture and in a form reasonably satisfactory to the Administrative Agent; 

  
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 (iii) the Supplemental Indenture, duly executed and delivered by the
Borrower and the Indenture Trustee and in a form reasonably satisfactory to the Administrative Agent; 
 (iv) a certificate
of a duly authorized officer of the Indenture Trustee certifying that each Senior Bond has been authenticated and is outstanding under the FMB Indenture; 

(v) copies of all legal opinions and other documents delivered to the Indenture Trustee by or on behalf of the Borrower on or
prior to the Effective Date in connection with the issuance of the Senior Bonds; and 
 (vi) copies of all title reports and
commitments as of the Effective Date with respect to the Mortgaged Property consisting of real property as to which Liens in favor of the Indenture Trustee, for the benefit of the holders of the First Mortgage Bond, has been granted. 

(e) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices
have been presented (including the reasonable fees and expenses of legal counsel) on or before the date that is two (2) Business Days prior to the Effective Date. 

(f) Closing Certificate; Certified Articles of Incorporation; Good Standing Certificates. The Administrative Agent shall have received
(i) a certificate of the Borrower, dated the Effective Date, substantially in the form of Exhibit D-1, with appropriate insertions and attachments, including the articles of incorporation of the Borrower
certified as of a recent date by the Secretary of State of the State of California, (ii) a good standing certificate for the Borrower dated as of a recent date from the Secretary of State of the State of California, and (iii) a certificate
of a Responsible Officer, dated the Effective Date, confirming the satisfaction of the conditions precedent set forth in Sections 5.1(h) and (i), substantially in the form of Exhibit D-2. 

(g) Legal Opinion. The Administrative Agent shall have received the legal opinion of Hunton Andrews Kurth LLP, counsel to the Borrower,
in a form reasonably satisfactory to the Administrative Agent. 
 (h) Representations and Warranties. Each of the representations and
warranties made by the Borrower in this Agreement that does not contain a materiality qualification shall be true and correct in all material respects on and as of the Effective Date, and each of the representations and warranties made by the
Borrower in this Agreement that contains a materiality qualification shall be true and correct on and as of the Effective Date (or, in each case, to the extent such representations and warranties specifically relate to an earlier date, that such
representations and warranties were true and correct in all material respects, or true and correct, as the case may be, as of such earlier date). 

(i) No Default. No Default or Event of Default shall have occurred and be continuing on the Effective Date or would result from the
funding of the Loans on the Effective Date. 

  
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 (j) Notice of Borrowing. The Administrative Agent shall have received a notice of
borrowing in accordance with the requirements of Section 2.2. 
 SECTION 6. AFFIRMATIVE COVENANTS 

The Borrower hereby agrees that, so long as any Loan, any interest on any Loan or any fee payable to any Lender or the Administrative Agent
hereunder remains outstanding, or any other amount then due and payable is owing to any Lender or the Administrative Agent hereunder, the Borrower shall and, with respect to Sections 6.3 and 6.6(b), shall cause its Significant Subsidiaries to: 

6.1 Financial Statements. Furnish to the Administrative Agent with a copy for each Lender, and the Administrative Agent shall deliver to
each Lender: 
 (a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Borrower, a copy of the
audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and cash flows for such year, setting forth in each case in comparative form
the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Deloitte & Touche LLP or other independent certified public
accountants of nationally recognized standing; and 
 (b) as soon as available, but in any event not later than 60 days after the end of each
of the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of
income and cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in
all material respects (subject to the absence of footnotes and normal year-end audit adjustments). 
 All such
financial statements shall (x) be complete and correct in all material respects and (y) shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and
disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods, subject, in each case to the absence of footnotes and to normal year-end audit adjustments.
The Borrower shall be deemed to have delivered the financial statements required to be delivered pursuant to this Section 6.1 upon the filing of such financial statements by the Borrower through the SEC’s EDGAR system (or any successor
electronic gathering system that is publicly available free of charge) or the publication by the Borrower of such financial statements on its website. 

  
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 6.2 Certificates; Other Information. Furnish to the Administrative Agent, for
delivery to the Lenders: 
 (a) within two Business Days after the delivery of any financial statements pursuant to Section 6.1, (i) a
certificate of a Responsible Officer stating that such Responsible Officer has obtained no actual knowledge of any Default or Event of Default except as specified in such certificate and (ii) a Compliance Certificate, substantially in the form
of Exhibit C, containing all information and calculations reasonably necessary for determining compliance by the Borrower with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of the
Borrower, as the case may be; 
 (b) within five days after the same are sent, copies of all financial statements and reports that the
Borrower sends to the holders of any class of its debt securities or public equity securities, provided that, such financial statements and reports shall be deemed to have been delivered upon the filing of such financial statements and
reports by the Borrower through the SEC’s EDGAR system (or any successor electronic gathering system that is publicly available free of charge) or publication by the Borrower of such financial statements and reports on its website; 

(c) promptly, such additional financial and other information (other than any such information the disclosure of which is prohibited by
applicable law or binding agreement or subject to attorney-client privilege or constitutes attorney-work product or constitutes non-financial trade secrets or
non-financial proprietary information so long as (x) such confidentiality obligation was not entered into in contemplation hereof and (y) the Borrower provides such Lender with notice that
information is being withheld due to the existence of such confidentiality obligation) as any Lender, through the Administrative Agent, may from time to time reasonably request; and 

(d) promptly, such documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with
its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation. 

6.3 Payment of Taxes. Pay all taxes due and payable or any other tax assessments made against the Borrower or any of its Significant
Subsidiaries or any of their respective property by any Governmental Authority (other than (i) any amounts the validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the Borrower or any of its Significant Subsidiaries, as applicable or (ii) where the failure to effect such payment could not reasonably be expected to have a Material Adverse Effect).

 6.4 Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force and effect its organizational existence and
(ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clause
(ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) comply with all Contractual Obligations except to the extent that failure to comply therewith could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect and (c) comply with all Requirements of Law except for any Requirements of Law being contested in good faith by appropriate proceedings or except to the extent that failure to
comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 6.5 Maintenance of Property; Insurance. (a) Keep all property useful and
necessary in its business in good working order and condition, ordinary wear and tear and casualty excepted, except to the extent that failure to do so could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and
(b) maintain with financially sound and reputable insurance companies insurance on all its material property in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged
in the same or a similar business of comparable size and financial strength and owning similar properties in the same general areas in which the Borrower operates, which may include self-insurance, if determined by the Borrower to be reasonably
prudent. 
 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which
full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) unless a Default or Event of Default has occurred and is
continuing, not more than once a year and after at least five Business Days’ notice, (i) permit representatives of any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at
any reasonable time to discuss the business, operations, properties and financial and other condition of the Borrower and its Significant Subsidiaries with officers and employees of the Borrower and its Significant Subsidiaries and (ii) use
commercially reasonable efforts to provide for the Lenders (in the presence of representatives of the Borrower) to meet with the independent certified public accountants of the Borrower and its Significant Subsidiaries; provided, that any such
visits or inspections shall be subject to such conditions as the Borrower and each of its Significant Subsidiaries shall deem necessary based on reasonable considerations of safety, security and confidentiality; and provided, further, that neither
the Borrower nor any Significant Subsidiary shall be required to disclose to any Person any information the disclosure of which is prohibited by applicable law or binding agreement or subject to attorney-client privilege or constitutes attorney-work
product or constitutes non-financial trade secrets or non-financial proprietary information so long as (x) such confidentiality obligation was not entered into in
contemplation hereof and (y) the Borrower provides such Lender with notice that information is being withheld due to the existence of such confidentiality obligation. 

6.7 Notices. Give notice to the Administrative Agent, and the Administrative Agent shall deliver such notice to each Lender, promptly
upon any Responsible Officer obtaining knowledge of: 
 (a) the occurrence of any Default or Event of Default; 

(b) [reserved]; and 

  
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 (c) the occurrence of an ERISA Event which, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect (provided, that, any judicial proceeding instituted by PBGC that, within 60 days after the institution of such proceeding, has been withdrawn or stayed by PBGC or otherwise, shall be
disregarded for the purpose of this Section 6.7(c)). 
 6.8 Maintenance of Licenses, etc. Maintain in full force and effect any
authorization, consent, license or approval of any Governmental Authority necessary for the conduct of the Borrower’s business as now conducted by it or necessary in connection with this Agreement, except to the extent the failure to do so
could not reasonably be expected to have a Material Adverse Effect. 
 6.9 Further Assurances. 

(a) (i) Comply with Section 7.08(a) of the FMB Indenture, (ii) deliver to the Administrative Agent within 120 days after the
Effective Date, a copy of the Opinion of Counsel (as defined in the FMB Indenture) delivered to the Indenture Trustee under Section 7.08(a)(i) of the FMB Indenture relating the Supplemental Indenture and (iii) deliver to the Administrative
Agent a copy of each Opinion of Counsel delivered to the Indenture Trustee under Section 7.08(a)(ii) of the FMB Indenture relating to the Supplemental Indenture. 

(b) Promptly upon the reasonable request by the Administrative Agent, or by the Required Lenders through the Administrative Agent,
(i) correct any material defect or error that may be discovered in any Loan Document or the execution, acknowledgment, filing or recordation thereof and (ii) do, execute, acknowledge and deliver any and all such further certificates,
documents, agreements and other instruments as reasonably required from time to time to carry out more effectively the purposes of the Loan Documents. 

6.10 Use of Proceeds. The Borrower shall use the proceeds of the Loans in accordance with Section 4.12. 

SECTION 7. NEGATIVE COVENANTS 

The Borrower hereby agrees that, so long as any Loan, or any interest on any Loan or any fee payable to any Lender or the Administrative Agent
hereunder remains outstanding, or any other amount then due and payable is owing to any Lender or the Administrative Agent hereunder, the Borrower shall not and shall not permit its Significant Subsidiaries to: 

7.1 Indebtedness. At all times prior to the Indebtedness Covenant Release Date, create, incur, assume or permit to exist any
Indebtedness, except for: 
 (a) Indebtedness and other Obligations created hereunder; 

(b) Indebtedness of the Borrower under the Utility Revolving Credit Agreement in an aggregate outstanding principal amount not to exceed
$4,000,000,000 plus any additional amounts permitted to be incurred thereunder pursuant to Section 2.3 of the Utility Revolving Credit Agreement as in effect on the date hereof and any Permitted Refinancing thereof; 

  
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 (c) Indebtedness of the Borrower outstanding on the Effective Date in an aggregate
outstanding principal amount not to exceed, together with any Loans outstanding hereunder on the Effective Date, $33,350,000,000 and any Permitted Refinancing thereof; 

(d) Indebtedness (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay,
customs, appeal, performance and/or return of money bonds or other similar obligations incurred in the ordinary course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments
and reimbursement obligations to support any of the foregoing items; 
 (e) (i) Guarantee Obligations with respect to the obligations of
suppliers, customers and licensees and other third parties in the ordinary course of business, (ii) Indebtedness incurred in the ordinary course of business to pay the deferred purchase price of goods or services or progress payments in
connection with such goods and services and (iii) Indebtedness in respect of letters of credit, bankers’ acceptances, bank guaranties or similar instruments supporting trade payables, warehouse receipts or similar facilities entered into
in the ordinary course of business, workers compensation claims or other employee benefits; 
 (f) Guarantee Obligations with respect to
Indebtedness otherwise permitted to be incurred pursuant to this Section 7.1 and Guarantee Obligations with respect to the obligations of Subsidiaries and joint ventures of the Borrower; provided that no such Guarantee Obligations with respect
to Indebtedness of the Borrower constituting debt for borrowed money or evidenced by notes, bonds, debentures or other similar instruments (including, for the avoidance of doubt, the First Mortgage Bonds) shall be permitted except to the extent
provided by a Person that is, or concurrently with providing such Guarantee Obligations becomes, a guarantor of the Obligations hereunder on terms and pursuant to documentation reasonably satisfactory to the Administrative Agent; 

(g) Indebtedness consisting of (i) the financing of insurance premiums and/or (ii) take-or-pay obligations contained in supply arrangements; 
 (h) Indebtedness with respect
to Capital Lease Obligations and purchase money Indebtedness; provided, that the aggregate outstanding principal amount of Indebtedness with respect to Capital Lease Obligations shall not exceed $500,000,000 at any one time; 

(i) (i) obligations under any Cash Management Agreement and (ii) Indebtedness under any Swap Agreement permitted under Section 7.6;

 (j) Indebtedness arising from any agreement providing for indemnification, adjustment or purchase price or similar obligations (including
contingent earn-out obligations) incurred in connection with any Disposition or any purchase of assets or Capital Stock, and Indebtedness arising from guaranties, letters of credit, bank guaranties, surety
bonds, performance bonds or similar instruments securing the performance of the Borrower or its Subsidiaries pursuant to any such agreement; 

  
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 (k) Indebtedness in respect of banking services and incentive, supplier finance or similar
programs incurred in the ordinary course of business; 
 (l) customer deposits and advance payments received in the ordinary course of
business from customers for goods and services purchased in the ordinary course of business; 
 (m) Indebtedness representing deferred
compensation to employees, consultants or independent contractors incurred in the ordinary course of business; 
 (n) 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; 

(o) endorsements for collection or deposit in the ordinary course of business; 

(p) Indebtedness issued or incurred to fund rate base growth in an aggregate outstanding principal amount not to exceed $9,000,000,000 at any
time and any Permitted Refinancing thereof; and 
 (q) other Indebtedness of the Borrower in an aggregate outstanding principal amount not to
exceed the excess, if any, of 10% of Net Tangible Assets of the Borrower over the amount of Indebtedness incurred pursuant to clause (p) above. 

Notwithstanding anything herein to the contrary, no Guarantee Obligations from any Significant Subsidiary of the Borrower with respect to
Indebtedness of the Borrower constituting debt for borrowed money or evidenced by notes, bonds, debentures or other similar instruments (including, for the avoidance of doubt, the First Mortgage Bonds) shall be permitted hereunder except to the
extent provided by a Person that is, or concurrently with providing such Guarantee Obligations becomes, a guarantor of the Obligations hereunder on terms and pursuant to documentation reasonably satisfactory to the Administrative Agent. 

7.2 Consolidated Capitalization Ratio. Permit the Consolidated Capitalization Ratio on the last day of any fiscal quarter, from and
after the last day of the first fiscal quarter ending after the Effective Date, to exceed 0.65 to 1.00. 
 7.3 Liens. Create, incur,
assume or suffer to exist any Lien upon any assets of the Borrower or any Significant Subsidiary, whether now owned or hereafter acquired, except for (a) Liens securing the Obligations under this Agreement and the other Loan Documents and
(b) Liens permitted under Section 7.06(b) of the FMB Indenture. 
 7.4 Fundamental Changes. Enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business (including, without limitation, rental equipment or leasehold
interests and excluding the sale or transfer of any accounts receivable or of any amounts that are accrued and recorded in a regulatory account for collections by the Borrower, in each case, in connection with a securitization

  
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transaction including, without limitation, any A/R Securitization Transaction), except that the Borrower may be merged, consolidated or amalgamated with another Person or Dispose of all or
substantially all of its property or business so long as, after giving effect to such transaction, (a) no Default or Event of Default shall have occurred and be continuing, (b) either (i) the Borrower is the continuing or surviving
corporation of such merger, consolidation or amalgamation or (ii) the continuing or surviving corporation of such merger, consolidation or amalgamation, if not the Borrower or the purchaser, (x) shall be an entity organized or existing
under the laws of the United States, any state thereof or the District of Columbia, (y) shall have assumed all obligations of the Borrower under the Loan Documents pursuant to arrangements reasonably satisfactory to the Administrative Agent and
(z) to the extent requested by the Administrative Agent or any Lender, shall have promptly provided to the Administrative Agent or such Lender all documentation and other information that may be required by the Administrative Agent or such
Lender in order to enable compliance with applicable “know-your-customer” and anti-money laundering rules and regulations, including information required by the Patriot Act and the Beneficial Ownership Regulation and (c) the ratings
by Moody’s and S&P of the continuing or surviving corporation’s or purchaser’s senior, secured debt shall be at least the higher of (1) Baa3 from Moody’s and BBB- from S&P and
(2) the ratings by such rating agencies of the Borrower’s senior, secured debt in effect before the earlier of the occurrence or the public announcement of such event. 

7.5 Sale and Lease Back Transactions. Enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or
transfer any property having fair market value in excess of $10,000,000, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use
for substantially the same purpose or purposes as the property being sold or transferred, except for (a) those transactions described on Schedule 7.5 and (b) any other sale of any fixed or capital assets that is made for cash
consideration; provided that, in each case, if such sale and leaseback results in a Capital Lease Obligation, such Capital Lease Obligation is permitted by Section 7.1 and any Lien made the subject of such Capital Lease Obligation is permitted
by Section 7.3. 
 7.6 Swap Agreements. Enter into any Swap Agreement, other than Swap Agreements entered into not for
speculative purposes (a) to hedge or mitigate risks to which the Borrower and its Subsidiaries are exposed in the conduct of its business or the management of its liabilities (including, without limitation, raw material, commodities, fuel,
electricity or other supply costs and currency risks), (b) to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or fixed rate or otherwise) with respect to any interest
bearing Indebtedness of the Borrower and its Subsidiaries permitted by this Agreement, (c) to swap currency in connection with funding the business of the Borrower and its Subsidiaries in the ordinary course of business or (d) entered into
in connection with any A/R Securitization Transaction. 
 7.7 Amendments to FMB Indenture. Amend, supplement, modify or waive the FMB
Indenture in any manner that is materially adverse to the Lenders hereunder; provided that the foregoing shall not prohibit the Borrower from supplementing the FMB Indenture in order to provide for the issuance of additional First Mortgage Bonds in
accordance with the FMB Indenture or to add property to the Lien of the FMB Indenture. 

  
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 SECTION 8. EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing on or after the Effective Date: 

(a) the Borrower shall fail to pay any principal of the Loans when due in accordance with the terms hereof; or the Borrower shall fail to pay
any interest on the Loans, or any other amount payable hereunder or under any other Loan Document, within five Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or 

(b) any representation or warranty made or deemed made by the Borrower herein or in any other Loan Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or
deemed made, unless, as of any date of determination, the facts or circumstances to which such representation or warranty relates have changed with the result that such representation or warranty is true and correct in all material respects on such
date; or 
 (c) the Borrower shall default in the observance or performance of any agreement contained in Section 6.4(a)(i),
Section 6.7(a), Section 6.10, Section 7.1, Section 7.2, Section 7.3 or Section 7.4 of this Agreement; or 
 (d)
the Borrower shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue
unremedied for a period of 30 days after notice to the Borrower from the Administrative Agent at the request of the Required Lenders; or 

(e) the Borrower or any of its Significant Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness
(including any Guarantee Obligation, but excluding the Loans) on the due date with respect thereto (after giving effect to any period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created); or
(ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or
performance of any other agreement or condition relating to any such Indebtedness 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 (in the case of all Indebtedness other than Indebtedness under any Swap Agreement) to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such 

  
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Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph
(e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing
with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $200,000,000; provided, further, that unless payment of the Loans hereunder has already been accelerated, if such default shall be cured by
the Borrower or such Significant Subsidiary or waived by the holders of such Indebtedness and any acceleration of maturity having resulted from such default shall be rescinded or annulled, in each case, in accordance with the terms of such agreement
or instrument, without any modification of the terms of such Indebtedness requiring the Borrower or such Significant Subsidiary to furnish security or additional security therefor, reducing the average life to maturity thereof or increasing the
principal amount thereof, or any agreement by the Borrower or such Significant Subsidiary to furnish security or additional security therefor or to issue in lieu thereof Indebtedness secured by additional or other collateral or with a shorter
average life to maturity or in a greater principal amount, then any Default hereunder by reason thereof shall be deemed likewise to have been thereupon cured or waived; or 

(f) (i) the Borrower or any of its Significant Subsidiaries shall commence any case, proceeding or other action (A) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or the Borrower or any of its Significant Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower or
any of its Significant Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains
undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower or any of its Significant Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from
the entry thereof; or (iv) the Borrower or any of its Significant Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

(g) there occurs any ERISA Event that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect;
or 

  
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 (h) one or more judgments or decrees shall be entered against the Borrower or any of its
Significant Subsidiaries by a court of competent jurisdiction involving in the aggregate a liability (not paid or, subject to customary deductibles, fully covered by insurance as to which the relevant insurance company has not denied coverage) of
$200,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 45 days from the entry thereof unless, in the case of a discharge, such judgment or decree is due at a later date
in one or more payments and the Borrower or such Significant Subsidiary satisfies the obligation to make such payment or payments on or prior to the date such payment or payments become due in accordance with such judgment or decree; or 

(i) there shall have occurred a Change of Control; or 

(j) any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Borrower contests in any manner in writing the validity or enforceability of any Loan Document; or the Borrower denies in writing that it has
any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document; or 

(k) at any time (i) any Senior Bond shall cease to be outstanding for any reason other than (A) the payment in full of the applicable
Tranche relating to such Senior Bond and other obligations then due and owing under the Loan Documents with respect thereto or (B) the payment in full of such Senior Bond, (ii) the Administrative Agent, on behalf of the Lenders, shall
cease at any time to be the holder of any Senior Bond for all purposes of the FMB Indenture (unless such Senior Bond is transferred by the Administrative Agent other than in connection with the payment in full of the obligations with respect to such
Senior Bond) or (iii) the Lien of the FMB Indenture shall cease to constitute a valid and enforceable Lien on the Mortgaged Property; 
 then, and in
any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to the Borrower, the Loans (with accrued interest thereon) and all other amounts owing under this Agreement
and the other Loan Documents shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: 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, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due
and payable forthwith, whereupon the same shall immediately become due and payable. Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

SECTION 9. THE AGENTS 
 9.1
Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of America, N.A. 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 Section 9 are
solely for the benefit 

  
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of the Agents, the Lenders and the Borrower shall not have rights as a third-party beneficiary of any of such provisions (other than with respect to the Borrower’s rights under Sections
9.9(a) and (b)). 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 any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.2 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 it. The Administrative Agent, and any such sub-agent may each perform any and all of
its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent, and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 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
nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

9.3 Exculpatory Provisions. 

(a) No Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties
hereunder shall be administrative in nature. Without limiting the generality of the foregoing, no Agent: 
 (i) shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (ii)
shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that an 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 no Agent shall be required to take any action that, in its opinion or
the opinion of its counsel, may expose such Agent to liability or that is contrary to 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, 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 an Agent or any of its Affiliates in any capacity. 

  
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 (b) No Agent shall 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 such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10 and 8),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. 

(c) No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 5 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. 

9.4 Reliance by 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, 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 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. 

9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event
that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

  
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 9.6 Non-Reliance on Agents 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. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or any of its Affiliates that may come into the possession of such Agent or any of its
officers, directors, employees, agents, attorneys in fact or Affiliates. 
 9.7 Indemnification. The Lenders agree to indemnify each
Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Percentages in effect on the date on which indemnification is sought
under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Percentages immediately prior to such date), from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on,
incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated
hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. 

9.8 Agent in Its Individual Capacity. Each Person serving as an 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 an Agent, and the terms “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include such Person
serving as an 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 an Agent hereunder and without any duty to account therefor to the Lenders. 

  
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 9.9 Successor Agents. 

(a) The Administrative Agent may resign upon 10 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall so resign
under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(f) with respect to the
Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld, conditioned or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the
Administrative Agent and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Agent’s rights, powers and duties as Administrative Agent shall be
terminated, without any other or further act or deed on the part of such former Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10
days following a retiring Agent’s notice of resignation (the “Resignation Effective Date”), the retiring Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of
the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Agent’s resignation as Administrative Agent the provisions of Section 9.7
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement and the other Loan Documents. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (e) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, shall appoint a successor, subject to the approval of the Borrower (unless an Event of
Default under Section 8(f) with respect to the Borrower shall have occurred and be continuing), which approval shall not be unreasonably withheld, conditioned or delayed. If no such successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such
notice on the Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Senior Bond held by the Administrative Agent on behalf of the
Lenders, the retiring or removed Administrative Agent shall continue to hold such Senior Bond in its name until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to
the retiring or removed Administrative Agent, 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

  
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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 or removed Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the
Resignation Effective Date or the Removal Effective Date (as applicable)), and the retiring or removed 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 Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under the other Loan Documents,
the provisions of this Section and Sections 2.17 and 10.5 shall continue in effect for the benefit of such retiring or removed 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 or removed Agent was acting as Agent. 
 9.10 Reserved. 

9.11 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and
the Administrative Agent (including any claim 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 2.6, 2.17 and 10.5) 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 2.6, 2.17 and 10.5. 

  
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 9.12 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of
the following is and will be true: 
 (i) such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement, 

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

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

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary

  
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with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

9.13 Erroneous Payment. 

(a) If the Administrative Agent notifies a Lender or any Person who has received funds on behalf of a Lender, such Lender (any such Lender or
other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment
Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender or other Payment Recipient on its
behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous
Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender
shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any
such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion
thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

(b) Without limiting immediately preceding clause (a), each Lender, or any Person who has received funds on behalf of a Lender, such Lender,
hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its
Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, or other such recipient, otherwise becomes aware
was transmitted, or received, in error or by mistake (in whole or in part) in each case: 

  
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 (i) (A) in the case of immediately preceding clauses (x) or (y), an
error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment,
prepayment or repayment; and 
 (ii) such Lender shall (and shall cause any other recipient that receives funds on its
respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that
it is so notifying the Administrative Agent pursuant to this Section 9.13(b), and upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the
Administrative Agent the amount of any such payment, prepayment or repayment as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such payment, prepayment or
repayment was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect. 
 (c) Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all
amounts at any time owing to such Lender under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender from any source, against any amount due to the Administrative Agent under immediately preceding clause
(a) or under the indemnification provisions of this Agreement. 
 (d) The Borrower hereby agrees that in the event an Erroneous Payment
(or portion thereof) are not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount. 

(e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrower, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making
such Erroneous Payment. 
 (f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an
Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent
for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(g) Each party’s obligations, agreements and waivers under this Section 9.13 shall survive the resignation or
replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under
any Loan Document. 

  
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 SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. Subject to Section 2.13(b) and (c), neither this Agreement, any other Loan Document, nor any terms
hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10. The Required Lenders and the Borrower may, or, with the written consent of the Required Lenders, the Administrative Agent
and the Borrower may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing
in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the
requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

(i) forgive the principal amount or extend the final scheduled date of maturity of any Loan, reduce the stated rate of any
interest or fee payable hereunder (except in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders)) or extend the scheduled date of any
payment thereof, in each case without the written consent of each Lender directly affected thereby; 
 (ii) eliminate or
reduce the voting rights of any Lender under this Section Section 10 or Section 10.6(a)(i) without the written consent of such Lender; 

(iii) reduce any percentage specified in the definition of Required Lenders without the written consent of all Lenders; 

(iv) amend, modify or waive any provision of Section 2.14, Section 10.7 (Application of Money Collected) of
the FMB Indenture or any similar provision in the Loan Documents related to pro rata treatment without the consent of each Lender directly affected thereby; 

(v) amend, modify or waive any provision of Section 9 without the written consent of the Administrative Agent; 

(vi) [reserved]; 

(vii) amend, modify or waive any provision of Section 5 without the written consent of all the Lenders; 

(viii) amend, modify or waive any provision of Section 2.8 without the written consent of each Lender affected thereby;

  
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 (ix) amend or modify any provision in any Loan Document in a manner that by
its terms affects the rights or duties under this Agreement of the Lenders of one Tranche (but not the other Tranche), without the prior written consent of the requisite number or percentage in interest of each affected Tranche of Lenders that would
be required to consent thereto under this Section if such Tranche of Lenders were the only Tranche of Lenders hereunder at the time; or 

(x) instruct the Administrative Agent to vote the Senior Bonds in favor of the release of all or substantially all of the
Mortgaged Property without the written consent of all the Lenders. 
 Any such waiver and any such amendment, supplement or modification
shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be
restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default, or impair any right consequent thereon. 
 Notwithstanding anything to the contrary contained in this Section 10,
if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower
shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and any such amendment, modification or supplement shall become effective without any further action or
consent of any other party to this Agreement. 
 If the Required Lenders shall have approved any amendment which requires the consent of all
of the Lenders, the Borrower shall be permitted to replace any non-consenting Lender with another financial institution, provided that, (i) the replacement financial institution shall purchase at
par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (ii) the Borrower shall be liable to such replaced Lender under Section 2.17 if any Term Benchmark Loan owing to such replaced Lender
shall be purchased other than on the last day of the Interest Period relating thereto (as if such purchase constituted a prepayment of such Loans), (iii) such replacement financial institution, if not already a Lender, shall be reasonably
satisfactory to the Administrative Agent, (iv) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and
processing fee referred to therein) (for the avoidance of doubt, such replacement shall be effective subject to the conditions in the other clauses set forth in this proviso, regardless of whether such replaced Lender enters into an Assignment and
Assumption) and (v) any such replacement shall not be deemed to be a waiver of any rights the Borrower, the Administrative Agent, or any other Lender shall have against the replaced Lender. 

  
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 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, supplement, modification, waiver or consent hereunder (and any amendment, supplement, modification, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (i) any reduction of the amount of principal or interest owed to such Defaulting Lender shall, in each case, require the consent of such Defaulting
Lender, and (ii) a Defaulting Lender’s Percentage shall be taken into consideration along with the Percentage of non-Defaulting Lenders when voting to approve or disapprove any waiver, amendment or
modification that by its terms affects any Defaulting Lender more adversely than other affected Lenders. 
 10.2 Notices. 

(a) All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy),
and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered during the recipient’s normal business hours, or, if mailed by certified or registered mail, shall be deemed to have been given when
received, or, in the case of telecopy notice, when received during the recipient’s normal business hours, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire
delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto in accordance with clause (e) or clause (f) of this Section 10.2: 

 

			
	 Borrower:
	 	Pacific Gas and Electric Company
		 	c/o PG&E Corporation
		 	P.O. Box 770000
		 	San Francisco, California 94177
		 	Attention: Treasurer
		 	Telecopy: (415) 973-8968
		 	Telephone: (415) 973-8956
		
	 with a copy to:
	 	Pacific Gas and Electric Company
		 	c/o PG&E Corporation
		 	P.O. Box 770000
		 	San Francisco, California 94177
		 	Attention: General Counsel
		 	Telecopy: (415) 973-5520
		
	 Administrative Agent:        
	 	Bank of America, N.A.
		 	900 W Trade Street
		 	Charlotte, NC 28255-0001
		 	Mail Code: NC1-026-06-04
		 	Attention: Libby Russell
		 	Telephone: (980) 386-8451
		 	Email: libby.russell@bofa.com
		
	 with a copy to:
	 	Email: eCredit_Dedicated@bofa.com

  
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 provided that any notice, request or demand to or upon the Administrative Agent or any Lender shall
not be effective until received. 
 (b) Notices and other communications to the Administrative Agent or the Lenders hereunder may be
delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2 unless otherwise agreed by such
Lender. Notices to the Administrative Agent pursuant to Section 2 may be transmitted to the Administrative Agent by electronic/soft medium in a format reasonably acceptable to the Administrative Agent to eCredit_Dedicated@bofa.com. 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. 
 (c) Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for
both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient. 
 (d) (i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the
Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”). 

(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 

  
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in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Communications through the Platform, except to the extent such liability
resulted from the gross negligence or willful misconduct of the Administrative Agent or any of its Related Parties as determined by a court of competent jurisdiction in a final non-appealable judgment.
“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower 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. 

(e) Each of the Borrower and the Administrative Agent may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Administrative Agent. 

(f) The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices and notices
requesting a Borrowing or a conversion or continuation of Loans) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any
other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. 

10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any
Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

10.4 Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in
any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder. 

10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative Agent and the Lenders for all
their respective reasonable out of pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other
documents prepared in connection herewith or therewith, and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of only one joint counsel and one joint special California counsel and,
if necessary, one joint local counsel in each other relevant jurisdiction to the Administrative Agent and the Lenders (and in the case of an actual or 

  
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perceived conflict of interest, one additional counsel for each applicable jurisdiction to each group of similarly situated affected persons) and filing and recording fees and expenses, with
statements with respect to the foregoing to be submitted to the Borrower prior to the Effective Date (in the case of amounts to be paid on the Effective Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the
Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of its rights under this Agreement, the
other Loan Documents and any such other documents, including the reasonable fees and disbursements of only one joint counsel, one joint special California counsel and, if necessary, one local counsel in each other relevant jurisdiction to the
Administrative Agent and the Lenders (and in the case of an actual or perceived conflict of interest, one additional counsel for each applicable jurisdiction to each group of similarly situated affected persons), and (c) to pay, indemnify, and
hold each Lender, the Administrative Agent and their respective Affiliates and their respective officers, directors, employees and agents (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever whether brought by the Borrower or any other Person, with respect to the execution, delivery, enforcement and performance of, or
arising out of or in connection with, this Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any
Environmental Law directly or indirectly relating to the Borrower, its Significant Subsidiaries or any of the facilities and properties owned, leased or operated by the Borrower or its Significant Subsidiaries and the reasonable, documented and
invoiced fees and expenses of one joint counsel and one joint special California counsel and, if necessary, one joint local counsel in each other relevant jurisdiction to the applicable Indemnitee (and in the case of an actual or perceived conflict
of interest, one additional counsel for each applicable jurisdiction to each group of similarly situated affected persons), in connection with claims, actions or proceedings by any Indemnitee against the Borrower under any Loan Document (all the
foregoing in this clause (c), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified
Liabilities resulted from, as determined in a final non-appealable judgment by a court of competent jurisdiction, (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or its
Affiliates, (y) the material breach of such Indemnitee’s funding obligations hereunder or (z) a dispute amongst one or more Lenders not arising from the Borrower’s breach of its obligations under the Loan Documents (other than a
dispute involving a claim against an Indemnitee for its acts or omissions in its capacity as an arranger, bookrunner, agent or similar role in respect of the Loan Agreement, except, to the extent such acts or omissions are determined by a court of
competent jurisdiction by a final and non-appealable judgment to have constituted the gross negligence, bad faith or willful misconduct of such Indemnitee in such capacity). Without limiting the foregoing, and
to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Significant Subsidiaries not to assert, and hereby waives and agrees to cause its Significant Subsidiaries to waive, all rights for contribution or any
other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, 

  
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settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. All
amounts due under this Section 10.5 shall be payable not later than 30 days after written demand therefor, subject to the Borrower’s receipt of reasonably detailed invoices. Statements payable by the Borrower pursuant to this
Section 10.5 shall be submitted to Treasurer (Telephone No. (415) 817-8199/(415) 267-7000) (Telecopy No. (415)
267-7265/7268), at the address of the Borrower set forth in Section 10.2(a) with a copy to Chief Counsel, Corporate (Telephone No. (415) 817-8200) (Telecopy No.
(415) 817-8225), at the address of the Borrower set forth in Section 10.2(a), or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative
Agent. The agreements in this Section 10.5 shall survive for two years after repayment of the Loans and all other amounts payable hereunder. This Section 10.5 shall not apply with respect to Taxes, other than Taxes that represent claims,
damages, losses, liabilities, costs or expenses arising from non-Tax claims. 
 10.6 Successors
and Assigns; Participations and Assignments. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.6. 

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (each, an
“Assignee”) other than a Defaulting Lender, any Subsidiary of a Defaulting Lender, any natural person (or holding company, investment vehicle or trust for, or owned or operated by or for the primary benefit of, one or more natural
persons), the Borrower or any of the Borrower’s Affiliates or Subsidiaries, all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower, provided that no consent of the
Borrower shall be required for an assignment to a Lender (or an Affiliate of any Lender) or an Approved Fund or, if an Event of Default under Section 8(a), (e) or (f) has occurred and is continuing, any other Person, and provided
further, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof from the
assigning Lender (with a copy to the Administrative Agent); and 

  
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 (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of any Loans to an Assignee that is a Lender (or an Affiliate of a Lender) immediately prior to giving effect to such assignment. 

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

(A) except in the case of an assignment to a Lender, an Eligible Assignee that is an Affiliate of any Lender or an assignment
of the entire remaining amount of the assigning Lender’s Loans, the amount 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) shall not be less than $10,000,000 (or, if such Assignee is an Eligible Assignee that is an Affiliate of a Lender, $5,000,000) unless each of the Borrower and the Administrative Agent otherwise consent,
provided that (1) no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing and (2) with respect to any Lender party to this Agreement on the Effective Date, such amounts shall be
aggregated in respect of such Lender and any Affiliate of such Lender that is an Eligible Assignee; 
 (B) 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; and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire. 

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 (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its 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. 

  
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 (iii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, shall have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.17 and 10.5
but shall be subject to the limitations set forth therein); 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 the Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the
Borrower (and such agency being solely to establish that the relevant obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations), shall maintain at one of its
offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the principal amount 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, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the
consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (other than a Defaulting Lender, any holding company, investment vehicle or trust for, or owned or operated by or for the primary benefit
of, one or more natural persons, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall 

  
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remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and
the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement 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 may provide that such Lender will not, without the consent
of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section Section 10 and (2) directly affects
such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section. 
 (ii) Notwithstanding anything to the contrary herein, a
Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.16 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 to such greater payments. Any Participant that is a Foreign Lender shall not be entitled to the benefits of Section 2.16 unless such Participant complies
with Section 2.16(e). 
 (iii) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such 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. 
 (d) Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having
jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

  
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 (e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue
Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
 (f) Notwithstanding the
foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrower or the Administrative Agent and without regard to the limitations set forth in
Section 10.6(b). Each of the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however,
that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage, expense, obligations, penalties, actions, judgments, suits or any kind whatsoever arising out of
its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
 10.7 Adjustments; Set
off. 
 (a) Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender, if any
Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it hereunder, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set off, pursuant to events or
proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender hereunder, such
Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender hereunder, or shall provide such other Lenders with the benefits of any such collateral, as
shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is
thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

(b) In addition to any rights and remedies of the Lenders provided by law, including other rights of
set-off, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due
and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), after any applicable grace period, to set off and appropriate and apply against such amount any and all deposits (general or special, time or
demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any
branch, Affiliate or agency thereof to or for the credit or the account of the Borrower; provided, that in the event that any Defaulting Lender shall exercise any such 

  
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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 2.20 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. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any
such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

10.8 Counterparts; Electronic Execution; Binding Effect. This Agreement may be executed by one or more of the parties to this Agreement
on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission, emailed pdf. or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of an original executed counterpart hereof. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or
associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative
Agent to accept electronic signatures in any form or format without its prior written consent. Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection
with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent and the Lenders, electronic images of this Agreement or any other Loan Documents (in each case, including with respect to
any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the
lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto. This Agreement shall become binding on the parties hereto when it shall have been executed by the Administrative Agent and the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. 

  
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 10.9 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 not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.9, if and to the extent that the enforceability of any provisions in this Agreement
relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 

10.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Administrative Agent,
and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, or any Lender relative to the subject matter hereof not expressly set forth or
referred to herein or in the other Loan Documents. 
 10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

10.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in
the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2(a) or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 

  
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 (e) waives, to the maximum extent not prohibited by law, and agrees not to assert any right
it may have to claim or recover in any legal action or proceeding relating to this Agreement or any other Loan Document any special, exemplary, punitive or consequential damages. 

NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

10.13 Acknowledgments. The Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) none of the Administrative Agent or any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Lenders or among the Borrower and the Lenders. 
 10.14 Confidentiality. Each of the Administrative Agent and each
Lender agrees to keep confidential in accordance with such party’s customary practices (and in any event in compliance with applicable law regarding material non-public information) all non-public information provided to it by the Borrower, the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential; provided
that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any Affiliate thereof, (b) subject to an agreement to comply with the
provisions of this Section or substantially equivalent provisions, to any actual or prospective Transferee, any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty) or any credit insurance
providers, (c) to its employees, directors, agents, attorneys, service providers, accountants and other professional advisors or those of any of its Affiliates (as long as such attorneys, service providers, accountants and other professional
advisors are directed to comply with confidentiality requirements substantially equivalent to this Section), (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority
or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association
of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender,
(i) in connection with the exercise of any 

  
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remedy hereunder or under any other Loan Document, (j) any rating agency in connection with rating of the Borrower or its Subsidiaries or the credit facilities provided hereunder or
(k) to the extent such information (i) 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 its Subsidiaries or (ii) is
independently discovered or developed by a party hereto without utilizing any information received from the Borrower or its Subsidiaries or violating the terms of this Section 10.14, provided that, in the case of clauses (d), (e) and
(f) of this Section 10.14, with the exception of disclosure to bank regulatory authorities, the Borrower (to the extent legally permissible) shall be given prompt prior notice so that it may seek a protective order or other appropriate
remedy. 
 10.15 WAIVERS OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.16 USA Patriot Act; Beneficial Ownership Regulation. Each Lender hereby notifies the Borrower that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

10.17 Judicial Reference. If any action or proceeding is filed in a court of the State of California by or against any party hereto in
connection with any of the transactions contemplated by this Agreement or any other Loan Document, (i) the court shall, and is hereby directed to, make a general reference pursuant to California Code of Civil Procedure Section 638 to a
referee (who shall be a single active or retired judge) to hear and determine all of the issues in such action or proceeding (whether of fact or of law) and to report a statement of decision, provided that at the option of any party to such
proceeding, any such issues pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8 shall be heard and determined by the court, and (ii) without limiting the generality of
Section 10.5, the Borrower shall be solely responsible to pay all fees and expenses of any referee appointed in such action or proceeding. 

10.18 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transactions contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents and the
Lenders are arm’s-length commercial transactions between the Borrower, on the one hand, and the Agents and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A) each Agent and Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the 

  
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relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any other Person and (B) none of the Agents or Lenders has any obligation
to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents and the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Agents or Lenders has any obligation to disclose any of such interests to the Borrower or
its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Agents and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby other than a breach of the confidentiality provisions set forth in Section 10.14. 

10.19 Acknowledgement Regarding Any Supported QFCs. 

(a) To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or
instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States): 
 (b) In the event a Covered Entity that is party to a Supported QFC (each, a
“Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.. 

  
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 10.20 Acknowledgement and Consent to Bail-In of
Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full
or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by
it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

[Remainder of page intentionally left blank. Signature pages follow.] 

  
 86 

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

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By:	 	/s/ Margaret K. Becker
		 	Name: Margaret K. Becker
		 	Title: Vice President and Treasurer

 Signature Page to Term Loan Credit Agreement 

Pacific Gas and Electric Company 

 
			
	BANK OF AMERICA, N.A. 
as Administrative Agent
		
	By:	 	/s/ Amanuel Assefa
		 	Name: Amanuel Assefa
		 	Title: Director

 Signature Page to Term Loan Credit Agreement 

Pacific Gas and Electric Company 

 
			
	BANK OF AMERICA, N.A. 
as a Lender
		
	By:	 	/s/ Amanuel Assefa
		 	Name: Amanuel Assefa
		 	Title: Director

 Signature Page to Term Loan Credit Agreement 

Pacific Gas and Electric Company 

 EXHIBIT A 

[Reserved] 

 EXHIBIT B 

[Reserved] 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

This Compliance Certificate is delivered pursuant to Section 6.2 of the $525,000,000 Term Loan Credit Agreement, dated as of
April 20, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party
thereto and Bank of America, N.A., as administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement. 
 The undersigned hereby certifies to the Administrative Agent
and the Lenders as follows: 
 1. I am the duly elected, qualified and acting [Chief Financial Officer] [Treasurer] [Assistant Treasurer] of
the Borrower. 
 2. I have reviewed and am familiar with the contents of this Certificate. 

3. To the actual knowledge of the undersigned, during the fiscal period covered by the financial statements attached hereto as Attachment
1, no Default or Event of Default has occurred and is continuing [, except as set forth below]. 
 4. Attached hereto as Attachment
2 are the computations showing compliance with the covenant set forth in Section 7.2 of the Credit Agreement. 
 [Remainder of
page intentionally left blank.] 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date
set forth below. 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By:	 	                             
       
		 	Name:
		 	Title:

 Date: ____________, 20__ 

 Attachment 1 

to Exhibit C 
 [Financial Statements

 Period Ended ____________, 20__]1 

 

	1 	 Include only if financial statements are being physically delivered. 

 Attachment 2 to 

Exhibit C 
 The information
described herein is as of ____________, 20__. 
 [Set forth Covenant Calculation] 

 EXHIBIT D-1 

FORM OF SECRETARY’S CERTIFICATE 

April 20, 2022 
 This
Secretary’s Certificate is delivered pursuant to Section 5.1(f) of the $525,000,000 Term Loan Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, together with any permitted
successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. The undersigned consents to Hunton
Andrews Kurth LLP relying upon this Secretary’s Certificate in connection with the opinions to be rendered by it on or about the date hereof relating to the transactions contemplated by the Credit Agreement. 

The undersigned [_________] of the Borrower hereby certifies as of the date hereof, solely in such person’s capacity as an officer of the
Borrower and not in such person’s individual capacity, to the Administrative Agent and the Lenders as follows: 
 1. [_________] is a
duly elected and qualified [_________] of the Borrower and the signature set forth for such officer below is such officer’s true and genuine signature, and such officer is duly authorized to execute and deliver on behalf of the Borrower each of
the Loan Documents to which it is a party and any certificate or other document to be delivered by the Borrower pursuant to the Loan Documents to which it is a party. 

2. Attached hereto as Annex 1 is a true and complete copy of resolutions duly adopted by the Board of Directors of the Borrower on
[_________]; such resolutions have not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect and are the only corporate
proceedings of the Borrower now in force relating to or affecting the Credit Agreement. 
 3. Attached hereto as Annex 2 is a true and
complete copy of the Amended and Restated Bylaws of the Borrower as in effect on the date hereof. 
 4. Attached hereto as Annex 3 is
a true and complete copy of the Amended and Restated Articles of Incorporation of the Borrower dated [_________] (the “Articles”) as in effect on the date hereof, and such Articles have not been amended, repealed, modified or
restated. 
 5. Attached hereto as Annex 4 is a true and complete copy of an entity status letter dated as of [_________] with respect
to the Borrower issued by the Franchise Tax Board of the State of California and a certificate of status dated as of [_________] with respect to the Borrower issued by the Secretary of State of the State of California 

6. Attached hereto as Annex 5 is an incumbency certificate. 

 IN WITNESS WHEREOF, the undersigned has executed this Secretary’s Certificate as of the
date set forth above. 
  

	
	  
 Name: [_________]

	Title: [_________]

 I, [_________], hereby certify that I am the [_________] of Pacific Gas and Electric Company, a California
corporation, and appearing above is the true signature of [_________], the [_________] of such corporation. 
  

	
	  

Name: [_________]

	Title: [_________]

 ANNEX 1 

[Board Resolutions] 

 ANNEX 2 

[Amended and Restated Bylaws] 

 ANNEX 3 

[Amended and Restated Articles of Incorporation] 

 ANNEX 4 

[Good Standing Certificates] 

 ANNEX 5 

The following persons are now duly elected and qualified officers of the Borrower holding the office indicated next to each such person’s
name below, and that the signature affixed next to each such person’s name below is the signature of such officer, and such officer is duly authorized to execute and deliver on behalf of the Borrower each of the Loan Documents to which it is a
party and any certificate or other document to be delivered by the Borrower pursuant to the Loan Documents to which it is a party: 
  

					
	 Name
	  	 Office
	  	 Signature

	[_________]	  	 [_________]
	  	
                 

	[_________]	  	 [_________]
	  	
                 

 EXHIBIT D-2 

FORM OF OFFICER’S CERTIFICATE 

April 20, 2022 
 This
Officer’s Certificate is delivered pursuant to Section 5.1(f) of the $525,000,000 Term Loan Credit Agreement, dated as the date hereof (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, together with any permitted
successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. The undersigned consents to Hunton
Andrews Kurth LLP relying upon this Officer’s Certificate in connection with the opinions to be rendered by it on or about the date hereof relating to the transactions contemplated by the Credit Agreement. 

The undersigned [_________] of the Borrower hereby certifies as of the date hereof, solely in such person’s capacity as an officer of the
Borrower and not in such person’s individual capacity, to the Administrative Agent and the Lenders that the conditions precedent set forth in Sections 5.1(b), (h) and (i) of the Credit Agreement have been satisfied as of the Effective
Date. 
 [Signature Page Follows] 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the
date set forth above. 
  

	
	  
 Name: [_________]

	Title: [_________]

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT E 

FORM OF 
 ASSIGNMENT AND
ASSUMPTION 
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth
below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and
[the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement
identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions for Assignment and Assumption set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto in the amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below and
(ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)]
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any
of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above
(the rights and obligations sold and 
  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	 Select as appropriate. 

	4 	 Include bracketed language if there are either multiple Assignors or multiple Assignees.

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 
assigned by [the][any] Assignor to [the] [any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each
such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

					
	1.	  	Assignor[s]:	  	                                      
                      
			
		  		  	                                      
                      
		
		  	[Assignor [is] [is not] a Defaulting Lender]
			
	2.	  	Assignee[s]:	  	                                      
                      
			
		  		  	                                      
                      
		
		  	[for each Assignee, indicate [Eligible Assignee] of [identify Lender]]
		
	3.	  	Borrower: Pacific Gas and Electric Company, a California corporation
		
	4.	  	Administrative Agent: Bank of America, N.A., as administrative agent under the Credit Agreement

 5. Credit Agreement: $525,000,000 Term Loan Credit Agreement, dated as of April 20, 2022 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A. as
administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 6. Assigned Interest[s]: 
  

																			
	
Assignor[s]5
	  	  Assignee[s]6  	 	  	Facility
Assigned7	  	Aggregate
Amount of
Loans for all
Lenders	 	  	Amount of
Loans
Assigned	 	  	Percentage
Assigned of
Loans8	 
		  				  	                    	  	$	_________	 	  	$	_________	 	  	 	_________	% 
		  				  	                    	  	$	_________	 	  	$	_________	 	  	 	_________	% 
		  				  	                    	  	$	_________	 	  	$	_________	 	  	 	_________	% 

 Effective Date: ________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	[ASSIGNOR(S)]	  	[ASSIGNEE(S)]
		
	By:
                                         
           	  	By:
                                         
           
	Name:	  	Name:
	Title:	  	Title:

  

	5 	 List each Assignor, as appropriate. 

	6 	 List each Assignee and, if available, its market entity identifier, as appropriate. 

	7 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment. 

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

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 [Consented to and] Accepted 
  

									
	PACIFIC GAS AND ELECTRIC COMPANY9	  	                            	  	 BANK OF AMERICA, N.A.,
 as
Administrative Agent10

					
	By:	  	
                     
        
	  		  	By:	  	
                 

		  	Title:	  		  		  	Authorized Officer

  

	9 	 As applicable pursuant to Section 10.6(b). 

	10 	 As applicable pursuant to Section 10.6(b). 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any
collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2 Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.6(b)(i) and (ii) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 10.6(b)(i) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in
making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the
most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase [the] [such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the
terms of the Credit Agreement, duly completed and executed by [the][such] Assignee and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the] [each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the
relevant] Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the
Effective Date to [the][the relevant] Assignee. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed by one or more of the parties to this Assignment and Assumption on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Assignment and Assumption by facsimile transmission, emailed pdf. or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of an original executed counterpart hereof. The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to any document to be signed in connection with this Assignment and Assumption and the transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to
accept electronic signatures in any form or format without its prior written consent. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT F 

[RESERVED]. 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT G-1 

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

Reference is hereby made to the $525,000,000 Term Loan Credit Agreement, dated as of April 20, 2022 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as
administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(e) of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with a
certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. Notwithstanding the foregoing, where the undersigned is not an individual, the undersigned shall furnish the Borrower and the Administrative Agent with an IRS Form W-8BEN-E together with this certificate even if the undersigned has previously furnished the Borrower and the Administrative Agent with an IRS Form W-8BEN. 

 

	
	[NAME OF LENDER]
	
	By: _______________________
	            Name: ________________________
	            Title: ________________________
	Date: ________ __, 20[ ]

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT G-2 

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

Reference is hereby made to the $525,000,000 Term Loan Credit Agreement, dated as of April 20, 2022 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as
administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(e) of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is
not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person
status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Notwithstanding the foregoing, where the undersigned is not an individual, the
undersigned shall furnish its participating Lender with an IRS Form W-8BEN-E together with this certificate even if the undersigned has previously furnished such Lender
with an IRS Form W-8BEN. 
  

	
	 [NAME OF PARTICIPANT]

	
	 By: _______________________

	             Name:
________________________

	             Title:
________________________

	 Date: ________ __, 20[ ]

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT G-3 

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

Reference is hereby made to the $525,000,000 Term Loan Credit Agreement, dated as of April 20, 2022 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as
administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(e) of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with
respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:
(i) an IRS Form W-8BEN or W-BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. Notwithstanding the foregoing, where any of the undersigned and/or its direct or indirect partners/members is not an individual, the undersigned or the applicable partner(s) or member(s), as the case may be, shall furnish
its participating Lender with an IRS Form W-8BEN-E together with this certificate even if the undersigned or the applicable partner(s) or member(s), as the case may be,
has previously furnished such Lender with an IRS Form W-8BEN. 
 [Signature Page Follows] 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

	
	 [NAME OF PARTICIPANT]

	
	 By: _______________________

	             Name:
________________________

	             Title:
________________________

	 Date: ________ __, 20[ ]

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT G-4 

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

Reference is hereby made to the $525,000,000 Term Loan Credit Agreement, dated as of April 20, 2022 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Pacific Gas and Electric Company, a California corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as
administrative agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(e) of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form
W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower
and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Notwithstanding the foregoing, where any of the undersigned and/or its direct or indirect partners/members is not an individual, the undersigned or the applicable partner(s) or member(s), as the case may be, shall furnish the Borrower and the
Administrative Agent with an IRS Form W-8BEN-E together with this certificate even if the undersigned or the applicable partner(s) or member(s), as the case may be, has
previously furnished the Borrower and the Administrative Agent with an IRS Form W-8BEN. 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

	
	 [NAME OF LENDER]

	
	 By: _______________________

	             Name:
________________________

	             Title:
________________________

	 Date: ________ __, 20[ ]

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 EXHIBIT H 

FORM OF NOTE 
 THIS NOTE AND THE
OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER
MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 
  

			
	$__________	  	New York, New York
		  	as of [________], 20[_]

 FOR VALUE RECEIVED, PACIFIC GAS AND ELECTRIC COMPANY, a California corporation (the
“Borrower”), DOES HEREBY PROMISE TO PAY to [insert name of Lender] (the “Lender”) or its registered assigns at the office of BANK OF AMERICA, N.A., at [________________________], in lawful money of the United States
of America in immediately available funds, the principal amount of _____________________ DOLLARS ($__________), or, if less, the aggregate unpaid principal amount of all Loans (as defined in the Credit Agreement referred to below) made by the Lender
to the Borrower pursuant to the Credit Agreement referred to below, whichever is less, on such date or dates as is required by said Credit Agreement, and to pay interest on the unpaid principal amount from time to time outstanding hereunder, in like
money, at such office, and at such times and in such amounts as set forth in Section 2.11 of said Credit Agreement. 
 The holder of
this Note is authorized to indorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date, the Type and amount of each Loan made pursuant to the Credit
Agreement and the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of Term Benchmark Loans, the length of each Interest Period
with respect thereto. Each such indorsement shall constitute prima facie evidence of the accuracy of the information indorsed. The failure to make any such indorsement or any error in any such indorsement shall not affect the
obligations of the Borrower in respect of any Loan. 
 The Borrower hereby waives demand, presentment for payment, protest, notice of any
kind (including, but not limited to, notice of dishonor, notice of protest, notice of intention to accelerate or notice of acceleration), other than notice required pursuant to the Credit Agreement and diligence in collecting and bringing suit
against any party hereto. The nonexercise by the holder of this Note of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 This Note (a) is one of the promissory notes referred to in the $525,000,000 Term Loan
Credit Agreement, dated as of April 20, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders party thereto and Bank of America, N.A., as administrative
agent (in such capacity, together with any permitted successor thereto, the “Administrative Agent”), (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional prepayment in whole or in part and
acceleration of the maturity hereof upon the occurrence of certain events, all as provided in the Credit Agreement. Terms defined in the Credit Agreement are used herein as therein defined. 

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO
AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT. 
 THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By:	 	                    
		 	Name:
		 	Title:

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 Schedule A 

to Note 
 LOANS, CONVERSIONS AND
REPAYMENTS OF ABR LOANS 
  

													
	 Date
	  	 Amount of

ABR Loans
	  	 Amount

Converted to
 ABR Loans
	  	 Amount of

Principal of ABR
 Loans
Repaid
	  	 Amount of ABR

Loans
 Converted to

Term Benchmark
 Loans
	  	 Unpaid Principal

Balance of
 ABR Loans
	  	 Notation

Made By

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric Company 

 Schedule B 

to Note 
 LOANS, CONTINUATIONS,
CONVERSIONS AND REPAYMENTS OF TERM BENCHMARK LOANS 
  

															
	 Date
	  	 Amount of

Term
 Benchmark

Loans
	  	 Amount
Converted to

Term
Benchmark
Loans
	  	 Interest Period

and

Adjusted Term
SOFR Rate with

Respect
Thereto
	  	 Amount of
Principal of
Term
Benchmark
Loans
Repaid
	  	 Amount of
Term
Benchmark
Loans
Converted to
ABR
Loans
	  	 Unpaid
Principal
Balance
of
Term
Benchmark
Loans
	  	 Notation
Made By

  
 Exhibits 

Term Loan Credit Agreement 
 Pacific
Gas and Electric CompanyEX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDMENT NO. 6 TO 

RECEIVABLES FINANCING AGREEMENT 

This AMENDMENT NO. 6 TO RECEIVABLES FINANCING AGREEMENT, dated as of April 20, 2022 (this “Amendment”), among PG&E
AR Facility, LLC, a Delaware limited liability company (the “Borrower”), Pacific Gas and Electric Company, a California corporation (“PG&E”), as initial Servicer (in such capacity, the
“Servicer”) and as retention holder (in such capacity, the “Retention Holder”), JPMorgan Chase Bank, N.A. (“JPM”), as a Committed Lender and as a Group Agent, Jupiter Securitization Company LLC
(“Jupiter”), as a Conduit Lender, Mizuho Bank, Ltd. (“Mizuho”), as a Committed Lender and as a Group Agent, BNP Paribas (“BNP”), as a Committed Lender and as a Group Agent, Starbird Funding
Corporation (“Starbird”), as a Conduit Lender, Victory Receivables Corporation (“Victory”), as a Conduit Lender, and MUFG Bank, Ltd. (“MUFG”), as a Committed Lender, as a Group Agent and as
Administrative Agent. 
 W I T N E S S E T H: 

WHEREAS, the parties hereto have heretofore entered into that certain Receivables Financing Agreement, dated as of October 5, 2020
(as amended, restated, supplemented, assigned or otherwise modified from time to time, the “Agreement”); 
 WHEREAS,
concurrently herewith, the Borrower, as buyer (in such capacity, the “Buyer”), the Servicer, PG&E, as an originator, the Administrative Agent and the Lenders and Group Agents party thereto are entering into that certain
Amendment No. 3 to Purchase and Sale Agreement, dated as of the date hereof (the “PSA Amendment”); 
 WHEREAS,
concurrently herewith, the Borrower, the Servicer, each Group Agent and the Administrative Agent are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof (as amended, restated, supplemented, assigned or otherwise
modified from time to the, the “Fee Letter”, and together with the PSA Amendment, the “Related Agreements”); and 

WHEREAS, the parties hereto seek to modify the Agreement upon the terms hereof. 

NOW, THEREFORE, in exchange for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and
confirmed), each of the parties hereto agree as follows: 
 A G R E E M E N
T: 
 1. Definitions. Unless otherwise defined or provided herein, capitalized terms used herein have the meanings attributed
thereto in (or by reference in) Section 1.01 of the Agreement. 
 2. Amendments to the Agreement. Effective as of the
date hereof, the Agreement is hereby amended as follows: 

 (a) The Agreement is hereby amended to incorporate the changes shown on the
marked pages of the Agreement attached hereto as Exhibit A. 
 (b) Exhibit G of the Agreement is hereby
replaced in its entirety with the exhibit attached hereto as Exhibit G. 
 3. Conditions to Effectiveness. This Amendment shall
be effective as of the date hereof, upon satisfaction of the following conditions: 
 (a) receipt by the Administrative Agent
of executed counterparts of this Amendment duly executed by each of the parties hereto; 
 (b) receipt by the Administrative
Agent of executed counterparts to each of the Related Agreements duly executed by each of the parties thereto; 
 (c) receipt
by the Administrative Agent of a pro forma Monthly Report, prepared after giving effect to this Amendment; and 
 (d) receipt
by the Administrative Agent of all such other documents, agreements, certificates, instruments, secretary’s certificates and opinions listed on Annex A hereto or as the Administrative Agent may reasonably request prior to the date
hereof. 
 4. Certain Representations and Warranties. Each of the Servicer, the Retention Holder and the Borrower represents and
warrants to each Credit Party as of the date hereof, as follows: 
 (a) Representations and Warranties. Both before
and immediately after giving effect to this Amendment, the Related Agreements and the transactions contemplated hereby and thereby, all of its respective representations and warranties contained in the Agreement (other than the representations and
warranties set forth in Sections 6.01(f)(ii) and (l) of the Agreement and in Sections 6.02(f)(ii), (m)(i), (m)(ii) and (p) of the Agreement) and each other Transaction Document to which it is a
party that (x) do not contain a materiality qualification are true and correct in all material respects on and as of the date hereof, and (y) contains a materiality qualification are true and correct on and as of the date hereof (or, to
the extent such representations and warranties specifically relate to an earlier date, such representations and warranties were true and correct in all material respects, or true and correct, as the case maybe, as of such earlier date). 

(b) Power and Authority; Due Authorization. That it has all necessary corporate power, limited liability company power,
and authority (as applicable) to (i) execute and deliver this Amendment, the Related Agreements and the transactions contemplated hereby and thereby and (ii) perform its obligations under this Amendment, the Agreement (as amended hereby),
the Related Agreements and each of the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Amendment, the Agreement, the Related Agreements
and the other Transaction Documents to which it is a party have been duly authorized by all necessary corporate or limited liability company action, as applicable. 

  
 2 

 (c) Binding Obligations. This Amendment, the Agreement (as amended
hereby), the Related Agreements and each of the other Transaction Documents to which it is a party constitute the legal, valid and binding obligations of the Borrower, the Servicer and the Retention Holder, as applicable, enforceable against the
Borrower, the Servicer or the Retention Holder, as applicable, in accordance with their respective terms, except as enforceability may be limited by (x) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and (y) applicable Requirements of Law (including the approval of the CPUC) prior to
foreclosure or other exercise of remedies hereunder or under the Transaction Documents. 
 (d) No Event of Default or
Termination Events. No Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event has occurred and is continuing, and no Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination
Event would result from this Amendment, the Related Agreements or the transactions contemplated hereby or thereby. 
 5. Reference to and
Effect on the Agreement and the Other Transaction Documents. 
 (a) From and after the effectiveness of this Amendment,
each reference in the Agreement to “this Agreement”, “hereof”, “herein”, “hereunder” or words of like import, and each reference in each of the other Transaction Documents to the “Receivables Financing
Agreement”, “thereunder”, “thereof” or words of like import, in each case referring to the Agreement, shall mean and be, a reference to the Agreement, as amended hereby. 

(b) The Agreement (except as specifically amended herein) and the other Transaction Documents are hereby ratified and confirmed
in all respects by each of the parties hereto and shall remain in full force and effect in accordance with its respective terms. 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of or amendment to, any right, power or remedy of the Administrative Agent or any other Credit Party under, nor constitute a waiver of or amendment to, any other provision or condition under, the Agreement or any other Transaction Document.

 6. Costs and Expenses. The Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the
Administrative Agent and the other Credit Parties in connection with the preparation, negotiation, execution and delivery of this Amendment and the transactions contemplated hereby. 

  
 3 

 7. GOVERNING LAW. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES
HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS
PROVISIONS THEREOF). 
 8. Transaction Documents. This Amendment is a Transaction Document executed pursuant to the Agreement and
shall be construed, administered and applied in accordance with the terms and provisions thereof. 
 9. Integration. This Amendment,
the Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto
with respect to the subject matter hereof superseding all prior oral or written understandings. 
 10. Severability. Any provisions of
this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

11. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile transmission, emailed pdf. or any other electronic means that reproduces an image of the
actual executed signature page shall be effective as delivery of an original executed counterpart hereof or any other electronic means as provided in the immediately following sentence. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or
process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record, deliveries or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

12. Mutual Negotiations. This Amendment is the product of mutual negotiations by the parties hereto and their counsel, and no party
shall be deemed the draftsperson of this Amendment or any provision hereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity of any provision of this Amendment, such inconsistency or ambiguity shall not be
interpreted against any party because of such party’s involvement in the drafting thereof. 

  
 4 

 13. Headings. The captions and headings of this Amendment are included herein for
convenience of reference only and shall not affect the interpretation of this Amendment. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above written. 
  

			
	PG&E AR FACILITY, LLC
		
	By:	 	/s/ Monica Klemann__________________
	Name:	 	Monica Klemann
	Title:	 	Assistant Treasurer
	
	 PACIFIC GAS AND ELECTRIC COMPANY,

as the Servicer and as Retention Holder

		
	By:	 	/s/ Margaret Becker___________________
	Name:	 	Margaret Becker
	Title:	 	Vice President and Treasurer

  

					
		  	S-1	  	Amendment No. 6 to RFA

 
			
	MUFG BANK, LTD.,
	as Administrative Agent
		
	By:	 	/s/ Christopher Pohl_________________
	Name:	 	Christopher Pohl
	Title:	 	Managing Director
	
	 MUFG BANK, LTD.,
 as Group Agent for
the MUFG Group

		
	By:	 	/s/ Christopher Pohl__________________
	Name:	 	Christopher Pohl
	Title:	 	Managing Director:
	
	 MUFG BANK, LTD.,
 as a Committed
Lender

		
	By:	 	/s/ Christopher Pohl___________________
	Name:	 	Christopher Pohl
	Title:	 	Managing Director
	
	VICTORY RECEIVABLES CORPORATION,
	as a Conduit Lender
		
	By:	 	/s/ Kevin J. Corrigan___________________
	Name	 	: Kevin J. Corrigan
	Title:	 	Vice President

  

					
		  	S-2	  	Amendment No. 6 to RFA

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

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

  

					
		  	S-3	  	Amendment No. 6 to RFA

 
	
	BNP PARIBAS,
	as Group Agent for the BNP Group
	
	By: /s/ Chris
Fukuoka                                        
    
	Name: Chris Fukuoka
	Title: Director
	
	By: /s/ Advait
Joshi                                        
        
	Name: Advait Joshi
	Title: Director
	
	 BNP PARIBAS
 ,as a Committed
Lender

	
	By: /s/ Chris
Fukuoka                                        
    
	Name: Chris Fukuoka
	Title: Director
	
	By: /s/ Advait
Joshi                                        
        
	Name: Advait Joshi
	Title: Director
	
	 STARBIRD FUNDING CORPORATION,
 as a Conduit
Lender

	
	By: /s/ David V.
DeAngelis                                    
	Name: David V. DeAngelis
	Title: Vice President

  

					
		  	S-4	  	Amendment No. 6 to RFA

 
	
	JPMORGAN CHASE BANK, N.A.,
	as Group Agent for the JPM Group
	
	By: /s/ Corina
Mills                                        
            
	Name: Corina Mills
	Title: Executive Director
	
	 JPMORGAN CHASE BANK, N.A.,
 as a Committed
Lender

	
	By: /s/ Corina
Mills                                        
            
	Name: Corina Mills
	Title: Executive Director
	
	 JUPITER SECURITIZATION COMPANY LLC,
 as a
Conduit Lender

	
	By: /s/ Corina
Mills                                        
            
	Name: Corina Mills
	Title: Executive Director

  

					
		  	S-5	  	Amendment No. 6 to RFA

 Exhibit A 

(Attached) 

  
 Exhibit A 

 Exhibit G 

Form of Monthly Report 

(Attached) 

  
 Exhibit G 

 ANNEX A 

(Attached) 

  
 Annex A 

 EXECUTION VERSION 

EXHIBIT A To Amendment 56 to the Receivables Financing Agreement, Dated as of 

March 18,April 20, 2022 

RECEIVABLES FINANCING AGREEMENT 

Dated as of October 5, 2020 by and among 

PG&E AR FACILITY, LLC, 
 as
Borrower, 
 THE PERSONS FROM TIME TO TIME PARTY HERETO, 

as Lenders and as Group Agents, 

MUFG BANK, LTD., 
 as
Administrative Agent, and 
 PACIFIC GAS AND ELECTRIC COMPANY, 

as initial Servicer and as Retention Holder 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	Certain Defined Terms	  	 	1	 
			
	 SECTION 1.02.
	 	Other Interpretative Matters	  	 	48	 
		
	 ARTICLE II TERMS OF THE LOANS
	  	 	49	 
			
	 SECTION 2.01.
	 	Loan Facility	  	 	49	 
			
	 SECTION 2.02.
	 	Making Loans; Repayment of Loans	  	 	49	 
			
	 SECTION 2.03.
	 	Interest and Fees	  	 	5152	 
			
	 SECTION 2.04.
	 	Records of Loans	  	 	5253	 
		
	 ARTICLE III SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS
	  	 	5253	 
			
	 SECTION 3.01.
	 	Settlement Procedures	  	 	5253	 
			
	 SECTION 3.02.
	 	Payments and Computations, Etc	  	 	56	 
		
	 ARTICLE IV INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY
INTEREST
	  	 	56	 
			
	 SECTION 4.01.
	 	Increased Costs	  	 	56	 
			
	 SECTION 4.02.
	 	Funding Losses	  	 	58	 
			
	 SECTION 4.03.
	 	Taxes	  	 	58	 
			
	 SECTION 4.04.
	 	Inability to Determine LMIRRates; Change in Legality	  	 	62	 
			
	 SECTION 4.05.
	 	Security Interest	  	 	63	 
			
	 SECTION 4.06.
	 	Successor LMIR Benchmark Replacement Setting	  	 	63 64	 
		
	 ARTICLE V CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS
	  	 	7269	 
			
	 SECTION 5.01.
	 	Conditions Precedent to Effectiveness and the Initial Credit Extension	  	 	7269	 
			
	 SECTION 5.02.
	 	Conditions Precedent to All Credit Extensions	  	 	7369	 
			
	 SECTION 5.03.
	 	Conditions Precedent to All Releases	  	 	7470	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	7571	 
			
	 SECTION 6.01.
	 	Representations and Warranties of the Borrower	  	 	7571	 
			
	 SECTION 6.02.
	 	Representations and Warranties of the Servicer and the Retention Holder	  	 	8177	 
		
	 ARTICLE VII COVENANTS
	  	 	8783	 
			
	 SECTION 7.01.
	 	Covenants of the Borrower	  	 	8783	 
			
	 SECTION 7.02.
	 	Covenants of the Servicer	  	 	9793	

  
 - i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 7.03.
	 	Separate Existence of the Borrower	  	 	106101	 
		
	 ARTICLE VIII ADMINISTRATION AND COLLECTION OF RECEIVABLES
	  	 	110105	 
			
	 SECTION 8.01.
	 	Appointment of the Servicer	  	 	110105	 
			
	 SECTION 8.02.
	 	Duties of the Servicer	  	 	111106	 
			
	 SECTION 8.03.
	 	Account	  	 	112108	 
			
	 SECTION 8.04.
	 	Enforcement Rights	  	 	114109	 
			
	 SECTION 8.05.
	 	Responsibilities of the Borrower	  	 	115110	 
			
	 SECTION 8.06.
	 	Servicing Fee	  	 	116111	 
		
	 ARTICLE IX EVENTS OF DEFAULT; TERMINATION EVENTS
	  	 	116111	 
			
	 SECTION 9.01.
	 	Events of Default	  	 	116111	 
			
	 SECTION 9.02.
	 	Termination Events	  	 	121115	 
		
	 ARTICLE X THE ADMINISTRATIVE AGENT
	  	 	122116	 
			
	 SECTION 10.01.
	 	Authorization and Action	  	 	122116	 
			
	 SECTION 10.02.
	 	Administrative Agent’s Reliance, Etc	  	 	122117	 
			
	 SECTION 10.03.
	 	Administrative Agent and Affiliates	  	 	123117	 
			
	 SECTION 10.04.
	 	Reimbursement of Administrative Agent	  	 	123117	 
			
	 SECTION 10.05.
	 	Delegation of Duties	  	 	123118	 
			
	 SECTION 10.06.
	 	Action or Inaction by Administrative Agent	  	 	123118	 
			
	 SECTION 10.07.
	 	Notice of Events of Default or Termination Events; Action by Administrative Agent	  	 	124118	 
			
	 SECTION 10.08.
	 	Non-Reliance on Administrative Agent and Other Parties	  	 	124118	 
			
	 SECTION 10.09.
	 	Successor Administrative Agent	  	 	124119	 
			
	 SECTION 10.10.
	 	Erroneous Payments	  	 	125119	 
		
	 ARTICLE XI THE GROUP AGENTS
	  	 	128123	 
			
	 SECTION 11.01.
	 	Authorization and Action	  	 	128123	 
			
	 SECTION 11.02.
	 	Group Agent’s Reliance, Etc	  	 	129123	 
			
	 SECTION 11.03.
	 	Group Agent and Affiliates	  	 	129123	 
			
	 SECTION 11.04.
	 	Indemnification of Group Agents	  	 	129124	 
			
	 SECTION 11.05.
	 	Delegation of Duties	  	 	130124	 
			
	 SECTION 11.06.
	 	Notice of Events of Default or Termination Events	  	 	130124	

  
 - ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 11.07.
	 	Non-Reliance on Group Agent and Other Parties	  	 	130124	 
			
	 SECTION 11.08.
	 	Successor Group Agent	  	 	131125	 
			
	 SECTION 11.09.
	 	Reliance on Group Agent	  	 	131125	 
		
	 ARTICLE XII INDEMNIFICATION
	  	 	131125	 
			
	 SECTION 12.01.
	 	Indemnification by the Borrower	  	 	131125	 
			
	 SECTION 12.02.
	 	Indemnification by the Servicer and the Retention Holder	  	 	134129	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	137132	 
			
	 SECTION 13.01.
	 	Amendments, Etc	  	 	137132	 
			
	 SECTION 13.02.
	 	Notices, Etc	  	 	138133	 
			
	 SECTION 13.03.
	 	Assignability	  	 	138133	 
			
	 SECTION 13.04.
	 	Costs and Expenses	  	 	142136	 
			
	 SECTION 13.05.
	 	No Proceedings; Limitation on Payments	  	 	142137	 
			
	 SECTION 13.06.
	 	Confidentiality	  	 	143138	 
			
	 SECTION 13.07.
	 	GOVERNING LAW	  	 	145139	 
			
	 SECTION 13.08.
	 	Execution in Counterparts	  	 	145140	 
			
	 SECTION 13.09.
	 	Integration; Binding Effect; Survival of Termination	  	 	146140	 
			
	 SECTION 13.10.
	 	CONSENT TO JURISDICTION	  	 	146140	 
			
	 SECTION 13.11.
	 	WAIVER OF JURY TRIAL	  	 	146141	 
			
	 SECTION 13.12.
	 	Ratable Payments	  	 	147141	 
			
	 SECTION 13.13.
	 	Limitation of Liability	  	 	147141	 
			
	 SECTION 13.14.
	 	Intent of the Parties	  	 	147142	 
			
	 SECTION 13.15.
	 	USA Patriot Act	  	 	148142	 
			
	 SECTION 13.16.
	 	Right of Setoff	  	 	148142	 
			
	 SECTION 13.17.
	 	Severability	  	 	148142	 
			
	 SECTION 13.18.
	 	Mutual Negotiations	  	 	148142	 
			
	 SECTION 13.19.
	 	Captions and Cross References	  	 	148143	 
			
	 SECTION 13.20.
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	149143	 
			
	 SECTION 13.21.
	 	EU Securitisation Regulation; Information	  	 	149143	 
			
	 SECTION 13.22.
	 	Intercreditor Agreement	  	 	151145	 
			
	 SECTION 13.23.
	 	Post-Closing Covenant	  	 	152146	 
			
	 SECTION 13.24.
	 	CARE Program Receivables	  	 	152146	 

  
 - iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	 	  	Page
	EXHIBITS	  		  		  	
				
	EXHIBIT A	  	–	  	Form of Loan Request	  	
	EXHIBIT B	  	–	  	Form of Reduction Notice	  	
	EXHIBIT C	  	–	  	Form of Assignment and Acceptance Agreement	  	
	EXHIBIT D	  	–	  	[Reserved]	  	
	EXHIBIT E	  	–	  	Form of CARE Program Inclusion Request	  	
	EXHIBIT F	  	–	  	Credit and Collection Policy	  	
	EXHIBIT G	  	–	  	Form of Monthly Report	  	
	EXHIBIT H	  	–	  	Form of Compliance Certificate	  	
	EXHIBIT I	  	–	  	Closing Memorandum	  	
	EXHIBIT J	  	–	  	Form of Daily Report	  	
	EXHIBIT K	  	–	  	Form of Weekly Report	  	
	EXHIBIT L	  	–	  	Form of Commitment Increase Request	  	
				
	SCHEDULES	  		  		  	
				
	SCHEDULE I	  	–	  	Commitments	  	
	SCHEDULE II	  	–	  	Lock-Boxes, Collection Accounts and Borrower Accounts	  	
	SCHEDULE III    	  	–	  	Notice Addresses	  	

  
 - iv- 

 “Attorney Costs” means and includes all fees, costs, expenses and
disbursements of any law firm or other external counsel. 
 “Available Funds” means, at any time of determination, the
aggregate amount of cleared funds deposited into the Collection Accounts. 
 “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such
Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of
“Interest Period” pursuant to clause
(d) of Section
4.06. 
 “Bail-In Action” means the exercise
of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

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

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time
to time. 
 “Bankruptcy Court” means the United States Bankruptcy Court for the Northern District of California presiding
over the chapter 11 bankruptcy case of PG&E. 
 “Base Rate” means, with respect to any Lender, on any date, a
fluctuating rate of interest per annum equal to the highest of: 
 (a) the applicable Prime Rate for such date; 

(b) the Federal Funds Rate for such date, plus 0.50%; and 

(c) LMIRTerm SOFR for a one-month tenor for such date, plus the SOFR Spread,
plus 0.50%. 

“Base
Rate Loan” means any Loan accruing Interest at the Base Rate. 
 “Base Rate Term SOFR Determination Day” has the meaning specified in the definition of “Term
SOFR”. 

  
 4 

 Pool Receivables, the Related Security with respect thereto, taken as a whole, or, in each
case, any material portion thereof; 
 (d) the occurrence of any event that could reasonably be expected to materially and
adversely affect the (i) status, existence, perfection, priority, enforceability or other rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral or (ii) validity
or enforceability against any the Borrower of any Transaction Document; or 
 (e) the occurrence of any event that could
reasonably be expected to materially and adversely affect the rights and remedies of the Credit Parties, taken as a whole, under this Agreement or any of the other the Transaction Documents. 

“Borrower Indemnified Amounts” has the meaning set forth in Section 12.01(a). 

“Borrower Indemnified Party” has the meaning set forth in Section 12.01(a). 

“Borrower Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and
obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in
connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, all Fees and all other amounts due or to become due
under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any insolvency proceeding with
respect to the Borrower (in each case whether or not allowed as a claim in such proceeding). 
 “Borrower’s Net Worth”
means, at any time of determination, an amount equal to (i) the aggregate Unpaid Balance of all Pool Receivables at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Aggregate
Interest at such time, plus (C) the aggregate accrued and unpaid Fees at such time, plus (D) the aggregate outstanding principal balance of all Subordinated Notes at such time, plus (E) the aggregate accrued and
unpaid interest on all Subordinated Notes at such time, plus (F) without duplication, the aggregate accrued and unpaid other Borrower Obligations at such time. 

“Borrowing Base” means, at any time of determination, the amount equal to (a) the Net Receivable Pool Balance at such
time, minus (b) the Required Reserves at such time. 
 “Borrowing Base Deficit” means, at any time of
determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time. 

  
 6 

 “Breakage Fee” means (i) for any Interest Period for which Interest is
computed by reference to the CP Rate or
LMIRTerm
SOFR and a reduction of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any reason, fail to borrow on the date
specified by the Borrower in connection with any request for funding pursuant to Article II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee or any
shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest Period (or, in the case of clause (i) above, until the maturity of the underlying Note) on the reductions of
Capital relating to such Interest Period had such reductions not been made (or, in the case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower), exceeds
(B) the income, if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower). A certificate as to the amount of any Breakage Fee (including
the computation of such amount) shall be submitted by the affected Lender (or applicable Group Agent on its behalf) to the Borrower and shall be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything in this
definition or in this Agreement, no Breakage Fee shall be payable to any member of any Exiting Group in connection with such Person’s exit from this Agreement. 

“Budget Bill Receivable” means any Receivable, the Obligor of which has entered into a Budget Billing Plan with the related
Originator. 
 “Budget Billing Plan” means the “Budget Billing” or similar levelized billing plan pursuant to
which the related Obligor’s invoice amount for each billing cycle is a constant amount (or approximately constant) irrespective of usage for the related billing cycle. 

“Business Day” means
(a) any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to close in New York City, New York and (b) if this definition
of “Business Day” is utilized in connection with LMIR, dealings are carried out in the London interbank marketTerm SOFR or SOFR Loans, any U.S. Government Securities Business Day.

 “California Climate Credit” means any of (i) the California Climate Credit as determined from time to time by
the CPUC, which credit is distributed equally to certain customers of an Originator regardless of energy consumption or bill amount and (ii) the California Industry Assistance Credit as determined from time to time by the CPUC, which credit is
distributed to eligible industrial facilities that are customers of an Originator in the amounts determined by the CPUC. 

“California Climate Credit Accrual” means, at any time of determination during a California Climate Credit Period, an amount
equal to the aggregate California Climate Credit Amount that is expected by the Servicer to be incurred or otherwise owing, as applicable, with respect to the Pool Receivables, as reflected on the books and records of the Originators, the Servicer
and the Borrower in accordance with the customary procedures established by the Originators, the Servicer and the Borrower. 

“California Climate Credit Amount” means, with respect to any Obligor and as of any time of determination, any discounts,
rebates, credits or similar arrangements which are owing to such Obligor with respect to the California Climate Credit. 

  
 7 

 “California Climate Credit Period” means, with respect to any California
Climate Credit Amount, the period beginning on and including the last day of the month immediately preceding proceeds of all Related Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable. 

“Commitment” means, with respect to any Committed Lender (including a Related Committed Lender), the maximum aggregate amount
which such Person is obligated to lend hereunder on account of all Loans as set forth on Schedule I or in the Assignment and Acceptance Agreement or other agreement pursuant to which it became a Lender, as such amount may be modified in
connection with any subsequent assignment pursuant to Section 13.03 or in connection with a reduction in the Facility Limit pursuant to Section 2.02(e)
or any increase in Commitments pursuant to Section 2.02(h).
If the context so requires, “Commitment” also refers to a Committed Lender’s obligation to make Loans hereunder in accordance with this Agreement. 

“Committed Lenders” means MUFG and each other Person that is or becomes a party to this Agreement in the capacity of a
“Committed Lender”. 
 “Commonly Controlled Entity” means an entity, whether or not incorporated, that is under
common control with any PG&E Party within the meaning of Section 4001 of ERISA or is part of a group that includes any PG&E Party and that is treated as a single employer under Section 414 of the Code. 

“Concentration Limit” means at any time for any Obligor, the product of (i) such Obligor’s Specified Concentration
Percentage, times (ii) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at the time of determination. 

“Conduit Lender” means each commercial paper conduit that is or becomes a party to this Agreement in the capacity of a
“Conduit Lender”. 
 “Confirmation Order” means that certain order of the United States Bankruptcy Court for the
Northern District of California, San Francisco Division dated June 20, 2020 Docket No. 8053 confirming a plan of reorganization same as or substantially similar to the Plan of Reorganization. 

“Contract” means, with respect to any Receivable, a contract (including any purchase order or invoice), between an Originator
and an Obligor, pursuant to which such Receivable arises or which evidences such Receivable. A “related” Contract with respect to a Receivable means a Contract under which such Receivable arises or which is relevant to the collection or
enforcement of such Receivable. 
 “Control Direction” has the meaning set forth in the Intercreditor Agreement. 

“CP Rate” means, (a) with respect to Jupiter Securitization Company LLC and for any Interest Period (or portion thereof)
for any Portion of Capital, the per annum rate calculated to yield the “weighted average cost” (as defined below) for such Interest Period (or portion thereof) in respect to Notes issued by such Conduit Lender; provided,
however, that if any component of such rate is a discount rate, in calculating the CP Rate for such Interest Period (or portion thereof), the rate resulting from converting such discount rate to an interest bearing equivalent 

  
 11 

 rate per annum shall be used in calculating such component; provided, further, that if the CP
Rate as determined herein shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. As used in this definition, “weighted average cost” for any Interest Period (or portion thereof) means the sum (without
duplication) of (i) the actual interest accrued during such Interest Period (or portion thereof) on outstanding Notes issued by such Conduit Lender (excluding any Notes issued to and held by JPMorgan Chase or any affiliate thereof, other than
such Notes held as part of the market making activities of any dealer of such Conduit Lender’s Notes), (ii) the commissions of placement agents and dealers in respect of such Notes, (iii) any note issuance costs attributable to such
Notes not constituting dealer fees or commissions, expressed as an annualized percentage of the aggregate principal component thereof, (iv) the actual interest accrued during such Interest Period (or portion thereof) on other borrowings by such
Conduit Lender (as determined by its Group Agent), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market, which may include loans from such Conduit Lender’s Group Agent or its affiliates
(such interest rate not to exceed, on any day, the Federal Funds Effective Rate in effect on such day plus
0.50%), and (v) incremental carrying costs incurred with respect to Notes maturing on dates other than those on which corresponding funds are received by such
Lender Purchaser, minus any accrual of income net of expenses received from investment of collections
received under all receivable purchase facilities funded substantially with Notes and (b) with respect to any other Conduit Lender and for any Interest Period (or portion thereof) for any Portion of Capital, the per annum rate equivalent
to the weighted average cost (as determined by the applicable Group Agent and which shall include commissions and fees of placement agents and dealers, incremental carrying costs incurred with respect to Notes of such Person maturing on dates other
than those on which corresponding funds are received by such Conduit Lender, other borrowings by such Conduit Lender (other than under any Liquidity Agreement) and any other costs and expenses associated with the issuance of Notes) of or related to
the issuance of Notes that are allocated, in whole or in part, by the applicable Conduit Lender to fund or maintain such Portion of Capital (and which may be also allocated in part to the funding of other assets of such Conduit Lender) (determined
in the case of Notes issued on a discount by converting the discount to an interest equivalent rate per annum); provided, that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, the Borrower
agrees that any amounts payable to Conduit Lenders in respect of Interest for any Interest Period with respect to any Portion of Capital funded by such Conduit Lenders at the CP Rate shall include an amount equal to the portion of the face amount of
the outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component of maturing Notes issued to fund or maintain such Portion of Capital,
to the extent that such Conduit Lenders had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Notes (for purposes of the foregoing, the “interest component” of Notes equals
the excess of the face amount thereof over the net proceeds received by such Conduit Lender from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis its “interest component” will equal the amount of
interest accruing on such Notes through maturity); provided, further, that if the CP Rate as determined herein shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“CPUC” means the California Public Utilities Commission or its successor. 

  
 12 

 “CPUC Fees” means fees included in any invoice that are to be remitted to
the CPUC to fund CPUC’s ongoing activities. 
 “Credit Agreement” means that certain Credit Agreement dated as of
July 1, 2020, among PG&E, the several banks and other financial institutions or entities from time to time parties thereto as lenders and JPMorgan Chase Bank, N.A. and Citibank, N.A., as co-administrative agents and Citibank, N.A., as
designated agent. 
 “Credit Agreement Financial Covenant” means the financial covenant set forth in Section 

7.2 of the Credit Agreement as in effect on the Closing Date. 

“Credit and Collection Policy” means, as the context may require, those receivables credit and collection policies and
practices of the Originators in effect on the Closing Date and described in Exhibit F, as modified in compliance with this Agreement. 

“Credit Extension” means the making of any Loan. 

“Credit Party” means each Lender, the Administrative Agent and
each Group Agent. “CRR Part Five RTS” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No. 625/2014 of June 26, 2014 (as applicable on the date hereof pursuant to Article 43(7) of the EU Securitisation
Regulation). 
 “CTA” means any core transport agent or
other third-party natural gas provider. 
 “CTA Charges” means any fees or charges owing by an Obligor that are related to
any fees, costs or expenses payable to any CTA. 
 “Customer Payables” means, with respect to any Obligor, the aggregate
amount then owing to such Obligor by the Originators and Affiliates thereof as a result of such Obligor being a supplier or vender to any Originator or Affiliate thereof. 

“Customer Payables Proxy” means $10,000,000. Within thirty (30) days of the completion and the receipt by the
Administrative Agent of the results of any annual audit or field exam of the Receivables and the servicing and origination practices of the Servicer and the Originators, the Customer Payables Proxy may be adjusted by the Administrative Agent upon
not less than five (5) Business Days’ notice to Borrower to reflect the amount that the Administrative Agent reasonably believes approximates the aggregate amount of Customer Payables. 

“Customer Refund” means, with respect to any Obligor, the aggregate amount of all refunds owed to such Obligor as a result of
property damages, failure to deliver services or other known issues. 
 “Cut-Off Date” means the last day of each Settlement
Period. 
 “Cut-Off Time” means, with respect to each Business Day, a time selected by the Servicer which will occur between
11:00 a.m. and 1:00 p.m. (San Francisco time) on such Business Day. 

  
 13 

 (b) as to which the Obligor thereof is subject to an Event of Bankruptcy
that has occurred and is continuing; or 
 (c) which, consistent with the Credit and Collection Policy, would be or should
have been written off as uncollectible. 
 “Delinquency Ratio” means, as of any date of determination, a fraction (expressed
as a percentage), (a) the numerator of which is the aggregate Unpaid Balance of all Pool Receivables that constitute Delinquent Receivables as of the Cut-Off Date for the most recently ended Settlement Period, and (b) the denominator of
which is the aggregate Unpaid Balance of all Pool Receivables (other than any Unaged Receivables or any Unbilled Receivables) as of the Cut-Off Date for the most recently ended Settlement Period. 

“Delinquent Receivable” means a Pool Receivable that is not a Defaulted Receivable and as to which any payment, or part
thereof, remains unpaid for more than 90 days from the original invoice date for such Pool Receivable. 
 “Deposit Balance”
means, as of any date, the aggregate amount of security deposits and other deposits received by or on behalf of the Obligors that are then being held by the Originators and Affiliates thereof (or any agent thereof on their behalf). 

“Designated Obligor” means an Obligor that is designated as a “Designated Obligor” in a writing signed by the
Administrative Agent and the Borrower. 
 “Dilution Horizon Ratio” means, as of any Cut-Off Date, a fraction (expressed as a
percentage), (a) the numerator of which is equal to the Gross Sales for the Settlement Period ended on such Cut-Off Date, and (b) the denominator of which is the Net Receivable Pool Balance as of such Cut-Off Date. 

“Dilution Ratio” means, as of any Cut-Off Date, a fraction (expressed as a percentage), (a) the numerator of which is the
aggregate amount of all Deemed Collections in respect of Pool Receivables which occurred during the most recently ended Settlement Period and (b) the denominator of which is the Gross Sales during the Settlement Period one (1) month prior
to the Settlement Period ending on such Cut-Off Date; provided, however, that the Dilution Ratio for the Cut-Off Date occurring in April 2021 shall be calculated excluding the TO Settlement. 
 “Dilution Reserve Floor Percentage” means, with respect to any date of
determination, a percentage equal to the greater of (i) 2.0% and (ii) a percentage equal to: 
 ADR x DHR 

where: 

ADR      =        the Adjusted Dilution Ratio on such
day, and 
 DHR      =        the Dilution Horizon
Ratio on such day. 

  
 15 

 (u) the purchase of which by the Borrower under the Purchase and Sale Agreement, does not
and the transactions contemplated hereby do not, constitute a Security; 
 (v) which (i) does not arise from a sale of accounts made as
part of a sale of a 
 business or constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single
account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and (iii) is not a transfer of an interest
in or an assignment of a claim under a policy of insurance; and 

(w) if a Ratings Event has occurred and is continuing, for which neither the related Originator nor any Affiliate thereof is holding any
Deposit Balances or other deposits received by or on behalf of the related Obligor; provided that only the portion of such Receivable in an amount equal to such Deposit Balances or other deposits shall be ineligible; 

(x) which if
such Receivable is a Tax Charge, (i) no Ratings Event has occurred and is continuing, (ii) no PG&E Party or any Affiliate thereof has received notice or claim from any Governmental Authority that payment of any prior Tax Charge have not been
timely paid to any Governmental Authority, and (iii) each applicable PG&E Party has paid and discharged and fully performed, at or before maturity and due date, all of its obligations in respect of collecting and/or remitting all Tax Charges to
the applicable Governmental Authority; and 
 (y) which if such Receivable is a CPUC Fee, (i) no Ratings Event has occurred and is continuing, (ii) no PG&E
Party or any Affiliate thereof has received notice (whether or not in writing, and whether or not setting forth any claim or demand under the California Public Utilities Code) from the CPUC or any other Governmental Authority that payment of
Collections on any prior CPUC Fees (including but not limited to any interest and penalty amounts claimed therewith) have not been timely or fully remitted to the CPUC or other designated Governmental Authority of the State of California and (iii)
each applicable PG&E Party has paid and discharged and fully performed, at or before maturity and due date, all of its obligations in respect of collecting and/or remitting all CPUC Fees to the CPUC or other designated Governmental Authority of
the State of California, and has timely and fully complied with all reporting obligations relating thereto. 

“Eligible Unaged Receivable” means, at any time, any Unaged Receivable if (a) the related Originator has recognized the
related revenue on its financial books and records under GAAP and (b) not more than thirty (30) days have expired since the date such Unaged Receivable arose. 

“Eligible Unbilled Receivable” means, at any time, any Unbilled Receivable if (a) the related Originator has recognized
the related revenue on its financial books and records under GAAP, (b) such Unbilled Receivable has been fully earned by the related Originator and (c) not more than
thirtysixty

(3060
) days have expired since the date that the related goods or services have been provided that result in such Unbilled Receivable. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  
 20 

 “ESP Consolidated Receivable” means any Receivable arising from the sale of
goods or the provision of services by an Originator which is billed by an ESP on behalf of such Originator. 
 “EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time, available at http://www.lma.eu.com/pages.aspx?p=499. 

“EU Securitisation Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of
12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending certain other European Union directives and regulations, as amended. 

“EU Securitisation Regulation Rules” means the EU Securitisation Regulation, together with all relevant implementing
regulations in relation thereto, all regulatory technical standards, implementing technical standards and delegated regulations in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU
Securitisation Regulation and, in each case, any relevant guidance or policy statements published in relation thereto by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions
Authority (or in each case, any predecessor or any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time. 

“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if either: 

(a) (i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the
liquidation, examinership, reorganization, debt arrangement, dissolution, administration, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, examiner, administrator,
assignee, sequestrator (or other similar official) for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any Applicable Law relating to bankruptcy, insolvency, reorganization, winding up
or composition or adjustment of debts; or (ii) an order for relief in respect of such Person shall be entered in an involuntary case under federal bankruptcy laws or other similar Applicable Laws now or hereafter in effect; or 

(b) such Person (i) shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt
arrangement, dissolution, administration or other similar law now or hereafter in effect, (ii) shall consent to the appointment of or taking possession by a receiver, liquidator, examiner, administrator, assignee, trustee, custodian,
sequestrator (or other similar official) for, such Person or for any substantial part of its property or (iii) shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts
generally as they become due, or, if a corporation or similar entity, its board of directors (or any board or Person holding similar rights to control the activities of such Person) shall vote to implement any of the foregoing. 

  
 22 

 “Event of Default” has the meaning specified in Section 9.01.
For the avoidance of doubt, any Event of Default that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 13.01. 

“Excess Budget Bill Concentration Amount” means, at any time, the amount by which (a) the aggregate Unpaid Balance of all
Eligible Receivables that constitute Budget Bill Receivables at such time, exceeds (b) the product of (x) 5.00%, times (y) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at such
time. 
 “Excess CARE Program Concentration Amount” means, at any time other than during the CARE Program Exclusion Period,
the amount by which (a) the aggregate Unpaid Balance of all Eligible Receivables that constitute CARE Program Receivables at such time, exceeds (b) the product of (x) 10.00%, times (y) the aggregate Unpaid Balance
of the Eligible Receivables included in the Receivables Pool at such time. 
 “Excess Deposit Balance Concentration Amount”
means, at any time, so long as a Ratings Event has not occurred and is continuing, the amount by which (a) the Deposit Balance at such time, exceeds (b) the product of (x) 20.00%, times (y) the aggregate Unpaid
Balance of the Eligible Receivables included in the Receivables Pool at such time. 
 “Excess Extended Unbilled Receivables Concentration Amount” means, at any time, the amount by which (a) the
aggregate Unpaid Balance of all Eligible Receivables included in the Receivables Pool that are Unbilled Receivables for which more than thirty (30) days have expired since the date that the related goods or services have been provided that
result in such Unbilled Receivable at such time, exceeds (b) the product of (x) 5.00%, times (y) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at such time. 

“
Excess Federal Government Receivables Concentration Amount” means, at any time, the amount by which (a) the aggregate Unpaid Balance of all Eligible Receivables included in the Receivables
Pool that are Federal Government Receivables at such time, exceeds (b) the product of (x) 2.50%, times (y) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at such time.

 “Excess FERA Program Concentration Amount” means, at any time, the amount by which (a) the aggregate Unpaid
Balance of all Eligible Receivables that constitute FERA Program Receivables at such time, exceeds (b) the product of (x) 5.00%, times (y) the aggregate Unpaid Balance of the Eligible Receivables included in the
Receivables Pool at such time. 
 “Excess Medical Receivable Concentration Amount” means, at any time, the amount by which
(a) the aggregate Unpaid Balance of all Eligible Receivables that constitute Medical Receivables at such time, exceeds (b) the product of (x) 3.00%, times (y) the aggregate Unpaid Balance of the Eligible Receivables
included in the Receivables Pool at such time. 
 “Excess Non-Federal Government Receivables Concentration Amount” means, at
any time, the amount by which (a) the aggregate Unpaid Balance of all Eligible Receivables included in the Receivables Pool that are Non-Federal Government Receivables at such time, exceeds (b) the product of (x) 7.50%, times
(y) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at such time. 

  
 23 

 “Excess Obligor Concentration Amount” means, at any time, the aggregate of
the amounts determined for each Obligor by which (a) the aggregate Unpaid Balance of all Eligible Receivables included in the Receivables Pool that are owed by such Obligor or an Affiliate of such Obligor at such time, exceeds
(b) the Concentration Limit for such Obligor at such time. 
 “Excess Unbilled Receivables Concentration Amount” means,
at any time, the amount by which (a) the aggregate Unpaid Balance of all Eligible Receivables included in the Receivables Pool that are Unbilled Receivables at such time, exceeds (b) the product of (x) 50.00%, times
(y) the aggregate Unpaid Balance of the Receivables included in the Receivables Pool at such time. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time. 
 “Excluded Collections”
means, with respect to any Excluded Receivable: (a) all funds that are received by any PG&E Party or any other Person on their behalf in payment of any amounts owed in respect of such Excluded Receivable (including purchase price, service
charges, finance charges, interest, fees and all other charges), or applied to amounts owed in respect of such Excluded Receivable (including insurance payments, proceeds of drawings under supporting letters of credit and net proceeds of the sale or
other disposition of repossessed goods or other collateral or property of the related obligor or any other Person directly or indirectly liable for the payment of such Excluded Receivable and available to be applied thereon) and (b) all other
proceeds of such Excluded Receivable. 
 “Excluded Receivables” means all (i) CTA Charges, (ii) DWR Bond Charges
and DWR Other Charges, (iii) ESP Charges, (iv) Nuclear Decommission Charges, (iv) Securitization Bond Charges and (v) UDC Consolidated Billing Receivables. 

“Excluded Receivables
 Percentage” means, as of any date of determination, a fraction (expressed as a percentage), (a) the numerator of which is an amount equal to (i) the aggregate Unpaid Balance of all Excluded Receivables on such date, minus (ii) the aggregate
Unpaid Balance of all UDC Consolidated Billing Receivables on such date and (b) the denominator of which is the sum of (i) the aggregate Unpaid Balance of all Excluded Receivables on such date, plus (ii) the aggregate Unpaid Balance of all Pool
Receivables on such date. 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each
case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in
the Loans or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its 

  
 24 

 
lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto
or to such Lender immediately before it changed its lending office and (c) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Executive Order” means Executive Order No. 13224 on Terrorist Financings: Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten To Commit, or Support Terrorism issued on September 23, 2001. 
 “Exiting Group” has
the meaning specified in Section 2.02(g). 

“Facility Limit
” means $1,000,000,000, as of any date of determination, the aggregate Commitment of each Committed Lender at such time, as reduced from time
to time pursuant to Section 2.02(e) or increased pursuant to
Section 2.02(h). References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus
(y) the Aggregate Capital at such time. 

“Facility Limit
 Increase Date” has the meaning set forth in Section 2.02(h). 
 “FATCA” means Sections 1471 through 1474 of the Code,
as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered
into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections
of the Code. 
 “FCPA” has the meaning set forth in Section 6.01(n)(ii). 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum, determined by Administrative Agent,
equal (for each day during such period) to: 
 (a) the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York; or 

(b) if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions
received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “Federal Government
Obligor” means the United States, any territory, possession or commonwealth of the United States, or any agency, department or instrumentality of any of the foregoing, but excluding any Local Government Obligor. 

“Federal Government Receivable” means any Receivable the Obligor of which is a Federal Government Obligor. 

  
 25 

 “Fee Letter” has the meaning specified in Section 2.03(a). 

“Fees” has the meaning specified in Section 2.03(a). 

“FERA Program” means the Family Electric Rate Assistance program or any replacement program therefore pursuant to which
certain low-income Obligors receive a predefined percentage discount on their invoice. 
 “FERA Program Receivable” means
any Receivable, the Obligor of which is currently enrolled in the FERA Program. 
 “FERC” means the Federal Energy
Regulatory Commission, including the staff thereof and any successor thereto. 
 “Final Maturity Date” means the date that
(i) is one hundred eighty (180) days following the Scheduled Termination Date or (ii) such earlier date on which the Loans become due and payable pursuant to Section 9.01. 

“Final Payout Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest
have been paid in full, (ii) all Borrower Obligations shall have been paid in full, (iii) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction
Documents have been paid in full and (iv) all accrued Servicing Fees have been paid in full. 
 “Finance Charges”
means, with respect to a Contract, any finance, interest, late payment charges, early termination charges or similar charges owing by an Obligor pursuant to such Contract. 

“Financial Officer” of any Person means, the chief executive officer, the chief financial officer, the chief accounting
officer, the principal accounting officer, the controller, the treasurer or the assistant treasurer of such Person. 

“Fitch” means Fitch, Inc. and any successor thereto that is a nationally recognized statistical rating organization. 

“Floor”
 means a rate of interest equal to 0.0%. 
 “Foreign Obligor
Receivable” means any Receivable the Obligor of which has a billing address that is not located within the United States. 

“FPA” means the Federal Power Act, as amended, including the regulations and orders publicly promulgated by the FERC
thereunder. 
 “GAAP” means generally accepted accounting principles in the United States as in effect from time to time,
except as noted below. In the event that any “Change in Accounting Principles” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement,
then, upon the request of the Borrower, the Servicer or the Majority Group Agents, the Borrower, the Servicer and the 

  
 26 

 “Guarantee Obligation” means, as to any Person (the “guaranteeing
person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees any Debt, leases, dividends or other obligations (the “primary obligations”) of any other third
Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation, (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof or (v) to reimburse or indemnify an issuer of a letter of credit, surety bond or guarantee issued by
such issuer in respect of primary obligations of a primary obligor other than PG&E or any Significant Subsidiary provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of
which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum
amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined
by PG&E in good faith. 
 “Guaranty” means, with respect to any Person, any obligation of such Person guarantying or in
effect guarantying any Debt, liability or obligation of any other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements, including any agreement to indemnify or hold harmless
any other Person, any performance bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business. 

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

“Independent Director” has the meaning set forth in Section 7.03(c). 

“Ineligible Receivable” means, as of any date of determination, any Receivable (or portion thereof) that is (i) an
Affiliate Receivable, (ii) an ESP Consolidated Receivable, (iii) a CPUC Fee, (iv) a Foreign
Obligor Receivable,
(viv
) a Payment Plan Receivable, (viv) a
Revenue Assurance Receivable,
(viivi
) a Supplier Receivable, (viii) a Wholesale Receivable, (ixviii) a Finance Charge, (x) a Tax Charge,
(xiix) a Modified Receivable or (xiix) if such date of determination is during the CARE Program Exclusion Period, a CARE Program
Receivable. 

  
 28 

 “Initial Transfer Amount” means, with respect to any Business Day, an
amount equal to the lesser of (a) an amount equal to the product of (i) the sum of (x) the aggregate amount of Available Funds deposited into the Collection Accounts on such Business Day before the applicable Cut-Off Time for such
Business Day, plus (y) the aggregate amount of Available Funds deposited into the Collection Accounts on the prior Business Day after the applicable Cut-Off Time used to determine the Initial Transfer Amount on such prior Business
Day, times (ii) the Subject Percentage and (b) an amount equal to the sum of (x) the aggregate amount of Collections deposited into the Collection Accounts on such Business Day before the applicable Cut-Off Time for such Business
Day, plus (y) the aggregate amount of Collections deposited into the Collection Accounts on the prior Business Day after the applicable Cut-Off Time used to determine the Initial Transfer Amount on such prior Business Day. 

“Insolvency” means, with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Intended Tax Treatment” has the meaning set forth in Section 13.14. 

“Intercreditor Agreement” means the Collection Account Intercreditor Agreement, dated as of the Closing Date, among PG&E,
the Borrower, the Administrative Agent, the Collection Account Agent and each of the other parties from time to time party thereto. 

“Intercreditor Agreement Secured Parties” means the Administrative Agent and the other secured parties under the Intercreditor
Agreement. 
 “Interest” means, for each Loan for any day during any Interest Period (or portion thereof), the amount of
interest accrued on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b). 

“Interest Period” means, with respect to each Loan, (a) before the Termination Date: (i) initially, the period
commencing on the date such Loan is made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the end of such Settlement Period and
(ii) thereafter, each Settlement Period and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or at the direction of the
Majority Group Agents) or, in the absence of any such selection, each Settlement Period. 
 “Interest Rate” means, for any
day in any Interest Period for any Loan (or any portion of Capital thereof): 
 (a) if such Loan (or such portion of Capital
thereof) is being funded by a Conduit Lender on such day through the issuance of Notes, the applicable CP Rate; or 
 (b) if
such Loan (or such portion of Capital thereof) is being funded by any Lender on such day other than through the issuance of Notes (including, without limitation, if a Conduit Lender is then funding such Loan (or such portion of Capital thereof)
under a Program Support Agreement, or if a Committed Lender is then funding such Loan (or such portion of Capital thereof)), LMIRTerm SOFR plus the SOFR Spread; 

  
 29 

 provided, however, that the “Interest Rate” for each Loan and any
day while an Event of Default or a Termination Event has occurred and is continuing shall be an interest rate per annum equal to the sum of 3.00% per annum plus the greater of (i) the interest rate per annum determined for such Loan and
such day pursuant to clause (a) or (b) above, as applicable, and (ii) the Base Rate in effect on such day; provided, further, that no provision of this Agreement shall require the payment or
permit the collection of Interest in excess of the maximum permitted by Applicable Law; provided, further, however, that Interest for any Loan shall not be considered paid by any distribution to the extent that at any time all
or a portion of such distribution is rescinded or must otherwise be returned for any reason. 
 “Interim Report” means any
Daily Report or Weekly Report. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended or otherwise
modified from time to time. 
 “JPM” means JPMorgan Chase Bank, N.A. 

“Lenders” means the Conduit Lenders and the Committed Lenders. 

“Liquidity Agent” means any bank or other financial institution acting as agent for the various Liquidity Providers under each
Liquidity Agreement. 
 “Liquidity Agreement” means any agreement entered into, directly or indirectly, in connection with
or related to, this Agreement pursuant to which a Liquidity Provider agrees to make loans or advances to, or purchase assets from, a Conduit Lender (directly or indirectly) in order to provide liquidity or other enhancement for such Conduit
Lender’s Notes or other senior indebtedness. 
 “Liquidity Provider” means any lender, credit enhancer or liquidity
provider that is at any time party to a Liquidity Agreement or any successor or assign of such lender, credit enhancer or liquidity provider or any similar entity with respect to any permitted assignee of a Conduit Lender. 

“LMIR” means for any day
during any Interest Period (a) with respect to any Group, the interest rate per annum for a period of time comparable to such Interest Period equal to the ICE Benchmark Administration Limited (or the successor thereto if it is no
longer making such rates available) LIBOR Rate
(“ICE LIBOR”), as published by
Reuters (currently Reuters LIBOR01 page) (or any other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London, England time) for deposits in U.S. Dollars on such day, or if such day is not
a Business Day, on the immediately preceding Business Day, or (b) if a rate cannot be determined under the foregoing clause, an annual rate equal to the average (rounded upwards if necessary to the nearest 1/100th of 1%) of the rates per annum
at which deposits in U.S. Dollars with a duration comparable to such Interest Period in a principal amount substantially equal to the principal amount of the applicable Portion of Capital to be funded at LMIR on such day are offered to the principal
London office of the applicable Group Agent (or its related Committed Lender) by three London banks, selected by Administrative Agent in good faith, at about 11:00 a.m. 

  
 30 

 (London, England time) on
such day, or if such day is not a Business Day, on the immediately preceding Business Day; provided, however, that if LMIR, determined as provided above, would be less than zero, LMIR shall for all purposes of this Agreement be zero.Loan” means any
loan made by a Lender pursuant to Section 2.02.

 “Loan” means any loan made by a Lender pursuant to Section 2.02. 

“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to
the Administrative Agent and the Group Agents pursuant to Section 2.02(a). 
 “Local Government Obligor” shall mean
any state or local government, including counties, cities and towns, any political subdivision of any of the foregoing, or any agency, department or instrumentality of any the foregoing. 

“Lock-Box” means each locked postal box with respect to which a Collection Account Bank has executed a Collection Account
Control Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be modified from time to time in
connection with the addition or removal of any Lock-Box in accordance with the terms hereof). 
 “Loss Horizon Ratio” means,
as of any Cut-Off Date, a fraction (expressed as a percentage), (a) the numerator of which is the Gross Sales during the immediately preceding four (4) Settlement Periods then most recently ended and (b) the denominator of which is the Net
Receivable Pool Balance as of such Cut-Off Date. 
 “Loss Ratio” means, as of any Cut-Off Date, the ratio (expressed as a
decimal) (a) the numerator of which is the sum of (i) the product of (A) the aggregate Unpaid Balance of all Pool Receivables and Excluded
Receivables (other than (x) CARE Program Receivables during the CARE Program Exclusion
Period, (y) UDC Consolidated Billing Receivables and
(yz) Payment Plan Receivables and Revenue Assurance Receivables) as to which any payment, or part thereof, remains unpaid for more than 120 but less than 151 days from the original invoice date for such Pool
Receivable, times (B) one minus the Excluded Receivables Percentage, plus (without duplication) (ii) any Losses (net of recoveries) incurred in the most recently ended Settlement Period (other than any that have occurred with respect to (x) CARE Program Receivables during the
CARE Program Exclusion Period or (y) Payment Plan Receivables or Revenue Assurance Receivables), and (b) the denominator of which is the Gross Sales during the Settlement Period four (4) months prior to the Settlement Period ending on
such Cut-Off Date. 
 “Loss Reserve Floor Percentage” means (i) if a Ratings Event has occurred and
is continuing, 15.0% and (ii) at all other times,
12.0%. 
 “Losses” means the Unpaid Balance of any Pool Receivables that have been, or should have been, written-off
as uncollectible by the Servicer or any Originator in accordance with the Credit and Collection Policies. 

  
 31 

 “Majority Group Agents” means one or more Group Agents which in its Group,
or their combined Groups, as the case may be, have Committed Lenders representing more than 66 2/3% of the aggregate Commitments of all Committed Lenders in all Groups (or, if the Commitments have
been terminated, have Lenders representing more than 66 2/3% of the aggregate outstanding Capital held by all the Lenders in all Groups); provided, however, that at any time there
are three or
morefour Groups, “Majority Group Agents”
shall mean at least two Group
Agentsthree Group Agents, regardless of the percentage of the aggregate Commitments of all Committed
Lenders in all Groups such three Group Agents represent. 
 “Material
Adverse Effect” means: 
 (a) (i) if a particular Person is specified, a change in the business, property,
operations or financial condition of such Person, and its Subsidiaries taken as a whole, that could reasonably be expected to materially and adversely affect such Person’s ability to perform its obligations under this Agreement or any other
Transaction Document or (ii) if a particular Person is not specified, a change in the business, property, operations or financial condition of any PG&E Party, and its Subsidiaries taken as a whole, that could reasonably be expected to
materially and adversely affect such PG&E Party’s ability to perform its obligations under any Transaction Document to which it is a party; 

(b) the occurrence of any event that could reasonably be expected to materially and adversely affect the value, validity,
enforceability or collectibility of the Pool Receivables, the Related Security with respect thereto, taken as a whole, or, in each case, any material portion thereof; 

(c) the occurrence of any event that could reasonably be expected to materially and adversely affect the (i) status,
existence, perfection, priority, enforceability or other rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral or (ii) validity or enforceability against any
PG&E Party of any Transaction Document; 
 (d) the occurrence of any event that could reasonably be expected to
materially and adversely affect the business, assets, liabilities, properties, operations or financial condition of the Borrower; or 

(e) the occurrence of any event that could reasonably be expected to materially and adversely affect the rights and remedies of
the Credit Parties, taken as a whole, under this Agreement or any of the other the Transaction Documents. 
 “Maximum Days Sales
Outstanding” means, as of any day, the highest Days Sales Outstanding for any Settlement Period observed over the preceding twelve Settlement Periods (including such Settlement Period). 

“Medical Baseline Program” means the Medical Baseline program or any replacement program therefore pursuant to which certain
Obligors who have special energy needs due to qualifying medical conditions receive a higher baseline at the lowest baseline price. 

  
 32 

 “Medical Receivable” means any Receivable, the Obligor of which is
currently enrolled in the Medical Baseline Program. 
 “Miscellaneous Items” means any right to payment of a monetary
obligation, whether or not earned by performance, owed to any Originator that does not constitute a Receivable or an Excluded Receivable. 

“Miscellaneous Collections” means, with respect to any Miscellaneous Items, all funds that are received by any PG&E Party
or any other Person on their behalf in payment of any amounts owed in respect of such Miscellaneous Item. 
 “Mizuho” means
Mizuho Bank, Ltd. 
 “Modified Receivable” means a Receivable as to which the payment terms of the related Contract have
been extended or modified for credit reasons since the origination of such Receivable. 
 “Monthly Report” means a report,
in substantially the form of Exhibit G. 
 “Monthly Settlement Date” means the second (2nd) Business Day after
each Reporting Date. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a
nationally recognized statistical rating organization. 
 “MUFG” has the meaning set forth in the preamble to this
Agreement. 
 “Multiemployer Plan” means a plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 “Net Receivable Pool Balance” means, at any time, an amount equal to the aggregate Unpaid Balance of Pool Receivables
that are Eligible Receivables determined at such time, minus (without duplication) the sum of (a) the aggregate Excess Obligor Concentration Amount at such time, plus (b) the Excess Medical Receivable Concentration Amount at
such time, plus (c) the Excess Federal Government Receivables Concentration Amount at such time, plus (d) the Excess Non-Federal Government Receivables Concentration Amount at such time, plus (e) the Excess CARE
Program Concentration Amount at such time, plus (f) the Excess FERA Program Concentration Amount at such time, plus (g) the Excess Unbilled Receivables Concentration Amount at such time, plus (h) the Excess Budget
Bill Concentration Amount at such time, plus (i) the Excess Deposit Balance Concentration Amount at such time, plus (j) during each month of each California Climate Credit Period, the related California Climate Credit Accrual,
plus (k) the aggregate amount of all Customer Refunds at such time, plus (l) the Customer Payables Proxy at such time, plus (m) during each month of each Other Credit Period, the aggregate related Other Credit
Accrual, plus (n) the Excess Extended Unbilled Receivables Concentration Amount at such time. 

  
 33 

 “PCG” means PG&E Corporation, a California corporation. 

“Percentage” means, at any time of determination, with respect to any Committed Lender, a fraction (expressed as a
percentage), (a) the numerator of which is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all
Loans being funded by such Lender at such time and (b) the denominator of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Committed Lenders at such time or (ii) if all Commitments
hereunder have been terminated, the aggregate outstanding Capital of all Loans at such time. 
 “Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term
SOFR”. 
 “Person” means an individual, partnership,
corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or any Governmental Authority. 

“PG&E” has the meaning set forth in the preamble to this Agreement. 

“PG&E Indemnified Party” has the meaning set forth in Section 12.02(a). “PG&E Party”
means PG&E, the Borrower, the Servicer and each Originator. 
 “Plan” means any employee benefit plan that is covered
by ERISA and in respect of which any PG&E Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA. 
 “Plan of Reorganization” means the Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of
Reorganization, dated June 19, 2020 Docket No. 8048, together with all exhibits, schedules, annexes, supplements, and other attachments thereto. 

“Pledge Agreement” means any Pledge Agreement pursuant to which PG&E pledges to the Administrative Agent all of its
membership interests and any other equity interests in the Borrower. 
 “Pool Receivable” means a Receivable in the
Receivables Pool. 
 “Portion of Capital” means, with respect to any Lender and its related Capital, the portion of such
Capital being funded or maintained by such Lender by reference to a particular interest rate basis. 
 “Prime Rate” means,
with respect to any Group and as determined by the applicable Group Agent, (a) the rate of interest in effect for such day as publicly announced from time to time by the applicable Group Agent, the Related Committed Lender or their Affiliates
as its “reference rate” or “prime rate”, as applicable, such “reference rate” or “prime rate” being set by the applicable Group Agent, the related Committed Lender or their Affiliates based upon various 

  
 36 

 “Responsible Officer” means, with respect to any Person, the general
counsel or any executive officer of such Person and any other officer of such Person responsible for the administration of the obligations of such Person in respect of this Agreement and the other Transaction Documents. 

“Restricted Payments” has the meaning set forth in Section 7.01(r). 

“Retail Energy Receivable” means any right to payment of a monetary obligation, whether billed or unbilled, that arises in
connection with the sale, provision or transportation of electricity or natural gas or the rendering of related services, in each case, in a retail transaction by an Originator to an Obligor that is either (x) a retail end user customer of an
Originator or (y) a retail end user customer of an Originator that constitutes a Governmental Authority. 
 “Retention
Holder” has the meaning set forth in the preamble to this Agreement. 
 “Retention Holder Indemnified
Amounts” has the meaning set forth in Section 12.02(c). 
 “Returned Goods” means all right, title and
interest in and to returned, repossessed or foreclosed goods and/or merchandise the sale of which gave rise to a Receivable; provided that such goods shall no longer constitute Returned Goods after a Deemed Collection has been deposited in a
Borrower Account with respect to the full Unpaid Balance of the related Receivables. 
 “Revenue Assurance Receivable” means
any Receivable, the Obligor of which acquired the related good or service unlawfully or otherwise without the consent of the related Originator, including as a result of meter tampering, bypassing meters, tapping gas or power lines, tapping into
neighboring premises and self-reconnection without consent. 
 “S&P” means Standard & Poor’s Rating
Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization. 

“Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions, including as
of the ClosingSixth
Amendment Date, Cuba, the so-called Donetsk People’s
Republic, the so-called Luhansk People’s Republic, Crimea (Ukraine), Iran, Syria and North Korea. 

“Sanctioned Person” means, at any time, (a) any Person currently the subject or the target of any Sanctions, including
any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) (or any successor thereto) or the U.S. Department of State, or
as otherwise published from time to time; (b) that is fifty-percent or more owned, directly or indirectly, in the aggregate by one or more Persons described in clause (a) above; (c) that is operating, organized or resident in a
Sanctioned Country; (d) with whom engaging in trade, business or other activities is otherwise prohibited or restricted by Sanctions; or (e) (i) an agency of the government of a 

  
 40 

 “Servicing Fee” means the fee referred to in Section 8.06(a) of
this Agreement. 
 “Servicing Fee Rate” means the rate referred to in Section 8.06(a) of this Agreement. 

“Servicing Fee Reserve Percentage” means, as of any date of determination, an amount equal to: 

(SF x SFR) x (MDSO/360) 

where 

SF          =     stress factor of 1.5; 

SFR      =     the Servicing Fee Rate; and 

MDSO =     the Maximum Days Sales Outstanding on such day. 

“Settlement Date” means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) so
long as no Event of Default, Termination Event or Ratings Event has occurred and is continuing and the Termination Date has not occurred, the Monthly Settlement Date and (ii) on and after the Termination Date or if an Event of Default,
Termination Event or Ratings Event has occurred and is continuing, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) (it being understood that the Administrative Agent
(with the consent or at the direction of the Majority Group Agents) may select such Settlement Date to occur as frequently as daily), or, in the absence of such selection, the Monthly Settlement Date. 

“Settlement Period” means: 

(a) the period from the Closing Date to (and including) October 31, 2020; and 

(b) thereafter, each subsequent calendar month; 

provided, that the last Settlement Period shall end on the Final Payout Date. 

“Significant Subsidiary” has the meaning defined in Article 1, Rule 1-02(w) of Regulation S-X of the Exchange Act as of the
Closing Date; provided that notwithstanding the foregoing, other than the Borrower, no special purpose finance subsidiary or any Qualified Securitization Bond Issuer (or Subsidiaries of any Qualified Securitization Bond Issuer) shall
constitute a Significant Subsidiary. Unless otherwise qualified, all references to a “Significant Subsidiary” or to “Significant Subsidiaries” in this Agreement shall refer to a “Significant Subsidiary” or
“Significant Subsidiaries” of PG&E. 
 “Single Employer Plan” means any Plan that is covered by Title IV of
ERISA, but that is not a Multiemployer Plan 

“Sixth
Amendment Date” means April 20, 2022. 

  
 40 

“SOFR”
 means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or successor administrator of the secured overnight financing rate). 

“SOFR
Loan” means any Loan accruing Interest at Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.  

“SOFR
Spread” means 0.10% per annum. 
 “Solvent” means,
with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person
on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and
commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in
any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person
is engaged. 
 “Specified Concentration Percentage” means, with respect to any Obligor, 2.403.00%. 
 “Specified Exchange Act Filings” means PG&E’s Form 10-K annual
report for the year ended December 31, 2019 and each and all of the Form 10-Qs and Form 8-Ks (and to the extent applicable proxy statements) filed by PG&E or PCG with the SEC after December 31, 2019 and prior to July 30, 2020.

 “Specified Material Adverse Effect” means any occurrence, fact, change, event, effect, violation, penalty, inaccuracy or
circumstance (whether or not constituting a breach of a representation, warranty or covenant set forth in the Plan of Reorganization) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects,
violations, penalties, inaccuracies, or circumstances, (i) would have or would reasonably be expected to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, financial condition
or results of operations, in each case, of PCG and PG&E, taken as a whole, or (ii) would reasonably be expected to prevent or materially delay the ability of the Borrower and PG&E to consummate the transactions contemplated by this
Agreement or the ability of PCG and PG&E to consummate the transactions contemplated by the Plan of Reorganization or perform their obligations hereunder or thereunder; provided, however, that none of the following results, occurrences, facts,
changes, events, effects, violations, penalties, inaccuracies or circumstances shall constitute or be taken into account in determining whether a Specified Material Adverse Effect has occurred, is continuing or would reasonably be expected to occur:
(A) the filing of the Chapter 11 cases with respect to PCG and PG&E, (B) results, occurrences, facts, changes, events, violations, inaccuracies or circumstances affecting (1) the electric or gas utility businesses in the United States
generally or (2) the economy, credit, 

  
 41 

 
financial, capital or commodity markets, in the United States or elsewhere in the world, including changes in interest rates, monetary policy or inflation, (C) changes or prospective changes
in law (other than any law or regulation of California or the United States that is applicable to any electrical utility) or in GAAP or accounting standards, or any changes or prospective changes in the interpretation or enforcement of any of the
foregoing, (D) any decline in the market price, or change in trading volume, of any securities of PCG or PG&E, (E) any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, credit ratings,
budgets or internal or published financial or operating predictions of revenue, earnings, cash flow or cash position, (F) any wildfire occurring after the Petition Date (as defined in the Plan of Reorganization) and prior to January 1,
2020, and (G) one or more wildfires, occurring on or after January 1, 2020, that destroys or damages fewer than 500 dwellings or commercial structures in the aggregate (it being understood that (I) the exceptions in clauses
(D) and (E) shall not prevent or otherwise affect a determination that the underlying cause of any such change, decline or failure referred to therein is a Specified Material Adverse Effect, and (II) a Specified Material Adverse Effect
shall include the occurrence of one or more wildfires on or after January 1, 2020 destroying or damaging at least 500 dwellings or commercial structures within PCG’s service area at a time when the portion of PCG’s system at the
location of such wildfire was not successfully de-energized. 
 “Specified PG&E Entity” means any PG&E Party or
Parent or any Significant Subsidiary of any of the foregoing. 
 “Standard A/R Securitization Obligations” means
representations, warranties, covenants, indemnities, repurchase obligations, servicing obligations, guarantees, intercompany notes and obligations relating to contributions of A/R Securitization Assets to an A/R Securitization Subsidiary and other
obligations entered into by PG&E or any of its Subsidiaries which are reasonably customary in A/R Securitization Transactions. 

“Stop Sweeping Event” means a Ratings Event, an Event of Default or a Termination Event. 

“Stress Factor” means (i) if a Ratings Event has occurred and is continuing, 2.50 and (ii) at all other times, 2.25.2.00. 
 “Subject Filing” means that certain UCC-1 Financing Statement naming
PG&E, as debtor, and The Bank of New York Mellon Trust Company, N.A., as trustee, as secured party, filed with the Secretary of State of California and with an initial filing number of 20-7800585015. 

“Subject Indenture” means that certain Indenture of Mortgage, dated as of June 19, 2020, between PG&E, as mortgagor,
and The Bank of New York Mellon Trust Company, N.A., as trustee and mortgagee. 
 “Subject Percentage” means 75.0% or such
other percentage from time to time agreed to in writing between the Administrative Agent and the Borrower to more accurately reflect the portion of Collections to Available Funds deposited into the Collection Accounts on each Business Day. 

  
 42 

 “Subordinated Note” has the meaning set forth in the Purchase and Sale
Agreement. 
 “Sub-Servicer” has the meaning set forth in Section 8.01(d). 

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock of each class or other interests having ordinary voting power (other than stock or other 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
entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, or (b) by one or more Subsidiaries of such Person. 

“Supplier Receivable” means any Receivable the Obligor of which is a material supplier to any Originator or any of its
respective Affiliates or an Affiliate of any such material supplier. 
 “Swap Agreement” means any agreement with respect to
any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices
or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions provided, however, that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of PG&E or any of its Subsidiaries shall be a “Swap Agreement”. 

“Tax Charges” means any
state, city or, municipal, county or other local jurisdiction utility users
tax, or surcharge
or, consumption tax or surcharge, energy
commission tax or surcharge, or similar tax, owing by an
Obligor, whether separately charged or included in the rate charges to such Obligor, that is applicable or relates to electric and/or natural gas services provided by or on behalf of any Originator. 

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

“Temporary Period” means the period commencing on the Closing Date and ending on (but including) February 28, 2022. 

“Term
SOFR” means 
 (a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable
Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR
Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark
Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR 

  
 43 

 
Reference Rate for such tenor as published by the Term SOFR
Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day
is not more than five (5) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and 

(b) for any
calculation with respect to any Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days
prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not
been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR
Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day
is not more than five (5) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day; 

provided,
further, that if Term SOFR determined as provided above (including pursuant to the proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor. 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator; provided that, in the event there are multiple successor administrators, the successor administrator hereunder shall be selected by the Administrative Agent and the
Borrower). 
 “Term SOFR Reference Rate”
means the forward-looking term rate based on SOFR.

 “Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which
the “Termination Date” is declared or deemed to have occurred under Section 9.01 or Section 9.02 and (c) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to
Section 2.02(e). 
 “Termination Event” has the meaning specified in Section 9.02. For the avoidance
of doubt, any Termination Event that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 13.01. 

“TO
Settlement” means that certain one-time credit issuance by PG&E to certain of its customers
occurring in April 2021 related to transmission ownership and in the amount of approximately $26,000,000. 

  
 44 

 “Transaction Documents” means this Agreement, the Purchase and Sale
Agreement, the Account Control Agreements, the Fee Letter, the Pledge Agreement, each Subordinated Note, the Administrative Services Agreement, Intercreditor Agreement and all other certificates, instruments, UCC financing statements, reports,
notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“Transaction Information” means any information provided to any Rating Agency, in each case, to the extent related to such
Rating Agency providing or proposing to provide a rating of any Notes or monitoring such rating. 
 “UCC” means the Uniform
Commercial Code as from time to time in effect in the applicable jurisdiction. 
 “UDC Consolidated Billing Receivable”
means any Receivable representing any amount billed by an Originator on behalf of an ESP, a CCA, a CTA or a DA and which amount is payable to such ESP, CCA, CTA or DA, as applicable. 

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

“Unaged Receivable” means, as of any date of determination, any Receivable as to which the invoice or bill with respect
thereto has been created by the related Originator but has not yet been sent to the Obligor thereof. 
 “Unbilled
Receivable” means, as of any date of determination, any Receivable as to which the invoice or bill with respect thereto has neither (i) been created by the related Originator nor (ii) been sent to the Obligor thereof. 

“Unmatured Event of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.

 “Unmatured Termination Event” means an event that but for notice or lapse of time or both would constitute a Termination
Event. 
 “Unpaid Balance” means, at any time of determination, with respect to any Receivable
or Excluded Receivable, the then outstanding principal
balance thereof, which amount shall be determined after giving effect to any credits that have been applied to such Receivable. 

“U.S. Dollars” and “$” each mean the lawful currency of the United States of America. 

  
 45 

 “U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a
day on which the Securities Industry and Financial Markets Association recommends that the fixed income
departments of its members be closed for the entire day for purposes of trading in United States government securities. 

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

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 4.03(f)(ii)(B)(3). 

“Victory” means Victory Receivables Corporation, a Delaware corporation. 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and
regulations thereunder. 
 “Weekly Report” means a report, in substantially the form of Exhibit K. 

“Wholesale Receivables” means Receivables relating to sales of electricity or natural gas to cooperatives, municipalities,
other utilities and regional transmission organizations. 
 “Withdrawal Liability” means any liability to a Multiemployer
Plan as a result of a complete or partial withdrawal by any PG&E Party or any Commonly Controlled Entity from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 

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

“Yield Reserve Percentage” means at any time of determination:  

1.50 x MDSO x BR 

    360 

where: 

BR      = the Base Rate at such time; and 

MDSO= the Maximum Days Sales Outstanding on such day. 

  
 46 

 SECTION 1.02. Other Interpretative Matters. All accounting terms not specifically
defined herein shall have the respective meanings given to them under GAAP. All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used Agent, the applicable Group Agents and the applicable Committed
Lenders in connection therewith (including Attorney Costs) shall be paid by the Borrower. In the event any Committed Lender declines such request to extend the Scheduled Termination Date or is deemed to have declined such extension, such Committed
Lender’s Group shall be an “Exiting Group” for all purposes of this Agreement. 
 (h) Provided
 that no Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event has occurred and is continuing, the Borrower may advise the Administrative Agent and each Group Agent in writing of its desire to increase the
Commitment of each Committed Lender and the desired effective date thereof (such desired date, the “Facility Limit Increase Date”) by delivering a Commitment Increase Request in the form attached hereto as Exhibit L (without any
modifications to the Commitments set forth on Schedule I thereto) to such Persons, provided that (i) such request is delivered not less than ten (10) days prior to the requested Facility Limit Increase Date, (ii) the requested Facility Limit
Increase Date is no later than September 30, 2022 and (iii) in connection with such request, the Borrower shall cause to be delivered to the Administrative Agent on or prior to the Facility Limit Increase Date, one or more opinions from external
counsel, in form and substance reasonably satisfactory to the Administrative Agent, as to no conflicts with material agreements (a “No-Conflict Opinion”). In the event that one or more Committed Lenders are agreeable to such increase, each
applicable Group Agent and each applicable Committed Lender shall countersign such Commitment Increase Request, and so long as the Administrative Agent has received such countersigned signature pages from at least one Committed Lender and a
No-Conflict Opinion in form and substance reasonably satisfactory to the Administrative Agent, the Commitment of each applicable Committed Lender that has returned a countersigned signature page shall be increased to the amount set forth in such
Commitment Increase Request effective upon the Facility Limit Increase Date; provided, however, that if any Committed Lender fails to so return a countersigned signature page within ten (10) days of receipt of such request, then such Committed
Lender shall be deemed to have declined such increase. On the Facility Limit Increase Date, (i) pursuant to notification provided by the Administrative Agent to the Lenders, the Lenders shall rebalance Capital among the Lenders such that after
giving effect thereto, the Aggregate Capital is distributed ratably among the Groups based on each Group’s Group Commitment and (ii) the Borrower shall pay each Group Agent the applicable “Increase Fee” as set forth in the Fee
Letter. 
 SECTION 2.03. Interest and Fees. 

(a) On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 3.01,
pay to each Group Agent, each Lender and the Administrative Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower, the members of the
applicable Group (or their Group Agent on their behalf) and/or the Administrative Agent (such fee letter agreements, each as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the
“Fee Letter”). 
 (b) Each Loan of each Lender and the Capital thereof shall accrue interest on each day when such Capital
remains outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest, Fees and Breakage Fees accrued during each Interest 

  
 52 

 SECTION 4.04. Inability to Determine LMIRRates; Change in Legality. 
 (a)
Subject to Section 4.06, if, on or prior to the first day of any Interest Period for any SOFR Loan: 

(i)
 (a) If any Group Agent shall have determined (which
determination shall be conclusive and binding upon
the parties hereto absent manifest error) on any day, by reason of circumstances affecting the
interbank Eurodollar market, either that: (i) dollar deposits in the relevant amounts and for the relevant Interest Period or day, as applicable, are not available, (ii) adequate and reasonable means do not exist for ascertaining LMIR for
such Interest Period, or (iii) LMIR determined pursuant hereto does not accurately reflect the cost to the applicable Affected Person (as
conclusively determined by such Group Agent) of maintaining any Portion of Capital during such
Interest Period, such Group Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Borrower on such day. Upon delivery of such notice: (i) no Portion of Capital shall be funded thereafter at LMIR unless
and until such Group Agent shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist
and (ii) with respect to any outstanding Portion of Capital then funded at LMIR, such Interest Rate shall automatically and immediately be converted to the Base
Rate.the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining “Term SOFR” pursuant to the
definition thereof; or 

(ii)
 the Majority Group Agents determine that for any reason in connection with any SOFR Loan, any request
therefor or a conversion thereto or a continuation thereof that Term SOFR does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Portion of Capital, and the Majority Group Agents have provided notice of such
determination to the Administrative Agent, 
 the Administrative Agent will promptly so notify the Borrower and each Lender.  

Upon notice thereof by the
Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to continue SOFR Loans or to convert Base Rate Loans to SOFR Loans, shall be suspended (to the extent of the affected SOFR Loans)
until the Administrative Agent (with respect to clause (b), at the instruction of the Majority Group Agents) notifies the Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist. Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing of,
conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount
specified therein. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 4.02. If the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest
 error) that “Term SOFR” cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Administrative Agent

  
 63 

without reference to clause
(c) of the definition of “Base Rate” until the Administrative Agent revokes such determination. 

(b) If on any day any Group Agent shall have been notified by any Affected Person that such Affected Person has determined (which determination
shall be final and conclusive absent manifest error) that any Change in Law, or compliance by such Affected Person with any Change in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital at or
by reference to
LMIRTerm
SOFR, such Group Agent shall notify the Borrower and the Administrative Agent thereof. Upon receipt of such notice, until the applicable Group Agent notifies the Borrower and the Administrative
Agent that the circumstances giving rise to such determination no longer apply, (i) no Portion of Capital shall be funded at or by reference to
LMIRTerm
SOFR and (ii) the Interest Rate for any outstanding portions of Capital then funded at
LMIRTerm
SOFR shall automatically and immediately be converted to the Base Rate. 

SECTION 4.05. Security Interest. 

(a) As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed
under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower undertakes to grant and hereby grants
to the Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter
owned, existing or arising (collectively, the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables,
(iv) the Borrower Accounts and all amounts on deposit therein, and all certificates and instruments, if any, from time to time evidencing such Borrower Accounts and amounts on deposit therein, (v) all rights (but none of the obligations)
of the Borrower under the Purchase and Sale Agreement, (vi) all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit
accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract rights or rights to the payment of money,
insurance claims and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC), (vii) all other personal and fixture property or assets of the Borrower of every kind and nature and (viii) all
proceeds of, and all amounts received or receivable under any or all of, the foregoing. 
 (b) The Administrative Agent (for the benefit of
the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party
under any applicable UCC and all other Applicable Law. The Borrower hereby authorizes the Administrative Agent to file financing statements and any other applicable filings in any applicable jurisdiction describing as the collateral covered thereby
as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement. 

  
 64 

 SECTION 4.06.
Successor LMIR
Benchmark Replacement Setting. 
 (a) Benchmark Replacement.
Notwithstanding anything to the contrary herein or in any other Transaction Document, on March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of the USD LIBOR’s
administrator (“IBA”), announced in
a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 3-month, 6-month and 12-month USD LIBOR tenor settings. On the earlier of (i) the date that all Available Tenors of the USD LIBOR have
either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current
Benchmark is the USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment
to, or further action or consent of any other party to this Agreement or any other Transaction Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.(b) Replacing Future Benchmarks. Uponupon the occurrence of a Benchmark Transition Event, the Benchmark Replacement
willAdministrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark for all purposes hereunder and under any Transaction Document in respect of any
Benchmark setting at or afterwith a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m.(New York City time) on the fifth (5th) Business Day after the date notice of
such Benchmark Replacement is provided to the Group Agents without any amendment to, or further action
or consent of any other party to, this Agreement or any other Transaction DocumentAdministrative Agent
has provided written notice of such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark
Replacementamendment from the Group Agents
comprising the Majority Group Agents. Upon the occurrence of a Benchmark Transition Event, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued
that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that,
the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Loans bearing interest by reference
to the Base Rate. During the period referenced in the foregoing sentence, the component of the Base Rate based upon the Benchmark will not be used in
any determination of the Base RateNo replacement of a Benchmark with a Benchmark
Replacement pursuant to this Section 4.06(a) will occur prior to the applicable Benchmark Transition
Start Date. 
 (b) (c) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or
in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming
Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. 

  
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 (c)
(d) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify
the Borrower and the Group Agents of (i) any occurrence of a Benchmark Transition Event, (ii) the
implementation of any Benchmark Replacement and
(ii, (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement Conforming Changes. For the avoidance of doubt, any notice required to be delivered by the
Administrative Agent as set forth in this Section 4.06 may be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any amendment which implements
any Benchmark Replacement or Benchmark Replacement Conforming Changesand (iv) the commencement or
conclusion of any Benchmark Unavailability Period. The Administrative Agent will promptly notify the Borrower of the removal
or reinstatement of any tenor of a Benchmark pursuant to clause (d) below. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Group Agent (or group of Group Agents) pursuant to this Section 4.06, including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 4.06.

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

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

(f) DisclaimerRates. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) 
the continuation of, administration of,
submission of, calculation of or any other matter related
to the London interbank offered rate or other
ratesBase Rate, the Term SOFR Reference Rate or Term SOFR, or any component definition thereof or rates
referred to in the definition of “LMIR” or with respect tothereof, or any alternative or, successor rate
thereto, or replacement rate theretof (including, without limitation any Benchmark Replacement implemented hereunder), (ii)), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement, including whether it is) will be similar to, or produces the same value or economic equivalence to LMIR (or any other
Benchmark)of, or have the same volume or liquidity
as did LMIR (or any other Benchmark), (iii) any actions or use of its discretion or other decisions or determinations made with respect to any matters
covered by this Section 4.06 including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of, Base
Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or
unavailability. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate
(including any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices
required by clause (d) above or otherwise in accordance herewith, and (iv) the effect of any of the foregoing provisions of this
Section 4.06.) or any relevant adjustments thereto, in each case, in a manner adverse to the
Seller. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement,
and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract
or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

(g) Certain Defined Terms. As used in this Section 4.06: 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current
Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the
length of an Interest Period or (y) otherwise,
any(or component thereof) or payment period for
interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. (or component thereof), as
applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such
Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (d) of
this Section 4.06. 

 

  
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 “Benchmark” means, initially, USD LIBORthe Term SOFR
Reference Rate; provided that if a replacement of the Benchmark Transition Event has occurred pursuant to Section 4.06,with respect to the Term SOFR Reference Rate or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof. pursuant to clause (a) Section 4.06. 

“Benchmark Replacement” means, for any
Available Tenor: with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark
rate that has been selected by the Administrative
Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for U.S.
Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement
as so
determined would be less than the
Floor,
such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other
Transaction Documents. 

(1) for purposes of Section 4.06(a), the first
alternative set forth in the order below that can be determined by the Administrative Agent:  
  

	 	(a)	 the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of
one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration and 0.71513% (71.513 basis points) for an Available
Tenor of twelve-months’ duration; provided, that if any Available Tenor of the USD LIBOR does not correspond to an Available Tenor of Term SOFR, the Benchmark Replacement for such Available Tenor of the USD LIBOR shall be the closest
corresponding Available Tenor (based on tenor) for Term SOFR, or and if such Available Tenor of the USD LIBOR corresponds equally to two Available Tenors of Term SOFR, the corresponding tenor of Term SOFR with the shorter duration shall be
applied; 

  

	 	(b)	 the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or
recommended by the Relevant Governmental Body for the replacement of the tenor of the USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in
Section 4.06(a) (which spread adjustment, for the avoidance of doubt, shall be 0.11448% (11.448 basis points); and

  
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 (2) for
purposes of Section 4.06(b), the sum of: (A) the alternate benchmark rate and (B) an
adjustment“Benchmark Replacement Adjustment” means, with respect to any replacement of the
then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero), in
each case, that has been selected by the Administrative Agent and the Borrower as the replacement for
such Available Tenor of such Benchmark giving due consideration to
(a) any selection or recommendation of a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant
Governmental Body, for U.S.
dollar for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement for
U.S. Dollar-denominated syndicated credit
facilities at such time; provided that, if the Benchmark
Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the
other Transaction Documents. 
 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,”
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the
applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement” and other technical, administrative or operational matters) that the
Administrative Agent decides may be appropriate to reflect the adoption and implementation of
such Benchmark Replacement and to permit the
administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice
for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Administrative Agent decides is reasonably
necessary in connection with the administration of this Agreement and the other Transaction
Documents), the formula, methodology or convention for
applying the successor Floor to the successor Benchmark Replacement.Date” means the earliest to
occur of the following events with respect to the then-current Benchmark: 
  

	 	(1)	
in
 the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the
administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or 

 

	 	(2)	
in
 the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) to be no longer available; provided, that such unavailability will be determined by reference to the most recent statement or publication referenced in such clause
(3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

  
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For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or
(2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation
thereof). 
 “Benchmark Transition Event” means, with respect to any then-current Benchmark other than the USD LIBOR, the occurrence of one or more of the
following events with respect to the then-current Benchmark: 

 

	 	(1)	 a public statement or
publication of information by or on behalf of the administrator of the then-current Benchmark,such Benchmark (or the
published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such
Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such
component thereof); 

  

	 	(2)	
a
 public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRBFederal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or
such component), a resolution authority with jurisdiction over the administrator for such
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease on a specified date to provide all Available Tenors of
such Benchmark, (or such component thereof) permanently or indefinitely,;
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such
Benchmark or (b)(or such component thereof); or 

 

	 	(3)	
a
 public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
thereof) announcing that all Available Tenors of such Benchmark are or will no longer be representative of the
underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored(or such
component thereof) are no longer, or as of a specified future date will no longer be, available. 

For the avoidance of doubt, a
“Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark
(or the published component used in the calculation thereof). 

  
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“Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with
the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans;
provided, that if the Administrative Agent
decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable
discretionBenchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the
earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of
such public statement or publication of information (or if the expected date of such prospective event is fewer than
90 days after such statement or publication, the date of such statement or publication). 

“Early Opt-in Effective
Date”: with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election
is provided to the Group Agents, written notice of objection to such Early Opt-in Election from Group Agents comprising the Majority Group Agents. 

“Early Opt-in Election”
means the occurrence of the following: 
  

	 	(1)	 a notification by the Administrative Agent to (or the request by the Borrower to
the Administrative Agent to notify) each of the other parties hereto that at least five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities in the U.S. syndicated loan market at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate
based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review); and 

 

	 	(2)	 the joint election by the Administrative Agent and the Borrower to trigger a
fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Group Agents.

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD
LIBOR. 
 “NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB’s Website”
means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.Benchmark
Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and
under any Transaction Document in accordance with this Section 4.06 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this
Section 4.06. 

  
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“Conforming
 Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of
any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Base Rate,” the definition of “Business Day,” the definition of
“U.S. Government Securities Business Day,” the definition of “Interest Period”,
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or
prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 4.02 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to
reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any
portion of such market practice is not administratively feasible or if the Administrative
Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with
the administration of this Agreement and the other Transaction Documents). 

“Relevant Governmental Body” means the Federal Reserve Board or the NYFRBFederal Reserve Bank
of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the NYFRB or,
in each case,Federal Reserve Bank of New York, or
any successor thereto. 

“SOFR” means a rate per
annum equal to the secured overnight financing rate for such Business Day published by the NYFRB (or a successor administrator of the secured overnight financing rate) on the NYFRB’s Website (or any successor source for the secured overnight
financing rate identified as such by the administrator of the secured overnight financing rate from time to
time).Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

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

“USD LIBOR” means the London interbank offered rate
for U.S. dollars. 
 ARTICLE V 

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS 

SECTION 5.01. Conditions Precedent to Effectiveness and the Initial Credit Extension. This Agreement shall become effective as of the
Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing
memorandum attached as Exhibit I hereto, in each case, in form and substance acceptable to the Administrative Agent, (b) all fees and expenses payable by the Borrower on the Closing Date to the Credit Parties under the Fee Letters have
been paid in full in accordance with the terms of the Fee Letters, (c) the Plan of Reorganization has been confirmed by the Bankruptcy Court and the “Effective Date” of the Plan of Reorganization has occurred and (d) the
Confirmation Order shall be in full force and effect and no stay thereof shall be in effect. determining that the Borrower is not a “covered fund” under the Volcker Rule, the Borrower relies on, and is entitled to rely on, the exemption
from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company Act. 

  
 72 

 (l) No Material Adverse Effect. Since the date of formation of the Borrower there has
been no Material Adverse Effect with respect to the Borrower. 
 (m) Accuracy of Information. All Monthly Reports, Interim Reports,
Loan 
 Requests, certificates, reports, statements, documents and other information furnished to the Administrative Agent or any other
Credit Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other
Transaction Document, other than any projections, estimates and other forward-looking materials and information of a general economic or industry specific nature, does not, when taken as a whole, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (giving effect to all supplements and updates thereto). Any
projected information, estimates, other forward-looking materials and pro forma financial information that have been made available to any Lenders, any Group Agents or the Administrative Agent prior to the Closing Date in connection with the
transactions contemplated hereby have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable as of the date such information was so furnished and as of the Closing Date (it being understood that actual results
may vary materially from such projections and pro forma information and such projections and pro forma information are not a guarantee of performance). 

(n) Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. None of the Borrower, any of its Subsidiaries nor, to the knowledge
of the Borrower, any director, officer, agent, Affiliate or employee of the Borrower or any of its Subsidiaries is currently (i) the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department or the U.S. State Department (“Sanctions”) or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of any Sanctions. None of the Borrower, any of its Subsidiaries
nor, to the knowledge of the Borrower, any director, officer, agent, Affiliate or employee of the Borrower or any of its Subsidiaries, has taken any action, directly or indirectly, that would result in a violation in any material respect by any such
Person of the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”) or of any other anti-bribery or anti-corruption laws, rules, regulations legally applicable to such Persons (collectively,
“Anti-Corruption Laws”). 
 (o)
Proceeds. No proceeds received by any PG&E Party or any of their
respective Subsidiaries or Affiliates in connection with any Loan will be used in any manner that will violate Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions.The Borrower will not use the proceeds of the Loans, or lend, contribute
or otherwise make available such proceeds (a) to any Subsidiary, Affiliate, joint venture partner or other Person or entity, to fund the activities of any Person, or in any country or territory, that, at the time of such funding, is, or whose
government is, the subject of any Sanctions, or (b) directly, or, to the knowledge of the Borrower, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or of any
Anti-Corruption Laws. 

  
 77 

 (p) Eligible Asset. Each Loan is an “eligible asset” as defined in Rule
3a-7 under the Investment Company Act. 
 (q) Beneficial Ownership Rule. As of the Closing Date, to the knowledge of the Borrower, the
information included in any Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects. The Borrower will promptly provide to the Administrative Agent and the Lenders: information and documentation (including an
updated Beneficial Ownership Certification) as may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the Administrative Agent or such Lender with applicable
“know-your-customer”, and Anti-Money Laundering Laws, including information required by the PATRIOT Act and the Beneficial Ownership Regulation. 

(r) Transaction Information. None of the Borrower, any Affiliate of the Borrower or any third party with which the Borrower or any
Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and has not
participated in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent. 

(s) Perfection Representations. 

(i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s
right, title and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against creditors of and purchasers from such Person and (B) will be free of all Adverse Claims in such Collateral.

 (ii) The Intercreditor Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in
the Originators’ right, title and interest in, to and under the Collection Accounts which (A) security interest has been perfected and is enforceable against creditors of and purchasers from such Person and (B) will be free of all
Adverse Claims in the Collection Accounts. 
 (iii) The Receivables constitute “accounts” or “general
intangibles” within the meaning of Section 9-102 of the UCC. 
 (iv) The Borrower owns and has good and marketable
title to the Collateral free and clear of any Adverse Claim of any Person. 
 (v) All appropriate financing statements,
financing statement amendments and continuation statements have been filed in the proper filing 

  
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 (l) Eligible Receivables. Each Receivable included as an Eligible Receivable in the
calculation of the Net Receivable Pool Balance as of any date was an Eligible Receivable as of such date. 
 (m) Plan of Reorganization;
Confirmation Order. (i) The Plan of Reorganization has been confirmed by the Bankruptcy Court and the “Effective Date” of the Plan of Reorganization has occurred, (ii) the Confirmation Order is in full force and effect and no
stay thereof is in effect and (iii) the Confirmation Order has not been amended or otherwise modified or overturned in any respect that (A) would materially impact the validity or enforceability of any Transaction Document or
(B) otherwise could result in a Borrower Material Adverse Effect or a Specified Material Adverse Effect. 
 (n) Servicing of Pool
Receivables. Since the Closing Date there has been no material adverse change in the ability of the Servicer or any Sub-Servicer to service and collect the Pool Receivables and the Related Security. 

(o) Other Transaction Documents. Each representation and warranty made by the Servicer under each other Transaction Document to which it
is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects as of the date when made. 

(p) No Material Adverse Effect. Since December 31, 2019 no Specified Material Adverse Effect has occurred. 

(q) Investment Company Act. The Servicer is not an “investment company,” or a company “controlled” by an
“investment company,” within the meaning of the Investment Company Act. 
 (r) Anti-Corruption Laws, Anti-Money Laundering Laws
and Sanctions. None of the PG&E Parties
ornor any of their respective Subsidiaries, nor, to the knowledge of any PG&E Party, any director, officer, agent, Affiliate or employee of any PG&E Party or any of itstheir
respective Subsidiaries is currently (i) the subject of any Sanctions or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of any
Sanctions. None of the PG&E Parties
ornor
 any of their respective Subsidiaries, nor, to the knowledge of theany PG&E Partiesy, any director, officer, agent, Affiliate or employee of any PG&E Party or any of their respective Subsidiaries, has taken any action, directly or indirectly, that would result in a violation in any material
respect by any such Person of the FCPA or of any other Anti-Corruption Laws. 
 (s) Proceeds. No proceeds received by any PG&E Party or any of their respective
Subsidiaries or Affiliates in connection with any Loan will be used in any manner that will violate Anti-Corruption Laws, Anti-Money Laundering Laws or
Sanctions.PG&E Party will use the proceeds of any Loan, or lend, contribute or otherwise make
available such proceeds (a) to any Subsidiary, joint venture partner or other Person, to fund the activities of any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of any
Sanctions, or (b) directly, or, to the knowledge of such PG&E Party, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or of any Anti-Corruption Laws. 

  
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 (t) [Reserved]. 

(u) Transaction Information. None of the Servicer, any Affiliate of the Servicer or any third party with which the Servicer or any
Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, or monitoring a rating of, any Notes, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to
delivery to such Rating Agency and has not participated in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent. 

(v) Financial Condition. (a) The audited consolidated balance sheet of the Servicer and its consolidated Subsidiaries as of
December 31, 2019, and the related consolidated statements of income and cash flows for the fiscal year ended on such date, reported on by Deloitte & Touche LLP, and (b) the unaudited consolidated balance sheet of the Servicer and
its consolidated Subsidiaries as of June 30, 2020, and the related consolidated statements of income and cash flows for the portion of the fiscal year ended on such date, each delivered to the Administrative Agent and the Group Agents prior to
the Closing Date, in each case, (i) were prepared in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein, and (ii) present fairly in all material respects the
consolidated financial condition of the Servicer and its consolidated Subsidiaries as of such date, and its consolidated income and its consolidated cash flows for the respective fiscal year or portion of the fiscal year then ended, subject, in the
case of the financial statements referred to in clause (b), to the absence of footnotes and to normal year-end audit adjustments. 
 (w)
ERISA. No Reportable Event has occurred during prior five years with respect to any Plan, and each Plan has complied with the applicable provisions of ERISA and the Code, except, in each case, to the extent that any such Reportable Event or
failure to comply with the applicable provisions of ERISA or the Code could not reasonably be expected to result in a Material Adverse Effect. During the prior five years, there has been no (i) failure to make a required contribution to any
Plan that would result in the imposition of an Adverse Claim or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such an Adverse Claim; or
(ii) “unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived, except,
in each case, to the extent that such event could not reasonably be expected to result in a Material Adverse Effect. No termination of a Single Employer Plan has occurred, and no Adverse Claim in favor of the PBGC or a Plan has arisen, during the
prior five-years. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plan) did not, as of the last annual valuation date for which a certified actuarial valuation report is
available prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits, except as could not reasonably be expected to result in a Material Adverse Effect.
Neither any PG&E Party nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer 

  
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 (iii) The Borrower will not change its jurisdiction of organization,
corporate structure or corporate form unless (x) the Borrower, at its own expense, shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement (including, without
limitation, the filing of all financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation), (y) the Administrative Agent and the Majority Group Agents have
consented thereto in writing and (z) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the Administrative Agent, one or more opinions, in form and substance reasonably satisfactory to the Administrative Agent
as to such matters as the Administrative Agent may reasonably request at such time. 
 (iv) The Borrower will not change its
name unless (x) the Borrower, at its own expense, shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement (including, without limitation, the filing of all
financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation), (y) the Administrative Agent and each Group Agent have received all documentation and other
information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act as it shall request and (z) if requested by the Administrative Agent, the
Borrower shall cause to be delivered to the Administrative Agent, such additional certifications, documents, instruments, agreements and opinions of counsel as it shall reasonably request, including as to the necessity and adequacy of any new UCC
financing statements or amendments to existing UCC financing statements. 
 (v) Anti-Corruption Laws, Anti-Money Laundering Laws and
Sanctions. No part of the purchase price of the Receivables will be used directly, or, to the knowledge of the
Borrower, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the FCPA or of any Anti-Corruption Laws. The Borrower will ensure that policies and procedures are maintained and enforced by or on
behalf of the Borrower to promote compliance, by the Borrower and each of its Subsidiaries, Affiliates, and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

(w) Beneficial Ownership Rule. Promptly following any change that would result in a change to the status of the Borrower as an excluded
“Legal Entity Customer” under the Beneficial Ownership Rule, the Borrower shall execute and deliver to the Administrative Agent a Beneficial Ownership Certification. 

(x) Transaction Information. None of the Borrower, any Affiliate of the Borrower or any third party with which the Borrower or any
Affiliate thereof has contracted, shall deliver, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such 

  
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 Rating Agency and will not participate in any oral communications with respect to Transaction Information
with any Rating Agency without the participation of such Group Agent. 
 (y) Borrower’s Net Worth. The Borrower shall not permit
the Borrower’s Net Worth to be less than the Required Capital Amount. 
 (z) Taxes. The Borrower will file or caused to be filed
all Federal and state returns of income and franchise taxes imposed in lieu of net income taxes and all other material tax returns that are required to be filed and pay or cause to be paid all taxes shown to be due and payable on said returns or
with respect to any claims or assessments for taxes made against it or any of its property by any Governmental Authority (other than (i) any amounts the validity of which are currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower and (ii) claims which could not reasonably be expected to have a Material Adverse Effect). 

(aa) Commingling. The Borrower (or the Servicer on their behalf) will, and will cause each Originator to, at all times, take
commercially reasonable actions to ensure that on and after the Closing Date that no funds are deposited into (i) any Borrower Account other than Collections on Pool Receivables or (ii) any Collection Account other than Collections on Pool
Receivables and Non-Securitization Collections. In the event that 10.0% or more of the aggregate amount of all funds deposited into the Collection Accounts during each of two consecutive calendar months constitute Miscellaneous Collections, the
Borrower shall request the Servicer to (i) within sixty (60) days notify the obligors of the Miscellaneous Items to cease remitting Miscellaneous Collections to the Collection Accounts and Lock-Boxes and (ii) take commercially
reasonable action to ensure that future payments on Miscellaneous Items are not remitted directly to any Collection Account or any Lock-Box. 

(bb) Borrower’s Tax Status. The Borrower (i) will remain a wholly-owned subsidiary of a U.S. Person and (ii) shall not
permit itself to be subject to withholding under Sections 1441, 1445, 1446 or 1461 of the Code. The Borrower will not take or permit any action to be taken that would cause the Borrower to (A) be treated other than as a “disregarded
entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (B) become an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal
income tax purposes. The Borrower shall not become subject to any Tax in any jurisdiction outside the United States. 
 (cc) Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions Programs. The Borrower will not request any Loan, and shall
notuse, nor permit its Subsidiaries, Affiliates or any ofits or their respective directors, officers, employees or agents to use, the proceeds of any Loan
under this Agreement (A) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (B) for the purpose of funding or financing any
activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any Person under any
applicable Sanctions or result in the violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 

  
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 attorney-work product or constitutes non-financial trade secrets or non-financial
proprietary information so long as (x) such confidentiality obligation was not entered into in contemplation hereof and (y) the Servicer provides the Administrative Agent or such Group Agent with notice that information is being withheld
due to the existence of such confidentiality obligation) as the Administrative Agent or any Group Agent may from time to time reasonably request. 

(c) Notices. The Servicer will notify the Administrative Agent and each Group Agent in writing of any of the following events promptly
upon (but in no event later than two (2) Business Days after) a Responsible Officer or Financial Officer of the Servicer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the
Person(s) affected with respect thereto: 
 (i) Notice of Events of Default, Unmatured Events of Default,
Termination Events or Unmatured Termination Events. A statement of a Financial Officer of the Servicer setting forth details of any Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event that has
occurred and is continuing and the action which the Servicer proposes to take with respect thereto. 
 (ii) Adverse
Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person other than the Borrower, the Servicer, the Collection Account Agent or the Administrative Agent shall obtain any
rights or direct any action with respect to any Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative
Agent. 
 (iii) ERISA Event. The occurrence of any ERISA Event that, alone or together with any other ERISA Events
that have occurred, would reasonably be expected to result in a Material Adverse Effect (provided, that, any judicial proceeding instituted by PBGC that, within 60 days after the institution of such proceeding, has been withdrawn or stayed by PBGC
or otherwise, shall be disregarded for the purpose of this Section 7.02(c)(iii)). 
 (iv) Sale Termination
Event. The occurrence of a Sale Termination Event under the Purchase and Sale Agreement. 
 (v) Disputes. The occurrence of any dispute between any PG&E Party or any Affiliate thereof and the CPUC or any other
Governmental Authority regarding any material portion of Tax Charges or any material portion of CPUC Fees. 

(d) Conduct of Business. The Servicer will do all things necessary to take all reasonable action to maintain all rights, privileges and
franchises necessary or desirable in the normal conduct of its business, except in the case of clause (ii) above, to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; except that the
Servicer may be merged, consolidated or amalgamated with another Person so long as, after giving effect to such transaction, (a) no Unmatured Termination Event, Termination Event, Unmatured Event of Default or Event of Default shall have
occurred and be continuing, (b) either 

  
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 modification or waiver, (i) each Lender (or an Affiliate thereof) and the Administrative Agent (or an
Affiliate thereof) is a party to the Credit Agreement, (ii) each Lender and the Administrative Agent consented in writing to such amendment, modification or waiver under the Credit Agreement and (iii) such amendment, modification or waiver
is consummated in accordance with the terms of the Credit Agreement. In the event the Credit Agreement is terminated or replaced, the Credit Agreement Financial Covenant and respective meaning assigned to related terms immediately preceding such
termination shall continue for all purposes of this clause (w). 
 then, and in any such event, the Administrative Agent may (or, at the direction of
the Majority Group Agents shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in which case the Termination Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in
which case the Final Maturity Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower Obligations to be immediately due and payable (in which case the Aggregate Capital and all other Borrower
Obligations shall be immediately due and payable); provided that, automatically upon the occurrence of any event (without any requirement for the giving of notice) described in subsection (e) of this Section 9.01 with
respect to the Borrower, the Termination Date shall occur and the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable. Upon any such declaration or designation or upon such automatic termination, the
Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies which they may have under this Agreement and the other Transaction Documents, all other rights and remedies provided after default under the UCC
and under other Applicable Law, which rights and remedies shall be cumulative. Any proceeds from liquidation of the Collateral shall be applied in the order of priority set forth in Section 3.01. 

SECTION 9.02. Termination Events. If any of the following events (each a “Termination Event”) shall occur: 

(a) the average of the Dilution Ratios for the three preceding Settlement Periods shall at any time exceed 2.50%; 

(b) the average of the Days Sales Outstanding for the three preceding Settlement Periods shall at any time exceed (i) solely if the last
day of such three Settlement Periods ends during the Temporary Period, 80.00 days or (ii) otherwise, 75.0080.00 days; 

(c) the average of the Delinquency Ratios for the three preceding Settlement Periods shall at any time exceed (i) solely if the last day
of such three Settlement Periods ends during the Temporary Period, 9.00% or (ii) otherwise, 6.007.00%; 

(d) the average of the Loss Ratios for the three preceding Settlement Periods shall at any time exceed (i) solely if the last day of such
three Settlement Periods ends during the Temporary Period, 6.00% or (ii) otherwise, 4.254.75%; 

(e) Receivables cease being sold or contributed by any Originator to the Borrower pursuant to the Purchase and Sale Agreement; 

  
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 (xix) the failure or delay to provide any Obligor with an invoice or other
evidence of indebtedness; 
 (xx) any civil penalty or fine assessed by OFAC or any other Governmental Authority
administering any Anti-Corruption Law or Sanctions, and all reasonable costs and expenses (including reasonable documented legal fees and disbursements) incurred in connection with defense thereof by, the Borrower Indemnified Party in connection
with the Transaction Documents as a result of any action of any PG&E Party or any of their respective Affiliates; 

(xxi) any failure of the Collection Account Agent to comply with the terms of the Intercreditor Agreement or any amounts
(including in respect of an indemnity) payable by the Administrative Agent under the Intercreditor Agreement; 
 (xxii) any
investigation, litigation, dispute or proceeding (actual or threatened) related to (A) any Account or any amounts on deposit therein or (B) the Intercreditor Agreement; 

(xxiii)
any investigation, litigation, contest, dispute or proceeding (actual or threatened) related to the failure by any
PG&E Party to timely remit any CPUC Fees that are due and owing to the CPUC; 

(xxiv)
any civil penalty or fine assessed by the CPUC or any other Governmental Authority related to the failure by any
PG&E Party to timely remit any CPUC Fees that are due and owing to the CPUC; 

(xxv)
any investigation, litigation, contest, dispute or proceeding (actual or threatened) related to the failure by any
PG&E Party to timely remit any Tax Charges that are due and owing to the applicable Governmental Authority; 

(xxvi)
any civil penalty or fine assessed by any other Governmental Authority related to the failure by any PG&E Party to
timely remit any Tax Charges that are due and owing to the applicable Governmental Authority; 

(xxvii) (xxiii) the use of proceeds of any Credit Extension; or 
 (xxviii) (xxiv) any reduction in Capital as a result of the distribution of Collections if all or a portion of such
distributions shall thereafter be rescinded or otherwise must be returned for any reason. 
 (b) If for any reason the foregoing
indemnification is unavailable to any Borrower Indemnified Party or insufficient to hold it harmless for any Borrower Indemnified Amount, then the Borrower shall contribute to such Borrower Indemnified Party the amount paid or payable by such
Borrower Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on
the other hand in the matters contemplated by this Agreement as well as the relative fault of the Borrower and its 

  
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 (iv) the commingling of Collections of Pool Receivables at any time with
other funds (including the commingling of Collections of Pool Receivables with Non-Securitization Collections); 
 (v) the
failure by any Pool Receivable or the related Contract to conform to any Applicable Law; 
 (vi) any civil penalty or fine
assessed by OFAC or any other Governmental Authority administering any Anti-Corruption Law or Sanctions, and all reasonable costs and expenses (including reasonable documented legal fees and disbursements) incurred in connection with defense thereof
by, any PG&E Indemnified Party in connection with the Transaction Documents as a result of any action of any PG&E Party or any of their respective Affiliates; 

(vii) any failure of an Account Bank to comply with the terms of the applicable Account Control Agreement, the termination by
an Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative Agent or the Collection Account Agent to an Account Bank under any Account Control Agreement; 

(viii) the existence of any “Linked Account” (as defined in the applicable Account Control Agreement) with respect to
any Account (including any such “Linked Account” permitted hereunder) and any debit from or other charge against any Account as a result of any “Settlement Item” (as defined in the applicable Account Control Agreement) that
originated in any Servicer’s Account or any account other than an Account; 
 (ix) any failure of the Collection Account
Agent to comply with the terms of the Intercreditor Agreement or any amounts (including in respect of an indemnity) payable by the Administrative Agent under the Intercreditor Agreement; 

(x) any investigation, litigation, dispute or proceeding (actual or threatened) related to (A) any Account or any amounts
on deposit therein or (B) the Intercreditor Agreement; 
 (xi) any liability of the Borrower under
Section 4.03; 
 (xii) any failure of the Servicer to comply with its covenants, obligations and agreements
contained in this Agreement or any other Transaction Document; 
 (xiii) any investigation, litigation, contest, dispute or proceeding (actual or threatened) related to the failure by any PG&E
Party to timely remit any CPUC Fees that are due and owing to the CPUC; 

  
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 (xiv) any civil penalty or fine assessed by the CPUC or any other Governmental Authority related to the failure by any PG&E
Party to timely remit any CPUC Fees that are due and owing to the CPUC;  

(xv)
any investigation, litigation, contest, dispute or proceeding (actual or threatened) related to the failure by any
PG&E Party to timely remit any Tax Charges that are due and owing to the applicable Governmental Authority; 

(xvi)
any civil penalty or fine assessed by any other Governmental Authority related to the failure by any PG&E Party to
timely remit any Tax Charges that are due and owing to the applicable Governmental Authority; or 
 (xvii) (xiii) the existence of the Subject Filing. 

(b) If for any reason the foregoing indemnification is unavailable to any PG&E Indemnified Party or insufficient to hold it harmless, then
the Servicer shall contribute to the amount paid or payable by such PG&E Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Servicer and
its Affiliates on the one hand and such PG&E Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates and such PG&E Indemnified Party with respect to
such loss, claim, damage or liability and any other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to any liability which the Servicer may
otherwise have, shall extend upon the same terms and conditions to each PG&E Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Servicer and the PG&E
Indemnified Parties. 
 (c) The Retention Holder hereby agrees to indemnify and hold harmless the PG&E Indemnified Parties from and
against any and all EU Losses (as defined below) resulting from or arising out of any breach by the Retention Holder of Section 13.21 (the foregoing being referred to as, “Retention Holder Indemnified Amounts”). For the
purposes of hereof, “EU Losses” shall mean each of (i) the amount necessary to compensate such PG&E Indemnified Party for any increased cost or any reduction in its rate of return on capital which such PG&E Indemnified
Party reasonably attributes to such increase in capital that is required or directed to be maintained by that PG&E Indemnified Party in relation to its interest in or exposure in respect of any Receivables (including by application of an
additional risk weight pursuant to Article 270a of Regulation (EU) No. 575/2013, as amended) as a result of, or arising out of, any breach by the Retention Holder of Section 13.21 and (ii) any other losses, liabilities,
damages, claims, costs and expenses (including reasonable fees of external counsel) of such PG&E Indemnified Party resulting from or arising out of any breach by the Retention Holder of Section 13.21 and relating to the transactions
contemplated by the Transaction Documents. 
 (d) The PG&E Indemnified Party claiming compensation under clause (c) above shall
deliver to the Retention Holder a notice of the amount of compensation being claimed, accompanied by a statement prepared by such PG&E Indemnified Party setting forth the basis and the calculation of the amount in reasonable detail and the
Retention Holder shall pay such amounts on or before the later of the next succeeding Settlement Date and thirty (30) days, 

  
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 (b) The obligations of the Administrative Agent and each of the other Credit Parties under
this Agreement and each of the Transaction Documents are solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out of or based upon this Agreement or any other Transaction Document against any
member, director, officer, employee or incorporator of any such Person. 
 SECTION 13.14. Intent of the Parties. The Borrower has
structured this Agreement with the intention that the Loans and the obligations of the Borrower hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended Tax
Treatment”). The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. Each assignee and each
Participant acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately preceding sentence. 

SECTION 13.15. USA Patriot Act. Each of
theThe Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicereach other party hereto that pursuant to the requirements of the USA PATRIOT Act, Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“PATRIOT Act”), the Administrative Agent and the other Credit Parties may beit is required to obtain, verify and record information that identifies
the Borrower, the Originators and the
Servicereach such party, which information
includes the name, address, tax identification number and other information regarding the Borrower, the Originators and the Servicer that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Originators and the Servicersuch party in accordance with the PATRIOT Act. This notice is given in
accordance with the requirements of the PATRIOT Act. Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit
Parties, from time to time, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and
the Beneficial Ownership Rule. 
 SECTION 13.16. Right of Setoff.
Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time during the continuance of an Event of Default or a Termination Event, to setoff, appropriate and apply (without presentment, demand, protest or other
notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any branches or agencies of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts
owing by the Borrower or the Servicer hereunder (even if contingent or unmatured); provided that such Credit Party shall notify the Borrower or the Servicer, as applicable, promptly following such setoff. 

SECTION 13.17. Severability. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 

  
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 (a) EU Securitisation Regulation. The Retention Holder hereby represents, warrants
and agrees for the benefit of the Administrative Agent and the Lenders on the date hereof until the Final Payout Date that: 

(i) it, as originator for purposes of the EU Securitisation Regulation, shall retain, on an ongoing basis, a material net
economic interest in the Pool Receivables in an amount not less than 5% of the nominal value of the Pool Receivables in the form of a first loss tranche determined in accordance with sub-paragraph (d) of Article 6(3) of the EU Securitisation
Regulation, as supplemented by Article 8 of the CRR Part Five
RTSthe EU Securitisation Regulations Rules, in
each case as in effect and as applicable as of the date hereof, which material economic interest shall be based upon (1) PG&E’s ownership of all of the membership interest of the Borrower and ownership of all of the Subordinated Notes
issued by the Borrower, and (2) the Borrower’s right to receive payments under Section 3.01(a)(v) (the “Retained Interest”). The Retained Interest shall be measured as of the Closing Date and the last date of
each Settlement Period. 
 (ii) it shall not change the manner in which it retains or the method of calculating the
Retained Interest, except to the extent permitted under the EU Securitisation Regulation Rules; 
 (iii) it and the Borrower
shall not, and shall not permit any of its Affiliates to, hedge or otherwise mitigate its credit risk under, or associated with the Retained Interest or, sell, transfer or otherwise surrender all or part of the rights, benefits or obligations
arising from, the Retained Interest, except to the extent permitted under the EU Securitisation Regulation Rules; 
 (iv) it
shall provide ongoing confirmation as to the continued compliance with the foregoing clauses (i) through (iii) above (A) by providing such confirmation to the Servicer on a monthly basis for inclusion in each Monthly
Report, (B) promptly following the occurrence of any Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event and (C) from time to time promptly upon written request by the Administrative Agent (on
behalf of any Lender) in connection with any material change in the performance of the Receivables or the transaction contemplated by the Transaction Documents or any material breach of the Transaction Documents; 

(v) it shall notify the Administrative Agent, each Lender and each Group Agent promptly and in any event within five
(5) Business Days of: (A) any change in the identity of the Person or Persons, if any, through which it is retaining and holding such Retained Interest or (B) any breach of clause (i) through (iii) above; 

(vi) PG&E was not established for, and does not operate for, the sole purpose of securitizing exposures; 

(vii) PG&E has been, and with respect to future Receivables will be, directly or indirectly involved in the origination of
such Receivables that have been, and in the case of any such future Receivables, will be, extended to the Obligors by PG&E 

  
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