Document:

Exhibit 10.1

IMMUNOGEN, INC.
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INDUCEMENT EQUITY INCENTIVE PLAN, AS AMENDED
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1.DEFINITIONS.
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Unless otherwise specified or unless the context otherwise requires, the following terms, as used in this ImmunoGen, Inc. Inducement Equity Incentive Plan, have the following meanings:
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Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the Administrator means the Committee.
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Affiliate means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.
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Agreement means an agreement between the Company and a Participant delivered pursuant to the Plan, in such form as the Administrator shall approve.
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Board of Directors means the Board of Directors of the Company.
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Cause shall include (and is not limited to) dishonesty with respect to the Company or any Affiliate, insubordination, substantial malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any Affiliate, and conduct substantially prejudicial to the business of the Company or any Affiliate provided, however that any provision in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of “cause” for termination and which is in effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant.  The determination of the Administrator as to the existence of Cause will be conclusive on the Participant and the Company.
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Change of Control means the occurrence of any of the following events:
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(i)Ownership.  Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board of Directors does not approve; or
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(ii)Merger/Sale of Assets.  (A) A merger or consolidation of the Company whether or not 

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approved by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring shareholder approval; or
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(iii)Change in Board Composition.  A change in the composition of the Board of Directors, as a result of which fewer than a majority of the directors are Incumbent Directors.  “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of March 28, 2018, or (B) are elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company);
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provided, that if any payment or benefit payable hereunder upon or following a Change of Control would be required to comply with the limitations of Section 409A(a)(2)(A)(v) of the Code in order to avoid an additional tax under Section 409A of the Code, such payment or benefit shall be made only if such Change in Control constitutes a change in ownership or control of the Company, or a change in ownership of the Company’s assets in accordance with Section 409A of the Code.
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Code means the United States Internal Revenue Code of 1986, as amended, including any successor statute, regulation and guidance thereto.
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Committee means the compensation committee of the Board of Directors (as constituted in compliance with Rule 5605(d)(2) of the Nasdaq Listing Rules) in order to comply with the exemption from the stockholder approval requirement for “inducement grants” provided under Rule 5635(c)(4) of the Nasdaq Listing Rules.
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Common Stock means shares of the Company’s common stock, $.01 par value per share.
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Company means ImmunoGen, Inc., a Massachusetts corporation.
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Disability or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code.
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Employee means any employee of the Company or of an Affiliate designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan.
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Fair Market Value of a Share of Common Stock means:
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(1)If the Common Stock is listed on a national securities exchange or traded 

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in the over-the-counter market and sales prices are regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite tape or other comparable reporting system for the trading day on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date; 
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(2)If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date; and
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(3)If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the Administrator, in good faith, shall determine in compliance with applicable laws.
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Full Value Award means a Stock Grant or other Stock-Based Award whose intrinsic value is not solely dependent on appreciation in the price of the Common Stock after the date of grant.
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Non-Qualified Option means an option which is not intended to qualify as an incentive stock option under Section 422 of the Code.
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Option means a Non-Qualified Option granted under the Plan.
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Participant means an Employee of the Company or an Affiliate to whom one or more Stock Rights are granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires.
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Performance Based Award means a Stock Grant or Stock-Based Award which vests based on attainment of Performance Goals as set forth in Paragraph 9 hereof.
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Performance Goals means performance goals determined by the Committee in its sole discretion and set forth in an Agreement.  The satisfaction of Performance Goals shall be subject to certification by the Committee. The Committee has the authority to take appropriate action with respect to the Performance Goals (including, without limitation, to make adjustments to the Performance Goals or determine the satisfaction of the Performance Goals, in each case, in connection with a Corporate Transaction) provided that any such actions do not otherwise violate the terms of the Plan. 
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Plan means this ImmunoGen, Inc. Inducement Equity Incentive Plan.
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Shares means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 25 of the Plan.  The Shares 

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issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.
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Stock-Based Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a Stock Grant. 
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Stock Grant means a grant by the Company of Shares under the Plan.
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Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan -- a Non-Qualified Option, a Stock Grant or a Stock-Based Award.
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Survivor means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to a Stock Right by will or by the laws of descent and distribution.
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2.PURPOSES OF THE PLAN.
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The Plan is intended to advance the interests of the Company’s shareholders by enhancing the Company’s ability to attract new Employees who are expected to make important contributions to the Company and by providing such persons with equity ownership opportunities that are intended to better align the interests of such persons with those of the Company’s shareholders.  The Plan provides for the granting of Non-Qualified Options, Stock Grants and Stock-Based Awards.  The Company intends that the Plan be reserved for persons to whom the Company may issue securities without shareholder approval as an inducement pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market.
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3.SHARES SUBJECT TO THE PLAN.
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(a)The number of Shares which may be issued from time to time pursuant to this Plan shall be 10,500,000 shares of Common Stock, or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 25 of this Plan.
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(b)If an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company’s or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for purposes of the limitations set forth in Paragraph 3(a) above 

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shall be the number of Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued and any stock appreciation right to be settled in shares of Common Stock shall be counted in full against the number of Shares available for issuance under the Plan, regardless of the number of exercise gain shares issued upon settlement of the stock appreciation right. In addition, Shares repurchased by the Company with the proceeds of the option exercise price may not be reissued under the Plan. 
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(c)For purposes of determining the number of Shares available for issuance under Paragraph 3(a) above, (i) for the grant of any Option or similar Stock-Based Award one Share for each Share actually subject to such Option or similar Stock-Based Award shall be deducted, and (ii) for the grant of any Full Value Award, one and one-quarter (1.25) Shares for each Share actually subject to any such Full Value Award shall be deducted.  If a Full Value Award expires, is forfeited, or otherwise lapses, the Shares that were subject to the Full Value Award shall be restored to the total number of Shares available for grant as were deducted as Full Value Awards pursuant to this paragraph.  Except in the case of death, disability or Change of Control, or as provided in the next sentence, no Stock Right shall vest, and no right of the Company to restrict or reacquire Shares subject to Full Value Awards shall lapse, less than one (1) year from the date of grant.  Notwithstanding the foregoing, Stock Rights may be granted having time-based vesting of less than one (1) year from the date of grant so long as no more than five percent (5%) of the Shares reserved for issuance under the Plan pursuant to Paragraph 3(a) above (as adjusted under Paragraph 25 of this Plan) may be granted in the aggregate pursuant to such awards.
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4.ADMINISTRATION OF THE PLAN.
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The Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator.  Subject to the provisions of the Plan, the Administrator is authorized to:
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a.Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the administration of the Plan;
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b.Determine which Employees shall be granted Stock Rights; 
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c.Determine the number of Shares for which a Stock Right or Stock Rights shall be granted;
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d.Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted;
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e.Make any adjustments in the Performance Goals included in any Performance-Based Awards;
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f.Amend any term or condition of any outstanding Stock Right, other than reducing the exercise price or purchase price or extending the expiration date of an Option, provided that (i) such term or condition as amended is not prohibited by the Plan; (ii) any such amendment 

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shall not impair the rights of a Participant under any Stock Right previously granted without such Participant’s consent or in the event of death of the Participant the Participant’s Survivors; and (iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences to the Participant, including, but not limited to, pursuant to Section 409A of the Code; and
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g.Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of any tax or other laws applicable to the Company or to Plan Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a Stock Right;
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provided, however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of not causing any adverse tax consequences under Section 409A of the Code.  Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the Committee.  In addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the responsibility of the Committee.
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Notwithstanding the foregoing, any grants of Stock Rights under the Plan made by the Board of Directors must be approved by a majority of the Company’s independent directors (as defined in rule 5605(a)(2) of the Nasdaq Listing Rules) in order to comply with Nasdaq Listing Rule 5635(c)(4).
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5.ELIGIBILITY FOR PARTICIPATION.
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The Administrator will, in its sole discretion, name the Participants in the Plan, provided, however, that each Participant must be an Employee of the Company or of an Affiliate at the time a Stock Right is granted and a person to whom the Company may issue securities without shareholder approval as an inducement pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market.  Notwithstanding the foregoing, the Administrator may authorize the grant of a Stock Right to a person not then an Employee of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right.  The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grants under any other benefit plan established by the Company or any Affiliate for Employees.
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6.TERMS AND CONDITIONS OF OPTIONS.
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Each Option shall be set forth in writing in an Option Agreement, duly executed by the Company (or provided in electronic form by the Company) and, to the extent required by law or 

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requested by the Company, by the Participant.  The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate.  The Option Agreements shall be subject to at least the following terms and conditions:
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Each Option shall be a Non-Qualified Option and shall be subject to the terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option:
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a.Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option, which exercise price shall be determined by the Administrator but shall not be less than the Fair Market Value per share of Common Stock on the date of grant of the Option. 
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b.Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.
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c.Vesting Periods:  Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, provided that each Option shall terminate not more than ten years from the date of the grant.  Each Option Agreement may provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated performance goals or events.  
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d.Option Conditions:  Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders, including requirements that:
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i.The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and
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ii.The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.
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7.TERMS AND CONDITIONS OF STOCK GRANTS.
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Each Stock Grant to a Participant shall state the principal terms in an Agreement, duly executed by the Company (or provided in electronic form by the Company) and, to the extent required by law or requested by the Company, by the Participant.  The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards:
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(a)Each Agreement shall state the purchase price (per share), if any, of the Shares covered by each Stock Grant, which purchase price shall be determined by the Administrator but shall not be less than the minimum consideration required by the Massachusetts General Corporation Law on the date of the grant of the Stock Grant;
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(b)Each Agreement shall state the number of Shares to which the Stock Grant pertains; 
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(c)Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including the time period or attainment of Performance Goals upon which such rights shall accrue and the purchase price therefor, if any; and
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(d)Dividends (other than stock dividends to be issued pursuant to Section 25 of the Plan) may accrue but shall not be paid prior to the time, and only to the extent that, the restrictions or rights to reacquire the Shares subject to the Stock Grant lapse.
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8.TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.
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The Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into Shares and the grant of stock appreciation rights, phantom stock awards, stock units deferred or otherwise.  The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company (or provided in electronic form by the Company) and, to the extent required by law or requested by the Company, by the Participant.  The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company.  Each Agreement shall include the terms of any right of the Company including the right to terminate the Stock-Based Award without the issuance of Shares, the terms of any vesting conditions, Performance Goals or events upon which Shares shall be issued provided that dividends (other than stock dividends to be issued pursuant to Section 25 of the Plan) or dividend equivalents may accrue but shall not be paid prior to and only to the extent that, the Shares subject to the Stock-Based Award vest.  Under no circumstances may the Agreement covering stock appreciation rights (a) have an exercise price (per share) that is less than the Fair Market Value per share of Common Stock on the date of grant or (b) expire more than ten years following the date of grant.
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The Company intends that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the Code or meet the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be operated in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable investment earnings) shall not be included in income under Section 409A of the Code.  Any ambiguities in the Plan shall be construed to effect the intent as described in this Paragraph 8.

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9.PERFORMANCE BASED AWARDS.
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The Committee shall determine whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given Participant and, if they have, to so certify and ascertain the amount of the applicable Performance-Based Award.  No Performance-Based Awards will be issued for such performance period until such certification is made by the Committee.  The number of Shares issued in respect of a Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after the end of such performance period and any dividends (other than stock dividends to be issued pursuant to Section 25 of the Plan) or dividend equivalents that accrue shall only be paid in respect of the number of Shares earned in respect of a Performance-Based Award.  
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10.EXERCISE OF OPTIONS AND ISSUE OF SHARES.
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An Option (or any part or installment thereof) shall be exercised by giving written notice (in a form acceptable to the Administrator which may include electronic notice) to the Company or its designee, together with provision for payment of the aggregate exercise price in accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement.  Such notice shall be signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the Option Agreement.  Payment of the exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the cash exercise price of the Option and held for at least six months (if required to avoid negative accounting treatment), or (c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise price of the number of Shares being exercised, or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and (d) above or (f) at the discretion of the Administrator, payment of such other lawful consideration as the Administrator may determine.
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The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s Survivors, as the case may be).  In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance.  The Shares shall, upon delivery, be fully paid, non-assessable Shares.

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The Administrator shall have the right to accelerate the date of exercise of any installment of any Option.
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The Administrator may, in its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is not prohibited by the Plan, (ii) any such amendment shall be made only with the consent of the Participant to whom the Option was granted, or in the event of the death of the Participant, the Participant’s Survivors, if the amendment is adverse to the Participant, and (iii) any such amendment of any Option shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences for the holder of such Option including, but not limited to, pursuant to Section 409A of the Code.
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11.ACCEPTANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.
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A Stock Grant or Stock-Based Award (or any part or installment thereof) shall be accepted by executing the applicable Agreement and delivering it to the Company or its designee, together with provision for payment of the full purchase price, if any, in accordance with this Paragraph for the Shares as to which such Stock Grant or Stock-Based Award is being accepted, and upon compliance with any other conditions set forth in the applicable Agreement.  Payment of the purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being accepted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and having a Fair Market Value equal as of the date of acceptance of the Stock Grant or Stock Based-Award to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the discretion of the Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator, payment of such other lawful consideration as the Administrator may determine.
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The Company shall then, if required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was accepted to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement.  In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance.
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12.RIGHTS AS A SHAREHOLDER.
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No Participant to whom a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right, except after due exercise of the Option or issuance of Shares as set forth in any Agreement, and tender of the aggregate exercise or full 

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purchase price, if any, for the Shares being purchased pursuant to such exercise or acceptance and registration of the Shares in the Company’s share register in the name of the Participant.
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13.ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.
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By its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement; provided that no Stock Right may be transferred by a Participant for value.  The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph.  Except as provided above, a Stock Right shall only be exercisable or may only be accepted, during the Participant’s lifetime, by such Participant (or by his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and void.
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14.EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.
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Except as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee, director or consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply:
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a.A Participant who ceases to be an Employee, director or consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 15, 16, and 17, respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only within such term as the Administrator has designated in a Participant’s Option Agreement.
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b.[Reserved]
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c.The provisions of this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the Option.
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d.Notwithstanding anything herein to the contrary, if subsequent to a Participant’s 

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termination of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option.
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e.A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.
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f.Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director or consultant of the Company or any Affiliate.
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15.EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.
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Except as otherwise provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her outstanding Options have been exercised:
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a.All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated for Cause will immediately be forfeited.
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b.Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination.  If the Administrator determines, subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited.
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16.EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.
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Except as otherwise provided in a Participant’s Option Agreement:
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a. A Participant who ceases to be an Employee, director or consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted to such Participant:
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(i)To the extent that the Option has become exercisable but has not been exercised on the date of Disability; and

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(ii)In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that would have accrued on the next vesting date had the Participant not become Disabled.  The proration shall be based upon the number of days accrued in the current vesting period prior to the date of Disability.
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b.A Disabled Participant may exercise such rights only within the period ending one year after the date of the Participant’s Disability, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not become Disabled and had continued to be an Employee, director or consultant or, if earlier, within the originally prescribed term of the Option.
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c.The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination).  If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company.
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17.EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.
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Except as otherwise provided in a Participant’s Option Agreement:
​
a.In the event of the death of a Participant while the Participant is an Employee, director or consultant of the Company or of an Affiliate, such Option may be exercised by the Participant’s Survivors:
​
(i) To the extent that the Option has become exercisable but has not been exercised on the date of death; and
​
(ii)In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died.  The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.
​
b.If the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within one year after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had continued to be an Employee, director or consultant or, if earlier, within the originally prescribed term of the Option.
​
​

​

​

18.EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND STOCK-BASED AWARDS.
​
In the event of a termination of service (whether as an Employee, director or consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such offer shall terminate.
​
For purposes of this Paragraph 18 and Paragraph 19 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.
​
In addition, for purposes of this Paragraph 18 and Paragraph 19 below, any change of employment or other service within or among the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee, director or consultant of the Company or any Affiliate.
​
​
19.EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.
​
Except as otherwise provided in a Participant’s Agreement, in the event of a termination of service (whether as an Employee, director or consultant), other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 20, 21, and 22, respectively, before all forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant or Stock-Based Award as to which the Company’s forfeiture or repurchase rights have not lapsed.
​
​
20.EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR CAUSE.
​
Except as otherwise provided in a Participant’s Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or consultant) with the Company or an Affiliate is terminated for Cause:
​
a.All Shares subject to any Stock Grant or a Stock-Based Award that remain subject to forfeiture provisions or as to which the Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause.
​

​

​

b.Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination.  If the Administrator determines, subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then all shares subject to any Stock Grant or Stock-Based Award that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to the Company.
​
​
21.EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR DISABILITY.
​
Except as otherwise provided in a Participant’s Agreement, the following rules apply if a Participant ceases to be an Employee, director or consultant of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant or Stock-Based Award through the date of Disability as would have lapsed had the Participant not become Disabled.  The proration shall be based upon the number of days accrued prior to the date of Disability.
​
The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination).  If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company.
​
​
22.EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.
​
Except as otherwise provided in a Participant’s Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee, director or consultant of the Company or of an Affiliate:  to the extent the forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant or Stock-Based Award through the date of death as would have lapsed had the Participant not died.  The proration shall be based upon the number of days accrued prior to the Participant’s death.
​
​
23.PURCHASE FOR INVESTMENT.
​

​

​

Unless the offering and sale of the Shares to be issued upon the particular exercise or acceptance of a Stock Right shall have been effectively registered under the Securities Act of 1933, as now in force or hereafter amended (the “1933 Act”), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled:
​
a.The person(s) who exercise(s) or accept(s) such Stock Right shall warrant to the Company, prior to the receipt of such Shares, that such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the following legend which shall be endorsed upon the certificate(s) evidencing their Shares issued pursuant to such exercise or such grant:
​
“The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.”
​
b.At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise or acceptance in compliance with the 1933 Act without registration thereunder.
​
​
24.DISSOLUTION OR LIQUIDATION OF THE COMPANY.
​
Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation.  Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement.
​
​
25.ADJUSTMENTS.
​
Upon the occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement:
​

​

​

a.Stock Dividends and Stock Splits.  If (i) the shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made, including in the exercise or purchase price per share and Performance Goals applicable to outstanding Performance-Based Awards, to reflect such events.  The number of Shares subject to the limitations in Paragraph 3(a) and 4(c) shall also be proportionately adjusted upon the occurrence of such events.
​
b.Corporate Transactions.  If the Company is to be consolidated with or acquired by another entity in a merger, consolidation, or sale of all or substantially all of the Company’s assets or the acquisition of all of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a single entity other than a transaction to merely change the state of incorporation (a “Corporate Transaction”), the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that such Options must be exercised (either (A) to the extent then exercisable, or (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or (iii) terminate such Options in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option would have been exercisable (either (A) to the extent then exercisable, or (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate exercise price thereof.  For purposes of determining the payments to be made pursuant to Subclause (iii) above, in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued at the fair value thereof as determined in good faith by the Board of Directors.
​
With respect to outstanding Stock Grants, the Administrator or the Successor Board, shall either (i) make appropriate provisions for the continuation of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) terminate all Stock Grants in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to the holder of the number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights being waived upon such Corporate 

​

​

Transaction).
​
In taking any of the actions permitted under this Paragraph 25(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights, all Stock Rights held by a Participant, or all Stock Rights of the same type, identically.
​
c.Recapitalization or Reorganization.  In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled to receive for the price paid upon such exercise or acceptance, if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.
​
d.Adjustments to Stock-Based Awards.  Upon the happening of any of the events described in Subparagraphs a, b or c above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs.  The Administrator or the Successor Board shall determine the specific adjustments to be made under this Paragraph 25, including, but not limited to the effect if any, of a Change of Control and, subject to Paragraph 4, its determination shall be conclusive.
​
e.Modification of Options.  Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph a, b or c above with respect to Options shall be made only after the Administrator determines whether such adjustments would cause any adverse tax consequences for the holders of such Options.  If the Administrator determines that such adjustments made with respect to Options would cause an adverse tax consequence, it may refrain from making such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates that the holder has full knowledge of the consequences of such adjustment on his or her income tax treatment with respect to the Option.
​
​
26.ISSUANCES OF SECURITIES.
​
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights.  Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.
​
​
27.FRACTIONAL SHARES.
​
No fractional shares shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair 

​

​

Market Value thereof.
​
​
28.[RESERVED]
​
​
29.WITHHOLDING.
​
In the event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration in connection with the exercise or acceptance of a Stock Right or upon the lapsing of any forfeiture provision or right of repurchase or for any other reason required by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common Stock is authorized by the Administrator (and permitted by law).  For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of Fair Market Value provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise.  If the Fair Market Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to advance the difference in cash to the Company or the Affiliate employer.  
​
30.[RESERVED]
​
​
31.TERMINATION OF THE PLAN.
​
The Plan will terminate on December 19, 2029.  The Plan may be terminated at an earlier date by vote of the Board of Directors of the Company; provided, however, that any such earlier termination shall not affect any Agreements executed prior to the effective date of such termination.  Termination of the Plan shall not affect any Stock Rights theretofore granted.
​
​
32.AMENDMENT OF THE PLAN AND AGREEMENTS.
​
The Plan may be amended by the Administrator, including, without limitation, to the extent necessary to qualify the shares issuable upon exercise or acceptance of any outstanding Stock Rights granted, or Stock Rights to be granted, under the Plan for listing on any national securities exchange or quotation in any national automated quotation system of securities dealers.  Other than as set forth in Paragraph 25 of the Plan, the Administrator may not without shareholder approval reduce the exercise price of an Option or cancel any outstanding Option in exchange for a replacement option having a lower exercise price, any Stock Grant, any other Stock-Based Award or for cash. In addition, the Administrator may not take any other action that is considered a direct or indirect “repricing” for purposes of the shareholder approval rules of the 

​

​

applicable securities exchange or inter-dealer quotation system on which the Shares are listed, including any other action that is treated as a repricing under generally accepted accounting principles.  Any modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her, unless such amendment is required by applicable law or necessary to preserve the economic value of such Stock Right.  With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the Plan.  In the discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant.  Notwithstanding the foregoing, except in the case of death, disability or Change of Control, outstanding Agreements may not be amended by the Administrator (or the Board) in a manner that would accelerate the exercisability or vesting of, or lapsing of any right by the Company to restrict or reacquire Shares subject to, all or any portion of any Option, Stock Grant or other Stock-Based Award.  Nothing in this Paragraph 32 shall limit the Administrator’s authority to take any action permitted pursuant to Paragraph 25.
​
​
33.EMPLOYMENT OR OTHER RELATIONSHIP.
​
Nothing in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time.
​
​
34.CLAWBACK.
​
Notwithstanding anything to the contrary contained in this Plan, the Company may recover from a Participant any compensation received from any Stock Right (whether or not settled) or cause a Participant to forfeit any Stock Right (whether or not vested) in the event that the Company’s Incentive Compensation Recoupment Policy then in effect is triggered.
​
​
35.SECTION 409A.
​
If a Participant is a “specified employee” as defined in Section 409A of the Code (and as applied according to procedures of the Company and its Affiliates) as of his separation from service, to the extent any payment under this Plan or pursuant to the grant of a Stock-Based Award constitutes deferred compensation (after taking into account any applicable exemptions from Section 409A of the Code), and to the extent required by Section 409A of the Code, no payments due under this Plan or pursuant to a Stock-Based Award may be made until the earlier of: (i) the first day of the seventh month following the Participant’s separation from service, or (ii) the Participant’s date of death; provided, however, that any payments delayed during this six-month period shall be paid in the aggregate in a lump sum, without interest, on the first day of the seventh month following the Participant’s separation from service.

​

​

​
The Administrator shall administer the Plan with a view toward ensuring that Stock Rights under the Plan that are subject to Section 409A of the Code comply with the requirements thereof and that Options under the Plan be exempt from the requirements of Section 409A of the Code, but neither the Administrator nor any member of the Board, nor the Company nor any of its Affiliates, nor any other person acting hereunder on behalf of the Company, the Administrator or the Board shall be liable to a Participant or any Survivor by reason of the acceleration of any income, or the imposition of any additional tax or penalty, with respect to a Stock Right, whether by reason of a failure to satisfy the requirements of Section 409A of the Code or otherwise.
​
​
36.GOVERNING LAW.
​
This Plan shall be construed and enforced in accordance with the law of The Commonwealth of Massachusetts.
​
******
​
Adopted: December 19, 2019
Amended: January 22, 2020
Amended: April 13, 2020
Amended: March 31, 2021
Amended: April 1, 2022
Amended: June 15, 2022

​Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 2

TO

RECEIVABLES LOAN AND SERVICING
AGREEMENT

 

This AMENDMENT NO. 2 TO RECEIVABLES
LOAN AND SERVICING AGREEMENT (this “Amendment”) dated as of July 26, 2022 is among NRG RETAIL LLC, as Servicer
(the “Servicer”), NRG RECEIVABLES LLC, as Borrower (the “Borrower”), NRG Energy, Inc., as
Performance Guarantor (the “Performance Guarantor”), the Conduit Lenders, Committed Lenders, Facility Agents and LC
Issuers party hereto (being all of the Lenders, Facility Agents and LC Issuers party to the Loan Agreement (as defined below)), and ROYAL
BANK OF CANADA, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein but not defined
herein shall have the meanings given to such terms in the Loan Agreement.

 

PRELIMINARY STATEMENTS:

 

(1)           The
parties hereto (other than the Performance Guarantor) are parties to that certain Receivables Loan and Servicing Agreement dated as of
September 22, 2020 (the “Loan Agreement”).

 

(2)           The
parties hereto wish to amend the Loan Agreement, in accordance with Section 10.01(b) thereof, upon the terms and subject to
the conditions set forth herein, and the Lenders have requested that the Performance Guarantor reaffirm its obligations under the Performance
Guaranty in connection with such amendments.

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

Section 1.           Amendments
to the Loan Agreement. The Loan Agreement is hereby amended as reflected on Exhibit A-1 attached hereto with the text
marked in underline indicating additions to the Loan Agreement and with the text marked
in strikethrough indicating deletions to the Loan Agreement, such that the Loan
Agreement, as conformed with such amendments, reads as reflected on Exhibit A-2 attached hereto.

 

Section 2.           Conditions
of Effectiveness. This Amendment shall become effective as of the date hereof (the “Effective Date”) upon:

 

(a)            the
receipt by the Administrative Agent of this Amendment, duly executed by all of the parties hereto;

 

(b)            the
receipt by the Administrative Agent of all of the documents set forth on Schedule 1 in form and substance reasonably acceptable to the
Administrative Agent; and

 

(c)            the
receipt by each Facility Agent of the fees required to be paid pursuant to the Renewal Fee Letter in immediately available funds.

 

    	 	 	 

     

    

 

Section 3.           Representations
and Warranties.

 

A.            Upon
the effectiveness of this Amendment, each of the Borrower and the Servicer hereby reaffirms all covenants, representations and warranties
made by it in the Loan Agreement and agrees that all such covenants, representations and warranties shall be deemed to have been re-made
as of the effective date of this Amendment, unless such representations and warranties by their terms refer to an earlier date than the
Effective Date, in which case they shall be correct on and as of such earlier date.

 

B.             Each
of the Borrower and the Servicer hereby represents and warrants as to itself (i) that this Amendment constitutes the legal, valid
and binding obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this
Amendment, that no event shall have occurred and be continuing which constitutes an Event of Termination or an Potential Event of Termination.

 

Section 4.           Reference
to and Effect on the Loan Agreement.

 

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

 

B.             Each
of the parties hereto hereby agrees that, except as specifically amended above, the Loan Agreement is hereby ratified and confirmed and
shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors’ rights generally and general equitable principles.

 

C.             The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender, LC
Issuer, any Facility Agent or the Administrative Agent under the Loan Agreement or any of the other Facility Documents, nor constitute
a waiver of any provision contained therein.

 

Section 5.           Reaffirmation
of Performance Guaranty. After giving effect to this Amendment and each of the other transactions contemplated hereby and thereby,
all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies
and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and
effect in accordance with its terms.

 

    	 	2	 

     

    

 

Section 6.           Execution
in 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 or other electronic transmission (including electronic PDF, Docusign, Adobe “fill and
sign” or such other provider as specified in writing by the applicable party) shall be effective as delivery of a manually executed
counterpart hereof and shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be
admissible into evidence for all purposes.  The words “execution,” “execute,” “signed,” “signature,”
and words of like import in or related to any document to be signed in connection with this Amendment, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Electronic Signatures
in Global and National Commerce Act of 2000, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.  Notwithstanding the foregoing, if any party shall request manually signed counterpart
signatures to this Amendment, each of the other parties hereby agrees to provide such manually signed signature pages as soon as
commercially reasonable.

  

Section 7.           Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 8.           Section Headings.
The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment
or the Loan Agreement or any provision hereof or thereof.

 

Section 9.           Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

Section 10.         Severability.
If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable,
then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment
and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Loan Agreement.

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Amendment as of the day and year first above written.

  

	 	NRG RECEIVABLES LLC,
	 	as Borrower
	 	 
	 	 
	 	By: 	/s/ Gaëtan Frotté
	 	Name:  Gaëtan Frotté
	 	Title:    Treasurer
	 	 
	 	NRG RETAIL LLC,
	 	as Servicer
	 	 
	 	 
	 	By:	/s/ Gaëtan Frotté
	 	Name:  Gaëtan Frotté
	 	Title:    Treasurer
	 	 
	 	NRG ENERGY, INC.,
	 	as Performance Guarantor
	 	 
	 	 
	 	By: 	/s/ Gaëtan Frotté
	 	Name:  Gaëtan Frotté
	 	Title:    Senior Vice
    President and Treasurer

 

Signature Page to
Amendment No. 2 to

Receivables Loan and Servicing Agreement

 

    	 	 	 

     

    

 

	 	ROYAL BANK OF CANADA as Administrative
    Agent, a Facility Agent, a Committed Lender and an LC Issuer
	 	 
	 	 
	 	By: 	/s/
    Janine D. Marsini
	 	Name:  Janine D. Marsini
	 	Title:    Authorized
    Signatory
	 	 
	 	By:	/s/ Veronica
    L. Gallagher
	 	Name:  Veronica L. Gallagher
	 	Title:    Authorized
    Signatory
	 	 
	 	OLD LINE FUNDING, LLC, as a Conduit Lender
	 	 
	 	 
	 	By:	/s/ Veronica
    L. Gallagher
	 	Name:  Veronica L. Gallagher
	 	Title:    Authorized
    Signatory

  

Signature Page to
Amendment No. 2 to

Receivables Loan and Servicing Agreement

 

    	 	 	 

     

    

 

	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
    BANK, as a Facility Agent, a Committed Lender and an LC Issuer
	 	 
	 	 
	 	By: 	/s/ Konstantina Kourmpetis
	 	Name:  Konstantina Kourmpetis
	 	Title:    Managing Director
	 	 
	 	By: 	/s/ Richard McBride
	 	Name:  Richard McBride
	 	Title:    Director
	 	 
	 	 
	 	ATLANTIC ASSET SECURITIZATION LLC, as a
    Conduit Lender
	 	 
	 	 
	 	By: 	/s/ Konstantina Kourmpetis
	 	Name:  Konstantina Kourmpetis
	 	Title:    Managing Director
	 	 
	 	By: 	/s/ Richard McBride
	 	Name:  Richard McBride
	 	Title:    Director
	 	 
	 	 
	 	LA FAYETTE ASSET SECURITIZATION LLC, as
    a Conduit Lender
	 	 
	 	 
	 	By: 	/s/ Konstantina Kourmpetis
	 	Name:   Konstantina Kourmpetis
	 	Title:     Managing
    Director
	 	 
	 	 
	 	By: 	/s/ Richard McBride
	 	Name:   Richard McBride
	 	Title:     Director

  

Signature Page to Amendment No. 2
to

Receivables Loan and Servicing Agreement

 

    	 	 	 

     

    

 

	 	MUFG BANK, LTD.,
    as a Facility Agent and a Committed Lender
	 	 
	 	 
	 	By: 	/s/ Eric Williams
	 	Name:   Eric Williams
	 	Title:     Managing
    Director
	 	 
	 	 
	 	GOTHAM FUNDING CORPORATION, as a Conduit
    Lender
	 	 
	 	 
	 	By: 	/s/ Kevin J. Corrigan
	 	Name:  Kevin J. Corrigan
	 	Title:    Vice President

 

Signature Page to
Amendment No. 2 to

Receivables Loan and Servicing Agreement

 

    	 	 	 

     

    

  

Schedule 1

 

[See attached.]

 

    	 	 	 

     

    

 

Exhibit A-1

 

[See attached.]

 

    	 	 	 

     

    

 

Exhibit A-2

 

[See attached.]

 

    	 	 	 

     

    

 

EXHIBIT A

 

CONFORMED COPY

 INCORPORATING AMENDMENT NO. 1, DATED AS
OF JULY 26, 2021

INCORPORATING AMENDMENT NO. 2, DATED AS OF JULY 26, 2022

 

 

RECEIVABLES LOAN AND SERVICING AGREEMENT

dated as of September 22,
2020

among

NRG RECEIVABLES LLC,

as Borrower

 

NRG RETAIL LLC,

as Servicer

 

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS CONDUIT
LENDERS,

 

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS COMMITTED
LENDERS,

 

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS FACILITY
AGENTS,

 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME

PARTY HERETO AS LC ISSUERS,

 

and

 

ROYAL BANK OF CANADA

as Administrative Agent

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

  

	 	Page
	 	 
	ARTICLE I	 
	DEFINITIONS	1
	SECTION 1.01. Certain
    Defined Terms	1
	SECTION 1.02. Other Terms
    and Constructions	35
	SECTION 1.03. Computation of Time Periods	35
	ARTICLE II	 
	THE COMMITMENTS AND CREDIT
    EXTENSIONS	35
	SECTION 2.01. The
    Loan Facility	35
	SECTION 2.02. Borrowing
    Procedures	37
	SECTION 2.03. Borrowing
    Base Computation; Selection and Allocation of Interest Rates	38
	SECTION 2.04. Letter
    of Credit Subfacility	38
	SECTION 2.05. Interest
    and Fees	48
	SECTION 2.06. Repayment	48
	SECTION 2.07. Application
    of Collections Prior to Termination Date	49
	SECTION 2.08. Application
    of Collections After Termination Date	51
	SECTION 2.09. Deemed
    Collections	52
	SECTION 2.10. Payments and Computations, Etc.	52
	SECTION 2.11. SOFR
    Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting	53
	SECTION 2.12. Increased Costs	60
	SECTION 2.13. Indemnity
    for Taxes	61
	SECTION 2.14. Taxes;
    FATCA	63
	SECTION 2.15. Security
    Interest	65
	SECTION 2.16. Release
    of Security Interest	66
	SECTION 2.17. Evidence
    of Debt	66
	SECTION 2.18. Conforming
    Changes Relating to Term SOFR Rate	67
	ARTICLE III	 
	CONDITIONS OF EFFECTIVENESS
    AND LOANS	67
	SECTION 3.01. Conditions
    Precedent to Effectiveness and Initial Credit Extension	67
	SECTION 3.02. Conditions
    Precedent to All Credit Extensions and Releases	67
	ARTICLE IV	 
	REPRESENTATIONS AND WARRANTIES	68
	SECTION 4.01. Representations and Warranties of the Borrower	68
	SECTION 4.02. Representations
    and Warranties of the Servicer	73
	ARTICLE V	 
	GENERAL COVENANTS	76
	SECTION 5.01. Affirmative Covenants of the Borrower	76
	SECTION 5.02. Reporting
    Requirements of the Borrower	82
	SECTION 5.03. Negative
    Covenants of the Borrower	85
	SECTION 5.04. Affirmative Covenants of
    the Servicer	89
	SECTION 5.05. Reporting
    Requirements of the Servicer	91
	SECTION 5.06. Negative
    Covenants of the Servicer	92

 

    	 	 	 

     

    

 

	ARTICLE VI	 
	ADMINISTRATION OF RECEIVABLES	93
	SECTION 6.01. Designation
    of Servicer	93
	SECTION 6.02. Duties of the Servicer	95
	SECTION 6.03. Deposit
    Account and Lock-Box Arrangements	95
	SECTION 6.04. Rights of the Administrative
    Agent	96
	SECTION 6.05. Responsibilities of the Borrower	97
	SECTION 6.06. Further Action Evidencing Administrative
    Agent’s Interest	97
	ARTICLE VII	 
	EVENTS OF TERMINATION	98
	SECTION 7.01. Events of Termination	98
	ARTICLE VIII	 
	INDEMNIFICATION	101
	SECTION 8.01. Indemnities by the Borrower	101
	SECTION 8.02. Indemnities by the Servicer	103
	SECTION 8.03. Limited
    Liability of Indemnified Parties	105
	ARTICLE IX	 
	THE AGENTS	105
	SECTION 9.01. Authorization
    and Action	105
	SECTION 9.02. Agents’
    Reliance, Etc.	106
	SECTION 9.03. Agents
    and Affiliates	108
	SECTION 9.04. Decision
    to Extend Credit	108
	SECTION 9.05. Delegation
    of Duties	108
	SECTION 9.06. Indemnification	109
	SECTION 9.07. Successor
    Agents	109
	ARTICLE X	 
	MISCELLANEOUS	109
	SECTION 10.01. Amendments, Etc.	109
	SECTION 10.02. Notices, Etc.	111
	SECTION 10.03. Assignments;
    Participations	111
	SECTION 10.04. Additional
    Lender Groups	114
	SECTION 10.05. Consent
    to Jurisdiction	114
	SECTION 10.06. WAIVER
    OF JURY TRIAL	115
	SECTION 10.07. Right
    of Setoff	115
	SECTION 10.08. Ratable
    Payments	115
	SECTION 10.09. Limitation
    of Liability	115
	SECTION 10.10. Costs, Expenses and Taxes	116
	SECTION 10.11. No Proceedings	117
	SECTION 10.12. Confidentiality	117
	SECTION 10.13. No Waiver; Remedies	118
	SECTION 10.14. GOVERNING
    LAW	118
	SECTION 10.15. Execution
    in Counterparts	118
	SECTION 10.16. Integration;
    Binding Effect; Survival of Termination	118
	SECTION 10.17. Patriot
    Act	119
	SECTION 10.18. Acknowledgment
    and Consent to Bail-In of EEA Financial Institutions	119

 

    	 	 	 

     

    

 

	SECTION 10.19.
    Acknowledgement Regarding Any Supported QFCs	120

 

    	 	 	 

     

    

 

	EXHIBITS AND SCHEDULES
	 	 
	EXHIBIT A	Form of Borrowing Request
	EXHIBIT B	Form of Letter of Credit Request
	EXHIBIT C	Form of Monthly Report
	EXHIBIT D	Form of Borrowing Base Certificate
	EXHIBIT E	List of Offices of Borrower where Records Are Kept
	EXHIBIT F	List of Payment Processors,
    Deposit Account Banks, Deposit Accounts and Lock-Boxes
	EXHIBIT G	List of Closing Documents
	EXHIBIT H	Form of Assignment and Acceptance
	EXHIBIT I	Form of Joinder Agreement
	EXHIBIT J	Form of Prepayment Notice
	EXHIBIT K	Reserved
	EXHIBIT L	Form of U.S. Tax Compliance Certificate
	 	 
	SCHEDULE I	Lender Groups; Commitments; LC Commitments; Lender
    Group Limits
	SCHEDULE II	Notice Addresses
	SCHEDULE III	Texas Storm Credit Balance Obligors

 

    	 	 	 

     

    

 

 

RECEIVABLES LOAN AND SERVICING AGREEMENT

 

This RECEIVABLES LOAN AND
SERVICING AGREEMENT dated as of September 22, 2020 is among NRG RECEIVABLES LLC, a Delaware limited liability company, as Borrower,
NRG RETAIL LLC, a Delaware limited liability company, as Servicer, OLD LINE FUNDING, LLC, ATLANTIC ASSET SECURITIZATION LLC, LA FAYETTE
ASSET SECURITIZATION LLC and GOTHAM FUNDING CORPORATION, as Conduit Lenders, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Committed
Lenders, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Facility Agents, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as
LC Issuers, and ROYAL BANK OF CANADA, as Administrative Agent for the Conduit Lenders, the Committed Lenders, the LC Issuers and the Facility
Agents. Capitalized terms used herein shall have the meanings specified in Section 1.01.

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Borrower has
purchased and may from time to time purchase Receivables from the Originators pursuant to the Receivables Sale Agreement;

 

WHEREAS, to fund its purchases
under the Receivables Sale Agreement, the Borrower may from time to time request Loans from the Lenders and the issuance of Letters of
Credit from the LC Issuers on the terms and conditions of this Agreement;

 

WHEREAS, the Conduit Lenders
may, in their sole discretion, make Loans so requested from time to time, and if a Conduit Lender in any Lender Group elects not to make
any such Loan, the Committed Lenders in such Lender Group have agreed that they shall make such Loan, in each case subject to the terms
and conditions of this Agreement;

 

NOW THEREFORE, in consideration
of the premises, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each party agrees as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01. Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Administrative Agent”
means RBC, in its capacity as agent for the Lenders, the LC Issuers and the Facility Agents, together with its successors and permitted
assigns.

 

“Administrative Agent
Fee Letter” means that certain Administrative Agent Fee Letter, dated as of the Effective Date, between the Borrower and the
Administrative Agent.

 

    1

     

    

 

“Advance Suspension
Event” means, the occurrence of any of the following:

 

(a)            any
Transaction Party shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to
the Borrower, the Administrative Agent or any Secured Party when due, without giving effect to the proviso at the end of Section 5.01,
5.02, 5.04 or 5.05;

 

(b)            the
Servicer shall fail to deliver a Borrowing Base Certificate on the Monthly Reporting Date;

 

(c)            any
Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Facility Document
(unless otherwise provided in this definition of Advance Suspension Event) where such failure is continuing and such Loan Party is relying
on the proviso in Section 5.01, 5.02, 5.04 or 5.05 for such failure not to constitute a breach; provided, that there shall
be no Advance Suspension Event if such breach is specific to a Pool Receivable that (x) would not cause any material liability or
potential material liability for the Borrower, the Administrative Agent or any other Secured Party and (y) with the removal of such
Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default;

 

(d)            any
representation or warranty made or deemed to be made by any Loan Party under or in connection with this Agreement or any other Facility
Document (including any Monthly Report, any Borrowing Request, any Borrowing Base Certificate, any Letter of Credit Request or other information
or report delivered pursuant hereto) shall prove to have been materially false or incorrect (except that the materiality standard in this
clause (d) shall not apply to any such representation or warranty that is qualified by a materiality standard by its terms) when
made or deemed made or delivered, and in each case, is not cured; provided, that there shall be no Advance Suspension Event if
any such representation or warranty is specific to a Pool Receivable that (x) would not cause any material liability or potential
material liability for the Borrower, the Administrative Agent or any other Secured Party and (y) with the removal of such Pool Receivable
from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default; or

 

(e)            as
of the close of business on any date, any Borrowing Base Deficiency shall exist.

 

“Adverse Claim”
means a Lien other than any Permitted Lien.

 

“Affected Person”
means any Lender, any LC Issuer, the Administrative Agent, any Facility Agent, any Liquidity Provider, any other Program Support Provider,
any Program Administrator and, with respect to each of the foregoing, any of their respective Affiliates.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or is under common control
with such specified Person.

 

“Aggregate Commitment”
means, at any time, the sum of the Commitments then in effect (giving effect to the adjustments to the Commitments for each Period). The
initial Aggregate Commitment as of the Effective Date is $750,000,000, the Aggregate Commitment as of the Amendment No. 1 Effective
Date is $800,000,000 and the Aggregate Commitment as of the Amendment No. 2 Effective Date is $1,000,000,000.

 

    2

     

    

 

“Aggregate Exposure
Amount” means, at any time, without duplication, the aggregate of all Exposure Amounts of all Lenders and LC Issuers hereunder.

 

“Aggregate Principal
Balance” means, at any time, the aggregate outstanding Principal Balance of the Loans hereunder at such time.

 

“Agreement”
means this Receivables Loan and Servicing Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Amendment
No. 1 Effective Date” means July 26, 2021.

 

“Amendment
No. 2 Effective Date” means July 26, 2022.

 

“Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010 and, to the extent
applicable, other similar legislation in any other jurisdictions.

 

“Anti-Terrorism Laws”
means (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the
PATRIOT Act.

 

“Assignment and Acceptance”
means an agreement substantially in the form set forth as Exhibit H hereto pursuant to which a new Conduit Lender or Committed
Lender becomes party to this Agreement.

 

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

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule.

 

“Bankruptcy Code”
means Title 11 of the United States Code, 11 U.S.C. Section 101 et seq., as amended from time to time, or any successor thereto.

 

“Basel III”
means the third Basel Accord issued by the Basel Committee on Banking Supervision.

 

“Base Rate”
means a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall at all times be equal to the highest
of: (A) the Prime Rate, (B) the Federal Funds Rate plus 0.50% and (C) the Term SOFR Rate (to the extent available) plus
1.00%.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation in a
form provided to the Servicer, on behalf of the Borrower, by the Administrative Agent or such other form as is reasonably acceptable to
the Administrative Agent.

 

    3

     

    

 

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

 

“Billed Receivable”
means any Receivable which is not an Unbilled Receivable.

 

“Board of Directors”
means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act
on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership; (c) with
respect to a limited liability company, any managing member or members, any controlling committee of managing members, any board of directors
or any board of managers thereof, as applicable, that has the power to direct the management of such limited liability company; and (d) with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Borrower”
means NRG Receivables LLC, a Delaware limited liability company, in its capacity as Borrower hereunder, together with its successors and
permitted assigns.

 

“Borrower Obligations”
means all present and future indebtedness and other liabilities and obligations (howsoever created or evidenced, whether direct or indirect,
absolute or contingent, or due or to become due) of the Borrower to the Secured Parties arising under this Agreement or any other Facility
Document or the transactions contemplated hereby or thereby, and shall include, without limitation, the repayment of the Aggregate Principal
Balance and the payment of Interest, Fees, Fronting Fees, Other LC Fees, Reimbursement Obligations, and all other amounts due or to become
due from the Borrower under the Facility Documents (whether in respect of fees, expenses, indemnifications, breakage costs, increased
costs or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any bankruptcy,
insolvency or similar proceeding with respect to any Transaction Party (in each case whether or not allowed as a claim in such proceeding).

 

“Borrowing”
means a borrowing of Loans under this Agreement.

 

“Borrowing Base”
means, at any time, an amount equal to (a) the sum of (i) the Net Receivables Balance at such time plus (ii) an
amount equal to cash held at such time in the Collection Account, the Designated Deposit Account or any other account designated by the
Administrative Agent pursuant to Section 2.07(a)(viii)  minus (b) the Total Reserve Amount at such time.

 

“Borrowing Base Certificate”
has the meaning specified in Section 2.03(a).

 

“Borrowing Base Default”
means the occurrence of any of the following events:

 

(a)            a
Borrowing Base Deficiency exists and continues to exist (i) at 5 p.m. (New York city time) on the second Business Day after
the Borrower or the Servicer has knowledge thereof or (ii) past 11:00 a.m. (New York city time) on the third Business Day after
the Borrower or the Servicer has knowledge thereof if (x) the Servicer has notified the Administrative Agent no later than the end
of such second Business Day that the Borrower will have sufficient cash to eliminate such Borrow Base Deficiency and (y) such Borrowing
Base Deficiency does not exceed five percent (5%) of the Aggregate Exposure Amount at such time; or

 

    4

     

    

 

(b)            on
the first day of any Period, the LC Obligations exceed the LC Sublimit, or the portion of the LC Obligations attributable to Letters of
Credit issued by any LC Issuer exceed its LC Commitment, and any such excess continues for two (2) Business Days.

 

For
purposes of this definition, the Borrower and the Servicer shall be deemed to have “knowledge” of a Borrowing Base Deficiency
if either (i) the President or the Treasurer of the Servicer, or any of their successors or any officers with similar roles or responsibilities
has knowledge of such Borrowing Base Deficiency or (ii) a Borrowing Base Certificate evidencing a Borrowing Base Deficiency is delivered
hereunder. For the avoidance of doubt, the LC Obligations shall be calculated without giving effect to any Cash Collateral as a
reduction of the LC Obligation.

 

“Borrowing Base Deficiency”
means, at any time, the excess, if any, of (i) the Aggregate Exposure Amount over (ii) the lesser of (A) the Borrowing
Base and (B) the Facility Limit.

 

“Borrowing Date”
has the meaning specified in Section 2.02(a)(i).

 

“Borrowing Request”
has the meaning specified in Section 2.02(a)(i).

 

“Business Day”
means any day other than a Saturday, Sunday or public holiday or the equivalent for banks in New York City, New York; provided that for
purposes of any direct or indirect calculation or determination of, or when used in connection with any interest rate settings, fundings,
disbursements, settlements, payments, or other dealings with respect to any Loan that bears interest at a rate based on SOFR, the term
 “Business Day” means any such day that is also a day on which SOFR is published by the Federal Reserve Bank of New York (or
a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, or any successor
website thereto.

 

“CACIB
Lender Group” means the Crédit Agricole Corporate and Investment Bank Lender Group as defined on Schedule I.

 

“Calculation
Period” means each calendar month.

 

“Carrying Cost Reserve
Amount” means, at any time, an amount equal to the product of (i) the Carrying Cost Reserve Percentage at such time and
(ii) the Net Receivables Balance at such time.

 

“Carrying Cost Reserve
Percentage” means, at any time, the product of (i) 1.5, (ii) the Default Rate and (iii) a fraction, the numerator
of which is the highest Days’ Sales Outstanding for the prior twelve (12) Calculation Periods, and the denominator of which is 360.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the LC Issuers or the Lenders,
as collateral for LC Obligations or, to the extent that Cash Collateralize relates to any Lender obligations, obligations of the Lenders
to fund Reimbursement Borrowings in respect of LC Obligations, cash or deposit account balances or, if the Administrative Agent and the
LC Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory
to the Administrative Agent and the LC Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing
and shall include the proceeds of such cash collateral and other credit support.

 

    5

     

    

 

“CCS Billing Platform”
means the billing platform used by the Originators to generate invoices to Obligors, which maintains a subledger showing the receivables
created and the cash received and applied to such receivables.

 

“Change
in Control” means (i) with respect to the Borrower, NRG Retail LLC shall cease to directly own 100% of the issued and outstanding
ownership interests of the Borrower, free of any Adverse Claims, (ii) with respect to an Originator, the Performance Guarantor ceases
to own, directly or indirectly, 100% of the ownership interests having ordinary voting power to elect a majority of the Board of Directors
or other Persons performing similar functions of such Originator free of all Adverse Claims, (iii) with respect to the Servicer,
the Performance Guarantor ceases to own, directly or indirectly, 100% of the ownership interests having ordinary voting power to elect
a majority of the Board of Directors or other Persons performing similar functions of the Servicer free of all Adverse Claims, or (iv) with
respect to the Performance Guarantor, a “Change in Control” (as defined in the Parent Credit Agreement) occurs. Notwithstanding
the foregoing, any Person may pledge, grant a security interest in, or create a charge over, the shares or other forms of ownership interest
it owns in any Originator, the Servicer or the Performance Guarantor as long as such pledge, security interest or charge does not result
in the Performance Guarantor, or the applicable Originator or the Servicer, as the case may be, ceasing to have the power, directly or
indirectly, to direct the management and policies of the entity the ownership interest in which is pledged.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute of similar import, together with the
regulations thereunder, in each case as in effect from time to time. References to sections of the Code also refer to any successor sections.

 

“Collateral”
has the meaning set forth in Section 2.15.

 

“Collection Account”
means the account which may be established and maintained pursuant to Section 6.04(c) by and in the name of the Administrative
Agent on behalf of the Lender Groups, for the purpose of receiving Collections, or any other account which may be designated by the Administrative
Agent from time to time upon written notice to the Servicer and the Borrower.

 

“Collections”
means, with respect to any Receivable: (a) any and all funds that are received (whether in the form of cash, wire transfer, check
or otherwise) by the Borrower (including from the Servicer or any Originator pursuant to the Receivables Sale Agreement or this Agreement)
in payment of any amounts owed in respect of such Receivable (including purchase price, finance charges, interest, Taxes, transmission
charges (if any) and all other charges) or applied to amounts owed in respect of such Receivable (including insurance payments and net
proceeds of the sale or 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 Receivable and available to be applied thereon), and (b) any amounts deemed to
have been received with respect to such Receivable pursuant to Section 2.09 hereof.

 

    6

     

    

 

“Commercial Paper
Notes” means short-term promissory notes issued or to be issued by any Conduit Lender to fund its investments in accounts receivable
or other financial assets.

 

“Commitment”
means, for each Committed Lender at any time, the commitment of such Committed Lender to fund Loans and purchase participation interests
in respect of LC Credit Extensions under Section 2.04(f), in each case in the event that each Conduit Lender (if any) in its
Lender Group declines to fund a Loan or a Reimbursement Borrowing under Section 2.04, in an amount not to exceed, in the aggregate,
the Dollar amount set forth opposite such Committed Lender’s name on Schedule I hereto for the applicable Period or, in the
case of a Committed Lender that becomes a party to this Agreement pursuant to a Joinder Agreement or an Assignment and Acceptance, the
amount set forth therein as such Committed Lender’s “Commitment”, in each case, as such amount may be modified in accordance
with the terms hereof.

 

“Committed
Lender” means, as to any Lender Group, each of the financial institutions listed on Schedule I as a “Committed
Lender” for such Lender Group, together with its respective successors and permitted assigns.

 

“Concentration Limit”
means, for any Obligor at any time, an amount equal to the product of (a) the applicable percentage set forth in the chart below
for such Obligor and (b) the Outstanding Balance of all Eligible Receivables at such time:

 

	Rating of Obligor(1)	 	Concentration Limit	 
	A-1 by S&P / P-1 by Moody’s (A+ by S&P / A1 by Moody’s) or above	 	 	10.0	%
	Below A-1 by S&P / P-1 by Moody’s (A+ by S&P / A1 by Moody’s) but at least A-2 by S&P / P-2 by Moody’s (BBB+ by S&P / Baa1 by Moody’s)	 	 	5.0	%
	Below A-2 by S&P / P-2 by Moody’s (BBB+ by S&P / Baa1 by Moody’s) but at least A-3 by S&P / P-3 by Moody’s (BBB- by S&P / Baa3 by Moody’s)	 	 	3.33	%
	Below A-3 by S&P / P-3 by Moody’s (BBB- by S&P / Baa3 by Moody’s) or unrated	 	 	2.00	%

 

(1)  If an Obligor’s short-term rating
is split, the lower of the available ratings shall be used to determine the applicable Concentration Limit. If no short-term rating is
available, the long-term equivalent (specified in the parentheticals above) shall be used, and if such long-term rating is split, the
higher long-term ratings shall be used to determine the applicable Concentration Limit. If only one rating is available, such rating category
will apply to determine the applicable Concentration Limit. If an Obligor’s payment obligation under a Contract is guaranteed by
such Obligor’s parent, such parent’s rating shall be used, subject to the same rules of construction set forth in the
three preceding sentences.

 

    7

     

    

 

“Conduit Lender”
means, collectively, the Persons identified as “Conduit Lenders” on Schedule I and their respective successors and
permitted assigns.

 

“Consolidated Total
Net Leverage Ratio” shall have the meaning assigned to such term in the Parent Credit Agreement.

 

“Contract”
means, with respect to any Pool Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings
pursuant to which such Pool Receivable arises or that evidence such Pool Receivable or under which an Obligor becomes or is obligated
to make payment in respect of such Pool Receivable.

 

“CP
Rate” means, for any Conduit Lender, for any period and with respect to any portion of any Credit Extension funded by
Commercial Paper Notes, any rate designated as the “CP Rate” for such Conduit Lender in the Fee Letter, an Assignment and
Acceptance or a Joinder Agreement pursuant to which such Person becomes a party as a Conduit Lender to this Agreement, or any other writing
or agreement provided by such Conduit Lender to the Borrower, the Servicer and the applicable Facility Agent from time to time.

 

“Credit and Collection
Policy” means the credit and collection policies and practices relating to the Receivables and the related Obligors that have
been delivered to the Administrative Agent, as modified from time to time in accordance with the terms of Section 5.03(c) and
delivered to the Administrative Agent thereafter.

 

“Credit
Extension” means a Loan or an LC Credit Extension.

 

“Customer Deposit
Amount” means (a) at any time that the Performance Guarantor has a long-term credit rating of at least BB- by S&P and
Ba3 by Moody’s, $0 and (b) at any other time, the aggregate Customer Deposits at such time.

 

“Customer Deposits”
means any cash or credits held by an Originator for the account of an Obligor as security for, or for application to, the payment of the
Receivables of such Obligor.

 

“Days’ Sales
Outstanding” means, at any time, an amount equal to the product of (i) a fraction, the numerator of which is the Outstanding
Balance of all Receivables on the first day of the immediately preceding Calculation Period, and the denominator of which is the aggregate
Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated by the Originators during such Calculation
Period, multiplied by (ii) 30. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor
will not be included for purposes of this calculation.

 

“DE LLC Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as it may be amended from time to time,
and any successor thereto.

 

    8

     

    

 

“Debtor Relief Laws”
means (i) the United States Bankruptcy Code and (ii) all other applicable liquidation, conservatorship, bankruptcy, moratorium,
arrangement, receivership, insolvency, reorganization, suspension of payments, adjustment of debt, marshalling of assets or similar debtor
relief laws of the United States, any state or any foreign country from time to time in effect affecting the rights of creditors generally.

 

“Debt Rating”
means, with respect to any Person at any time, the then current rating by S&P or Moody’s of such Person’s long-term public
senior unsecured non-credit enhanced debt.

 

“Default Rate”
means an interest rate per annum equal to the Base Rate plus 2.00%.

 

“Default
Ratio” means, as of any time, with respect to the immediately preceding Calculation Period, the fraction (expressed as a percentage),
(a) the numerator of which is the aggregate Outstanding Balance of all Billed Receivables that were not Defaulted Receivables
at the beginning of such Calculation Period but that became Defaulted Receivables during such Calculation Period and (b) the denominator
of which is the aggregate amounts payable in respect of all Billed Receivables (including any Unbilled Receivable that became a Billed
Receivable) billed by an Originator in the four (4) consecutive Calculation Periods ending immediately prior to such Calculation
Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes
of this calculation.

 

“Defaulted Receivable”
means a Receivable: (i) as to which any payment, or part thereof, remains unpaid for ninety-one (91) or more days from the
original due date thereof taking into account any Deferred Payment Plan, (ii) as to which the Obligor thereof is subject to an Event
of Bankruptcy, (iii) which has been identified by the Servicer or the applicable Originator as uncollectible or (iv) which,
consistent with the Credit and Collection Policy, has been or should be written off as uncollectible.

 

“Defaulting Committed
Lender” means any Committed Lender that (a) has failed to fund all or any portion of its share of a Credit Extension on
the date required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure
is the result of such Committed 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) as determined by the Administrative Agent, has failed to fund any of its Lender Group Percentage of a Reimbursement Borrowing
in accordance with Section 2.04(f), (c) has notified the Borrower, the Servicer, the Administrative Agent, any Facility
Agent or any other Lender in writing, or has made a public statement to the effect that it does not intend or expect to comply with any
of its funding obligations under this Agreement, unless such writing or public statement indicates that such position is based on such
Committed 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 or (d) has become
the subject of an Event of Bankruptcy; provided that a Committed Lender shall not be a Defaulting Committed Lender pursuant to
this clause (d) solely by virtue of the ownership or acquisition of any Equity Interest in such Committed Lender or its Parent Company
by a Governmental Authority or agency thereof.

 

    9

     

    

 

“Deferred Payment
Plan” means with respect to any Receivable, a payment plan that permits the related Obligor to make a down payment on the Outstanding
Balance of such Receivable on the original due date, unless charging a down payment is not permitted by federal, state or local laws,
regulations, orders or guidelines, and the balance of which or the remaining balance of which, as the case may be, is to be repaid over
the following 5 months.

 

“Deferred Payment
Plan Excess Concentration Amount” means, at any time, the amount by which the aggregate Outstanding Balance of all Eligible
Receivables that are subject to a Deferred Payment Plan exceeds the product of (a) 5.0% and (b) the aggregate Outstanding Balance
of all Eligible Receivables.

 

“Delinquency
Ratio” means, as of any time, with respect to the immediately preceding Calculation Period, the fraction (expressed as a percentage),
(a) the numerator of which is the aggregate Outstanding Balance of all Delinquent Receivables as of the end of such Calculation
Period and (b) the denominator of which is the aggregate Outstanding Balance of all Pool Receivables as of the end of such Calculation
Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes
of this calculation.

 

“Delinquent Receivable”
means a Receivable which is not a Defaulted Receivable (i) as to which any payment, or part thereof, remains unpaid for sixty-one
(61) or more days from the original due date thereof or (ii) which, consistent with the Credit and Collection Policy, has been or
should be classified as delinquent by the applicable Originator or the Servicer.

 

“Deposit Account”
means each depositary account, concentration account or other similar account into which Collections are collected or deposited.

 

“Deposit Account
Bank” means a financial institution at which a Deposit Account is maintained.

 

“Deposit Account
Control Agreement” means an agreement with respect to a Deposit Account at a Deposit Account Bank, in a form acceptable to the
Administrative Agent in its reasonable discretion, among the Borrower, the Administrative Agent and such Deposit Account Bank.

 

“Designated
Deposit Account” means the Deposit Account (i) identified as the “Designated Deposit Account” on Exhibit F
or such other Deposit Account as identified by the Borrower (or the Servicer on its behalf) to the Administrative Agent in writing and
(ii) that is subject to a valid and enforceable Deposit Account Control Agreement. For avoidance of doubt, if such identified Deposit
Account is not subject to a valid and enforceable Deposit Account Control Agreement, it shall not be the Designated Deposit Account any
purpose under this Agreement.

 

“Diluted Receivable”
means that portion of any Receivable which is either (a) reduced or canceled as a result of a Dilution Factor or (b) subject
to any bona fide specific dispute, offset, counterclaim or defense whatsoever.

 

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“Dilution Factor”
means any of the following factors giving rise to dilution: (i) any failure by an Originator to deliver electric power or natural
gas or to perform any services or otherwise perform as required by the underlying Contract or invoice, (ii) any change, cash discount,
rebate, allowance, cancellation of any terms of such contract, invoice or billing error by an Originator or any other party that generates
such invoice, applied Customer Deposits or any other adjustment applied to an invoice which, in each case, reduces the amount payable
by an Obligor on the related Billed Receivable and (iii) any setoff in respect of any claim by the Obligor thereof (whether such
claim arises out of the same or a related transaction or an unrelated transaction).

 

“Dilution Horizon
Ratio” means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (i) the numerator
of which equals the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated by the Originators
during the Calculation Period and (ii) the denominator of which equals the Net Receivables Balance at the end of such Calculation
Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes
of this calculation.

 

“Dilution Ratio”
means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (i) the numerator of which is the
portion of all Receivables which became Diluted Receivables during such Calculation Period, and (i) the denominator of which is the
aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated during the Calculation Period
immediately preceding the Calculation Period referred to in clause (i). Notwithstanding the foregoing, Receivables for which the Obligor
is not an Eligible Obligor will not be included for purposes of this calculation.

 

“Dilution Reserve
Amount” means, at any time, an amount equal to the product of (i) the Dilution Reserve Percentage at such time and (ii) the
Net Receivables Balance at such time.

 

“Dilution Reserve
Percentage” means, at any time, with respect to the immediately preceding Calculation Period, the percentage that is equal to
the greater of (a) the product of (i) the highest Dilution Ratio for any calendar month in the twelve (12) most recent calendar
months and (ii) the Dilution Horizon Ratio and (b) the percentage calculated in accordance with the following formula:

 

((SF x ED) + ((DS - ED) x (DS / ED))) x DHR

 

where:

 

		SF	=	the Stress Factor

 

		ED	=	the average of the Dilution Ratios for each of the twelve (12) mostrecently ended Calculation Periods;

 

		DS	=	the highest Dilution Ratio during the twelve (12) most recentlyended Calculation Periods; and

 

		DHR	=	the Dilution Horizon Ratio at such time.

 

“Direct Taxes Amount”
means (a) at any time that the Performance Guarantor has a long-term credit rating of at least BB- by S&P and Ba3 by Moody’s,
$0 and (b) at any other time, the aggregate amount of Direct Taxes owed with respect to the Pool Receivables at such time.

 

    11

     

    

 

“Direct Taxes”
means any sales, use, gross receipts, goods and services, excise or personal property Taxes imposed on or with respect of any Pool Receivable.

 

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

 

“DPP Factor”
means 1.00.

 

“Drawing Date”
has the meaning set forth in Section 2.04(f)(i).

 

“Early Terminating
Lender Group” means each of (a) any Non-Renewing Lender Group and (b) the CACIB Lender Group, if the related Facility
Agent has designated an Early Termination Date.

 

“Early Termination
Date” means, (a) for any Non-Renewing Lender Group, Lenders and LC Issuers therein and the Facility Agent thereof, the
last agreed-to Scheduled Termination Date of such Lender Group and (b) for the CACIB Lender Group, Lenders and LC Issuers therein
and the Facility Agent thereof, any date so designated in writing no later than 30 days in advance of the occurrence of such date (such
writing to be irrevocable unless the Borrower and the Servicer consent to any revocation thereof) by the related Facility Agent (in its
sole discretion) to the Administrative Agent, the Borrower and the Servicer, after the occurrence of a Liquidity-Based Amortization Event.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

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

 

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

 

“Effective Date”
means September 22, 2020.

 

“Eligible Account
Bank” means a depository institution organized under the laws of the United States or any one of the states thereof, including
the District of Columbia (or any United States branch or agency of a foreign bank), which is subject to supervision and examination by
federal or state banking authorities, the deposits of which are insured by the Federal Deposit Insurance Corporation and which at all
times (a) has a net worth in excess of $100,000,000 and (b) has either (x) a long-term rating of A2 or higher by Moody’s
and A or higher by S&P’s or (y) a short-term certificate of deposit rating of P-1 by Moody’s and A-1 by S&P.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 10.03 (subject to such consents, if any, as may be required
under Section 10.03).

 

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“Eligible Obligors”
means all Obligors except for the Obligors separately identified by the Borrower to the Administrative Agent and the Facility Agents,
and agreed to in writing by the Administrative Agent and each Facility Agent.

 

“Eligible Originator”
means an Originator with respect to which (a) no Purchase Termination Event has occurred and is continuing and (b) with respect
to Direct Energy Business, LLC, the following conditions have been satisfied, (i) such Originator is registered on the CCS billing
platform, (ii) historical portfolio data for such Originator has been received by the Administrative Agent and (iii) each Facility
Agent has received at least five (5) Business Days’ prior notice that such Originator has satisfied all conditions in this
definition.

 

“Eligible Receivable”
means, at any time, a Receivable:

 

(i)             the
Obligor of which (a) has a service address in the United States, (b) is not an Affiliate of any Transaction Party and (c) is
not a Sanctioned Person;

 

(ii)            which
is not a Defaulted Receivable;

 

(iii)           (a) which
is denominated and payable only in Dollars within the United States and (b) the related electricity, electric power, natural gas
and/or related services of which were provided to an address in the United States;

 

(iv)           which,
together with the related Contract, does not contravene any applicable law, rule or regulation and no party to such Contract is in
violation of any such law, rule or regulation, in each case, if such contravention or violation, as applicable, would impair the
validity, enforceability or collectability of such Receivable;

 

(v)            in
which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable and no consent,
authorization or approval of, or notice to, the Obligor thereof, any Governmental Authority or any other Person (except for such consent,
authorization or approval that has been obtained or such notice that has been given) is required to (a) convey such Receivable, the
Related Security and the Collections from the related Originator to the Borrower, or (b) grant a security interest in such Receivable,
the Related Security and the Collections by the Borrower to the Administrative Agent, for the benefit of the Secured Parties (except,
that none of any Originator, the Servicer or the Borrower shall be required to comply with the Federal Assignment of Claims Act in connection
with the assignment or subsequent reassignment of any Receivable and any restrictions on the right of any Person to enforce any Receivable
the Obligor of which is a Federal Government Obligor directly against such Federal Government Obligor to the extent that the applicable
provisions of the Federal Assignment of Claims Act have not been complied with shall not cause such Receivable to not be an Eligible Receivable);

 

(vi)           the
related Contract of which does not contain confidentiality provisions that would be breached if such Receivable (together with all Related
Security and Collections with respect thereto) were assigned to the Administrative Agent pursuant to the Facility Documents or to any
other Person;

 

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(vii)          which
was originated by an Originator in accordance, and complies, in all material respects with all applicable requirements of the Credit and
Collection Policy;

 

(viii)         which,
pursuant to the Contract related thereto, (x) in the case of a Retail Receivable, is (or, in the case of an Unbilled Receivable,
will be) required to be paid in full within sixty (60) days of the original invoice date therefor and (y) in the case of a POR Receivable,
is due and payable within sixty-five (65) days after the sale of the related Purchased-by Utility Receivable;

 

(ix)            which
(a)  (x) in the case of a Retail Receivable, is an “account” within the meaning of 9-102 of the UCC or (y) in
the case of a POR Receivable, is an “account” or a “payment intangible” within the meaning of 9-102 of the UCC,
(b) together with the Contract related thereto, (x) has been duly authorized, (y) is in full force and effect, and (z) represents
a bona fide obligation of the related Obligor to pay the stated amount and constitutes the legal, valid and binding obligation of the
Obligor thereof enforceable against such Obligor in accordance with its terms, subject to the Enforceability Exceptions, (c) has
not been satisfied, released, canceled, subordinated or rescinded, nor has any instrument been executed by the related Originator or the
Borrower which would effect any such satisfaction, release, cancellation, subordination or rescission, (d) which has not been waived,
restructured or otherwise modified, has not had its due date deferred, is not subject to forbearance and has not otherwise had its invoice
date or due date changed on the books and records of the related Originator or the Servicer and (e) is not subject to any setoff,
recoupment, counterclaim, defense, right of rescission or bona fide dispute, whether arising out of transactions concerning such Receivable
or otherwise;

 

(x)             in
and to which (a) the applicable Originator has validly sold all of its right, title and interest in and to such Receivable, together
with all Related Security and Collections with respect thereto, to the Borrower pursuant to the Receivables Sale Agreement, free and clear
of any Adverse Claim, (b) the Borrower owns good and marketable title to the Receivable, Related Security and Collections with respect
thereto, free and clear of Adverse Claim and (c) the Administrative Agent has a first priority security interest in such Receivable,
the Related Security and the Collections with respect thereto, free and clear of any Adverse Claim;

 

(xi)            which
arises under a Contract, (i) (x) in the case of a Retail Receivable, for the sale of electricity or electric power, natural
gas and/or related services of an Originator to an Obligor in the ordinary course of such Originator’s business or (y) in the
case of a POR Receivable, for the sale of Purchased-by-Utility Receivables in the ordinary course of such Originator’s business,
(ii) that is governed by the laws of the United States or one of the United States and (iii) that contains an obligation to
pay a specified sum of money, which, in the case of Retail Receivables, is contingent only upon the sale of goods or the provision of
services;

 

(xii)           with
respect to which all obligations on the part of the Originator (other than, in the case of an Unbilled Receivable, the rendering of an
invoice) have been performed to the extent necessary to establish the right to receive full payment, and no further action is required
to be performed by such Originator or any other person with respect thereto other than payment thereon by the applicable Obligor;

 

    14

     

    

 

(xiii)         which
is not interest-bearing (except for any late payment charges);

 

(xiv)         payment
of which by the applicable Obligor is not subject to any withholding tax;

 

(xv)          which,
if a Retail Receivable, is evidenced by a final (and not provisional) invoice with a unique invoice number that does not correspond to
any other Retail Receivable and which represents amounts not less than the invoiced balance or, if such Retail Receivable is an Unbilled
Receivable, has been individualized in the related Originator’s accounting systems such that such Retail Receivable is easily distinguished
from all other Retail Receivables;

 

(xvi)         which
has not been compromised, adjusted or modified (including by extension of time of payment) other than pursuant to a Deferred Payment Plan;

 

(xvii)        which,
if an Unbilled Receivable, (a) has not remained unbilled for more than sixty (60) consecutive calendar days after the earlier of
(i) the end of the calendar month during which the related goods were sold or the services were performed and (ii) the date
on which the obligation or agreement of the related Originator to sell goods or provide services to the related Obligor is terminated
and (b) the Performance Guarantor has (x) a long-term local issuer credit rating from Standard & Poor’s and (y) a
long-term corporate family rating from Moody’s and such rating is not less than B- by Standard & Poor’s or B3 by
Moody’s;

 

(xviii)       as
to which the related Obligor or applicable Payment Processor is required to make payments directly to a Lock-Box or Deposit Account listed
on Exhibit F hereof;

 

(xix)          which
is registered on the CCS Billing Platform of the Performance Guarantor;

 

(xx)           which,
if a POR Receivable, is identified by Utility in the applicable Originator’s accounting system and arose from the sale of retail
electric services and/or gas services in the applicable Originator’s ordinary course of business and for which the applicable Utility
is obligated to invoice, collect and purchase;

 

(xxi)          with
respect to which all representations and warranties under this Agreement are true and correct;

 

(xxii)         with
respect to which all representations and warranties under the Receivables Sale Agreement are true and correct as of the date of sale to
the Borrower;

 

(xxiii)        the
related Originator is an Eligible Originator;

 

(xxiv)        the
related Obligor is an Eligible Obligor; and

 

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(xxv)        which,
if subject to a payment plan, is subject to a payment plan that is a Deferred Payment Plan.

 

“Enforceability Exceptions”
means exceptions to the enforceability of an obligation arising under (i) bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or affecting creditors’ rights generally, and (ii) general principles of equity, including, without limitation,
concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, regardless
of whether considered in a proceeding at equity or at law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of similar import,
together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any
successor sections.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with any Person, is treated as a single employer under Section 414(b) or
(c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code.

 

“ERISA Event”
means (a) any “reportable event” (as that term is defined in Section 4043 of ERISA or the regulations issued thereunder
(other than an event for which the 30 day notice period is waived)) with respect to a Plan; (b) a withdrawal by any Originator or
any of its ERISA Affiliates from a Plan subject to Section 4063 of ERISA during a plan year in which the relevant entity is a “substantial
employer” (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal
under Section 4062(e) of ERISA which could reasonably be expected to give rise to any liability with respect to such withdrawal;
(c) a complete or partial withdrawal by such Originator or any of its ERISA Affiliates from a Multiemployer Plan; (d) the filing
of a notice of intent to terminate a Plan in a distress termination under Section 4041(c) of ERISA, the treatment of a Plan
or Multiemployer Plan amendment as a termination under Sections 4041(c) or 4041A of ERISA, or the commencement of proceedings by
the PBGC to terminate a Plan or Multiemployer Plan or to appoint a trustee to administer any Plan or Multiemployer Plan; or (e) the
imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon any Originator or any of its ERISA Affiliates.

 

“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.

 

“Event of Bankruptcy”
means, with respect to any Person:

 

(i)             such
Person shall fail generally to pay his, her or its debts as they come due, or shall make a general assignment for the benefit of creditors;
or any case or other proceeding shall be instituted by such Person seeking to adjudicate him, her or it as bankrupt or insolvent, or seeking
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of him, her or it or his,
her or its debts under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition
or adjustment of debts, or seeking the entry of an order for relief or the appointment of a trustee, receiver, custodian, liquidator,
assignee, sequestrator or the like for such Person or all or substantially all of its assets; or such Person shall take any corporate
or limited liability company action to authorize any of such actions; or

 

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(ii)            a
case or other proceeding shall be commenced, without the application or consent of such Person in any court seeking the liquidation, reorganization,
debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action
with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up
or composition or adjustment of debts, and (A) such case or proceeding shall continue undismissed, or unstayed and in effect, for
a period of sixty (60) consecutive days or (B) an order for relief in respect of such Person shall be entered in such case or proceeding
or a decree or order granting such other requested relief shall be entered.

 

“Event of Termination”
has the meaning assigned to that term in Section 7.01.

 

“Excluded
Taxes” means, with respect to an Affected Person, any of the following Taxes imposed on or with respect to such Affected Person
or required to be withheld or deducted from a payment to such Affected Person: (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes, state gross receipts Taxes, and branch profits Taxes, in each case, imposed as a result of such Affected
Person being organized under the Laws of, or having its principal office or its applicable lending office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or that are Other Connection Taxes, (b) United States federal withholding
Taxes imposed on amounts payable to or for the account of such Affected Person with respect to its portion of Aggregate Exposure Amount
pursuant to a law in effect on the date on which (i) such Affected Person first funds a portion of Aggregate Exposure Amount or
first becomes obligated to fund a portion of Aggregate Exposure Amount (other than pursuant to an assignment request by the Borrower
under Section 2.13(f)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2.13, 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) any Tax, assignment or other governmental
charge attributable to such Affected Person’s failure to comply with the requirements contained in Section 2.14, and
(d) any withholding Taxes imposed under FATCA.

 

“Exposure
Amount” of any Lender or LC Issuer means, at any time, (A) the portion of the Principal Balance of the Loans made to the
Borrower by such Lender plus (B) the aggregate amount paid by such Lender to an LC Issuer to fund Reimbursement Borrowings
pursuant to Section 2.04 plus (C) the portion of the LC Undrawn Amount for all Letters of Credit then outstanding that
such Lender is committed to reimburse pursuant to Section 2.04 that have not been otherwise Cash Collateralized, plus
(D) with respect to an LC Issuer, the aggregate amount of Reimbursement Obligations then owing to such LC Issuer (including all Participation
Advances deemed to have been funded by such LC Issuer) that have not been otherwise paid or Cash Collateralized, minus (E) sum
of the aggregate amount of Collections and other payments received by the Administrative Agent, the Facility Agents or the Lenders in
respect thereof which in each case are applied to reduce such Exposure Amount in accordance with the terms and conditions of this Agreement;
provided, that if such Exposure Amount shall have been reduced by any distribution and thereafter all or a portion of such
distribution is rescinded or must otherwise be returned for any reason, such Exposure Amount shall be increased by the amount of such
rescinded or returned distribution, as though it had not been received by such Lender or LC Issuer, as applicable.

 

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“FACA”
means the Federal Assignment of Claims Act, 41 U.S.C. § 15, as supplemented by the Federal Acquisition Regulations, 48 C.F.R.

 

“Facility Agent”
means, as to any Conduit Lender or Committed Lender, the Person listed on Schedule I as the “Facility Agent” for such
Lenders, together with its respective successors and permitted assigns.

 

“Facility
Documents” means collectively, this Agreement, each Borrowing Request, each Letter of Credit Request, each Letter of
Credit Application, the Receivables Sale Agreement, the Subordinated Note, the No Petition Agreement, the Fee Letter, the Administrative
Agent Fee Letter, the Performance Guaranty, each Deposit Account Control Agreement, each LC Fronting Fee Letter and all other agreements,
documents and instruments delivered pursuant thereto or in connection therewith.

 

“Facility Limit”
means, at any time, the lesser of (i) $1,000,000,000 and (ii) the aggregate amount of the Commitments of the Committed Lenders
set forth on Schedule I for the applicable Period in effect at such time, as such amount may be increased or decreased in accordance with
Sections 2.01(c) and 10.04 and on the Scheduled Termination Date with respect to an Early Terminating Lender Group.

 

“FATCA”
means Section 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 in respect thereof.

 

“Federal
Funds Rate” means, with respect to any Lender for any period, a fluctuating interest rate per annum equal (for each day
during such period) to 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 immediately preceding Business
Day) by the Federal Reserve Bank of New York; or 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 applicable Facility Agent from three federal funds brokers of recognized
standing selected by it. Notwithstanding the foregoing, if the rate in the preceding sentence is below zero, the “Federal
Funds Rate” will be deemed to be zero.

 

    18

     

    

 

“Federal Governmental
Excess Concentration Amount” means, at any time, the aggregate amount by which the Outstanding Balance of Eligible Receivables
for which the Obligor is a Federal Government Obligor exceeds the product of (x) 5.00% and (y) the aggregate Outstanding Balance
of all Pool Receivables at such time.

 

“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.

 

“Fee Letter”
means the Fee Letter, dated as of the Effective Date, between the Facility Agents and the Borrower.

 

“Fees”
means, collectively, all Used Fees, Unused Fees, Other Fees and any fees set forth in the Administrative Agent Fee Letter.

 

“Final
Collection Date” means the date on or following the Termination Date on which the Aggregate Principal Balance has been reduced
to zero, all other Borrower Obligations have been paid in full and all Letters of Credit have been cancelled or expired.

 

“Final Maturity Date”
means the date that is 120 days after the Termination Date, or if such date is not a Business Day, the next succeeding Business Day.

 

“Financial
Officer” of any Person means any of the chief executive officer, chief financial officer or treasurer (or if no individual
shall have such designation, the Person charged by the Board of Directors of such Person (or a committee thereof) with such powers and
duties as are customarily bestowed upon the individual with such designation) or the audit or finance committee of the Board of Directors
of such Person.

 

“Foreign Affected
Party” has the meaning set forth in Section 2.14(b)(ii).

 

“Foreign Lender”
has the meaning set forth in Section 2.14(b)(ii).

 

“Fronting Fees”
has the meaning set forth in Section 2.04(k).

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America from time to time, consistently applied.

 

“Governmental Authority”
means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental,
quasi-governmental, judicial, regulatory, public or statutory instrumentality, authority, body, agency, bureau or entity (including any
zoning authority, the Federal Energy Regulatory Commission, the Comptroller of the Currency or the Federal Reserve Board, any central
bank or any comparable authority) or any arbitrator with authority to bind a party to this Agreement at law.

 

“Indebtedness”
of any Person means, without duplication, means (a) indebtedness for borrowed money; (b) obligations evidenced by bonds,
debentures, notes, mortgages, indentures or other similar instruments; (c) obligations to pay the deferred purchase price of property
or services (other than trade accounts payable due not more than six months after such property is acquired or such services are completed);
(d) all capital lease obligations; and (e) obligations under guaranties in respect of, and obligations (contingent or otherwise)
to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others
of the kinds referred to in clauses (a) through (d).

 

    19

     

    

 

“Indemnified Party”
has the meaning set forth in Section 8.01.

 

“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, any Originator or the Performance Guarantor under any Facility Document and (b) to the extent not otherwise described
in (a), Other Taxes.

 

“Initial Credit Extension”
means the first Credit Extension made pursuant to this Agreement.

 

“Interest”
means, for any Loan (or portion thereof) and any Interest Period, the sum for each day during such Interest Period (or portion thereof)
of the following:

 

(IR x PB) / CB

 

where:

 

		IR	=	the Interest Rate for such Loan for such day.

 

		PB	=	the Principal Balance of such Loan on such day.

 

		CB	=	if such Loan (or portion thereof) is funded based upon: (i) the Base Rate, 365 or 366 days, as applicable
and (ii) Benchmark or CP Rate, 360 days.

 

“Interest and Fee
Payment Date” means (i) the fourth (4th) day of each calendar month, or if such day is not a Business Day, the next succeeding
Business Day and (ii) (A) during any period when the conditions precedent set forth in Section 3.02 are not satisfied
and (B) on and after the occurrence of the Termination Date, each Business Day.

 

“Interest
Period” means (a) (i) initially the period commencing on the Effective Date and ending on (and including) the
last day of September 2020; and (ii) thereafter, each period beginning on the first day of each calendar month and ending on
(and including) the last day of such calendar month and (b) on and after the Termination Date, each Business Day.

 

“Interest Rate”
means, with respect to any Loan on any day: (a) in the case of any portion of any Loan funded by Commercial Paper Notes, the applicable
CP Rate, and (b) in the case of any portion of any Loan not funded by Commercial Paper Notes (including under a Liquidity Agreement
or other Program Support Agreement), the Benchmark; provided, that, following an Event of Termination, the “Interest Rate”
for any Loan funded or maintained hereunder shall be the Default Rate.

 

“Investment Company
Act” has the meaning set forth in Section 4.01(q).

 

    20

     

    

 

“IRS” means
the Internal Revenue Service of the United States of America.

 

“Issuance Date”
means the date on which a Letter of Credit is issued in accordance with the terms of Section 2.04.

 

“Joinder Agreement”
means a joinder agreement substantially in the form set forth as Exhibit I hereto pursuant to which a new Lender Group becomes
party to this Agreement.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award
of any government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of
either, or any court, tribunal, grand jury or arbitrator, in each case, whether foreign or domestic.

 

“LC Cash Collateral
Date” means the earlier of (i) with respect to any Letters of Credit that are scheduled to expire after the then-current
Scheduled Termination Date, the date that is 30 days prior to the then-current Scheduled Termination Date, unless waived in writing by
each LC Issuer, each Lender and the Administrative Agent and (ii) the Termination Date.

 

“LC
Collateral Account” has the meaning set forth in 2.04(n)(i).

 

“LC
Commitment” means, with respect to any LC Issuer, its obligation to issue Letters of Credit to the Borrower pursuant
to Section 2.04, in the amount not to exceed the amount set forth on Schedule I (or in the Joinder Agreement pursuant
to which such LC Issuer became party hereto), subject to assignment pursuant to Section 10.03.

 

“LC Credit Extension”
has the meaning set forth in Section 2.01(a).

 

“LC Fronting Fee
Letter” means each fee letter among the Borrower, one or more LC Issuers and their related the Facility Agents, including the
Letter of Credit Fronting Fee Letter, dated as of the Effective Date, among the Borrower, the Facility Agent and the LC Issuer for the
CACIB Lender Group and the Facility Agent and LC Issuer for the RBC Lender Group.

 

“LC Issuer”
means any Person listed on Schedule I hereto (or in the Joinder Agreement pursuant to which such Person became party hereto) as
an “LC Issuer”, or which has been designated in writing to the Borrower and the Administrative Agent as an “LC Issuer”
by the related Facility Agent, together with their respective successors and permitted assigns hereunder.

 

“LC Obligations”
means, at any time, the sum, without duplication, of (a) the LC Undrawn Amount at such time, plus (b) the aggregate unpaid
amount at such time of all Reimbursement Obligations.

 

“LC
Sublimit” means, for each Period, the applicable amount set forth in Schedule I for such Period. The LC Sublimit is part
of, and not in addition to, the Aggregate Commitments.

 

“LC Undrawn Amount”
means, at any time, the aggregate undrawn amount of all outstanding Letters of Credit at such time.

 

    21

     

    

 

“Lender”
means any Conduit Lender or Committed Lender, as applicable, and “Lenders” means, collectively, the Conduit
Lenders and the Committed Lenders.

 

“Lender Group”
means each group consisting of a Facility Agent, one or more related Conduit Lenders, if any, one or more related Committed Lenders and
a related LC Issuer, if any.

 

“Lender Group Limit”
means, for any Lender Group at any time, the amount set forth on Schedule I (or in the Joinder Agreement pursuant to which such
Lender Group became party hereto) for the applicable Period in effect at such time subject to assignment pursuant to Section 10.03,
as such amount may be reduced in accordance with Section 2.01(c). The Lender Group Limit for any Lending Group shall be equal
to the aggregate Commitments of all Committed Lenders in such Lender Group.

 

“Lender
Group Percentage” means, for any Lender Group at any time, the percentage equivalent of a fraction (expressed out to five decimal
places), the numerator of which is the aggregate Commitments of all Committed Lenders in such Lender Group at such time and the
denominator of which is the Facility Limit at such time. If all of the Commitments have terminated or expired, the Lender Group Percentages
shall be determined based upon the Commitments most recently in effect.

 

“Letter of Credit”
means a stand-by or documentary letter of credit issued by an LC Issuer pursuant to this Agreement in Dollars for the account of an Originator
or an Affiliate of an Originator at the request of such Originator under and pursuant to the Receivables Sale Agreement.

 

“Letter of Credit
Application” has the meaning set forth in Section 2.04(b).

 

“Letter of Credit
Request” has the meaning set forth in Section 2.04(b).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), or preference,
priority, charge or other security agreement or preferential arrangement of any kind or nature whatsoever that is intended as security.

 

“Liquidity Advance”
means a loan, advance, purchase or other similar action made by a Liquidity Provider pursuant to a 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 Commercial Paper Notes or other senior indebtedness.

 

“Liquidity Provider”
means each bank, other financial institution or other Person that is at any time party to a Liquidity Agreement as a lender (or any participant
thereof).

 

    22

     

    

 

“Liquidity-Based
Amortization Event” shall be deemed to have occurred when the Facility Agent of the CACIB Lender Group notifies the Administrative
Agent, the other Facility Agents, the Borrower and the Servicer in writing that each Conduit Lender in such Facility Agent’s Lender
Group has been funding such Conduit Lender’s Exposure Amount through such Conduit Lender’s Program Support Agreement(s) (rather
than through the issuance of Commercial Paper Notes) for a period of 270 consecutive days.

 

“Loan”
has the meaning set forth in Section 2.01(a).

 

“Loan Parties”
means, collectively, the Borrower, the Performance Guarantor and, so long as it is NRG Retail LLC or an Affiliate thereof, the Servicer.

 

“Lock-Box”
means any post office box maintained by a Deposit Account Bank or a Payment Processor for the purpose of receiving payments on Receivables
or other Collections.

 

“Lock-Box Control
Agreement” means an agreement with respect to a Lock-Box administered by a Payment Processor, in a form acceptable to the Administrative
Agent in its reasonable discretion, among the Borrower, the Administrative Agent and such Payment Processor.

 

“Loss Horizon Ratio”
means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (a) the numerator of which is equal
to the sum of (i) the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated during
the four (4) most recent Calculation Periods preceding such Calculation Period and (ii) the Outstanding Balance of Unbilled
Receivables generated during such Calculation Period times the DPP Factor and (b) the denominator of which is equal to the Net Receivables
Balance on the last day of such Calculation Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible
Obligor will not be included for purposes of this calculation.

 

“Loss Ratio”
means, at any time, the highest average of the Default Ratios for any three (3) consecutive Calculation Periods during the past twelve
(12) Calculation Periods.

 

“Loss Reserve Amount”
means, at any time, an amount equal to the product of (i) the Loss Reserve Percentage at such time and (ii) the Net Receivables
Balance at such time.

 

“Loss Reserve Percentage”
means, at any time, the greatest of (a) 10.0% and (b) the product of (i) the Stress Factor, (ii) the Loss Ratio at
such time and (iii) the Loss Horizon Ratio at such time.

 

“Low Ratings Deposit
Account Bank” shall have the meaning set forth in Section 6.03(b).

 

“Majority
Facility Agents” means, at any time, Facility Agents whose Lender Group Limits together exceed fifty percent (50%) of the Facility
Limit at such time; provided, that, if any Lender Group includes a Committed Lender that is a Defaulting Committed Lender,
the Lender Group Limit of such Lender Group (including as part of the Facility Limit) shall not be included for purposes of this definition;
provided, further, that, if there are only two Facility Agents of which the Lender Group does not include a Defaulting Committed
Lender, “Majority Facility Agents” means both Facility Agents.

 

    23

     

    

 

“Material
Adverse Effect” means a material adverse effect on:

 

(a)            the
business, financial condition, results of operations or properties of the Borrower;

 

(b)            the
business, financial condition, results of operations or properties of the Transaction Parties, taken as a whole;

 

(c)            the
ability of any Loan Party to perform its obligations under any Facility Document to which it is a party;

 

(d)            the
legality, validity or enforceability of any Facility Document;

 

(e)            the
collectability of all or any material portion of the Pool Receivables;

 

(f)             the
rights or interests of the Administrative Agent, the Facility Agents, the Lenders or the Liquidity Providers hereunder or with respect
to the Collateral; or

 

(g)            the
perfection, priority or enforceability of the Administrative Agent’s security interest in the Collateral.

 

“Modification Date”
means the date on which a Letter of Credit is amended, renewed or extended in accordance with the terms of Section 2.04.

 

“Monthly Report”
means a report, in substantially the form of Exhibit C, furnished by the Servicer to the Facility Agents pursuant to Section 5.05(e).

 

“Monthly Reporting
Date” means the twentieth (20th) day of each calendar month (or, if such day is not a Business Day, the next succeeding
Business Day).

 

“Moody’s”
means Moody’s Investors Service, Inc., and its successors.

 

“MUFG
Lender Group” means the MUFG Bank, Ltd. Lender Group as defined on Schedule I.

 

“Multiemployer Plan”
means a multiemployer plan within the meaning of Section 3(37) of ERISA to which any Transaction Party or any of its ERISA Affiliates
makes or is obligated to make contributions.

 

“Net Receivables
Balance” means at any time of calculation hereunder, an amount equal to the sum of the amount equal to the Outstanding Balances
of all Pool Receivables that are Eligible Receivables at such time, minus, without duplication, (i) the aggregate Obligor
Excess Concentration Amounts at such time, (ii) the Federal Governmental Excess Concentration Amount at such time, (iii) the
Unbilled Receivables Excess Concentration Amount at such time, (iv) the Customer Deposit Amount at such time, (v) the Direct
Taxes Amount at such time, (vi) the Deferred Payment Plan Excess Concentration Amount at such time and (vii) the Unbilled 31-60
Day Excess Concentration Amount.

 

    24

     

    

 

“No Petition Agreement”
means that certain no proceedings letter agreement, dated as of the Effective Date, among the Servicer, the Administrative Agent and the
Subordinated Note Financier, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all or all affected Lenders
in accordance with the terms of Section 10.01 hereof and (ii) has been approved by a majority of the Lenders (measured by reference
to the commitments of such Lender’s Lender Group and in accordance with the same logic used to determine “Majority Facility
Agents”).

 

“Non-Renewing Lender
Group” means, any Lender Group that has not agreed to extend the Scheduled Termination Date.

 

“Non-Seasonal Reduction”
has the meaning set forth in Section 2.01(c).

 

“Obligor”
means any Person obligated to make payments pursuant to a Contract.

 

“Obligor Excess Concentration
Amount” means, at any time, the amount by which the aggregate Outstanding Balance of all Eligible Receivables owing by an Obligor
or one or more of its Affiliates exceeds the applicable Concentration Limit for such Obligor at such time.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Originator”
means any retail energy subsidiary of NRG Energy, Inc. party to the Receivables Sale Agreement in accordance with the terms thereof
and as consented to by the Administrative Agent and the Majority Facility Agents in their sole discretion. As of the Amendment No. 2
Effective Date, the Originators are Reliant Energy Retail Services, LLC, Reliant Energy Northeast LLC, Green Mountain Energy Company,
US Retailers LLC, Stream SPE, Ltd., XOOM Energy Texas, LLC, Direct Energy, LP and Direct Energy Business, LLC.

 

“Other Connection
Taxes” means with respect to any Affected Person, Taxes imposed as a result of a present or former connection between such Affected
Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person 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 Facility Document, or sold or assigned an interest in any portion of the Aggregate Exposure
Amount).

 

“Other Fees”
means amounts owed by the Borrower hereunder pursuant to Sections 2.04, 2.12, 2.13, 2.14, 8.01 and
10.10.

 

    25

     

    

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect
to an assignment (other than an assignment made pursuant to Section 2.13(f)).

 

“Other LC Fees”
has the meaning set forth in Section 2.04(k).

 

“Outstanding Balance”
means, with respect to a Receivable at any time, the then outstanding principal balance thereof; provided that the Outstanding
Balance of each Receivable for which the Obligor is a Texas Storm Credit Balance Obligor at such time shall be deemed to be $0.

 

“Parent Credit Agreement”
means that certain Second Amended and Restated Credit Agreement, dated as of June 30, 2016, among the Performance Guarantor, as borrower,
the credit parties from time to time party thereto and Citicorp North America, Inc., as administrative agent and collateral agent,
except as expressly stated otherwise herein or in any Facility Document, as amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

“Participant”
has the meaning specified in Section 10.03(a).

 

“Participation
Advance” means, with respect to any Reimbursement Borrowing requested in respect of any draw on any Letter of Credit, the amount
that the related LC Issuer shall be deemed to have advanced to cover a Defaulting Committed Lender’s failure to fund its
Lender Group Percentage of such Reimbursement Borrowing.

 

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public
Law 107-56 (commonly known as the USA PATRIOT Act).

 

“Payment
Processor” means any third party service provider (including, if applicable, any Deposit Account Bank maintaining Lock-Boxes
on behalf of the Borrower) administering or processing payments or Collections on behalf of the Servicer or the Borrower.

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any successor entity performing similar functions.

 

“Performance Guarantor”
means NRG Energy, Inc., a Delaware corporation.

 

“Performance
Guaranty” means that certain Performance Guaranty, dated as of the Effective Date, by the Performance Guarantor in favor
of the Administrative Agent, on behalf of the Secured Parties, and the Borrower.

 

“Period”
means Period 1, Period 2, Period 3 and Period 4.

 

“Period 1”
means, for each calendar year, the period beginning on and including the Amendment No. 2 Effective Date and ending on but not including,
the Settlement Date occurring in September of the same calendar year.

 

    26

     

    

 

“Period 2”
means, for each calendar year, the period beginning on and including the Settlement Date occurring in September of each calendar
year and ending on but not including, the Settlement Date occurring in October of the same calendar year.

 

“Period 3”
means, for each calendar year, the period beginning on and including the Settlement Date occurring in October of each calendar year
and ending on but not including, the Settlement Date occurring in February of the following calendar year.

 

“Period 4”
means, for each calendar year, the period beginning on and including the Settlement Date occurring in February of each calendar year
and ending on but not including, the Scheduled Termination Date.

 

“Permitted Liens”
means any of the following:

 

(a)            Liens
for taxes and assessments (i) which are not yet due and payable or (ii) the validity of which are being contested in good faith
by appropriate proceedings and with respect to which the Borrower is maintaining adequate reserves in accordance with GAAP;

 

(b)            Liens
in favor of the Administrative Agent or any Secured Party, including any Liquidity Providers (but only in connection with this Agreement);
and

 

(c)            Liens
in favor of the Borrower arising pursuant to the Receivables Sale Agreement.

 

“Person”
means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated
association, joint venture, Governmental Authority or other entity.

 

“Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect
of which the Performance Guarantor or any of its ERISA Affiliates contributes or has an obligation to contribute (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to contribute or have an obligation to contribute).

 

“Pool Receivable”
means each Receivable in which an interest has been transferred or purported to be transferred to the Borrower by an Originator pursuant
to the Receivables Sale Agreement.

 

“POR Receivable”
means a payment obligation of a Utility to an Originator arising from the sale of a Purchased-by-Utility Receivable by such Originator
to such Utility.

 

“Potential Event
of Termination” means any event which, with the giving of notice or lapse of time or both, would constitute an Event of Termination.

 

“Potential Servicer
Default” means any event which, with the giving of notice or lapse of time or both, would constitute a Servicer Default.

 

    27

     

    

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by The Wall Street Journal as the “base rate on corporate
loans posted by at least 75% of the nation’s 30 largest banks” (or, if The Wall Street Journal ceases quoting a base rate
of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release
H.15 (519) entitled “Selected Interest Rates” as the Bank prime loan rate or its equivalent); each change in the Prime Rate
shall be effective as of the opening of business on the date such change is publicly announced as being effective. The Prime Rate is a
reference rate and does not necessarily represent the lowest or best rate actually available.

 

“Principal
Balance” means, with respect to any Lender, the aggregate principal amount of all Loans made to the Borrower and to fund Reimbursement
Borrowings, as such amount may be reduced by Collections and other amounts received by such Lender pursuant to Section 2.06
or Section 2.07, as applicable, that have been applied to reduce such amount; provided, that if such Principal Balance
shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned
for any reason, such Principal Balance shall be increased by the amount of such rescinded or returned distribution, as though it
had not been received by such Lender.

 

“Proceeds”
has the meaning ascribed thereto in Article 9 of the UCC in effect in the State of New York.

 

“Program Administration
Agreement” means any administration agreement between any Conduit Lender and Program Administrator governing certain aspects
of the administration of such Conduit Lender’s commercial paper facility or any other agreement having similar purposes, as in effect
from time to time.

 

“Program Administrator”
means the administrator designated for Lender under the Program Administration Agreement.

 

“Program Support
Agreement” means and includes any Liquidity Agreement and any other agreement entered into by any Program Support Provider providing
for: (a) the issuance of one or more letters of credit for the account of any Conduit Lender, (b) the issuance of one or more
surety bonds for which the such Conduit Lender is obligated to reimburse the applicable Program Support Provider for any drawings thereunder,
(c) the sale by such Conduit Lender to any Program Support Provider of the rights of such Conduit Lender hereunder (including to
the Loans) and/or (d) the making of loans and/or other extensions of credit to any Conduit Lender in connection with such Conduit
Lender’s securitization program contemplated in this Agreement, together with any letter of credit, surety bond or other instrument
issued thereunder.

 

“Program Support
Provider” means and includes with respect to each Conduit Lender any Liquidity Provider and any other Person (other than any
customer of such Conduit Lender) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or
to make purchases from, such Conduit Lender pursuant to any Program Support Agreement.

 

“Purchased-by-Utility
Program” means a “purchase of receivables” or similar program pursuant to which a Utility agrees to purchase Retail
Receivables from an Originator.

 

    28

     

    

 

“Purchased-by-Utility
Receivable” means any Retail Receivable sold or contracted to be sold, by an Originator to a Utility pursuant to a Purchased-by-Utility
Program.

 

“RBC” means
Royal Bank of Canada.

 

“RBC Lender Group”
means the Royal Bank of Canada Lender Group as defined on Schedule I.

 

“Receivable”
means any (i) Retail Receivable other than any Purchased-by-Utility Receivable or (ii) POR Receivable, in each case that is
registered on the CCS Billing Platform or is included in any Borrowing Base Certificate or Monthly Report.

 

“Receivables
Sale Agreement” means that certain Receivables Sale Agreement dated as of the Effective Date between the Originators
and the Borrower.

 

“Records”
means all Contracts and all other material agreements, documents, instruments, books, records and other information (including, without
limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) maintained by or on
behalf of the Borrower or the Servicer with respect to the Pool Receivables, the related Obligors and the Related Security.

 

“Register”
has the meaning set forth in Section 10.03(e).

 

“Regulatory
Change” means any treaty, law, rule, regulation or guideline of any jurisdiction or any directive or request of any Governmental
Authority (whether or not having the force of law).

 

“Reimbursement Borrowing”
has the meaning set forth in Section 2.04(f)(i).

 

“Reimbursement Obligations”
means all outstanding matured reimbursement or repayment obligations of the Borrower to any LC Issuer (and the participating Lenders)
with respect to amounts drawn on a Letter of Credit, whether pursuant to Section 2.04 or otherwise.

 

“Related Security”
means, with respect to any Pool Receivable: (i) all instruments and chattel paper that may evidence such Pool Receivable, (ii) all
security interests or liens and property subject thereto from time to time purporting to secure payment of such Pool Receivable, whether
pursuant to the related Contract or otherwise, (iii) all UCC financing statements or other filings covering any collateral securing
payment of such Pool Receivable (it being understood that such UCC financing statements will not be assigned of record to the Administrative
Agent unless requested by the Administrative Agent after an Event of Termination), (iv) (x) with respect to a Retail Receivable,
all of the Borrower’s rights, interests and claims to receive payment under the Contract(s) with respect to such Retail Receivable
or (y) with respect to a POR Receivable, all of the Borrower’s rights, interests and claims to receive payment from the applicable
Utility under the Contract(s) with respect to such POR Receivable and, in each case, all guaranties, indemnities, insurance and other
agreements (including under the related Contract), supporting obligations (as defined in the UCC), letters of credit or arrangements of
whatever character from time to time, supporting or securing payment of such Pool Receivable or otherwise relating to such Pool Receivable,
whether pursuant to the Contract related to such Receivable or otherwise, (v) all books and records (excluding the Contracts) relating
to such Pool Receivable or any of the foregoing (it being understood that such books and records will be maintained by the Servicer),
(vi) all of the Borrower’s right, title and interest in and to the Receivables Sale Agreement, including (x) all monies
due or to become due thereunder to the Borrower from any Originator and (y) all rights, remedies, powers, claims and privileges of
the Borrower against any Originator thereunder or in connection therewith, and (vii) all proceeds of the foregoing; provided
that, notwithstanding the foregoing, any of the foregoing for which an assignment from the applicable Originator to the Borrower or the
granting of a security interest from Borrower to Administrative Agent would violate any law, regulation or agreement binding upon such
Originator or the Borrower (but, in the case of any agreement, only to the extent no law or regulation exists which would render such
anti-assignment provision unenforceable), shall not be deemed to be Related Security; and provided, further, that the applicable
Originator and the Borrower shall not be required to notify the related Obligor or to record the assignment to the Administrative Agent
of any Related Security unless requested by the Administrative Agent after an Event of Termination.

 

    29

     

    

 

“Release”
has the meaning specified in Section 2.07(a)(viii).

 

“Release Suspension
Notice” has the meaning specified in Section 2.07(a)(viii).

 

“Required
LC Cash Collateral Amount” means, with respect to all Letters of Credit then outstanding, (A) prior to the LC Cash Collateral
Date, the sum of (i) any amount necessary to Cash Collateralize any outstanding Participation Advances and any Interest thereon in
connection with a Defaulting Committed Lender’s failure to fund its portion of Reimbursement Borrowings in respect of prior
drawings on any such Letter of Credit, (ii) any amount necessary to Cash Collateralize the Lender Group Percentage of each Early
Terminating Lender Group of the Stated Amount of each Letter of Credit, in an amount equal to each such Early Terminating Lender Group’s
ratable share (in accordance with such Lender Group’s share of the Aggregate Exposure Amount) of the balance of such Collections
(such ratable share to be determined on each Business Day, solely for the purposes of this clause (ii)), based upon the outstanding
Aggregate Exposure Amount and the Lender Group Percentages with respect to the LC Undrawn Amount immediately preceding such Early Termination
Date), (iii) the amount of any unpaid Borrowing Base Deficiency required to be held in the LC Collateral Account and (iv) the
amount of fees accrued or to accrue on such Letters of Credit through the stated expiration thereof, including, without limitation, Used
Fees, Fronting Fees and Other LC Fees; and (B) on or after the LC Cash Collateral Date, the sum of (i) the Stated Amount of
all such Letters of Credit, (ii) any amount necessary to Cash Collateralize any outstanding Participation Advances and any Interest
thereon in connection with a Defaulting Committed Lender’s failure to fund its portion of Reimbursement Borrowings in respect of
prior drawings on any such Letter of Credit, (iii) the amount of any unpaid Borrowing Base Deficiency required to be held in the
LC Collateral Account and (iv) the amount of fees accrued or to accrue on such Letters of Credit through the stated expiration thereof,
including, without limitation, Used Fees, Fronting Fees and Other LC Fees.

 

“Responsible Officer”
means, with respect to any Person, the chief executive officer, the president, any vice president, the chief financial officer or the
treasurer of such Person, any other officer having substantially the same authority and responsibility.

 

    30

     

    

 

 

“Retail Receivable”
means any indebtedness and other obligations of any Obligor, whether constituting an account, chattel paper, instrument or general intangible,
representing part or all of the sales price of the non-wholesale sale of goods and/or the rendering of services by or for energy provided
by any Originator to such Obligor, and includes the obligation of the Obligor thereon to pay any finance charges, fees and other charges
with respect thereto, including, without limitation, with respect to any Unbilled Receivables, 100% of the amount to be or thereafter
invoiced to the Obligor.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor.

 

“Sanctioned Country”
means, at any time, a country or territory that is subject to comprehensive Sanctions.

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the
European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person
owned or controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Scheduled Termination
Date” means July 26, 2023, unless such date is extended with the consent of the parties hereto; provided, that if
any Lender Group has agreed to an extension of the Scheduled Termination Date, then the Scheduled Termination Date shall be the date agreed
to by the Borrower and such Lender(s) or LC Issuer(s) as the termination date for such extension; provided, further,
that, for purposes of commitment to make Credit Extensions or to fund Reimbursement Borrowings hereunder, the “Scheduled Termination
Date” for any Early Terminating Lender Group, shall be the applicable Early Termination Date.

 

“SEC” means
the United States Securities and Exchange Commission.

 

“Secured Parties”
means, collectively, the Lenders, each Facility Agent, each LC Issuer, the Administrative Agent and each other Indemnified Party.

 

“Servicer”
means NRG Retail LLC, or such other Person(s) then authorized pursuant to Section 6.01 to service, administer, bill and
collect Pool Receivables.

 

“Servicer Default”
means the occurrence of any of the following with respect to the Servicer:

 

(a)            the
Servicer shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to the Borrower,
the Administrative Agent or any Secured Party when due; or

 

    	 	31	 

     

    

 

(b)           the
Servicer shall fail to deliver the Monthly Report on or prior to the second Business Day after the Monthly Reporting Date; or

 

(c)           the
Servicer shall breach any term, covenant or agreement contained in this Agreement or any other Facility Document on its part to be performed
or observed; or

 

(d)           any
representation or warranty made or deemed to be made by the Servicer under this Agreement, any other Facility Document, any Monthly Report,
any Borrowing Request, and Borrowing Base Certificate or any Letter of Credit Request or other written information or report delivered
pursuant hereto shall, after expiration of any applicable cure period, prove to have been false or incorrect in any material respect when
made or deemed made or delivered (or any representation or warranty qualified by materiality shall prove to have been false or incorrect);
or

 

(e)           an
Event of Bankruptcy shall have occurred with respect to the Servicer; or

 

(f)            a
Material Adverse Effect with respect to the Servicer.

 

“Servicer Fee”
means a fee with respect to each Calculation Period, payable in arrears on each Interest and Fee Payment Date for the account of the Servicer,
in an amount equal to the product of (i) the aggregate Outstanding Balances of all Pool Receivables as of the last day of such Calculation
Period, (ii) the Servicer Fee Rate and (iii) a fraction equal to the number of actual days elapsed in such Calculation Period
divided by 360, or such other amount agreed to between the Servicer (including a successor servicer) and the Facility Agents.

 

“Servicer Fee Rate”
means a rate per annum equal to one point seventy-five percent (1.75%).

 

“Servicer Fee Reserve
Amount” means, at any time, an amount equal to the product of (i) the Servicer Fee Reserve Percentage at such time and
(ii) the Net Receivables Balance at such time.

 

“Servicer Fee Reserve
Percentage” means, at any time, the product of (i) the Servicer Fee Rate, (ii) 1.5, (iii) a percentage expressed
as a fraction, the numerator of which is the highest Days’ Sales Outstanding for the prior twelve (12) Calculation Periods, and
the denominator of which is 360.

 

“Settlement Date”
means, the Business Day immediately following the Monthly Reporting Date.

 

“Specified Matter”
means this Agreement, any other Facility Document, the ownership, maintenance or financing of any portion of the Aggregate Exposure Amount,
the Pool Receivables, the payment of any amount due thereunder, or any obligation to advance or otherwise remit funds hereunder or to
or for the benefit of a Lender under a Liquidity Agreement or other Program Support Agreement.

 

“Stated Amount”
means, with respect to any Letter of Credit at any time, the maximum amount that remains available to be drawn thereunder in accordance
with its terms at such time.

 

    	 	32	 

     

    

 

“Stress Factor”
means 2.25.

 

“Subordinated Note”
means the Subordinated Note specified in Section 3.1 of the Receivables Sale Agreement.

 

“Subordinated Note
Financier” means MUFG Bank, Ltd. or any Affiliate thereof that is a party to any Subordinated Note Financing Document.

 

“Subordinated Note
Financing” means any transaction or series of transactions that may be entered into by one or more Originators and/or the Servicer
and the Subordinated Note Financier, pursuant to which one or more Originator and/or the Servicer may (a) sell, transfer, assign
or convey the Subordinated Note to the Subordinated Note Financier and/or (b) grant a security interest in the Subordinated Note
to the Subordinated Note Financier.

 

“Subordinated Note
Financing Documents” means each purchase agreement, sale agreement, credit agreement, loan agreement, repurchase agreement,
security agreement and/or other financing agreement entered into from time to time between the Subordinated Note Financier and the Originators
and/or the Servicer in connection with a Subordinated Note Financing.

 

“Sub-Servicer”
has the meaning set forth in Section 6.01(d).

 

“Subsidiary”
means, as to any Person, (i) any corporation, association or other business entity of which more than 50% of the total voting
power of shares of capital stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement
or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of
the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person (or a combination thereof); and (ii) any partnership (a) the sole general partner
or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which
are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

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

 

“Termination Date”
means the earliest to occur of: (i) the Scheduled Termination Date, (ii) the declaration or automatic occurrence of the Termination
Date pursuant to Section 7.01, and (iii) in the case of any Early Terminating Lender Group, the applicable Early Termination
Date.

 

“Texas Storm Credit
Balance Obligor” means an Obligor listed on Schedule III hereto until such time as Seller delivers written notice to
the Administrative Agent that such Obligor shall no longer be designated as a Texas Storm Credit Balance Obligor.

 

“Total Reserve Amount”
means, at any time, the sum of (i) the Loss Reserve Amount, (ii) the Dilution Reserve Amount, (iii) the Carrying Cost Reserve
Amount and (iv) the Servicer Fee Reserve Amount. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible
Obligor will not be included for purposes of this calculation.

 

    	 	33	 

     

    

 

“Transaction Parties”
means, collectively, the Borrower, each Originator, the Performance Guarantor and, so long as it is NRG Retail LLC or an Affiliate thereof,
the Servicer.

 

“UCC” means
the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 2.14(b)(ii)(C).

 

“Unbilled
31-60 Day Excess Concentration Amount” means, at any time, the amount by which (a) the aggregate Outstanding Balance
of all Eligible Receivables which are Unbilled Receivables that have remained unbilled for more than thirty (30) consecutive calendar
days after the earlier of (i) the end of the calendar month during which the related goods were sold or the services were performed
and (ii) the date on which the obligation or agreement of the related Originator to sell goods or provide services to the related
Obligor is terminated exceeds (b) the product of (i) 5.0% and (ii) the aggregate Outstanding Balance of all Eligible Receivables.

 

“Unbilled Receivable”
means a Pool Receivable that is a Retail Receivable as to which all services have been rendered in full and/or all goods have been delivered
to the Obligor and is accounted for on the applicable Originator’s books and records as unbilled revenue in accordance with its
current financial accounting practices but for which, at the time of determination, an invoice or any other evidence of the obligation
of such Obligor thereunder has not been duly submitted to such Obligor for payment of the amount thereof. Notwithstanding the foregoing,
(i) the Outstanding Balance of all Unbilled Receivables for Obligors that are not Eligible Obligors for any Calculation Period will
be deemed to be an amount agreed upon by the Borrower and the Committed Lenders in writing (which may be by email); and (ii) the
Outstanding Balance for all Unbilled Receivables for which the Obligor is a Texas Storm Credit Balance Obligor at such time shall be deemed
to be $0.

 

“Unbilled Receivables
Excess Concentration Amount” means, at any time, the amount by which the aggregate Outstanding Balance of all Unbilled Receivables
that are Eligible Receivables exceeds the product of (a) (i) if the Performance Guarantor has (x) a long-term local issuer
credit rating of at least B from S&P and (y) a long-term corporate family rating of at least B2 from Moody’s, 60.0% or
(ii) if Performance Guarantor has (x) a long-term local issuer credit rating of B- or less (or no long-term local issuer credit
rating) by S&P or (y) a long-term corporate family rating of B3 or less (or no long-term local issuer credit rating) from Moody’s,
35.0% and (b) the aggregate Outstanding Balance of all Eligible Receivables.

 

“Unused Fee”
has the meaning specified in the Fee Letter.

 

“Used Fee”
has the meaning specified in the Fee Letter.

 

“Utility”
means an electric and/or gas utility (or affiliated captive finance company).

 

“Volcker Rule”
has the meaning set forth in Section 4.01(q).

 

    	 	34	 

     

    

 

“Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

SECTION 1.02.
Other Terms and Constructions. Under this Agreement, all accounting terms not specifically defined herein shall be
construed in accordance with GAAP as in effect in the United States, and all accounting determinations made and all financial statements
prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New
York, and not specifically defined herein, are used herein as defined in such Article 9. The words “herein,” “hereof,”
and “hereunder” and other words of similar import refer to this Agreement as a whole, including the exhibits and schedules
hereto, as the same may from time to time be amended or supplemented and not to any particular section, subsection, or clause contained
in this Agreement, and all references to Sections, Exhibits and Schedules shall mean, unless the context clearly indicates otherwise,
the Sections hereof and the Exhibits and Schedules attached hereto, the terms of which Exhibits and Schedules are hereby incorporated
into this Agreement. The captions and section numbers appearing in this Agreement are inserted only as a matter of convenience and do
not define, limit, construe or describe the scope or intent of the provisions of this Agreement. Each of the definitions set forth in
Section 1.01 hereof shall be equally applicable to both the singular and plural forms of the defined terms. Unless specifically
stated otherwise, all references herein to any agreements, documents or instruments shall be references to the same as amended, restated,
supplemented or otherwise modified from time to time.

 

SECTION 1.03. Computation of Time Periods.
Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the
word “from” means “from and including” and the words “to” and “until” each means “to
but excluding.”

 

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

SECTION 2.01. The Loan
Facility.

 

(a)            On
the terms and subject to the conditions hereof, on the Effective Date, and thereafter from time to time prior to the Termination Date,
the Borrower may request that the Lenders make loans (each a “Loan”) or that the LC Issuers issue, extend, modify or
renew one or more Letters of Credit for the benefit of the Borrower or its designee (an “LC Credit Extension”), in
each case, subject to the terms herein. The terms and conditions of the LC Credit Extensions are set forth in Section 2.04.
Subject to the terms and conditions set forth herein, each Conduit Lender may in its sole discretion, and each Committed Lender shall,
only if each Conduit Lender in its Lender Group elects not to (and has notified the Borrower, the Servicer, the Administrative Agent and
the related Facility Agent) or there is no Conduit Lender in a Lender Group, make such Lender Group’s share of the Loans to the
Borrower in an amount, for each Lender Group, equal to its Lender Group Percentage of the amount requested by the Borrower pursuant to
Section 2.02; provided that no Lender shall make any such Loan if:

 

(i)             the
Aggregate Exposure Amount shall exceed the Facility Limit at such time;

 

    	 	35	 

     

    

 

(ii)            the
aggregate Exposure Amount of the Lenders in any Lender Group would exceed such Lender Group’s Lender Group Limit at such time;

 

(iii)           the
aggregate Exposure Amount of any Committed Lender would exceed its Commitment; or

 

(iv)           the
Aggregate Exposure Amount shall exceed the Borrowing Base.

 

(i)             Each
Borrowing shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof for each
Lender Group party hereto. Subject to the foregoing and to the limitations set forth in Section 2.05, the Borrower may borrow,
prepay and reborrow the Loans hereunder.

 

(b)            Rebalancing
of Lender Group Percentages. On each Settlement Date on which the Lender Group Percentages of any Lender Groups change in connection
with the start of a new Period as set forth on Schedule I, the Borrower shall be deemed to have requested a non-ratable reduction
of the Principal Balance of the Loans owing to each Assigning Lender Group and a non-ratable Loan from each Assignee Lender Group, in
amounts with respect to each Assigning Lender Group and Assignee Lender Group, as applicable, such that, after giving effect to such reductions
and Loans, the outstanding aggregate Principal Balance of the Loans owing to each Lender Group shall be equal to such Lender Group’s
Lender Group Percentage (after giving effect to the adjustments set forth on Schedule I of this Agreement, as applicable) times
the Aggregate Principal Balance. For administrative convenience, the Borrower may instruct Assignee Lender Groups to fund the foregoing
Loans by paying the proceeds thereof directly to the Assigning Lender Groups as the foregoing reduction in the Principal Balance owing
to the Assigning Lending Groups on the Borrower’s behalf and such Assignee Lender Groups shall fund such rebalancing Loans to the
Assigning Lender Groups regardless of whether the conditions precedent to a Loan set forth in Section 3.02 or otherwise in
this Agreement are satisfied. For purposes of this paragraph the following terms shall have the following meanings:

 

“Assignee
Lender Group” means a Lender Group for which the Lender Group Percentage of such Lender Group (after giving effect to such adjustments
occurring on such Settlement Date, as applicable) times the Aggregate Principal Balance exceeds the outstanding Principal Balance
of the Loans owing to such Lender Group at such time.

 

“Assigning
Lender Group” means a Lender Group for which the Lender Group Percentage of such Lender Group (after giving effect to such adjustments
occurring on such Settlement Date, as applicable) times the Aggregate Principal Balance is less than the outstanding Principal
Balance of the Loans owing to such Lender Group at such time.

 

    	 	36	 

     

    

 

(c)           Permanent
Reduction of the Facility Limit. The Borrower may, from time to time upon at least fifteen (15) calendar days’ prior written
notice to each Facility Agent, elect to reduce the Facility Limit in whole or in part (a “Non-Seasonal Reduction”),
provided that (x) any such Non-Seasonal Reduction shall be in a minimum amount of $5,000,000 and in integral multiples of
$1,000,000 in excess thereof, (y) any such Non-Seasonal Reduction shall not decrease the Facility Limit to an amount that is less
than $500,000,000 and (z) after giving effect to any such Non-Seasonal Reduction and any principal payments on such date, the Aggregate
Exposure Amount shall not exceed the Facility Limit. Each Non-Seasonal Reduction shall reduce each Lender Group Limit hereunder ratably
in accordance with their respective Lender Group Percentages. Following any Non-Seasonal Reduction, (x) the Facility Limit shall
be reduced in accordance with Schedule I for any subsequent Period for which the Commitments are to be reduced as set forth in Schedule
I and (y) the Facility Limit shall not be increased in any subsequent Period, notwithstanding that Schedule I sets forth an increase
in Commitments for such Period.

 

(d)           Committed
Lender’s Commitment.

 

(i)             If
a Conduit Lender chooses not to fund a Loan or a Reimbursement Borrowing under Section 2.04, its ratable share of the Loan
or the Reimbursement Borrowing (in accordance with its Lender Group Percentage) shall be funded by the related Committed Lenders in its
Lender Group.

 

(ii)            The
obligations of any Committed Lender to make Loans and fund Reimbursement Obligations hereunder are several from the obligations of any
other Committed Lenders. The failure of any Committed Lender to make Loans or to fund Reimbursement Borrowings hereunder shall not release
the obligations of any other Committed Lender to make Loans or to fund Reimbursement Borrowings hereunder, but no Committed Lender shall
be responsible for the failure of any other Committed Lender to make any Loan or to fund a Reimbursement Borrowing hereunder.

 

SECTION 2.02. Borrowing
Procedures.

 

(a)            Borrowing
Requests. The Borrower shall request a Borrowing hereunder by submitting to the Administrative Agent and each Facility Agent a written
notice, substantially in the form of Exhibit A (each, a “Borrowing Request”) by 12 noon (New York City
time) at least one (1) Business Day prior to the date of the proposed Borrowing (each, a “Borrowing Date”), which
Borrowing Request shall: (A) specify (1) the amount of the requested Borrowing and the allocation of such amount among the Lender
Groups (which shall be proportional in accordance with the Lender Group Percentages of each Lender Group), (2) the Aggregate Principal
Balance after giving effect to such Borrowing, (3) the Aggregate Exposure Amount after giving effect to such Borrowing, (4) the
desired Borrowing Date, and (5) the account of the Borrower to which the proceeds of such Borrowing are to be remitted and (B) certify
that, after giving effect to the proposed Borrowing, no Borrowing Base Deficiency shall exist and including a Borrowing Base Certificate
containing a pro forma calculation demonstrating the lack of a Borrowing Base Deficiency after giving effect to such Loan.

 

(b)            Disbursement
of Funds. On each Borrowing Date, each applicable Lender shall, upon satisfaction of the applicable conditions precedent set forth
in Section 3.02, make available to the Borrower in same day funds, at the account designated in writing by the Borrower to
the Administrative Agent and each Facility Agent, an amount equal to the portion of the Loan to be funded by such Lender.

 

    	 	37	 

     

    

 

SECTION 2.03. Borrowing
Base Computation; Selection and Allocation of Interest Rates.

 

(a)            Borrowing
Base Computation. The Borrowing Base shall be initially computed on the date of the Initial Credit Extension hereunder. Thereafter,
until the Termination Date, (i) the Servicer shall deliver a certificate in the form set forth on Exhibit D hereto (each
such certificate, a “Borrowing Base Certificate”) to the email addresses specified for such certificate on Schedule
II setting forth a calculation of the Borrowing Base (A) on or before the second Business Day following each Monthly Reporting
Date, (B) within two (2) Business Days after a request therefor has been delivered to the Servicer at the email address specified
for such requests on Schedule II by the Administrative Agent or any Facility Agent (it being understood that any request by a Facility
Agent shall be directed through the Administrative Agent) and (C) in connection with each Credit Extension hereunder and (ii) the
Borrowing Base shall be automatically deemed recomputed on each other Business Day prior to the Termination Date, it being understood
that the Servicer shall not be required to provide reports or evidence of such automatic computation but shall only be required to deliver
computations of the Borrowing Base as provided above in this Section and in Section 3.02, and further understood that
a deemed recomputation of the Borrowing Base shall not give rise to any Advance Suspension Event, Event of Termination or Potential Event
of Termination hereunder or under any Facility Document. With respect to each calculation of the Borrowing Base, the Total Reserve Amount
used in such calculation shall be measured using the information reported in the most recent Monthly Report.

 

(b)            Allocation
of Interest Rates. Subject to the requirements set forth in this Agreement, the Administrative Agent and the Facility Agents shall
from time to time, only for purposes of computing Interest with respect to each Lender, account for such Lender’s portion of the
Aggregate Principal Balance in terms of one or more portions (or tranches), and the applicable Interest Rate may be different for each
portion of such Aggregate Principal Balance. Each Lender’s Loans shall be allocated to each portion of the Aggregate Principal Balance
by the Administrative Agent or the applicable Facility Agent to reflect the funding sources for each such portion of such Loan, so that:

 

(i)             there
will be an Interest Rate for the portion of Aggregate Principal Balance funded or maintained through the issuance of Commercial Paper
Notes; and

 

(ii)            there
will be an Interest Rate for the portion of Aggregate Principal Balance not funded or maintained through the issuance of Commercial Paper
Notes (including by outstanding Liquidity Advances or by funding under any Program Support Agreement);

 

provided,
that, notwithstanding the foregoing, following an Event of Termination, all portions of the Aggregate Principal Balance funded or maintained
hereunder shall accrue at the Default Rate.

 

SECTION 2.04. Letter
of Credit Subfacility.

 

(a)           Generally.
Subject to the terms and conditions set forth herein, the LC Issuers shall make LC Credit Extensions requested by the Borrower from time
to time; provided, that no LC Credit Extension shall be made if, after giving effect to such LC Credit Extension (i) a Borrowing
Base Deficiency would exist, (ii) the LC Obligations would exceed the LC Sublimit as of the date of issuance of a Letter of Credit
or (iii) the portion of the LC Obligations attributable to Letters of Credit issued by any LC Issuer would exceed its LC Commitment
as of the date of issuance of a Letter of Credit.

 

    	 	38	 

     

    

 

(b)           Letter
of Credit Requests. To request an LC Credit Extension from an LC Issuer, the Borrower shall deliver a written request therefor, substantially
in the form of Exhibit B hereto (each such request, a “Letter of Credit Request”) to Administrative Agent
and the related Facility Agent of the applicable LC Issuer not later than 12 noon (New York City time) on the date that is at least three
(3) Business Days prior to the requested Issuance Date or the Modification Date of such Letter of Credit and include a Borrowing
Base Certificate containing a pro forma calculation demonstrating the lack of a Borrowing Base Deficiency after giving effect to such
LC Credit Extension. Such Letter of Credit Request shall, unless otherwise agreed by the applicable LC Issuer, be irrevocable and shall
specify the face amount of the requested Letter of Credit, the account party (which shall be an Originator or an Affiliate thereof) and
beneficiary for the requested Letter of Credit, the requested expiration date of such Letter of Credit and the requested Issuance Date
or Modification Date, as applicable, thereof; provided, that each Letter of Credit issued hereunder shall have a face amount of
not less than $1,000,000; provided, further, that no LC Issuer shall have any obligation to issue, modify or extend a Letter
of Credit if any Committed Lender is at that time a Defaulting Committed Lender, unless such LC Issuer is satisfied that the actual fronting
exposure with respect to the Defaulting Committed Lender’s related Lender Group Percentage of any LC Obligations in respect of issued
Letters of Credit or any potential fronting exposure arising from the Letter of Credit then proposed to be issued will be entirely covered
by Cash Collateral (or other satisfactory arrangements with respect thereto in the sole discretion of such LC Issuer shall have been made)
provided to such LC Issuer in accordance with this Agreement. Each LC Credit Extension by an LC Issuer of any Letter of Credit shall be,
in addition to the conditions precedent set forth in Article III, subject to the conditions precedent that (1) the LC
Cash Collateral Date shall not have occurred, (2) the form of such Letter of Credit shall be reasonably acceptable to such LC Issuer,
(3) such Letter of Credit shall not be issued to a Sanctioned Person or for the benefit of, or to make funds available to, any Person
to fund, finance or facilitate any activities or business of or with any Person that is, at the time of such funding, a Sanctioned Person
or in any country or territory that is at the time of such funding a Sanctioned Country or in any other manner that would result in a
violation of Sanctions or any other applicable Law by any Person (including such LC Issuer or any other Secured Party), (4) the Borrower
(and, to the extent required by the applicable LC Issuer, the applicable Originator or such Affiliate thereof which is to be the “Account
Party” with respect thereto) shall have executed and delivered such application agreement and/or such other documentation, information,
instruments and agreements relating to such Letter of Credit as the applicable LC Issuer shall have reasonably requested, including all
applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act (collectively,
 “Letter of Credit Application”), and (5) the Borrower shall have paid, prior to the issuance, amendment, modification,
renewal or extension thereof, to the applicable LC Issuer, any accrued and unpaid Fronting Fees then owing to such LC Issuer and any Other
LC Fees due and owing with respect to such Letter of Credit. Each Letter of Credit issued or modified in connection with an LC Credit
Extension or otherwise shall comply with the provisions of Section 2.04 and the related Letter of Credit Application. The
Borrower shall have the right to give instructions and make agreements with respect to any Letter of Credit Application and the disposition
of documents, and to agree with Administrative Agent, the applicable Facility Agent and the applicable LC Issuer upon any amendment, extension
or renewal of any Letter of Credit. In no event shall an LC Issuer be obligated to issue a modification in respect of a Letter of Credit
if, on the proposed Modification Date, the applicable LC Issuer would not be obligated to issue new Letters of Credit under the terms
hereof if requested or if the beneficiary does not consent to the proposed terms of the modification.

 

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(c)           LC
Credit Extensions. The related Facility Agent for an LC Issuer shall promptly notify such LC Issuer and Lenders in its Lender Group
of the request by the Borrower for an LC Credit Extension hereunder, and shall provide the related LC Issuer with the applicable Letter
of Credit Application delivered to Administrative Agent and the applicable Facility Agent by the Borrower pursuant to clause (b) above,
by the close of business on the day received or if received on a day that is not a Business Day or on any Business Day after 2:00 p.m. (New
York City time) on such day, on the next Business Day.

 

(d)           Participation
Commitment. Immediately upon the issuance of each Letter of Credit by an LC Issuer (or an amendment to a Letter of Credit increasing
the Stated Amount thereof), the Committed Lenders of each Lender Group shall be deemed to, and hereby irrevocably and unconditionally
agree to, purchase from such LC Issuer, a participation in such Letter of Credit (as it may be so amended) and each drawing thereunder
in an amount equal to their respective Lender Group Percentages of the Stated Amount of such Letter of Credit and the amount of such drawing,
respectively. Such participations in such LC Credit Extensions by each Committed Lender shall constitute an agreement by such Committed
Lender to make a Loan under Section 2.02 only in the event that (i) the related Letter of Credit is subsequently drawn
upon and (ii) the Conduit Lenders in its Lender Group do not fund the Lender Group Percentage of a Reimbursement Borrowing in connection
with such draw. In the event any Letter of Credit expires or is surrendered to the applicable LC Issuer in accordance with its terms without
being drawn (in whole or in part) then, in such event, the foregoing obligation of the Committed Lenders to make such Loan in respect
of such Letter of Credit shall expire to the extent of the face amount thereof which has expired or been so surrendered.

 

(e)           Issuance
of Letters of Credit. (i) Each Letter of Credit shall, among other things, (A) provide for the payment of sight drafts or
other written demands for payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the
documents described therein, (B) expire at or prior to the close of business on the date that is one year after the Issuance Date
or the Modification Date (if such Letter of Credit has been renewed or extended); provided, however, that in accordance
with clause (ii) of this subsection (e), a Letter of Credit may provide for the automatic renewal thereof for additional periods
which shall not extend beyond the date that is one year after its then current expiration date; provided, further, that
no Letter of Credit may be renewed or extended (automatically or otherwise) on or after the LC Cash Collateral Date, and (C) be in
form and substance reasonably acceptable to the applicable LC Issuer in its sole discretion.

 

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(ii)            If
the Borrower so requests in any applicable Letter of Credit Request or Letter of Credit Application, each LC Issuer may, in its sole discretion,
issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit the LC Issuer which issued such Letter of Credit to prevent any such extension
at least once in each twelve-month period (commencing with the Issuance Date of such Letter of Credit) by giving prior notice to the beneficiary
thereof and the Borrower not later than the Business Day prior to the then-current LC Cash Collateral Date (the “Non-Extension
Notice Date”). Unless otherwise directed by an LC Issuer, the Borrower shall not be required to make a specific request to the
applicable LC Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) the LC Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later
than one year after the earlier of (x) its then current expiration date and (y) the day before the LC Cash Collateral Date;
provided, however, that no LC Issuer shall permit any such extension if (A) such LC Issuer has determined that it would
not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the
terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five (5) Business
Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or any Transaction Party that one or more of the applicable
conditions specified in Section 3.02 is not then satisfied and directing such LC Issuer not to permit such extension.

 

(iii)           Each
LC Issuer may, at its election, or as directed in writing by the Administrative Agent or any Facility Agent (with a copy to the Administrative
Agent), deliver any notices of termination or other communications to any Letter of Credit beneficiary, and take any other action as necessary
or appropriate, at any time and from time to time, in order to cause the expiry date of any Auto-Extension Letter of Credit issued by
such LC Issuer to be a date not later than one year after the earlier of (x) its then current expiration date and (y) the day
before the LC Cash Collateral Date.

 

(iv)           The
Borrower hereby authorizes and directs each LC Issuer to name any Originator or any Affiliate of any Originator as designated by an Originator
pursuant to the Receivables Sale Agreement and specified to the applicable LC Issuer in the Letter of Credit Request as the “Account
Party” of each Letter of Credit.

 

(f)            Letter
of Credit Participations; Disbursements, Reimbursement. (i) In the event of any request for a drawing under a Letter of Credit
issued by an LC Issuer by the beneficiary thereof, the applicable LC Issuer will promptly notify Administrative Agent, each Facility Agent,
the Servicer and the Borrower of such request (the date of such notice, if such notice is delivered prior to 2:00 p.m. (New York
City time) or the following Business Day, if such notice is delivered after such time, the “Drawing Date”). Unless
(A) the Borrower has notified the LC Issuer, the Administrative Agent and the Facility Agents that it has deposited an amount equal
to the Reimbursement Obligations with respect to such drawing in the LC Collateral Account (and the Administrative Agent has confirmed
receipt of such funds) or (B) the LC Issuer notifies the Administrative Agent and the Facility Agents that the Borrower has otherwise
settled such Reimbursement Obligations to the satisfaction of the LC Issuer, upon the delivery of such notice, the Borrower shall be deemed
to have requested that a Loan be made ratably by the Lender Groups on such date with respect to such Letter of Credit in accordance with
Section 2.02 (the funding of such Loan, a “Reimbursement Borrowing”). Any notice given pursuant to this
Section 2.04(f) may be oral if immediately confirmed in writing by the party giving such notice (or by the Administrative
Agent on its behalf following delivery of written confirmation to the Administrative Agent); provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

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(ii)            If
a Reimbursement Borrowing has been requested (or deemed requested) pursuant to clause (i) above, the Conduit Lenders may,
each at their option, and the related Committed Lenders shall if such Conduit Lenders decline to, make available to the applicable LC
Issuer an amount in immediately available funds equal to the related Lender Group Percentage of the amount of such Reimbursement Borrowing.
If any Committed Lender so notified fails to (and its related Conduit Lender(s) have elected not to) make available to such LC Issuer
the amount of such Lender Group’s Lender Group Percentage of the Reimbursement Borrowing by 12 noon (New York City time) on the
Drawing Date, the LC Issuer shall be deemed to have made a Participation Advance with respect to such amount, and interest shall accrue
on such Participation Advance, from such date to the date on which such LC Issuer is reimbursed at a rate per annum equal to the Base
Rate. From and after the Drawing Date on which the Defaulting Committed Lender failed to fund its Lender Group Percentage of the Reimbursement
Borrowing, any payment of principal, Interest or other amounts received by the Administrative Agent or the Facility Agent of such
Defaulting Committed Lender from the Borrower or the Servicer for the account of any Lender in the Lender Group of such Defaulting Committed
Lender, shall be applied, on a pro rata basis, to the repayment of all outstanding Participation Advances that were deemed to have been
made in connection with such Defaulting Committed Lender’s failure to fund its portion of Reimbursement Borrowings, together with
all Interest that has accrued on such outstanding Participation Advances in accordance with this subclause (ii). Each LC Issuer
will promptly give notice of the occurrence of a draw on a Letter of Credit affecting it, but failure of an LC Issuer to give any such
notice upon such drawing to enable any related Committed Lender to effect such payment on such date shall not relieve any Committed Lender
from its obligation under this subclause (ii), provided that such Committed Lender shall not be obligated to pay interest
as provided in this subclause (ii) until and commencing from the Drawing Date. Each Committed Lender’s obligation under
this Section 2.04 shall continue until the occurrence of the Termination Date.

 

(g)           Repayment
of Letter of Credit Participation Advances. (i) Upon (and only upon) receipt by an LC Issuer for its account of immediately available
funds from the Borrower (A) in reimbursement of any payment made by such LC Issuer under a Letter of Credit with respect to which
any Lender has made a payment pursuant to clause (f) above, or (B) in payment of Interest on the Loans made or deemed
to have been made in connection with any such draw, the applicable LC Issuer will pay to the applicable Facility Agents, ratably (based
on the outstanding drawn amounts funded by each such Lender Group in respect of such Letter of Credit), in the same funds as those received
by such LC Issuer; it being understood that such LC Issuer shall retain the ratable amount of such funds that were not the subject
of any payment in respect of such Letter of Credit by any Lender.

 

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(ii)            If
an LC Issuer is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any
insolvency proceeding, any portion of the payments made by the Borrower to such LC Issuer pursuant to this Agreement or any Letter of
Credit issued by it in reimbursement of a payment made under any such Letter of Credit or interest or fee thereon or with respect thereto,
each Facility Agent (on behalf of the Committed Lenders in its Lender Group) shall, on demand of such LC Issuer, instruct the Committed
Lenders in its Lender Group to return, and such Committed Lenders shall return, to such LC Issuer the amount of its Lender Group Percentage
of any amounts so returned by such LC Issuer plus interest at the Base Rate.

 

(h)           Documentation.
The Borrower agrees to be bound by the terms of the applicable Letter of Credit Application and by the applicable LC Issuer’s interpretations
of any Letter of Credit it issues and by such LC Issuer’s written regulations and customary practices relating to Letters of Credit,
though the terms of each Letter of Credit Application, each applicable LC Issuer’s interpretation of its Letters of Credit and each
LC Issuer’s regulations and practices may be different from the Borrower’s own and from that of another LC Issuer. In the
event of a conflict or inconsistency between a Letter of Credit Application and this Agreement, this Agreement shall control. It is understood
and agreed that, except in the case of gross negligence or willful misconduct by an LC Issuer, as determined by a final non-applicable
judgment of a Court of competent jurisdiction, such LC Issuer shall not be liable for any error, breach, negligence and/or mistakes, whether
of omission or commission, in following the Borrower’s instructions or those contained in the Letters of Credit issued by it or
any modifications, amendments or supplements thereto.

 

(i)            Determination
to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof,
each LC Issuer shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of
Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing
condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

(j)            Nature
of Participation and Reimbursement Obligations. Each Committed Lender’s obligation in accordance with this Agreement to fund
Reimbursement Borrowings as a result of a drawing under a Letter of Credit issued by the LC Issuer under this Section 2.04
that the Conduit Lender(s) in its Lender Group do not fund, and the Reimbursement Obligations of the Borrower with respect to any
draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, shall not be subject to any defenses whatsoever (other
than, in the case of the Committed Lenders, the occurrence of the Scheduled Termination Date or the failure of the LC Credit Extension
to satisfy the terms and conditions of Section 2.04(a)), and shall be performed strictly in accordance with the terms of this
Section 2.04 under all circumstances, including each of the following circumstances:

 

(1)            any
set-off, counterclaim, recoupment, defense or other right which such Committed Lender may have against an LC Issuer, any Conduit Lender,
another Committed Lender, any Facility Agent, the Administrative Agent, the Borrower, the Servicer, any Originator, the Performance Guarantor
or any other Person for any reason whatsoever;

 

    	 	43	 

     

    

 

(2)            the
failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making of Loans, requests
for Letters of Credit or otherwise, it being acknowledged that such conditions are not required for the making of Reimbursement Borrowings
hereunder;

 

(3)            any
lack of validity or enforceability of any Letter of Credit;

 

(4)            any
claim of breach of warranty that might be made by the Borrower, the Servicer, any Originator, the Performance Guarantor, the Administrative
Agent, any LC Issuer, any Facility Agent, any Lender or any other Person against the beneficiary of a Letter of Credit, or the existence
of any claim, set-off, defense or other right which the Borrower, the Servicer, any Originator, the Performance Guarantor, the Administrative
Agent, any LC Issuer, any Facility Agent, any Lender or any other Person may have at any time against a beneficiary, any successor beneficiary
or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), any LC
Issuer, any Conduit Lender, any Committed Lender, any Facility Agent, the Administrative Agent or any other Person, whether in connection
with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the
Servicer, any Originator, the Performance Guarantor, the Borrower or any of their respective Affiliates and the beneficiary for which
any Letter of Credit was procured);

 

(5)            the
lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness of, any draft,
demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument, certificate
or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or any statement therein being untrue
or inaccurate in any respect, even if another LC Issuer, the Administrative Agent, a Facility Agent or a Lender has been notified thereof;
provided, that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrower to the extent of any
direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted
by applicable law) suffered by the Borrower that are caused by such LC Issuer’s failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof; provided, further, that, in
the absence of gross negligence or willful misconduct on the part of the applicable LC Issuer (as finally determined by a court of competent
jurisdiction), such LC Issuer shall be deemed to have exercised care in each such determination;

 

(6)            payment
by an LC Issuer under a Letter of Credit issued by it against presentation of a demand, draft or certificate or other document which does
not comply with the terms of such Letter of Credit other than as a result of the gross negligence or willful misconduct of such LC Issuer;

 

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(7)            the
solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction
or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of
any property or services relating to a Letter of Credit;

 

(8)            any
failure by an LC Issuer or any of an LC Issuer’s Affiliates to issue any Letter of Credit in the form requested by the Borrower;

 

(9)            any
Material Adverse Effect with respect to the Borrower, the Servicer, the Performance Guarantor, any Originator or any of their respective
Affiliates;

 

(10)          any
breach of this Agreement or any other Facility Document by any party thereto;

 

(11)          the
occurrence and/or continuance of an Advance Suspension Event, an Event of Termination or a Potential Event of Termination;

 

(12)          the
fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

 

(13)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

(k)            Fronting
Fees; Other LC Fees. With respect to each Letter of Credit, the Borrower shall pay to the applicable LC Issuer all fronting fees or
similar fees with respect to such Letter of Credit in the amount and otherwise in accordance with the terms agreed in writing between
the Borrower and such LC Issuer (the “Fronting Fees”). The Borrower shall pay all Fronting Fees accrued through and
including the last day of each calendar month, as reflected in an invoice delivered to the Borrower in accordance with Section 2.05(a),
in arrears, on the Interest and Fee Payment Date immediately succeeding the end of such calendar month. The Borrower shall pay to each
LC Issuer, in addition to all other amounts due hereunder, all customary expenses incurred by each LC Issuer in connection with each Letter
of Credit issued by it or the maintenance thereof and its customary drawing, amendment, renewal, extension, processing, transfer and other
applicable customary fees (collectively, “Other LC Fees”). The Borrower shall pay all Other LC Fees on demand or as
otherwise agreed between the Borrower and such LC Issuer.

 

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(l)            Liability
for Acts and Omissions. (i) As between the Borrower, on the one hand, and each LC Issuer and each other Indemnified Party, on
the other, the Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries
of such Letters of Credit. In furtherance and not in limitation of the respective foregoing, no Indemnified Party shall be responsible
for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged (even if such LC Issuer or such other Indemnified Party shall have been notified thereof);
provided, that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrower to the extent of any
direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted
by applicable law) suffered by the Borrower that are caused by such LC Issuer’s failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof; provided, further, that, in
the absence of gross negligence or willful misconduct on the part of the applicable LC Issuer (as finally determined by a court of competent
jurisdiction), such LC Issuer shall be deemed to have exercised care in each such determination; (B) the validity or sufficiency
of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder
or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary
of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions
required in order to draw upon such Letter of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit,
or any such transferee, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee;
(D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,
whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (G) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any
consequences arising from causes beyond the control of such Indemnified Party, and none of the above shall affect or impair, or prevent
the vesting of, any LC Issuer’s or any other Indemnified Party’s rights or powers hereunder. In no event shall any of such
LC Issuer or other Indemnified Party be liable to the Borrower or any other Person for any indirect, consequential, incidental, punitive,
exemplary or special damages or expenses (including attorneys’ fees), or for any damages resulting from any change in the value
of any property relating to a Letter of Credit.

 

(ii)            Without
limiting the generality of the foregoing, each LC Issuer (A) may rely on any written communication believed in good faith by such
Person to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (B) may honor any presentation if
the documents presented appear on their face to comply with the terms and conditions of the relevant Letter of Credit; (C) may honor
a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise
any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially
been honored, together with any interest paid by an LC Issuer or its Affiliates; (D) may honor any drawing that is payable upon presentation
of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other
document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to
conform in any way with the relevant Letter of Credit; and (E) may pay any paying or negotiating bank claiming that it rightfully
honored under the laws or practices of the place where such bank is located.

 

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(iii)            In
furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by an LC Issuer
under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted
in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent
jurisdiction, shall not put such LC Issuer under any resulting liability to the Borrower, the Servicer, the Performance Guarantor, any
Originator, any Lender, any Facility Agent, the Administrative Agent or any other Person.

 

(m)           Termination
of Letters of Credit. An LC Issuer shall only terminate a given Letter of Credit (in whole or in part) upon receipt of appropriate
documentation from the beneficiary thereof or, upon the expiration thereof in accordance with its terms. Funds remaining in the LC Collateral
Account to Cash Collateralize such terminated Letter of Credit shall be applied in accordance with clause (n) of this Section 2.04.

 

(n)            LC
Collateral Account. (i) The Administrative Agent shall maintain, in the name of the Administrative Agent, on behalf of the Secured
Parties, a segregated cash collateral account (such account the “LC Collateral Account”) at an Eligible Account Bank
selected by the Administrative Agent into which Cash Collateral shall be deposited as and when required under the terms of this Agreement.
Such deposits shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of Borrower (or,
with respect to Cash Collateral deposited in respect of a Defaulting Committed Lender, such Defaulting Committed Lender) under this Agreement
and the other Facility Documents. The Administrative Agent (for the benefit of the LC Issuers and the Lenders) shall have exclusive dominion
and control, including the exclusive right of withdrawal, over the LC Collateral Account. Amounts on deposit in the LC Collateral Account
shall not be invested.

 

(ii)            Amounts
on deposit in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the applicable LC Issuer and for fees
related to the Letters of Credit and for any Reimbursement Obligations that have not been repaid by the Borrower or through Collections
and any portion of Reimbursement Borrowings that are not funded by Defaulting Committed Lenders or, if the Termination Date has occurred
to satisfy other remaining Aggregate Exposure Amounts. If on any Interest and Fee Payment Date prior to the LC Cash Collateral Date, the
balance in the LC Collateral Account in respect of all outstanding Letters of Credit exceeds the Required LC Cash Collateral Amount as
of such Interest and Fee Payment Date, then, unless an Event of Termination, an Advance Suspension Event or a Potential Event of Termination
shall exist and be continuing, the Administrative Agent shall release the excess Cash Collateral to the Borrower.

 

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(iii)           To
the extent that any Letters of Credit are outstanding and undrawn on the LC Cash Collateral Date, the LC Collateral Account shall be funded
in an amount up to the Required LC Cash Collateral Amount pursuant to Section 2.07(a)(vi) or Section 2.08(b)(v), as applicable,
it being understood that funds on deposit in the LC Collateral Account will not be used to fund draws prior to the Termination Date. On
the Interest and Fee Payment Date after the Termination Date after which all Letters of Credit have expired or been terminated, all draws
on the Letters of Credit have been reimbursed, all Participation Advances have been repaid, all Used Fees, Fronting Fees and Other LC
Fees due with respect to such Letters of Credit have been paid in full and the Final Collection Date has occurred, all funds in the LC
Collateral Account shall be remitted to the Borrower.

 

SECTION 2.05.
Interest and Fees.

 

(a)           On
each Interest and Fee Payment Date, in accordance with the provisions set forth in Section 2.07 or 2.08, as applicable,
the Borrower shall pay to each Facility Agent on behalf of the Lenders in its Lender Group, all accrued and unpaid Interest with respect
to the Loans funded and maintained by such Lender Group and the Used Fees and Unused Fees, as calculated in accordance with the Fee Letter.
On or before the first Business Day after the end of each calendar month each Facility Agent shall furnish the Borrower with an invoice
setting forth the amount of the accrued and unpaid Interest, Used Fees, Unused Fees and any Fronting Fees and Other LC Fees payable to
the Lenders or the LC Issuer (if applicable) in such Facility Agent’s Lender Group.

 

(b)           On
each Interest and Fee Payment Date, in accordance with the provisions set forth in Section 2.07 or 2.08, as applicable,
the Borrower shall pay to the Administrative Agent the fees set forth in the Administrative Agent Fee Letter, if any.

 

SECTION 2.06. Repayment.

 

(a)            Repayment
on the Final Maturity Date. On or prior to the Final Maturity Date, the Borrower shall repay in full the Aggregate Principal Balance
and all other Borrower Obligations and shall Cash Collateralize all outstanding Letters of Credit up to the Required LC Cash Collateral
Amount.

 

(b)           Mandatory
Prepayments. The Borrower shall eliminate any Borrowing Base Deficiency prior to the occurrence of a Borrowing Base Default.

 

(c)           Optional
Prepayments. The Borrower may, at its option, prepay on any Business Day all or any portion of any Loan in accordance with this Section 2.06(c).
The Borrower may do as follows:

 

(i)             the
Borrower shall deliver to the Administrative Agent, each Facility Agent and the Servicer written notice in substantially the form of Exhibit J
(the “Prepayment Notice”) at least two (2) Business Days’ prior to the date of such prepayment of the Aggregate
Exposure Amount, which notice shall include the amount of such proposed prepayment and the proposed date on which such prepayment will
commence; and

 

(ii)            on
the proposed date of prepayment, the Servicer shall cause Collections that have been set aside pursuant to Section 2.07(b)(i) to
make such prepayment;

 

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provided,
that the amount of any such prepayment as specified in the Prepayment Notice (if not a prepayment to zero of the Aggregate Principal Balance
and Cash Collateral of all LC Undrawn Amounts) shall be not less than $1,000,000 and shall be an integral multiple of $100,000, and the
entire Aggregate Exposure Amount after giving effect to such reduction shall be not less than $10,000,000 (unless the entire Aggregate
Principal Balance shall have been reduced to zero and all LC Undrawn Amounts shall have been fully Cash Collateralized).

 

SECTION 2.07. Application
of Collections Prior to Termination Date.

 

(a)            On
each Business Day prior to the Termination Date, the Servicer shall cause all Collections received (or deemed received pursuant to Section 2.09)
on such day to be applied in the following order and priority:

 

(i)             first,
if such day is an Interest and Fee Payment Date, on a pro rata basis, (x) to the Facility Agents, on behalf of the Lenders and LC
Issuers in their respective Lender Groups, accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees and Other LC Fees, (y) to
the Administrative Agent, the fees owed to it under the Administrative Agent Fee Letter and (z) to the Servicer, all accrued and
unpaid Servicer Fees;

 

(ii)            second,
to the Administrative Agent, an amount equal to the Borrower Obligations owing to the Administrative Agent in respect of all costs and
expenses which the Administrative Agent is entitled to have reimbursed, including pursuant to Section 10.10 incurred by it
in connection with the enforcement of any Facility Document or the collection of any amounts due thereunder;

 

(iii)           third,
to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations
owed to each until such Participation Advances are reduced to zero;

 

(iv)           fourth,
in the following order of priority, first, (x) if a Borrowing Base Deficiency exists, an amount equal to such Borrowing
Base Deficiency (such amount to be allocated first, to the Lenders ratably in accordance with the portion of the Aggregate Exposure
Amount held by each and second, to the LC Collateral Account to Cash Collateralize LC Undrawn Amounts) and then second,
(y) if the LC Obligations owing to any LC Issuers exceed the LC Commitments of such LC Issuers, the amount necessary to cause the
LC Obligations owing to such LC Issuers to be less than or equal to their respective LC Commitments (such amount to be deposited into
the LC Collateral Account to Cash Collateralize LC Undrawn Amounts);

 

(v)            fifth,
from and after any Early Termination Date, on a pro rata basis, to (x) the Facility Agents of each Early Terminating Lender Group
in payment of the Principal Balance of the Loans held by the Lenders in each such Lender Group and (y) the LC Collateral Account,
to Cash Collateralize the Lender Group Percentage of each Early Terminating Lender Group of the LC Undrawn Amount, in an amount equal
to each such Early Terminating Lender Group’s ratable share (in accordance with such Lender Group’s share of the Aggregate
Exposure Amount) of the balance of such Collections (such ratable share to be determined on each Business Day, solely for the purposes
of this clause (y)), based upon the outstanding Aggregate Exposure Amount and the Lender Group Percentages with respect to the
LC Undrawn Amount immediately preceding such Early Termination Date), until the Principal Balance of the Loans of each such Early Terminating
Lender Group are reduced to zero and the Lender Group Percentage of the LC Undrawn Amount of each such Early Terminating Lender Group
is fully Cash Collateralized;

 

    	 	49	 

     

    

 

(vi)           sixth,
on and after the LC Cash Collateral Date, to fund the LC Collateral Account up to the Required LC Cash Collateral Amount with respect
to Letters of Credit that are scheduled to expire after the Scheduled Termination Date to the extent required under Section 2.04(n)(iii);

 

(vii)          seventh,
if any Borrower Obligations (other than Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, the Servicer Fee and the Loans)
are then due and payable by the Borrower to any Secured Party, to each such Secured Party (ratably in accordance with the amounts owing
to each) the Borrower Obligations so due and payable; and

 

(viii)         eighth,
to the Borrower for application in accordance with Section 2.07(b) below (any such remittance, a “Release”);
provided that, if (x) the conditions precedent for such Release set forth in Section 3.02 are not satisfied or
(y) following an Advance Suspension Event, the Administrative Agent has, (A) at the request of the Majority Facility Agents
(or, at any time during which there are only two Facility Agents, at the request of either Facility Agent) or (B) with the consent
of the Majority Facility Agents, notified the Borrower and the Servicer that an Advance Suspension Event has occurred and that the Releases
shall no longer be permitted hereunder until such Advance Suspension Event no longer exists (such notice, a “Release Suspension
Notice”), then the Servicer shall, for so long as such Advance Suspension Event remains in effect or the conditions precedent
for such Release set forth in Section 3.02 are not satisfied, deposit such Collections into the Collection Account or, if
the Collection Account has not been established, the Designated Deposit Account, or such other account as designated by the Administrative
Agent for application on the next Business Day in accordance with this Section 2.07(a) or Section 2.08, as
applicable.

 

(b)            Any
Collections remitted to the Borrower pursuant to Section 2.07(a)(viii) shall be applied by the Servicer, on behalf of
the Borrower: (i) first, if so requested by the Borrower, to pay or prepay (or set aside for the payment or prepayment of)
Loans or to Cash Collateralize outstanding Letters of Credit, (ii) second, to pay the purchase price for Receivables to be
acquired by the Borrower from one or more Originators on such day under the Receivables Sale Agreement and (iii) third, in
such other manner as the Borrower may specify and that is not prohibited by the terms of the Facility Documents.

 

    	 	50	 

     

    

 

SECTION 2.08. Application
of Collections After Termination Date.

 

(a)           On
the Termination Date, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the
Designated Deposit Account, all Collections held by it on such date (including amounts previously set aside or held by it pursuant to
Section 2.07(b)). On each Business Day thereafter, the Servicer shall deposit to the Collection Account or, if the Collection
Account has not been established, the Designated Deposit Account, within one (1) Business Day of its receipt thereof, all Collections
received by it that have not previously been deposited to the Collection Account or, if the Collection Account has not been established,
the Designated Deposit Account. The Servicer shall not make any withdrawals from the Collection Account or the Designated Deposit Account
during such period.

 

(b)           On
each Interest and Fee Payment Date from and after the Termination Date, the Administrative Agent, in consultation with the Servicer as
needed, shall cause all Collections received since the prior Interest and Fee Payment Date, and all funds, if any, on deposit in the Collection
Account and the Designated Deposit Account that have not been previously applied hereunder (including, without limitation, any investment
earnings received with respect to such funds) to be applied in the following order of priority:

 

(i)            first,
to the Administrative Agent an amount equal to the Borrower Obligations (other than those described in clause (iii) below)
owing to the Administrative Agent in respect of fees due to it and all costs and expenses which the Administrative Agent is entitled to
have reimbursed, including pursuant to Section 10.10 incurred by it in connection with the enforcement of any Facility Document
or the collection of any amounts due thereunder;

 

(ii)            second,
to the Servicer the accrued and unpaid Servicer Fee;

 

(iii)           third,
to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group,
and to itself in payment of all accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, and Other Fees and
the fees owed under the Administrative Agent Fee Letter then due and payable, ratably in accordance with such amounts owed to such parties;

 

(iv)           fourth,
to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations
owed to each until such Participation Advances are reduced to zero;

 

(v)           fifth,
to fund the LC Collateral Account up to the Required LC Cash Collateral Amount as required under Section 2.04(n)(iii);

 

(vi)          sixth,
to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group,
in reduction of the Aggregate Exposure Amount then due and payable (such amount to be allocated ratably in accordance with such amounts
owed to such parties) until the Aggregate Principal Balance is reduced to zero;

 

(vii)         seventh,
if any Borrower Obligations (other than the amounts paid pursuant to clauses (i) through (vi) above) are then
due and payable by the Borrower to any Secured Party, to each such Secured Party (ratably in accordance with the amounts owing to each)
the Borrower Obligations so due and payable;

 

    	 	51	 

     

    

 

(viii)         eighth,
on the Final Collection Date, remit any remaining funds to the Borrower.

 

SECTION 2.09. Deemed
Collections. If (a) on any day the Outstanding Balance of any Pool Receivable is either reduced or canceled as a result of a
Dilution Factor, the Borrower shall be deemed to have received on such day, an amount equal to the amount of such reduction, or in the
case of a cancellation, the Outstanding Balance of such Diluted Receivable and (b) if the representations and warranties made by
an Originator with respect to a Receivable in Article V of the Receivables Sale Agreement is not true, the Borrower shall be deemed
to have received on such day, an amount equal to the Outstanding Balance of such Receivable and the related Originator shall be obligated
to pay such deemed collection to the Borrower pursuant to Section 3.3 of the Receivables Sale Agreement; provided, that such
deemed Collections may be applied to the purchase price paid to the applicable Originator for newly purchased Receivables to the extent
permitted under the Receivables Sale Agreement. If the Borrower on any day receives payments from the Originator or Servicer on Collections
deemed to have been received pursuant to this Section 2.09 from and after the Termination Date, on such day the Borrower shall
pay an amount of funds equal to such received deemed Collections to the Servicer for allocation and application in accordance with Section 2.08.

 

SECTION 2.10. Payments and Computations, Etc.

 

(a)           All
amounts to be paid or deposited by the Borrower or the Servicer hereunder or under any other Facility Document to the Administrative Agent
or any Secured Party shall be made without reduction for offset or counterclaim and shall be paid or deposited no later than noon (New
York, New York time) on the day when due in same day funds to the account for each Lender maintained by the applicable Facility Agent
as may be designated from time to time by such Facility Agent to the Borrower and the Servicer. All amounts received after 4:00 p.m. (New
York city time) will be deemed to have been received on the next Business Day. Except as expressly set forth herein, each Facility Agent
shall distribute the amounts paid to it hereunder for the benefit of the Lenders in its Lender Group to the Lenders within its Lender
Group ratably (x) in the case of such amounts paid in respect of Interest and fees, according to the Interest and fees payable to
such Lenders and (y) in the case of such amounts paid in respect of the Aggregate Principal Balance (or in respect of any other obligations
other than Interest and fees), according to the outstanding portions of the Aggregate Principal Balance funded by such Lenders.

 

(b)           The
Borrower (with respect to amounts payable by the Borrower) or the Servicer (with respect to amounts payable by the Servicer), as the case
may be, shall, to the extent permitted by law, pay interest on any amount not paid or deposited by the Borrower or the Servicer, as the
case may be, when due and payable hereunder, at the Default Rate, payable on demand; provided, that such rate shall not at any time exceed
the maximum rate permitted by applicable Law.

 

(c)            All
computations of interest under clause (b) and all computations of Interest, fees and other amounts hereunder shall be made
on the basis of a year of 360 days (or 365 or 366 days, as applicable, with respect to Interest or other amounts calculated by reference
to the Base Rate) for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other
than a Business Day, such payment or deposit shall be made on the next Business Day and such extension of time shall be included in the
computation of such payment or deposit.

 

    	 	52	 

     

    

 

SECTION 2.11.
SOFR Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting.

 

(a)            Unascertainable;
Increased Costs. If, on or prior to the first day of an Interest Period:

 

(i)            the
Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that (x) the
Term SOFR Rate cannot be determined pursuant to the definition thereof; or (y) a fundamental change has occurred with respect to
the Term SOFR Rate (including, without limitation, changes in national or international financial, political or economic conditions);
or

 

(ii)           any
Lender determines that for any reason that the Term SOFR Rate for any requested Interest Period does not adequately and fairly reflect
the cost to such Lender of funding such Lender’s Loans, and such Lender has provided notice of such determination to the Administrative
Agent;

 

the Administrative Agent shall have the rights specified in Section 2.11(c).

 

(b)           Illegality.
If at any time any Lender shall have determined that the making, maintenance or funding of any Loan accruing Interest by reference to
the Term SOFR Rate has been made impracticable or unlawful, by compliance by such Lender in good faith with any applicable Law or any
interpretation or application thereof by any Governmental Authority or with any request or directive of any such Governmental Authority
(whether or not having the force of applicable Law), then the Lender shall have the rights specified in Section 2.11(c).

 

(c)            Administrative
Agent’s and Lender’s Rights. In the case of any event specified in Section 2.11(a), the Administrative Agent
shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in Section 2.11(b), such
Lender shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of
such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower.

 

Upon
such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the
Lenders, in the case of such notice given by the Administrative Agent, or (ii) such Lender, in the case of such notice
given by such Lender, to fund, and the right of the Borrower to select, convert or renew, a Loan accruing Interest by reference to the
Term SOFR Rate shall be suspended (to the extent of the affected Interest Periods) until the Administrative Agent shall have later notified
the Borrower, or such Lender shall have later notified the Administrative Agent and the Borrower, of the Administrative Agent’s
or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer
exist.

 

    	 	53	 

     

    

 

If
at any time the Administrative Agent or a Lender makes a determination under Sections 2.11(a) or (b), (A) if the Borrower
has delivered a Borrowing Request for an affected Loan that has not yet been made, such Borrowing Request shall be deemed to have requested
a Loan accruing Interest at the Base Rate and (B) any outstanding affected Loan (or portion thereof) shall be deemed to have been
converted into a Loan accruing Interest at the Base Rate at the end of the applicable Interest Period; provided that the Borrower
may revoke any such Borrowing Request (without penalty) prior to the borrowing of such Loan upon written notice to the Administrative
Agent.

 

(d)           Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Facility Document, if a Benchmark Transition Event and
its related Benchmark Replacement Date has 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 Facility
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 Facility 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 Facility 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 Facility Document
so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Facility
Agents comprising the Majority Facility Agents.

 

(ii)           Benchmark
Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Administrative
Agent will have the right (in consultation with the Borrower) to make Benchmark Replacement Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Facility 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 Facility
Document.

 

(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Facility Agents of
(A) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (B) the implementation of any
Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement
of any tenor of a Benchmark pursuant to paragraph (iv) below and (E) 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 2.11, 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 Facility Document except, in each case, as expressly required pursuant to this Section 2.11.

 

    	 	54	 

     

    

 

(iv)          Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including in
connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term
SOFR Reference Rate) and either (I) 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 (II) the administrator of such
Benchmark or 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 not or will not be representative, then the Administrative Agent may modify the definition
of “interest Period” (or any similar or analogous definitions) for any Benchmark settings at or after such time to remove
any tenor of such Benchmark that is unavailable or a non-representative tenor; and (B) if a tenor that was removed pursuant to clause
(A) above either (I) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (II) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark
(including a Benchmark Replacement), then the Administrative Agent may modify the definition of “interest Period” (or any
similar or analogous definitions) for any Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(v)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any pending request for a Loan to be made at the then-current Benchmark, conversion to or continuation of a Loan bearing Interest
based on the then-current Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the
Borrower will be deemed to have converted any such request into a request for a Loan to be made at the Base Rate and (ii) any outstanding
Loans accruing Interest by reference to the Term SOFR Rate will be deemed to have been converted into Loans accruing Interest by reference
to 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.

 

(e)            Certain
Defined Terms. As used in this Section 2.11:

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if
such Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for
determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated
with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest
calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed pursuant to Section 2.11(d)(iv).

 

    	 	55	 

     

    

 

“Benchmark”
means, initially, the Term SOFR Rate; provided that if a Benchmark Transition Event has occurred with respect to 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 this Section 2.11(d).

 

“Benchmark
Replacement” means, with respect to any Benchmark Transition Event, the first applicable alternative set forth in
the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1) the sum of: (A) Daily
Simple SOFR and (B) the SOFR Adjustment; 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 (x) any selection or recommendation of a replacement benchmark
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (y) 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 at such time and (B) the related Benchmark Replacement Adjustment;

 

provided
that, if the Benchmark Replacement 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 Facility Documents; and provided further, that any Benchmark Replacement shall be administratively
feasible as determined by the Administrative Agent in its sole discretion.

 

“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) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor,
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 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.

 

    	 	56	 

     

    

 

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

 

“Benchmark
Replacement Date” means a date and time determined by the Administrative Agent, which date shall be no later than
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 date determined by the Administrative Agent,
which date shall promptly follow the date of the public statement or publication of information referenced therein.

 

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, the occurrence of one or more of the following events, with respect to the then-current Benchmark:

 

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

 

    	 	57	 

     

    

 

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

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) or a Governmental Authority having jurisdiction over the Administrative Agent announcing that
all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

 

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

 

“Benchmark Unavailability
Period” means 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 the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance
with this Section 2.11(d) titled “Benchmark Replacement Setting” and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance with this
Section 2.11(d) titled “Benchmark Replacement Setting.”

 

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

 

“Daily Simple
SOFR” means, for any day (a “SOFR Rate Day”) SOFR for the day (the “SOFR Determination Date”)
that is 2 Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business Day or (ii) the Business Day immediately
preceding such SOFR Rate Day if such SOFR Rate Day is not a Business Day, in each case, as such SOFR is published by the Federal Reserve
Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of
New York, currently at http://www.newyorkfed.org, or any successor source identified by the Federal Reserve Bank of New York or its successor
administrator for the secured overnight financing rate from time to time. If Daily Simple SOFR as determined above would be less than
the SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR Floor. If SOFR for any SOFR Determination Date has not been published
or replaced with a Benchmark Replacement by 5:00 p.m. (New York City time) on the second Business Day immediately following such
SOFR Determination Date, then SOFR for such SOFR Determination Date will be SOFR for the first Business Day preceding such SOFR Determination
Date for which SOFR was published in accordance with the definition of “SOFR”; provided that SOFR determined pursuant to this
sentence shall be used for purposes of calculating Daily Simple SOFR for no more than 3 consecutive SOFR Rate Days. If and when Daily
Simple SOFR as determined above changes, any applicable rate of interest based on Daily Simple SOFR will change automatically without
notice to the Borrower, effective on the date of any such change.

 

    	 	58	 

     

    

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Term SOFR Rate or, if no floor is specified, zero.

 

“Reference Time”
means, with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the Term SOFR Rate, the Term SOFR
Determination Date (as such term is defined in the definition of Term SOFR Rate), (ii) if such Benchmark is Daily SOFR, the SOFR
Determination Date (as such term is defined in the definition of Daily SOFR) and (iii) if such Benchmark is not the Term SOFR Rate
or Daily SOFR, the time determined by the Administrative Agent in its reasonable discretion.

 

“Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any
successor thereto.

 

“SOFR”
means, for any day, a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a
successor administrator of the secured overnight financing rate).

 

“SOFR Adjustment”
means ten basis points (0.10%).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“SOFR Floor”
means a rate of interest per annum equal to zero basis points (0.00%).

 

“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative
Agent in its reasonable discretion).

 

“Term SOFR Rate”
means, with respect to any amount for which the Term SOFR Reference Rate applies, (i) the Term SOFR Reference Rate for a term of
one-month on the day (the “Term SOFR Determination Date”) that is two (2) Business Days prior to the first day of such
Interest Period, as such rate is published by the Term SOFR Administrator and (ii) the SOFR Adjustment. If the Term SOFR Reference
Rate for the applicable tenor has not been published by the Term SOFR Administrator or replaced with a Benchmark Replacement by 5:00 p.m. (New
York City time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate shall be the Term SOFR Reference Rate for such
tenor on the first Business Day preceding such Term SOFR Determination Date for which such Term SOFR Reference Rate for such tenor was
published by the Term SOFR Administrator in accordance herewith, so long as such first preceding Business Day is not more than three (3) Business
Days prior to such Term SOFR Determination Date. If the Term SOFR Rate, determined as provided above, would be less than the SOFR Floor,
then the Term SOFR Rate shall be deemed to be the SOFR Floor.

 

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“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

SECTION 2.12.
Increased Costs.

 

(a)           Generally.
If (A) the adoption after the date hereof of any Regulatory Change or any change therein after the date hereof, (B) any change
after the date hereof in the interpretation or administration of any Regulatory Change by any Governmental Authority charged with the
interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any
such Governmental Authority, or (c) without regard to the date of adoption, effectiveness or implementation, any of the following
or any Regulatory Change promulgated by any Governmental Authority in connection with any of the following: (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act, or (y) any accord or other pronouncement of the Bank for International Settlements, the
Basel Committee on Banking Supervision or any successor or similar authority, shall:

 

(i)            subject
any Affected Person to any Taxes with respect to any Specified Matter (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of Excluded Taxes and (C) Other Connection Taxes that are imposed on or measured
by net income (however denominated) or that are franchise Taxes or branch profits Taxes);

 

(ii)            impose,
modify or deem applicable any reserve, assessment, fee, insurance charge, special deposit, requirement for the maintenance of assets or
capital, liquidity or similar requirement against assets of, deposits with or for the account of, liabilities of or credit extended by,
any Affected Person or shall impose on any Affected Person or on the United States market for commercial paper or the London interbank
market any other condition affecting or otherwise in respect of any Specified Matter; or

 

(iii)           impose
any other condition the result of which is to increase the cost to an Affected Person of performing its obligations under or in connection
with this Agreement, or to reduce the rate of return on Affected Person’s capital or assets as a consequence of its obligations
under or in connection with this Agreement, or to reduce the amount of any sum received or receivable by an Affected Person, or to require
any payment calculated by reference to the amount of interests or loans held or interest received by it,

 

then,
promptly following demand by such Affected Person through the Administrative Agent, the Borrower shall pay to the Administrative
Agent for the benefit of such Affected Person, such additional amount or amounts as will compensate such Affected Person for such Tax,
increased cost or reduction. Notwithstanding the foregoing, no Affected Person shall be entitled to request or receive any such additional
amounts for any Tax, increased cost or reduction unless such Affected Person is otherwise generally requesting similar additional amounts
from other similarly situated Persons under facilities similar to the facility provided by this Agreement.

 

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(b)            [Reserved].

 

(c)            Delay
in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not constitute
a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall not be required to
compensate an Affected Person pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days
prior to the date that such Affected Person notifies the Borrower of the Regulatory Change giving rise to such increased costs or reductions
and of such Affected Person’s intention to claim compensation therefor (except that, if the Regulatory Change giving rise to such
increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive
effect thereof).

 

SECTION 2.13.
Indemnity for Taxes.

 

(a)            Any
and all payments by or on account of any obligation of the Borrower hereunder shall be made without deduction or withholding for any Taxes,
except as required by applicable Law. If any applicable Law requires the deduction or withholding of any Tax from any such payment by
the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the
sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such
deductions and withholdings applicable to additional sums payable under this Section) the applicable Affected Person receives an amount
equal to the sum it would have received had no such deduction or withholding been made. Subject to Section 2.13(b), the Borrower
shall indemnify each Affected Person for the full amount of any Indemnified Taxes including Indemnified Taxes imposed or asserted on or
attributable to amount payable under this Section payable or paid by such Affected Person or required to be withheld or deducted
from a payment to such Affected Person.

 

(b)            Each
Affected Person will promptly notify the Borrower in writing of any event of which it has knowledge, which will entitle such Affected
Person to compensation pursuant to this Section 2.13; provided, however, that failure of any Affected Person
to demand indemnification for any Indemnified Taxes shall not constitute a waiver of such right to indemnification, except that the Borrower
shall not be required to indemnify an Affected Person for Taxes under this Section 2.13 unless such Affected Person notifies
the Borrower of such claim no later than 180 days after such Affected Person has knowledge of such Taxes being imposed or arising. Any
notice claiming compensation under this Section 2.13 shall set forth in reasonable detail the additional amount or amounts
to be paid to it hereunder and shall be conclusive in the absence of manifest error. The Borrower shall be obligated to pay any claim
for Indemnified Taxes within 10 days upon receipt of such written notice (other than Indemnified Taxes and expenses payable by reason
of the action or inaction of the applicable Affected Person); provided that if the Borrower reasonably believes that such Taxes
were not correctly or legally asserted, the Affected Person will use reasonable efforts to cooperate with the Borrower to obtain a refund
of such Taxes (which shall be paid in accordance with Section 2.13(c)) so long as such efforts would not, in the sole determination
of the Affected Person, result in any additional costs or expenses or be otherwise disadvantageous to the Affected Person.

 

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(c)            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 for the payment of, any Other Taxes.

 

(d)            If
an Affected Person determines, in its sole discretion, exercised in good faith, that it has received a refund of any Taxes as to which
it has been indemnified by the Borrower, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrower under this Section 2.13 with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses of such Affected Person and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund net of any applicable Taxes payable in respect of such interest); provided, that the Borrower
agrees to repay each such Affected Person, promptly after the request of such Affected Person, the amount paid over to the Borrower (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Affected Person is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary, in no event will any Affected Person be
required to pay any amount to the Borrower the payment of which would place such Affected Person in a less favorable net after-Tax position
than such Affected Person would have been in if the Taxes subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Taxes had never been paid. This
Section 2.13 shall not be construed to require any Affected Person to make available its Tax returns (or any other information
relating to its Taxes which it deems confidential) to the Borrower or any other Person.

 

(e)            If
any Lender requests compensation under Section 2.12, or requires the Borrower to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to this Section 2.13, then such Lender
shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its portion
of Aggregate Exposure Amount hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12
or Section 2.13, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or
expense, would not otherwise be disadvantageous or burdensome to such Lender and would not otherwise require such Lender to take any action
inconsistent with its internal policies or legal or regulatory restrictions. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment.

 

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(f)             (I) If
any Lender requests compensation under Section 2.12, the Borrower is required to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13 and, in each case, such
Lender has declined or is unable to designate a different lending office in accordance with paragraph (e) of this Section, (II) if
any Committed Lender becomes a Defaulting Committed Lender or (III) if any Lender is a Non-Consenting Lender, then, in each case,
the Borrower may, at its sole expense and effort, upon notice to the Facility Agent of such Lender Group and the Administrative Agent,
require such Lender Group to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 10.03), all of its interests, rights (other than its existing rights to payments pursuant to
Section 2.12 or Section 2.13) and obligations under this Agreement and the related Specified Matter to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)             the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.03;

 

(ii)            the
Borrower shall have received consent from the Administrative Agent and each LC Issuer (other than any LC Issuer that is part of the Lender
Group that is being replaced), which consent shall not be unreasonably withheld or delayed;

 

(iii)            such
Lender Group shall have received payment of an amount equal to the outstanding principal of its Aggregate Exposure Amount, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or the Borrower (in the case of all other amounts);

 

(iv)            in
the case of any assignment by a Lender Group resulting from a Lender in such Lender Group becoming a Non-Consenting Lender, the applicable
assignee Lender Group shall have consented to the applicable amendment, waiver or consent;

 

(v)            in
the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made
pursuant to Section 2.13, such assignment will result in a reduction in such compensation or payments thereafter;

 

(vi)           such
assignment does not conflict with applicable Law; and

 

(vii)          all
Letters of Credit issued by the LC Issuer in such Lender Group shall have been canceled or terminated and all accrued and unpaid fees
related thereto shall have been paid in full.

 

A Lender Group shall not be
required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply.

 

SECTION 2.14. Taxes;
FATCA.

 

(a)            Each
Lender shall deliver to the Borrower and to the Administrative Agent, on the Effective Date (or, if later, on the date on which it becomes
a Lender), or at the time or times prescribed by applicable Laws, or when reasonably requested by the Borrower, the Servicer, the Performance
Guarantor or the Administrative Agent, and each Affected Person (other than the Lenders) shall deliver to the Borrower and to the Administrative
Agent, on or prior to receipt of its first payment under any Facility Document, such properly completed and executed documentation prescribed
by applicable Laws or by the relevant Governmental Authority of any jurisdiction and such other reasonably requested information as will
permit the Borrower, the Servicer, Performance Guarantor, the Administrative Agent or the applicable Facility Agent, as the case may be,
to determine (i) whether or not payments made hereunder are subject to Taxes, (ii) if applicable, the required rate of withholding
or deduction, and (iii) such Lender’s (or such other Affected Person’s) entitlement to any available exemption from,
or reduction of, applicable Taxes in respect of all payments to be made to such Lender (or such other Affected Person) by the Borrower
pursuant to this Agreement or otherwise to establish such Lender’s (or such other Affected Person’s) status for withholding
Tax purposes in the applicable jurisdiction.

 

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(b)            Without
limiting the generality of the foregoing:

 

(i)             Each
Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) that is a “United
States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
executed copies of IRS Form W-9 certifying that such Lender or Affected Person is exempt from United States federal backup withholding
tax; and

 

(ii)            each
Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) that is organized under
the Laws of a jurisdiction other than the United States (including each State thereof and the District of Columbia) (a “Foreign
Lender” and a “Foreign Affected Party”, respectively) that is entitled under the Code or any applicable treaty
to an exemption from or reduction of withholding Tax with respect to payments hereunder shall deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be reasonably requested by the Borrower or the Administrative Agent) on or prior to the date
on which such Foreign Lender becomes a Lender with respect to this Agreement (and from time to time thereafter upon the request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), or in the case of a Foreign Affected
Party, on or prior to receipt of its first payment under any Facility Document, whichever of the following is applicable:

 

(1)                       (A)
in the case of a Foreign Lender (or Foreign Affected Party), claiming eligibility for benefits of an income tax treaty to which the United
States is a party, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,

 

(2)                       (B) executed
originals of IRS Form W-8ECI,

 

(3)                       (C)
in the case of a Foreign Lender (or Foreign Affected Party) claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x) a certificate (a “U.S. Tax Compliance Certificate” in the form
contained in Exhibit L-1) to the effect that such Foreign Lender (or Foreign Affected Party) is not (A) a
 “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of
the Borrower within the meaning of section 871(h)(3)(A) of the Code, or (C) a “controlled foreign corporation”
described in section 881(c)(3)(C) of the Code, and (y) executed copies of IRS Form W 8BEN or IRS Form W-8BEN-E,
as applicable, or

 

(4)                       (D)
to the extent a Foreign Lender (or Foreign Affected Party) is not the beneficial owner, executed copies of IRS Form W-8IMY and
all required supporting documentation, including, without limitation, 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 L-2 or Exhibit L-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that if the Foreign
Lender (or Foreign Affected Party) is a partnership and one or more direct or indirect partners of such Foreign Lender (or Foreign
Affected Party) are claiming the portfolio interest exemption, such Foreign Lender (or Foreign Affected Party) may provide a U.S.
Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of any such direct or indirect partner,
or

 

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(5)                       (E)
duly completed executed copies of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction
in United States federal withholding Tax together with such supplementary documentation as may be prescribed by applicable Laws to
permit the Borrower, the Performance Guarantor or the Administrative Agent to determine the withholding or deduction required to be
made.

 

(iii)           If
a payment made hereunder to any Lender (or other Affected Person) would be subject to United States federal withholding Tax imposed by
FATCA if such Lender (or such other Affected Person) 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 (or such other Affected Person)
shall deliver to the Borrower, the applicable Facility Agent and the Administrative Agent at the time or times prescribed by Law and at
such time or times reasonably requested by the Borrower, the applicable Facility Agent 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, the applicable Facility Agent or the Administrative Agent as may be necessary for the Borrower,
the applicable Facility Agent or the Administrative Agent to comply with its obligations under FATCA and to determine that such Lender
(or such other Affected Person) has complied with such Lender’s (or such other Affected Person’s) obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (iii), “FATCA”
shall include any amendments made to FATCA after the Effective Date.

 

(c)            Each
Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) shall promptly notify the
Borrower, the applicable Facility Agent and the Administrative Agent of any change in circumstances which would modify or render invalid
any claimed exemption or reduction.

 

SECTION 2.15. Security
Interest. 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 Facility Document, including the payment when due of all Borrower Obligations, the Borrower
hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all of the Borrower’s
right, title and interest in, to and under the following (collectively, the “Collateral”):

 

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(a)            all
Pool Receivables, whether now owned and existing or hereafter acquired or arising, together with all Related Security and Collections
with respect thereto;

 

(b)            the
Collection Account, the LC Collateral Account, each Deposit Account and each Lock-Box, including, without limitation, (i) all Collections
held therein and all certificates and instruments, if any, from time to time representing or evidencing any of such accounts or any Collections
held therein, (ii) all investment property and other financial assets representing Collections or proceeds thereof held in, or acquired
with funds from, such accounts and all certificates and instruments from time to time representing or evidencing such investment property
and financial assets, (iii) all notes, certificates of deposit and other instruments from time to time hereafter delivered or transferred
to, or otherwise possessed by, the Administrative Agent in substitution for any of the then existing accounts and (iv) all interest,
dividends, cash, instruments, financial assets, investment property and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any and all of such accounts, in each case, related to Pool Receivables; and

 

(c)            to
the extent not included in the foregoing, all Proceeds of any and all of the foregoing.

 

The Borrower hereby authorizes the filing of financing
statements, and continuation statements and amendments thereto and assignments thereof, describing the collateral covered thereby as “all
of debtor’s personal property or assets whether now owned or hereafter acquired” or words to that effect, notwithstanding
that such wording may be broader in scope than the collateral described in this Section 2.15. This Agreement shall constitute
a security agreement under applicable law. Each of the Borrower, each Lender, each LC Issuer and the Administrative Agent represents and
warrants as to itself that each remittance of Collections and other property by the Borrower hereunder will have been (i) in payment
of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower, the Lenders, the LC Issuers
and the Administrative Agent and (ii) made in the ordinary course of business or financial affairs of the Borrower, the Lenders,
the LC Issuers and the Administrative Agent.

 

SECTION 2.16.
Release of Security Interest. After giving effect to the distributions made pursuant to Section 2.08 on the Final Collection
Date, the security interest granted pursuant to Section 2.15 shall terminate. If a Receivable has been reconveyed to
an Originator pursuant to Section 3.4 of the Receivables Sale Agreement, the security interest in such Receivable and the Related
Security with respect thereto shall automatically terminate. The Administrative Agent shall execute and deliver to the Borrower, at the
Borrower’s expense, all documents that the Borrower shall reasonably request to evidence such termination or release and shall perform
such other actions reasonably requested by the Borrower to effect and document such release.

 

SECTION 2.17. Evidence
of Debt. Each Lender shall maintain an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from
each Loan made by such Lender from time to time, including the outstanding principal balance of such Loans and the amount of Interest
payable and paid to such Lender from time to time hereunder. The entries made in such accounts of the Lenders shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided, however, that the failure of any Lender to maintain
such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with
the terms of this Agreement.

 

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SECTION 2.18. Conforming
Changes Relating to Term SOFR Rate. With respect to the Term SOFR Rate, 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 Facility 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 Facility Document; provided that, with respect to any such amendment effected, the Administrative
Agent shall provide notice to the Borrower and the Lenders of each such amendment implementing such Benchmark Replacement Conforming Changes
reasonably promptly after such amendment becomes effective.

 

ARTICLE III

CONDITIONS OF EFFECTIVENESS AND LOANS

 

SECTION 3.01. Conditions
Precedent to Effectiveness and Initial Credit Extension.

 

(a)            As
conditions precedent to the effectiveness of this Agreement, (i) the Facility Agents shall have received each of the documents, instruments,
legal opinions and other agreements listed on Exhibit G, together with all fees due and payable on the date hereof and on
the Effective Date; (ii) since December 31, 2019, no event has occurred which would have a Material Adverse Effect and (iii) each
Facility Agent shall have completed satisfactory due diligence and audits with respect to each Originator, the Borrower, the Servicer,
the Performance Guarantor and the Receivables and each Lender and LC Issuer shall have received all necessary credit approvals in order
to consummate the transactions contemplated by this Agreement; provided that the foregoing clause (iii) shall be deemed to
be satisfied with respect to each Facility Agent upon execution and delivery of this Agreement by such Facility Agent.

 

(b)            As
conditions precedent to the Initial Credit Extension hereunder, (i) all of the conditions precedent to the effectiveness of this
Agreement set forth in paragraph (a) above shall have been satisfied; and (ii) since December 31, 2019, no event has occurred
which would have a Material Adverse Effect.

 

SECTION 3.02. Conditions
Precedent to All Credit Extensions and Releases. Each Credit Extension (including, without limitation, the Initial Credit Extension)
made by the Lenders or one or more LC Issuers, as the case may be, to the Borrower and each Release, shall be subject to the further conditions
precedent that on the date of each Credit Extension or Release, each of the following shall be true and correct both before and immediately
after giving effect to such Credit Extension or Release, as applicable:

 

(a)            each
Facility Agent shall have received from the Servicer the Monthly Report most recently required to be delivered pursuant to Section 5.05.

 

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(b)            the
representations and warranties contained in Article IV shall be correct in all material respects (except that the materiality
standard in this clause (b) shall not apply to any such representation or warranty that is qualified by a materiality standard by
its terms) on and as of such date as though made on and as of such date unless such representation and warranties by their terms refer
to an earlier date, in which case they shall be correct on and as of such earlier date;

 

(c)            no
event has occurred and is continuing, or would result from such Credit Extension or Release, which constitutes an Event of Termination,
a Servicer Default, a Potential Event of Termination or a Potential Servicer Default after taking into account application of Collections,
prepayments and purchases of Receivables to occur on such date;

 

(d)            with
respect to any Credit Extension, no event has occurred and is continuing, or would result from such Credit Extension which constitutes
an Advance Suspension Event after taking into account application of Collections, prepayments and purchases of Receivables to occur on
such date;

 

(e)            with
respect to any Release, no Release Suspension Notice has been delivered with respect to any Advance Suspension Event that remains in effect;

 

(f)             the
Termination Date has not occurred; and

 

(g)            no
Borrowing Base Deficiency shall exist.

 

Each delivery of a Borrowing Request to the Administrative
Agent and the Facility Agents or of a Letter of Credit Request to the Administrative Agent and the Facility Agent for the applicable LC
Issuer, and the acceptance by the Borrower of the proceeds of any Borrowing or any Release or of any Letter of Credit as contemplated
in Section 2.04, shall constitute a representation and warranty by the Borrower that, as of the date of such Credit Extension
or Release, both before and after giving effect thereto and the application of the proceeds thereof, each of the applicable statements
set forth in clauses (a) through (g) above are true and correct.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.01. Representations and Warranties of the Borrower.
The Borrower represents and warrants on and as of the Effective Date and on and as of each day until the Final Collection Date:

 

(a)            Due
Formation and Good Standing. The Borrower is a limited liability company, duly organized, validly existing and in good standing under
the laws of the State of Delaware (or such other jurisdiction pursuant to Section 5.03(g)) and is duly qualified to do business,
and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, other than where failure
to be so qualified could not be reasonably expected to have a Material Adverse Effect.

 

(b)            Due
Authorization and No Conflict. The execution, delivery and performance by the Borrower of this Agreement, the Receivables Sale Agreement
and all other Facility Documents to which it is a party, and the transactions contemplated hereby and thereby, are within the Borrower’s
limited liability company powers, have been duly authorized by all necessary limited liability company action and do not contravene or
constitute a default (i) under any provision of applicable law, tariff or regulation, (ii) of the Borrower’s certificate
of formation or limited liability company agreement or (iii) of any agreement, judgment, injunction, decree or other instrument binding
upon the Borrower, except in the case of clauses (i) or (iii) above, any contravention or default that could not be reasonably
expected to have a Material Adverse Effect, or result in the creation or imposition of any Adverse Claim on any asset of the Borrower.
This Agreement, the Receivables Sale Agreement and the other Facility Documents to which the Borrower is a party have been duly executed
and delivered on behalf of the Borrower.

 

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(c)            Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required
for the due execution, delivery and performance by the Borrower of this Agreement, the Receivables Sale Agreement or any other agreement,
document or instrument to be delivered by it hereunder that has not already been given or obtained, except for filings under the UCC required
under Article III.

 

(d)            Enforceability
of Facility Documents. Each of this Agreement, the Receivables Sale Agreement and each other Facility Document to be delivered by
the Borrower in connection herewith, constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower
in accordance with its terms, subject to the Enforceability Exceptions.

 

(e)            No
Litigation. There are no actions, suits or proceedings pending, or to the knowledge of the Borrower threatened, against the Borrower
or the property of the Borrower, in any court, or before any arbitrator of any kind, or before or by any Governmental Authority. The Borrower
is not in default with respect to any order of any court, arbitrator or Governmental Authority.

 

(f)             Perfection
of Interest in Collateral. Each Pool Receivable is owned by the Borrower free and clear of any Adverse Claim, and the Administrative
Agent, for the benefit of the Secured Parties, has a first priority perfected security interest in each Pool Receivable, and in the Related
Security, Collections and other Collateral, in each case free and clear of any Adverse Claim. This Agreement creates a security interest
in favor of the Administrative Agent, on behalf of the Secured Parties, in each Pool Receivable, and in the Related Security, Collections
and other Collateral. No effective financing statement or other instrument similar in effect, is filed in any appropriate recording office
listing the Borrower as debtor or seller, covering any Collateral except such as may be filed in favor of the Administrative Agent in
accordance with this Agreement, and no effective financing statement or other instrument similar in effect, is filed in any recording
office listing any Originator as a debtor or seller, covering any Collateral except (i) as may be filed in favor of the Borrower
and assigned to the Administrative Agent in accordance with this Agreement or (ii) such filings in respect of which the security
interests over any Collateral by such filings have been released and for which UCC-3 filings excluding the Collateral have been filed.

 

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(g)            Compliance
with Laws.

 

(i)             The
Borrower is in compliance with all laws, rules and regulations applicable to it except where such non-compliance could not reasonably
be expected to have a Material Adverse Effect (including, without limitation, laws, rules and regulations relating to public utilities,
energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy) other than as set forth in clauses (ii) through (v) below with respect to Sanctions, Anti-Corruption
Laws and Anti-Terrorism Laws;

 

(ii)            To
the extent applicable, the Borrower is in compliance with Anti-Terrorism Laws in all material respects;

 

(iii)           The
Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower and its directors,
officers and employees with Anti-Corruption Laws and applicable Sanctions;

 

(iv)           The
Borrower and, to the knowledge of the Borrower, its officers, directors and employees, are not Sanctioned Persons; and

 

(v)            No
part of the proceeds of any Credit Extension or Release will be used, directly, or to the knowledge of Borrower, indirectly (i) in
violation of the Anti-Corruption Laws or (ii) in violation of Section 5.03(r).

 

(h)            Accuracy
of Information. All information heretofore furnished by the Borrower or any of its Affiliates to the Administrative Agent, any Facility
Agent, any Lender or any LC Issuer for purposes of or in connection with this Agreement, any Monthly Report, any of the other Facility
Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Borrower or any of
its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer will be, true and complete in every material
respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit
to state a material fact necessary to make the statements contained therein not misleading.

 

(i)             Location
of Borrower; Location of Records. The Borrower is organized solely under the laws of the State of Delaware, and the Borrower’s
 “location” (within the meaning of Section 9-307 of the UCC) is Delaware or such other jurisdiction pursuant to Section 5.03(g).
The locations of the offices where the Borrower keeps all the Records are listed on Exhibit E or such other locations as the
Borrower or the Servicer may notify the Administrative Agent from time to time.

 

(j)             Collection
Information. The names and addresses of all Payment Processors and Deposit Account Banks, together with the account numbers of the
Deposit Accounts and associated Lock-Box numbers are as specified in Exhibit F. The Lock-Boxes set forth on Exhibit F
are the only addresses to which Obligors and Payment Processors of Pool Receivables are directed to make payment. The Deposit Accounts
set forth on Exhibit F are the only accounts to which Obligors or Payment Processors remit Collections of Pool Receivables
by electronic check deposits, wire transfer or electronic funds transfer. No Transaction Party has granted any Person, other than the
Administrative Agent, “control” (within the meaning of Section 9-102 of any applicable enactment of the UCC) of any Deposit
Account or the right to take control of any Deposit Account at a future time or upon the occurrence of a future event.

 

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(k)            Legal
Name; No Trade Names. The Borrower’s complete limited liability company name is set forth in the preamble to this Agreement
(or such other name pursuant to Section 5.03(g)), and other than pursuant to Section 5.03(g), and it does not
use and has not during the last year used any other limited liability company name, trade name, doing-business name or fictitious name.

 

(l)             Investments.
The Borrower does not own or hold, directly or indirectly (i) any capital stock or equity security of, or any equity interest in,
any Person or (ii) any debt security or other evidence of indebtedness of any Person (other than any Deposit Accounts and the Collection
Account). The Borrower has no Subsidiaries.

 

(m)           Facility
Documents. The Receivables Sale Agreement is the only agreement pursuant to which the Borrower directly or indirectly purchases Receivables
or any other accounts receivable from the Originators and the Facility Documents delivered to the Administrative Agent represent all agreements
between the Originators and the Borrower relating to the transfer of the Receivables except for other agreements related to the transactions
that are permitted by Section 5.03(k).

 

(n)            Business.
Since its formation, the Borrower has conducted no business other than entering into and performing its obligations under the Facility
Documents to which it is a party, and such other activities as are incidental to the foregoing. The Facility Documents to which it is
a party, and any agreements entered into in connection with the transactions that are permitted by Section 5.03(k), are the
only agreements to which the Borrower is a party.

 

(o)            Taxes.
The Borrower has filed all material Tax returns and reports required by Law to be filed by it and has timely paid all Taxes, governmental
charges and energy surcharges at any time owing, except for Taxes, charges or surcharges that are being contested in good faith by appropriate
proceedings and for which appropriate reserves in accordance with relevant GAAP shall have been set aside on its books.

 

(p)            Solvency;
Indebtedness; Etc. The Borrower (i) is not “insolvent” (as such term is defined in §101(32)(A) of the Bankruptcy
Code), (ii) is able to pay its debts as they come due, (iii) has a tangible net worth, at all times, equal to the greater of
(x) 2.00% of the Facility Limit as of such date and (y) $16,500,000, and (iv) does not have unreasonably small capital
for the business in which it is engaged or for any business or transaction in which it is about to engage. The Borrower has no Indebtedness
(whether matured or unmatured) outstanding other than as permitted by or contemplated by the Facility Documents (including the Subordinated
Note). Each remittance of Collections by or on behalf of the Borrower pursuant to the Facility Documents and any related accounts or amounts
owing hereunder in respect of the Credit Extensions will have been (i) in payment of a debt incurred by the Borrower in the ordinary
course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of
the Borrower.

 

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(q)            Investment
Company, Etc. The Borrower is neither (i) an “investment company” or a company “controlled by an investment
company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
nor (ii) a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable
rules and regulations thereunder (the “Volcker Rule”). In determining that the Borrower is not a covered fund,
the Borrower 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.

 

(r)             Use
of Proceeds. No proceeds of any Credit Extension or Release shall be used for purposes that violate Regulations T, U or X of the Federal
Reserve Board.

 

(s)            Ownership.
As of the Effective Date, all of the issued and outstanding capital stock of the Borrower are directly owned of record by NRG Retail LLC,
all of which are validly issued, fully paid and nonassessable and there are no options, warrants or other rights to acquire any shares
of capital stock of the Borrower by any other Person.

 

(t)             Beneficial
Ownership Certification. As of the Effective Date, the information included in the Beneficial Ownership Certification for the Borrower
is true and correct in all respects.

 

(u)            Eligibility.
Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Balance satisfies the requirements of eligibility
contained in the definition of “Eligible Receivable” as of the date of such inclusion.

 

(v)            Payments
to Originators. With respect to each Pool Receivable, the Borrower shall have purchased such Pool Receivable from an Originator in
exchange for payment made by such Originator in accordance with the provisions of the Receivables Sale Agreement in an amount which constitutes
fair consideration and reasonably equivalent value. No such sale shall have been made for or on account of an antecedent debt owed by
the Originator to the Borrower and no such sale is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

 

(w)           Material
Adverse Effect. Since its most recent fiscal year end, there has been no change in the business, operations, financial condition,
properties or assets of the Borrower that would have a Material Adverse Effect.

 

(x)             No
Advance Suspension Event, Event of Termination or Potential Event of Termination. No event (i) has occurred and is continuing
that constitutes an Event of Termination, or (ii) if this representation is made in connection with any Credit Extension or any Release,
has occurred or would result from a Credit Extension or a Release in respect of the Pool Receivables or from the application of the proceeds
therefrom, that constitutes an Advance Suspension Event, an Event of Termination or a Potential Event of Termination.

 

(y)            Compliance
with Credit and Collection Policy. The Borrower has complied in all material respects with the Credit and Collection Policy with regard
to the Pool Receivables and the related Contracts and has not made any change to such Credit and Collection Policy other than as permitted
under Section 5.03(c).

 

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(z)            Tax
Status. The Borrower is treated as an entity that is disregarded as separate from its owner (as defined in Treasury Regulation Section 301.7701-2(a))
for United States federal income tax purposes. The entity from which the Borrower is disregarded as a separate entity is a “United
States person” within the meaning of Section 7701(a)(30) of the Code.

 

Provided,
that any incorrect representation or warranty made or deemed made (other than any representation or warranty with respect to any Pool
Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any
other Secured Party) that is capable of being cured shall not be deemed to have been false or incorrect when made or deemed made unless
it has not been so cured within 30 days after any Secured Party gives notice thereof to the Borrower or the Borrower otherwise obtains
knowledge thereof and, provided, further, that any incorrect representation or warranty made or deemed made with respect
to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative
Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does
not cause a Borrowing Base Default shall not be deemed to have been false or incorrect when made.

 

SECTION 4.02. Representations
and Warranties of the Servicer. The Servicer represents and warrants on and as of the Effective Date and on and as of each day until
the Final Collection Date:

 

(a)            Due
Formation and Good Standing. The Servicer is a limited liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware, has all limited liability company power and authority to carry on its business as now conducted and
is qualified to do business in, and is in good standing in, every jurisdiction where the nature of its business requires it to be so qualified
except where the failure so to qualify could not reasonably be expected to have a Material Adverse Effect.

 

(b)            Due
Authorization and No Conflict. The execution, delivery and performance by the Servicer of this Agreement are within the Servicer’s
limited liability company powers, have been duly authorized by all necessary limited liability company action on the part of the Servicer
and do not contravene or constitute a default (i) under any provision of applicable law, tariff or regulation, (ii) of the Servicer’s
certificate of formation or limited liability company agreement or (iii) of any agreement, judgment, injunction, decree or other
instrument binding upon the Servicer, except in the case of clause (i) or (iii), any contravention or default that could not be reasonably
expected to have a Material Adverse Effect or result in the creation or imposition of any Adverse Claim on any asset of the Servicer upon
or with respect to any of its properties. This Agreement and the other Facility Documents to which the Servicer is a party have been duly
executed and delivered on behalf of the Servicer.

 

(c)            Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required
for the due execution, delivery and performance by the Servicer of this Agreement or any other agreement, document or instrument to be
delivered by it hereunder that has not already been given or obtained.

 

(d)            Enforceability
of Facility Documents. This Agreement and each other Facility Document to be delivered by the Servicer in connection herewith constitutes
the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to the
Enforceability Exceptions.

 

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(e)            No
Litigation. Except as publically disclosed by the Performance Guarantor in its securities filings, there is no action, suit or proceeding
pending against, or to the Servicer’s knowledge threatened against or affecting, the Servicer before any court or arbitrator or
any Governmental Authority in which there is a reasonable possibility of an adverse decision which could reasonably be expected to have
a Material Adverse Effect or that seeks to prevent the consummation of the transactions contemplated by this Agreement and the other Facility
Documents. Except as publically disclosed by the Performance Guarantor in its securities filings, the Servicer is not in default with
respect to any order of any court, arbitrator or other Governmental Authority, which default could reasonably be expected to have a Material
Adverse Effect or prevent the consummation of the transactions contemplated by this Agreement and the other Facility Documents.

 

(f)             Compliance
with Laws.

 

(i)             Except
as publically disclosed by the Performance Guarantor in its securities filings, the Servicer is in compliance with all laws, rules and
regulations applicable to it except where such non-compliance could not reasonably be expected to have a Material Adverse Effect (including,
without limitation, laws, rules and regulations relating to public utilities, energy delivery and sales, truth in lending, fair credit
billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) other than as set forth in clauses
(ii) through (v) below with respect to Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws;

 

(ii)            To
the extent applicable, the Servicer is in compliance with Anti-Terrorism Laws in all material respects;

 

(iii)           The
Servicer has implemented and maintains in effect policies and procedures designed to ensure compliance by the Servicer, its Subsidiaries
and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions;

 

(iv)           The
Servicer and its Subsidiaries and, to the knowledge of the Servicer, its officers, directors and employees, are not Sanctioned Persons;
and

 

(v)            No
part of the proceeds of any Credit Extension or Release will be used, directly, or to the knowledge of Servicer, indirectly (i) in
violation of the Anti-Corruption Laws or (ii) in violation of Section 5.06(e).

 

(g)            Accuracy
of Information. All information heretofore furnished by the Servicer or any of its Affiliates to the Administrative Agent, any Facility
Agent, any Lender or any LC Issuer for purposes of or in connection with this Agreement, any Monthly Report, any Borrowing Base Certificate,
any of the other Facility Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished
by the Servicer or any of its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer will be, true and
complete in every material respect on the date such information is stated or certified and does not and will not contain any material
misstatement of fact or omit to state a material fact necessary to make the statements contained therein not misleading.

 

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(h)            Collection
Information. The names and addresses of all Payment Processors and Deposit Account Banks, together with the account numbers of the
Deposit Accounts and associated Lock-Box numbers are as specified in Exhibit F. The Lock-Boxes set forth on Exhibit F
are the only addresses to which Obligors and Payment Processors of Pool Receivables are directed to make payment. The Deposit Accounts
set forth on Exhibit F are the only accounts to which Obligors or Payment Processors remit Collections of Pool Receivables
by wire transfer or electronic funds transfer. No Transaction Party has granted any Person, other than the Administrative Agent, “control”
(within the meaning of Section 9-102 of any applicable enactment of the UCC) of any Deposit Account or the right to take control
of any Deposit Account at a future time or upon the occurrence of a future event.

 

(i)             Software.
The Servicer has the right (whether by license, sublicense or assignment) to use all of the computer software used to account for the
Pool Receivables to the extent necessary to administer the Pool Receivables.

 

(j)             Location
of Records. The locations of the offices where the Servicer keeps all the Records are listed on Exhibit E or such other
locations as the Servicer or the Servicer may notify the Administrative Agent from time to time.

 

(k)            Investment
Company Act. The Servicer is not required to register as an “investment company” under the Investment Company Act.

 

(l)             Credit
and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy with regard to each
Pool Receivable and the related Contract and has not made any change to such Credit and Collection Policy other than as permitted under
Section 5.03(c).

 

Provided,
that any incorrect representation or warranty made or deemed made (other than any representation or warranty with respect to any Pool
Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any
other Secured Party) that is capable of being cured shall not be deemed to have been false or incorrect when made or deemed made unless
it has not been so cured within 30 days after any Secured Party gives notice thereof to the Servicer or the Servicer otherwise obtains
knowledge thereof and, provided, further, that any incorrect representation or warranty made or deemed made with respect
to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative
Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does
not cause a Borrowing Base Default shall not be deemed to have been false or incorrect when made.

 

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ARTICLE V

GENERAL COVENANTS

 

SECTION 5.01. Affirmative Covenants of the Borrower.
From the Effective Date until the Final Collection Date, the Borrower shall, unless the Administrative Agent and the Majority Facility
Agents shall otherwise consent in writing:

 

(a)            Compliance with Laws, Etc.
Comply with all applicable laws, rules, regulations and orders applicable to it (other than those specifically relating to any Anti-Corruption
Laws, Anti-Terrorism Laws or Sanctions) (including, without limitation, laws, rules and regulations relating to public utilities,
energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy), and preserve and maintain its existence, rights, franchises, qualifications and privileges, except to the extent
that the failure so to comply with any such laws, rules, regulations and orders or the failure so to preserve and maintain such rights,
franchises, qualifications and privileges could not reasonably be expected to have a Material Adverse Effect.

 

(b)            Preservation of Existence.
(i) Observe all procedures required by its certificate of formation and limited liability company agreement and preserve and maintain
its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation, and (ii) qualify
and remain qualified in good standing as a foreign limited liability company in each other jurisdiction where the nature of its business
requires such qualification and where, in the case of clause (ii), the failure to be so qualified could reasonably be expected to have
a Material Adverse Effect.

 

(c)            Diligence
and Inspections. At any time and from time to time during regular business hours and upon reasonable prior notice, permit the Administrative
Agent, the Facility Agents or their agents or representatives:

 

(i)        to
conduct periodic audits of the Pool Receivables and the Related Security and the related Records and collection systems of the Borrower;

 

(ii)       to
examine and make copies of and abstracts from the books and records in its possession or control relating to the Pool Receivables and
Related Security, including, without limitation, the related Contracts;

 

(iii)      to
visit the offices and properties of the Borrower for the purpose of examining the materials described in clause (ii) above; and

 

(iv)      to
discuss matters relating to the Receivables or the Borrower’s performance hereunder with any of the officers or employees of the
Borrower having knowledge of such matters;

 

provided
that, (i) so long as no Advance Suspension Event, Potential Event of Termination or Event of Termination shall have occurred, the
Borrower shall not be required to pay the expenses of more than one due diligence visit and one audit per year, (ii) the Administrative
Agent and the Facility Agents shall coordinate their due diligence visits with each other and with their inspection of the Servicer pursuant
to Section 5.04(c) and (iii) the Administrative Agent and the Facility Agents shall use commercially reasonable
efforts to minimize disruption to the business of the Transaction Parties and to coordinate their due diligence visits with the audits
to be conducted pursuant to Section 5.04(d).

 

(d)            Keeping of Records and Books of Account
and Marking of Records. Maintain and implement administrative and operating procedures (including, without limitation, an ability
to recreate records evidencing the Pool Receivables in the event of the destruction of the originals thereof) and keep and maintain (or
cause the Servicer to keep and maintain) all documents, books, records and other information reasonably necessary for the collection of
all Pool Receivables, and in which timely entries are made in accordance with GAAP. Mark (or cause the Servicer to mark) its master data
processing records relating to Pool Receivables with a legend evidencing that the ownership interest of the Borrower and the first priority
security interest of the Administrative Agent, for the benefit of the Secured Parties, with regard to the Pool Receivables have been granted
in accordance with this Agreement. Such books and records shall include, without limitation, records adequate to permit the daily identification
of each new Pool Receivable and all Collections of and adjustments to each existing Pool Receivable, as well as the Borrower’s actual
experience with respect to any Dilution Factor. The Borrower shall promptly notify the Administrative Agent and each Facility Agent of
any material conversion or substitution (excluding, in each case, version upgrades) of the computer software used by the Borrower (or
the Servicer, as applicable) in its collection of Pool Receivables.

 

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(e)            Performance and Compliance with Pool
Receivables and Contracts. At its expense, timely and fully perform and comply in all material respects with all provisions, covenants
and other promises required to be observed by it with respect to the Pool Receivables and the Contracts related thereto.

 

(f)             Credit and Collection Policy.
Comply in all material respects with the Credit and Collection Policy in regard to the Pool Receivables and the related Contracts.

 

(g)            Deposits
to Deposit Accounts. Direct the Servicer to instruct all Obligors to make payments of all Pool Receivables to one or more Deposit
Accounts or Lock-Boxes in each case subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement, or to Payment Processors.
Direct the Servicer to instruct all Payment Processors to remit all payments of all Pool Receivables received by such Payment Processors
to one or more Deposit Accounts or Lock-Boxes, in each case subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement.
Direct each Deposit Account Bank and Payment Processors to deposit all checks received into a Lock-Box in a Deposit Account subject to
a Deposit Account Control Agreement. If the Servicer fails to so instruct an Obligor or a Payment Processor, or if an Obligor or a Payment
Processor fails to so deliver payments to a Deposit Account or Lock-Box, use all reasonable efforts to cause such Obligor or Payment Processor
to deliver subsequent payments on Pool Receivables to a Deposit Account or Lock-Box and deposit, or cause to be deposited, any Collections
received by it, into a Deposit Account subject to a Deposit Account Control Agreement not later than two (2) Business Days after
receipt thereof. Cause all Lock-Boxes to be subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement. Only add a
Payment Processor to those listed on Exhibit F to this Agreement if the Administrative Agent has received prior written notice
of such addition. Notwithstanding the forgoing, Obligors may be directed to remit payments to the Citibank, N.A. Deposit Accounts and
the Lock-Boxes administered by Deluxe Corporation, prior to September 30, 2022.

 

(h)            Posting of Collections and Pool
Receivables. Apply all Collections to the Pool Receivables owed by the applicable Obligor in a timely manner in accordance with its
business practices in existence as of the Effective Date.

 

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(i)             Separate
Corporate Existence. Take all reasonable steps (including, without limitation, all steps that the Administrative Agent or any Facility
Agent may from time to time reasonably request) to maintain the Borrower’s identity as a separate legal entity from the Servicer
and to make it manifest to third parties that the Borrower is an entity with assets and liabilities distinct from those of any other Transaction
Party and each other Affiliate thereof. Without limiting the generality of the foregoing, the Borrower shall:

 

(i)        be
a limited liability company whose primary activities are restricted in its limited liability company agreement to (A) purchasing
or otherwise acquiring, owning, holding, granting security interests in Pool Receivables, the Related Security, the Collections and the
other Collateral with respect thereto, (B) entering into agreements for the selling and servicing of the Pool Receivables, and (C) conducting
such other activities as it deems are related or incidental to and necessary, convenient or advisable for the accomplishment of the foregoing
activities;

 

(ii)       not
engage in any business or activity, or incur any Indebtedness or liability, other than as expressly permitted by the Facility Documents;

 

(iii)      at
all times maintain at least one independent manager (the “Independent Manager”), who shall be an individual who (A) is
not, and has not at any time during the five-year period prior to his or her appointment as Independent Manager been, a direct, indirect
or beneficial owner, employee, director, stockholder, member, partner, attorney or counsel, officer, customer or supplier of the Performance
Guarantor, the Servicer, any Originator or any their respective Affiliates (other than his or her service as an independent manager or
in a similar capacity of any such Person), (B) has at least three years of employment experience with one or more entities that provide,
in the ordinary course of its businesses, advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities, and (C) shall not at any time serve as a trustee in bankruptcy for any Transaction Party or
any of their respective other Affiliates;

 

(iv)      maintain
the requirement that the Borrower’s limited liability company agreement at all times provide (A) that the Borrower’s
Board of Managers (as defined in its limited liability company agreement) shall not approve, or take any other action to cause the filing
of, a voluntary bankruptcy petition with respect to the Borrower unless the Board of Managers, including the Independent Manager (as defined
in its limited liability company agreement), shall approve the taking of such action in writing before the taking of such action, and
(B) that such provision cannot be amended without the unanimous written consent of the Board of Managers, including the Independent
Manager;

 

(v)       maintain
(A) its assets and transactions separately from those of any other Transaction Party or any Affiliate thereof and reflect such assets
and transactions in financial statements separate and distinct from those of any other Transaction Party or any Affiliate thereof and
evidence such assets and transactions by appropriate entries in books and records separate and distinct from those of any other Transaction
Party or any Affiliate thereof and (B) records of all intercompany debits and credits and transfers of funds made by the Originators
on its behalf;

 

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(vi)      (A) prepare
its unaudited financial statements separately from those of any other Transaction Party or any Affiliate thereof and (B) insure that
any consolidated financial statements of any other Transaction Party or any Affiliate thereof that are filed with the SEC or any other
governmental agency or are furnished to any creditors of any other Transaction Party or any Affiliate thereof will include notes clearly
stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of
the creditors of the Borrower;

 

(vii)     maintain
an arm’s length relationship with unaffiliated parties, and not enter into any transaction with an Affiliate of the Borrower except
on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s length transaction;

 

(viii)    pay
its own operating expenses and liabilities, including the allocated expenses of services provided by employees of any of its Affiliates,
if any, only out of its own funds;

 

(ix)       conduct
its business in its own name and from a clearly identified office space separate from the office space of its Affiliates, which may be
located in the same facility as the offices of one or more of its Affiliates. Clearly identify its offices, if any, as its offices and,
to the extent that the Borrower and its Affiliates have offices in the same location, allocate fairly and reasonably any overhead expenses
that are shared with an Affiliate, including services performed by an employee of an Affiliate;

 

(x)        at
all times hold itself out to the public under its own name as a legal and economic entity separate from any Person, and strictly comply
with all organizational formalities to maintain its separate existence;

 

(xi)       have
stationery and other business forms and a telephone number separate from that of NRG Retail LLC or its Affiliates;

 

(xii)      maintain
adequate capital and a sufficient number of employees, if any employees are so needed, in light of its contemplated business purposes,
transactions and liabilities and in order to pay its debts as they become due;

 

(xiii)     cause
its Board of Directors to meet at least annually or act pursuant to written consent, make and retain minutes of such meetings and otherwise
observe all limited liability company formalities as a distinct entity;

 

(xiv)    not
hold out its credit or assets as being available to satisfy the obligations of any other Person nor pledge its assets for the benefit
of any other Person (except for Permitted Liens) nor make any intercompany loans to any Affiliate of the Borrower nor accept any intercompany
loans from any Affiliate of the Borrower (except as permitted by the Facility Documents, including the Subordinated Note);

 

(xv)     not
incur, create or assume any indebtedness, or guarantee the indebtedness of any other Person, other than as expressly permitted under the
Facility Documents;

 

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(xvi)    not
maintain a joint account with any other Person or otherwise commingle its assets with assets of any other Person and, except as otherwise
contemplated in Section 2.06, not maintain bank accounts or other depository accounts to which any Affiliate is an account
party, into which any Affiliate makes deposits or from which any Affiliate has the power to make withdrawals except as otherwise contemplated
hereunder or under the Receivables Sale Agreement with respect to its or the Servicer’s administration of Collections;

 

(xvii)   maintain
its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those
of any other Person;

 

(xviii)  not
direct or participate in the management of any other Transaction Party’s operations; and

 

(xix)     take
all other actions reasonably necessary on its part to operate its business and perform its obligations under the Facility Documents in
a manner consistent with the factual assumptions described in the legal opinions with respect to non-consolidation or true sale matters
of Shearman & Sterling LLP delivered to the Administrative Agent and the Facility Agents pursuant to Section 3.01
hereof, or any back-up certificates related thereto.

 

(j)             Rights
under the Receivables Sale Agreement. From and after an Event of Termination, direct, instruct, or request any lawful action under
the Receivables Sale Agreement, including without limitation, in connection with enforcement of its rights thereunder, as instructed by
the Administrative Agent; provided, however, that both before and after the Termination Date, the Borrower shall deliver
any lawful notice as directed by the Administrative Agent, the delivery of which is a condition precedent to any “Purchase Termination
Event” under (and as defined in) the Receivables Sale Agreement.

 

(k)            Location
of Records. Keep its chief place of business and chief executive office and the offices where it keeps the books and records at (i) the
address(es) of the Borrower referred to on Schedule II or (ii) upon 30 days’ prior written notice to the Administrative Agent,
at any other location in the United States where all actions reasonably requested by any Facility Agent to protect and perfect the interests
of the Administrative Agent and the Lenders in the Collateral have been taken and completed.

 

(l)             Taxes.
File all material tax returns and reports required by law to be filed by it and promptly pay all Taxes and governmental charges at any
time owing, except such as are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established.
Pay when due, or at the option of the Administrative Agent timely reimburse it for the payment of, any Direct Taxes payable in connection
with the Pool Receivables, exclusive of any Direct Taxes the validity of which are being contested in good faith by appropriate proceedings
and for which adequate reserves in accordance with relevant GAAP shall have been set aside on its books.

 

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(m)           Performance
and Enforcement of Receivables Sale Agreement. (i) Perform and require the Originators to perform each of their respective obligations
and undertakings under and pursuant to the Receivables Sale Agreement and purchase Receivables thereunder in compliance with the terms
thereof; (ii) enforce the rights and remedies accorded to the Borrower under the Receivables Sale Agreement and (iii) take
all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrative Agent and the Secured
Parties as assignees of the Borrower) under the Receivables Sale Agreement as the Administrative Agent or any Facility Agent may from
time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement
or similar provision contained in the Receivables Sale Agreement.

 

(n)            Other
Information. The Borrower shall deliver such other information (including nonfinancial information) as any Lender, LC Issuer, Administrative
Agent or Facility Agent may from time to time reasonably request in order to assist such persons (or any related Program Support Provider)
in complying with the requirements of Regulation (EU) No. 2017/2402 of the European Parliament as may be applicable to such Lender
(or Program Support Provider).

 

(o)            Ownership.
Take all necessary action to (i) vest legal and equitable title to the Pool Receivables, the Related Security and the Collections
purchased under the Receivables Sale Agreement irrevocably in the Borrower, free and clear of any Adverse Claims (including, without limitation,
the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all
appropriate jurisdictions to perfect the Borrower’s interest in such Pool Receivables, Related Security and Collections and such
other action to perfect, protect or more fully evidence the interest of Borrower therein as the Administrative Agent or any Facility Agent
may reasonably request), and (ii) establish and maintain, in favor of the Administrative Agent, for the benefit of the Lenders, a
valid and perfected first priority perfected security interest in all Pool Receivables, Related Security and Collections to the full extent
contemplated herein, free and clear of any Adverse Claims other than Permitted Liens (including, without limitation, the filing of all
financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions
to perfect the Administrative Agent’s (for the benefit of the Lenders) security interest in such Pool Receivables, Related Security
and Collections and such other action to perfect, protect or more fully evidence the interest of the Administrative Agent for the benefit
of the Lenders as the Administrative Agent or any Facility Agent may reasonably request). Without limiting the foregoing, the Borrower
hereby authorizes, and will, upon the request of the Administrative Agent or any Facility Agent, at the Borrower’s own expense,
execute (if necessary) and file such financing or continuation statements, or amendments thereto, and such other instruments and documents,
that may be necessary or desirable, or that the Administrative Agent or any Facility Agent may reasonably request, to perfect, protect
or evidence any of the foregoing. The Borrower authorizes the Administrative Agent to file financing or continuation statements, and amendments
thereto and assignments thereof, relating to the Pool Receivables, the Related Security and the Collections with respect thereto and the
other Collateral, including with language set forth in Section 2.15(c), and without the signature of the Borrower.

 

(p)            Other
Agreements and Undertakings. Comply with, observe and perform all other terms, covenants and agreements of the Borrower contained
in this Agreement or any other Facility Document.

 

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(q)            UCC-3
Partial Releases. Cause a UCC-3 partial release, in form and substance acceptable to the Administrative Agent, to be filed with respect
to the UCC-1 filings in favor of Deutsche Bank Trust Company Americas, the secured party, against each of Direct Energy, LP and Direct
Energy Business, LLC within ten (10) Business Days after the Amendment No. 2 Effective Date.

 

Provided,
that any failure by the Borrower to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement
if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Borrower
or the Borrower otherwise obtains knowledge thereof or (ii) two Business Days, if such term, covenant or agreement relates to the
payment to any Secured Party or a deposit required to be made; provided, further, that the foregoing proviso shall not apply
to any breach of Section 2.03(a), 5.01(i) or 5.03 hereof; provided, even, further,
that, notwithstanding either of the above provisos, any breach of any term, covenant or agreement with respect to any Pool Receivable
that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured
Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base
Default shall not be deemed to have been breached.

 

SECTION 5.02. Reporting
Requirements of the Borrower. From the Effective Date until the later of the Termination Date and the Final Collection Date, the Borrower
shall, unless the Administrative Agent and the Majority Facility Agents shall otherwise consent in writing, furnish or cause to be furnished
to the Administrative Agent and each Facility Agent:

 

(a)            Event
of Termination. As soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer
of the Borrower obtains knowledge of the occurrence of each Advance Suspension Event, Event of Termination or Potential Event of Termination
(if such Advance Suspension Event or Potential Event of Termination is continuing on the date of such notice), the statement of a Responsible
Officer of the Borrower setting forth the details of such Advance Suspension Event, Event of Termination or Potential Event of Termination
and the action which the Borrower is taking or proposes to take with respect thereto.

 

(b)            Financial
Statements.

 

(i)        As
soon as available, and in any event within ninety (90) days after the end of each fiscal year of the Borrower, an unaudited balance sheet
of the Borrower as of the end of such fiscal year and an unaudited statement of income, stockholders’ equity and cash flows of the
Borrower for such fiscal year, together with comparative figures for the immediately preceding fiscal year, certified by a Financial Officer
of the Borrower;

 

(ii)       As
soon as is available, and in any event within ninety (90) days after the end of each fiscal year of the Performance Guarantor, a consolidated
balance sheet of the Performance Guarantor and its consolidated Subsidiaries as of the end of such fiscal year and a statement of income,
stockholders’ equity and cash flows showing the financial condition of the Performance Guarantor and retained earnings of the Performance
Guarantor and its consolidated Subsidiaries for such fiscal year, all reported in accordance with GAAP, together with comparative figures
for the immediately preceding fiscal year, audited by KPMG LLP or other independent public accountants of nationally recognized standing
and accompanied by an opinion of such accountants reasonably satisfactory to the Administrative Agent (which shall not be qualified in
any material respect, except for qualifications as a result of maturities of Indebtedness within the following twelve-month period, and/or
relating to accounting changes (with which such independent public accountants shall concur) in response to FASB releases or other authoritative
pronouncements) to the effect that such consolidated financial statements fairly present the financial condition and results of operations
of the Performance Guarantor and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

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(iii)      within
45 days after the end of each of the first three fiscal quarters of each fiscal year, the Borrower’s unaudited consolidated balance
sheet and related statements of income, stockholders’ equity and cash flows showing the financial condition as of the close of such
fiscal quarter of the Borrower and the results of its operations during such fiscal quarter and the then elapsed portion of the fiscal
year, and comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers
to the effect that such financial statements, while not examined by independent public accountants, reflect in the opinion of the Borrower
all adjustments necessary to present fairly in all material respects the financial condition and results of operations of the Borrower
as of the end of and for such periods in accordance with GAAP consistently applied subject to normal year-end audit adjustments and absence
of footnotes;

 

(iv)      within
45 days after the end of each of the first three fiscal quarters of each fiscal year, the Performance Guarantor’s unaudited consolidated
balance sheet and related statements of income, stockholders’ equity and cash flows showing the financial condition as of the close
of such fiscal quarter of the Performance Guarantor and its consolidated Subsidiaries at such time and the results of its operations and
the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures
for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers to the effect that such
financial statements, while not examined by independent public accountants, reflect in the opinion of the Performance Guarantor all adjustments
necessary to present fairly in all material respects the financial condition and results of operations of the Performance Guarantor and
its consolidated Subsidiaries on a consolidated basis as of the end of and for such periods in accordance with GAAP consistently applied
subject to normal year-end audit adjustments and absence of footnotes.

 

As long as the Performance Guarantor
is required or permitted to file reports under the Securities Exchange Act of 1934, as amended, a copy of its report on Form 10-K
shall satisfy the requirements of Section 5.02(b)(ii) of this Agreement and a copy of its report on Form 10-Q filed
with the SEC shall satisfy the requirements of Section 5.02(b)(iv) of this Agreement. Information required to be delivered
pursuant to clause (b) of this Section 5.02 shall be deemed to have been delivered on the date on which such information
has been posted on the Internet at sec.gov/edgar/searchedgar/webusers.htm.

 

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(c)            Compliance
Certificates. Concurrently with any delivery of information under clause (b) above, a certificate of a Responsible Officer
of the Borrower (i) setting forth in reasonable detail the calculations required to establish whether the Event of Termination set
forth in Section 7.01(q) has occurred and (ii) certifying that no Advance Suspension Event, Event of Termination
or Potential Event of Termination exists on the date of such certificate or, if Advance Suspension Event, an Event of Termination or Potential
Event of Termination then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with
respect thereto.

 

(d)            [Reserved].

 

(e)            Reporting
on Adverse Effects. Promptly and in no event more than two (2) Business Days after any Responsible Officer of the Borrower obtains
knowledge of any (i) matter or the occurrence of any event concerning any Transaction Party which would reasonably be expected to
have a Material Adverse Effect, (ii) litigation or proceeding that may exist at any time between one or more Transaction Parties
and any Governmental Authority that, if not cured or if adversely determined, as the case may be, could reasonably be expected to have
a Material Adverse Effect, (iii) litigation or proceedings adversely affecting one or more Transaction Parties in which the amount
involved could reasonably be expected to have a material adverse effect on such Person(s) or in which injunctive relief is sought
that could reasonably be expected to have a Material Adverse Effect on such Person(s) or (iv) litigation or proceeding relating
to any Facility Document, notice thereof.

 

(f)             Adverse
Claims. Promptly, notice in writing of (A) any Adverse Claim upon the Pool Receivables or Collections with respect thereto, (B) any
Person other than the Borrower, the Servicer or the Administrative Agent obtaining any rights or directing any action with respect to
any Deposit Account, Lock-Box or Payment Processor or (C) any Obligor receiving any change in payment instructions with respect to
Pool Receivable(s) from a Person other than the Borrower, the Servicer or the Administrative Agent in accordance with this Agreement.

 

(g)            Defaults.
Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of any
default by the Borrower under any agreement other than the Facility Documents to which the Borrower is a party which could reasonably
be expected to have a Material Adverse Effect, the statement of a Responsible Officer of the Borrower setting forth the details of such
default and the action which the Borrower is taking or proposes to take with respect thereto.

 

(h)            Ratings.
Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of any
downgrade or withdrawal of the Debt Rating of the Performance Guarantor, notice of such downgrade or withdrawal of such Debt Rating.

 

(i)             Copies
of Notices. Promptly after receipt thereof, copies of any notice, request for consent, or certification delivered to it by any Originator
under the Receivables Sale Agreement.

 

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(j)             Credit
and Collection Policy. Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower
obtains knowledge of (i) any amendment, modification, supplement or other change to the Credit and Collection Policy or (ii) the
adoption, implementation or institution of any tariff, rule, regulation, ordinance or decree of a government regulator having agency authority
over an Originator or the Servicer, in either case, that could have a material adverse effect on the collectibility of the Receivables,
the statement of a Responsible Officer of the Borrower setting forth the details of such amendment, modification, supplement, change,
tariff, rule, regulation, ordinance or decree and the action which the Borrower is taking or proposes to take with respect thereto.

 

(k)            Other
Information. As soon as reasonably practicable, from time to time, such other information, documents, records or reports respecting
the Pool Receivables or the conditions or operations, financial or otherwise, of the Borrower as the Administrative Agent or any Facility
Agent may from time to time reasonably request.

 

(l)             [Reserved].

 

(m)           Change
in Beneficial Ownership. Promptly after obtaining knowledge thereof, notify the Administrative Agent and each Facility Agent of any
change in the information provided in the Beneficial Ownership Certification for the Borrower that would result in a change to the list
of beneficial owners identified therein.

 

Provided,
that any failure by the Borrower to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement
if such failure has been remedied on or before thirty (30) days after any Secured Party gives notice thereof to the Borrower or the Borrower
otherwise obtains knowledge thereof; provided, further, that any breach of any term, covenant or agreement with respect
to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative
Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does
not cause a Borrowing Base Default shall not be deemed to have been breached.

 

SECTION 5.03. Negative
Covenants of the Borrower. From the Effective Date until the Final Collection Date, the Borrower shall not, without the written consent
of the Administrative Agent and the Majority Facility Agents:

 

(a)            Sales,
Liens, Etc. Against Collateral. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist
any Adverse Claim upon or with respect to, any Collateral or assign any right to receive income in respect thereof except in each case
as contemplated or provided hereunder or under the Receivables Sale Agreement.

 

(b)            Extension
or Amendment of Pool Receivables. Extend, amend, waive or otherwise modify, the terms of any Pool Receivable or any Contract related
thereto, except (i) in accordance with any rule, regulation, ordinance or other directive of a government regulator having agency
authority over an Originator or the Servicer, (ii) in accordance with the Credit and Collection Policy or (iii) as otherwise
permitted hereunder.

 

(c)            Change in Business or Credit and Collection
Policy. Make any change in (A) the Credit and Collection Policy, which change would materially and adversely affect the collectability
of the Pool Receivables, the credit quality of the Pool Receivables or the enforceability of the Contracts, other than any change implemented
for purposes of complying with federal, state or local laws, regulations, orders or guidelines, or (B) the character of its business.

 

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(d)            Change
in Payment Instructions to Obligors. Make any change in its instructions to Obligors regarding the making of payments in respect of
the Pool Receivables to any Lock-Box or Deposit Account, other than instructing Obligors to remit payments to another Lock-Box or Deposit
Account that are subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement, as applicable.

 

(e)            Changes
to Lock-Boxes, Deposit Accounts and Deposit Account Control Agreements. Add any account as a Deposit Account, any bank as a Deposit
Account Bank, or any lock-box as a Lock-Box with respect to any Collateral, in each case other than those then listed in Exhibit F,
unless the Administrative Agent shall have received (i) thirty (30) days’ prior written notice of such addition and (ii) prior
to the effective date of such addition, (x) executed copies of Deposit Account Control Agreements (in the case of each new Deposit
Account) and Lock-Box Agreements (in the case of a new Lock-Box not subject to a Deposit Account Control Agreement, (y) copies of
all material agreements signed by the Borrower, the Servicer or the respective Deposit Account Bank or Payment Processor with respect
to any new Deposit Account, Deposit Account Bank or Lock-Box, and (z) a revised Exhibit F hereto. The Borrower shall
provide the Administrative Agent and each Facility Agent with prompt written notice of any termination of any bank as a Deposit Account
Bank, together with a revised Exhibit F hereto.

 

(f)             Merger,
Consolidation, Division, Etc. Sell any equity interest to any Person (other than NRG Retail LLC) or consolidate with or merge into
or with any Person, or purchase or otherwise acquire all or substantially all of the assets or capital stock, or other ownership interest
of, any Person or from any Subsidiary, or sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any
Person, or permit or suffer a plan of division (as defined in Section 18-217 of the DE LLC Act), in each case, except as expressly
provided or permitted under the terms of this Agreement or as consented to in writing by the Administrative Agent.

 

(g)            Change
in Name; Jurisdiction of Organization. (i) Make any change to its name (within the meaning of Section 9-507(c) of any
applicable enactment of the UCC) indicated on its certificate of formation (or equivalent organizational document), or (ii) change
its form of organization or its jurisdiction of organization, unless, in either case, 30 days prior to the effective date of such change,
it delivers to the Administrative Agent such financing statements or amendments to financing statements (Form UCC-1 or Form UCC-3,
respectively) authorized by it which the Administrative Agent may request to reflect such name change or change in form or jurisdiction
of organization, together with such other documents, legal opinions and instruments that the Administrative Agent may reasonably request
in connection with the transaction giving rise thereto.

 

(h)            ERISA Matters.
Establish or be a party to any Plan or Multiemployer Plan other than any such plan established by an Affiliate of the Performance Guarantor.

 

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(i)            Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness except for (i) Indebtedness to the Administrative Agent, any Lender, any
Affected Person or the Servicer expressly contemplated hereunder or (ii) Indebtedness to the Originators and the Servicer pursuant
to the Receivables Sale Agreement or the Subordinated Note.

  

(j)            Guarantees.
Guarantee, endorse or otherwise be or become contingently liable (including by agreement to maintain balance sheet tests) in connection
with the obligations of any other Person, except endorsements of negotiable instruments for collection in the ordinary course of business
and reimbursement and indemnification obligations in favor of the Administrative Agent, any Facility Agent, any Lender, any LC Issuer
or any Affected Person as provided for under this Agreement.

 

(k)            Limitation
on Transactions with Affiliates. Enter into, or be a party to any transaction with any Affiliate of the Borrower, except for:

 

(i)            the
transactions contemplated hereby, by the Receivables Sale Agreement and by the other Facility Documents;

 

(ii)            capital
contributions by NRG Retail LLC to the Borrower which are in compliance with Section 5.01(i); and

 

(iii)          to
the extent not otherwise prohibited under this Agreement, other transactions in the nature of employment contracts and directors’
or manager’s fees, upon fair and reasonable terms materially no less favorable to the Borrower than would be obtained in a comparable
arm’s-length transaction with a Person not an Affiliate.

 

(l)            Restricted
Payments.  The Borrower will not (A) purchase or redeem any of its membership interests; (B) declare or pay any dividend
or other distribution in respect of its membership interests or set aside any funds for any such purpose; (C) prepay, purchase or
redeem any Indebtedness other than Indebtedness incurred pursuant to this Agreement and the Facility Documents; (D) lend or advance
any funds; or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in clauses (A) through
(E); being referred to as “Restricted Payments”), except:

 

(i)            Subject
to the limitations set forth in clause (ii) below, the Borrower may make (A) cash payments (including prepayments) on
the Subordinated Note in accordance with their terms; and (B) the Borrower may declare and pay dividends or make other distributions
in respect of its membership interests.

 

(ii)            The
Borrower may make Restricted Payments only out of the funds it receives pursuant to Section 2.07(a)(viii) or Section 2.08(b)(viii).

 

Notwithstanding
the foregoing, the Borrower shall not pay, make or declare: (A) any dividend or other distribution in respect of its membership interests
if, after giving effect thereto, the Borrower’s tangible net worth would be less than the greater of (x) $16,500,00 and (y) the
amount that is 2.00% of the Facility Limit as of such date; or (B) any Restricted Payment (including any dividend) if, after giving
effect thereto, any Advance Suspension Event, Event of Termination or Potential Event of Termination shall have occurred and be continuing.

 

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(m)          Facility
Documents. Terminate, amend or otherwise modify the Receivables Sale Agreement, the Subordinated Note, any Deposit Account Control
Agreement or any other Facility Document, or grant any waiver or consent thereunder.

 

(n)           Limitation
on Investments. Make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer
of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Affiliate or any other Person other than the purchase of Receivables and related assets pursuant to the terms of
the Receivables Sale Agreement.

 

(o)          Organizational
Documents. (i) Change, amend, alter or otherwise modify its limited liability company agreement in any fashion that could reasonably
be expected to have a Material Adverse Effect or (ii) change, amend, alter or otherwise modify its certificate of formation.

 

(p)          Treatment
as Sales. Not account for or treat (whether in financial statements or otherwise) the transactions contemplated by the Receivables
Sale Agreement in any manner other than as the sale and/or absolute conveyance of the Pool Receivables by the Originators to the Borrower.

 

(q)          Use
of Proceeds. Use the proceeds of the Credit Extensions and Releases for (i) any purpose other than the purchase of Receivables
from the Originators pursuant to the Receivables Sale Agreement or as permitted under Section 2.07(b) or (ii) any
purposes that violate Regulations T, U or X of the Federal Reserve Board.

 

(r)            Sanctions;
Anti-Corruption.  Directly or, to the knowledge of the Borrower, indirectly use the proceeds of any Credit Extension or Release
or otherwise make available such proceeds to any Person to fund, finance or facilitate any activities or business of or with any Person
that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned
Country or in any other manner that would result in a violation of Sanctions by any Person (including a Lender, Facility Agent, LC Issuer,
Administrative Agent or otherwise).

 

(s)           Securities.
The Borrower will not issue any securities other than to (i) a Lender hereunder or (ii) NRG Retail LLC but only (x) evidencing
NRG Retail LLC’s ownership interest in the Borrower and (y) the Subordinated Note issued under the Receivables Sale Agreement
to NRG Retail LLC on behalf of the Originators (it being understood that the Subordinated Note may be transferred in connection with the
Subordinated Note Financing).

 

Provided,
that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or
potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such
Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been
breached.

 

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SECTION 5.04. Affirmative Covenants of
the Servicer. From the Effective Date until the Final Collection Date, the Servicer shall, unless the Administrative Agent and
the Majority Facility Agents shall otherwise consent in writing:

 

(a)          Compliance with Laws, Etc.
Comply with all applicable laws, rules, regulations and orders applicable to it (other than those specifically relating to any Anti-Corruption
Laws, Anti-Terrorism Laws or Sanctions) (including, without limitation, laws, rules and regulations relating to public utilities,
energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy), except to the extent that the failure so to comply with any such laws, rules, regulations and orders could not
reasonably be expected to have a Material Adverse Effect.

 

(b)          Preservation of Existence.
(i) Observe all procedures required by its certificate of formation and limited liability company agreement and preserve and maintain
its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation except where the failure
to preserve and maintain such rights, franchises and privileges could not reasonably be expected to have a Material Adverse Effect, and
(ii) qualify and remain qualified in good standing as a foreign limited liability company in each other jurisdiction where the nature
of its business requires such qualification and where, in the case of clause (ii), failure to be so qualified could reasonably be expected
to have a Material Adverse Effect.

 

(c)           Diligence
and Inspections. At any time and from time to time during regular business hours and upon reasonable prior notice, permit the Administrative
Agent, the Facility Agents or their agents or representatives:

 

(i)            to
conduct periodic audits of the Pool Receivables and the Related Security and the related books and records and collection systems of the
Servicer;

 

(ii)           to
examine and make copies of and abstracts from the books and records in its possession or control relating to the Pool Receivables and
Related Security, including, without limitation, the related Contracts;

 

(iii)          to
visit the offices and properties of the Servicer for the purpose of examining the materials described in clause (ii) above;

 

(iv)          to
discuss matters relating to the Receivables or the Servicer’s performance hereunder with any of the officers or employees of the
Servicer having knowledge of such matters;

 

provided
that, (i) so long as no Advance Suspension Event, Potential Event of Termination or Event of Termination shall have occurred, the
Servicer shall not be required to pay the expenses of more than one due diligence visit per year, (ii) the Administrative Agent and
the Facility Agents shall coordinate their due diligence visits with each other and with their inspection of the Borrower pursuant to
Section 5.01(c) and (iii) the Administrative Agent and the Facility Agents shall use commercially reasonable efforts
to minimize disruption to the business of the Transaction Parties and to coordinate their due diligence visits with the audits to be conducted
pursuant to Section 5.04(d).

 

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(d)          Agreed
Upon Procedures. The Servicer shall cause FTI Consulting, Inc. or another firm selected by the Administrative Agent and reasonably
acceptable to the Servicer, to furnish a report to the Administrative Agent and each Facility Agent pursuant to procedures agreed upon
by the Servicer and the Administrative Agent as follows: (x) no more than once per calendar year as long as no Advance Suspension
Event, Event of Termination or Potential Event of Termination, has occurred and is continuing, and (y) if an Advance Suspension Event,
an Event of Termination or Potential Event of Termination has occurred and is continuing, at any time upon request of the Administrative
Agent or any Facility Agent. The Servicer shall pay the costs of the audits performed under this clause (d).

 

(e)           Keeping
of Records and Books of Account and Marking of Records. Maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate records evidencing the Pool Receivables in the event of the destruction of the originals thereof)
and keep and maintain (or cause the Originator to keep and maintain) all documents, books, records and other information reasonably necessary
for the collection of all Pool Receivables, and in which timely entries are made in accordance with GAAP at least monthly reflecting the
acquisitions, payment of Pool Receivables and other relevant transactions relating to such Pool Receivables during the preceding calendar
month (or such other time period consistent with the Servicer’s ordinary course operations). Mark its master data processing records
relating to Pool Receivables and related Contracts with a legend evidencing that the ownership interest of the Borrower and the first
priority security interest of the Administrative Agent, for the benefit of the Secured Parties, with regard to the Pool Receivables and
related Contracts have been granted in accordance with this Agreement. Such master data processing records shall include, without limitation,
records adequate to permit the daily identification of each new Pool Receivable and all Collections of and adjustments to each existing
Pool Receivable, as well as the Servicer’s actual experience with respect to any Dilution Factor. The Servicer shall promptly notify
the Administrative Agent and each Facility Agent of any material conversion or substitution (excluding in each case, version upgrades)
of the computer software used by the Servicer in its collection of the Pool Receivables.

 

(f)            Performance and Compliance with Pool Receivables.
At its expense timely and fully perform and comply in all material respects with all provisions, covenants and other promises required
to be observed by it with respect to the Pool Receivables and the Contracts related thereto.

 

(g)           Credit and Collection Policy.
Comply in all material respects with the Credit and Collection Policy in regard to the Pool Receivables and the related Contracts.

 

(h)           Collections.
Comply with the provisions of Section 5.01(g) as if the obligations of the Borrower pursuant to Section 5.01(g) were
the obligations of the Servicer.

 

(i)            Posting of Collections and Pool
Receivables. Apply all Collections to the Pool Receivables owed by the applicable Obligor in a timely manner in accordance with the
servicing practices of the Originators in existence as of the date of this Agreement.

 

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(j)            Other
Agreements and Undertakings. Comply with, observe and perform all other terms, covenants and agreements contained in this Agreement
(including in Article VI hereof) or any other Facility Document.

 

(ii)            Provided,
that, any failure by the Servicer to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement
if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Servicer
or the Servicer otherwise obtains knowledge thereof or (i) two Business Days, if such term, covenant or agreement relates to the
payment to any Secured Party or a deposit required to be made or the delivery of the Monthly Report; provided, further,
that the foregoing proviso shall not apply to any breach of Section 2.03(a) or 5.06 hereof; provided, even,
further, that, notwithstanding either of the above provisos, any breach of any term, covenant or agreement with respect to any
Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent
or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not
cause a Borrowing Base Default shall not be deemed to have been breached.

 

SECTION 5.05. Reporting
Requirements of the Servicer. From the Effective Date until the Final Collection Date, the Servicer will, unless the Administrative
Agent and the Majority Facility Agents shall otherwise consent in writing, furnish to the Administrative Agent and each Facility Agent:

 

(a)           as
soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Servicer or the
Borrower obtains knowledge of the occurrence of each Advance Suspension Event, Event of Termination or Potential Event of Termination
(if such Advance Suspension Event or Potential Event of Termination is continuing on the date of such notice), the statement of a Responsible
Officer of the Servicer setting forth the details of such Advance Suspension Event, Event of Termination or Potential Event of Termination;

 

(b)           promptly
and in any event within five (5) Business Days after obtaining knowledge of the occurrence or existence of any ERISA Event which,
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, notice of such ERISA Event setting
forth the details of such ERISA Event and the action that it proposes to take with respect thereto;

 

(c)           as
soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Servicer obtains
knowledge of the occurrence a Servicer Default or Potential Servicer Default (if such Potential Servicer Default is continuing on the
date of such notice), the statement of a Responsible Officer of the Servicer setting forth the details of such Servicer Default or Potential
Servicer Default and the action which the Servicer proposes to take with respect thereto;

 

(d)           promptly
and in no event more than two (2) Business Days after any Responsible Officer of the Servicer obtains knowledge of (i) any matter
or the occurrence of any event concerning any Transaction Party which would reasonably be expected to have a Material Adverse Effect,
(ii) litigation or proceeding that may exist at any time between one or more Transaction Parties and any Governmental Authority that,
if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect, (iii) litigation
or proceedings adversely affecting one or more Transaction Parties in which the amount involved could reasonably be expected to have a
material adverse effect on such Person(s) or in which injunctive relief is sought that could reasonably be expected to have a Material
Adverse Effect on such Person(s) or (iv) litigation or proceeding relating to any Facility Document, notice thereof;

 

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(e)           promptly,
notice in writing of (A) any Adverse Claim upon the Pool Receivables or Collections with respect thereto, (B) any Person other
than the Borrower, the Servicer or the Administrative Agent obtaining any rights or directing any action with respect to any Deposit Account,
Lock-Box or Payment Processor or (C) any Obligor receiving any change in payment instructions with respect to Pool Receivable(s) from
a Person other than the Borrower, the Servicer or the Administrative Agent in accordance with this Agreement;

 

(f)            as
soon as reasonably practicable, from time to time, such other information, documents, records or reports within its possession respecting
the Pool Receivables or the conditions or operations, financial or otherwise, of the Servicer as the Administrative Agent or any Facility
Agent may from time to time reasonably request; and

 

(g)           on
or before each Monthly Reporting Date, a Monthly Report.

 

Provided,
that, any failure by the Servicer to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement
if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Servicer
or the Servicer otherwise obtains knowledge thereof or (ii) two Business Days, if such term, covenant or agreement relates to the
delivery of the Monthly Report; provided, further, that any breach of any term, covenant or agreement with respect to any
Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent
or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not
cause a Borrowing Base Default shall not be deemed to have been breached.

 

SECTION 5.06. Negative
Covenants of the Servicer. From the Effective Date until the Final Collection Date, the Servicer shall not, without the written consent
of the Administrative Agent and the Majority Facility Agents:

 

(a)           Extension
or Amendment of Pool Receivables. Extend, amend, waive or otherwise modify, the terms of any Pool Receivable or any Contract related
thereto, except (i) in accordance with any rule, regulation, ordinance or other directive of a government regulator having agency
authority over an Originator or the Servicer, (ii) in accordance with the Credit and Collection Policy or (iii) as otherwise
permitted hereunder.

 

(b)           Change in Business or Credit and Collection
Policy. Make any change in the character of its servicing practices or in the Credit and Collection Policy, which change would, in
either case, be reasonably expected to have a Material Adverse Effect, other than any change implemented for purposes of complying with
federal, state or local laws, regulations, orders or guidelines.

 

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(c)           Change
in Payment Instructions to Obligors. Make any change in its instructions to Obligors regarding the making of payments in respect of
the Pool Receivables to any Lock-Box or Deposit Account, other than instructing Obligors to remit payments to another Lock-Box or Deposit
Account that is subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement.

 

(d)           Changes
to Lock-Boxes, Deposit Accounts and Deposit Account Control Agreements. Fail to comply with the provisions of Section 5.03(e) as
if the obligations of the Borrower pursuant to Section 5.03(e) were the obligations of the Servicer.

 

(e)           Sanctions
and Anti-Corruption. Directly or, to the knowledge of the Servicer, indirectly use the proceeds of any Credit Extension or Release
or otherwise make available such proceeds to any Person to fund, finance or facilitate any activities or business of or with any Person
that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned
Country or in any other manner that would result in a violation of Sanctions by any Person (including a Lender, Facility Agent, LC Issuer,
Administrative Agent or otherwise).

 

Provided,
further, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material
liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal
of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to
have been breached.

 

ARTICLE VI

ADMINISTRATION OF RECEIVABLES

 

SECTION 6.01. Designation
of Servicer.

 

(a)           The
servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time in accordance
with this Section 6.01. Until the Administrative Agent, with the consent or at the direction of the Facility Agents, gives
notice to the Borrower and the Servicer of the designation of a new Servicer as provided in Section 6.01(b) below, NRG
Retail LLC is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof.
The Borrower hereby grants to Servicer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to
take in the name of the Borrower any and all steps which are necessary or advisable to endorse, negotiate or otherwise realize on any
writing or other right of any kind in connection with any Pool Receivable or other Collateral.

 

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(b)           Upon
the occurrence of any Event of Termination that has not been waived in writing, the Administrative Agent (i) shall at the request
of the Majority Facility Agents or, at any time during which there are only two Facility Agents, at the request of either Facility Agent,
or (ii) may with the consent of the Majority Facility Agents, (A) by written notice to the parties hereto designate as Servicer
any Person to succeed NRG Retail LLC (or any successor Servicer) subject to the condition that any such Person so designated shall agree
to perform the duties and obligations of the Servicer pursuant to the terms hereof and such replacement servicer shall have all required
licenses and shall conduct its servicing at all times so as to not cause Borrower or any of its Affiliates to violate any applicable Law
and (B) instruct the Borrower or the Servicer to give notice of the Administrative Agent’s interest in the Pool Receivables
to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (for the benefit
of each Secured Party), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense of the Borrower or
the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be, fails to so notify each Obligor
within 30 days after receipt of such instruction, the Administrative Agent (at the Borrower’s or the Servicer’s, as the case
may be, expense) may so notify the Obligors. The Servicer shall not resign from the obligations and duties hereby imposed on it except
upon the reasonable determination by the Servicer that (x) the performance of its duties hereunder is no longer permissible under
applicable law and (y) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder
permissible under applicable law.

 

(c)           NRG
Retail LLC and any other Servicer agrees that, upon its resignation or replacement as Servicer pursuant to Section 6.01(b) above,
it will cooperate with the Borrower, the Administrative Agent and the successor Servicer in effecting the termination of its responsibilities
and rights as Servicer hereunder, including, without limitation, using commercially reasonable efforts in (i) assisting the successor
Servicer in enforcing all of Borrower’s rights under the Pool Receivables and Related Security, (ii) transferring, promptly
upon receipt, to the successor Servicer or to the Borrower, any Collections or other amounts related to the Pool Receivables received
by such Servicer, (iii) transferring to the successor Servicer all books and records including the Contracts (or copies of books
and records and Contracts) held by or under the control of such Servicer and (iv) permitting the successor Servicer to have access
to all tapes, discs, diskettes and related property containing information concerning the Pool Receivables and the books and records (including
the Contracts) and taking all commercially reasonable actions necessary in its control to permit the successor Servicer to use all computer
software that may facilitate the Servicer’s access to and use of such information and acting as data processing agent for such successor
Servicer if requested. Upon the resignation or replacement of NRG Retail LLC as Servicer, NRG Retail LLC shall no longer be entitled to
the Servicer Fee accruing from and after the effective date of such resignation or replacement.

 

(d)          The
Servicer may delegate its duties and obligations hereunder to any sub-servicer (each a “Sub-Servicer”); provided,
that, in each such delegation (i) the Servicer shall remain primarily liable for the performance of the duties and obligations so
delegated; (ii) the Borrower, the Administrative Agent and each Lender Group shall have the right to look solely to the Servicer
for performance; (iii) unless such Sub-Servicer is a Utility that is providing invoicing services to an Originator, the terms of
any agreement with any Sub-Servicer shall provide that such agreement shall terminate upon the termination of the Servicer hereunder by
giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to each such
Sub-Servicer) and (iv) unless such Sub-Servicer is an Originator, another Affiliate of the Servicer or a Utility that is providing
invoicing services to an Originator, the Administrative Agent shall have consented in writing in advance to such delegation. For the avoidance
of doubt, this Section 6.01(d) shall not apply to any Payment Processor, any third party collection agency collecting
Defaulted Receivables or any other third party service provider assisting in the servicing of the Defaulted Receivables. None of the Borrower,
the Administrative Agent and the members of the Lender Groups shall have any obligations, duties or liabilities with respect to any Sub-Servicer,
Payment Processor, any third party collection agency collecting Defaulted Receivables or any other third party service provider assisting
in the servicing of the Defaulted Receivables.

 

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SECTION 6.02. Duties of the Servicer.

 

(a)          The
Servicer shall take or cause to be taken all such actions as it deems necessary or advisable to collect each Pool Receivable from time
to time, all in accordance, in all material respects, with applicable laws, tariffs, rules, regulations and the Credit and Collection
Policy. Each of the Borrower, each Lender, each LC Issuer, each Liquidity Provider, each Facility Agent and the Administrative Agent hereby
appoints as its agent the Servicer, from time to time designated pursuant to Section 6.01, to enforce its respective rights
and interests in and under the Pool Receivables and the Related Security. The Servicer (so long as it is NRG Retail LLC) will at all times
apply the same standards and follow the same procedures with respect to the decision to commence litigation with respect to the Pool Receivables,
and in prosecuting and litigating with respect to Pool Receivables, as it applies and follows with respect to trade accounts receivable
serviced by it which are not Pool Receivables; provided, however, that from and after an Event of Termination, the Servicer
shall commence or settle any legal action to enforce collection of any Delinquent Receivable or Defaulted Receivable as directed by the
Administrative Agent; provided, further, that the Servicer shall not be required to take any action that (i) is contrary
to any applicable law or (ii) any existing applicable agreement. In no event shall the Servicer be entitled to make the Administrative
Agent, any Facility Agent, any Lender or any Liquidity Provider a party to any litigation without the such Person’s express prior
written consent.

 

(b)          In
the event the Servicer receives any Collections or other proceeds of the Collateral, it shall hold such Collections and other proceeds
on behalf of the Borrower for application and remittance in accordance with Section 2.07 or 2.08, as applicable, and
it shall remit the same to the Collection Account or, if the Collection Account is not established, the Designated Deposit Account to
the extent required hereunder. The Borrower shall deliver to the Servicer, and the Servicer shall hold in trust for the Borrower, the
Lenders and the Liquidity Providers in accordance with their respective interests, all books and records.

 

(c)          The
Servicer shall, as soon as practicable following receipt, turn over to the Person entitled thereto collections in respect of any receivable
which is not a Pool Receivable less, to the extent the Servicer performed any collection or enforcement actions which it was authorized
by such Person to perform, all reasonable and appropriate out of pocket costs and expenses of such Servicer incurred in collecting and
enforcing such receivable.

 

SECTION 6.03. Deposit
Account and Lock-Box Arrangements.

 

(a)          On
or prior to the Effective Date, the Borrower shall have delivered to the Administrative Agent a Deposit Account Control Agreement in respect
of each Deposit Account identified on Exhibit F as of the Effective Date. On or prior to September 30, 2022, the Borrower
shall have delivered to the Administrative Agent a Deposit Account Control Agreement in respect of the Deposit Accounts at Citibank, N.A.,
and a Lock-Box Control Agreement in respect of the Lock-Boxes administered by Deluxe Corporation. Each Deposit Account Control Agreement
for the Deposit Accounts shall provide the Administrative Agent with “control” within the meaning of Section 9-104 of
the UCC over such Deposit Accounts. Neither the Borrower nor the Servicer shall, or shall permit, any other Person to, attempt to close
any Deposit Account unless the Collections directed to such Deposit Account are redirected to another Deposit Account subject to a Deposit
Account Control Agreement.

 

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(b)          If
at any time, a Deposit Account Bank has a short term unsecured debt rating lower than A-1 by Standard & Poor’s or P-1 by
Moody’s (each a “Low Ratings Deposit Account Bank”), the Administrative may (and at the direction of the Majority
Facility Agents, shall) require that the Borrower open new Deposit Accounts with a new Deposit Account Bank having such ratings. Such
establishment of new deposit accounts and the execution and delivery of appropriate Deposit Account Control Agreements shall be completed
promptly but in any event no later than thirty (30) days following the Administrative Agent’s notice. If any Deposit Account remains
at the applicable Low Ratings Deposit Account Bank ninety (90) days after the Administrative Agent’s delivery of such notice it
shall cease to be eligible Deposit Account Bank for all purposes hereunder (but the Administrative Agent shall not be under any obligation
to terminate any existing Deposit Account Control Agreements until such time as no Collections are received by such non-eligible bank).

 

SECTION 6.04. Rights of the Administrative
Agent.

 

(a)           Following
the occurrence and during the continuation of any Event of Termination, the Administrative Agent (i) shall at the request of the
Majority Facility Agents or, at any time during which there are only two Facility Agents, at the request of either Facility Agent, or
(ii) may with the consent of the Majority Facility Agents, exercise its right to take exclusive ownership and control of the Collection
Account, the Lock-Boxes and the Deposit Accounts (including the Designated Deposit Account), and each of the Borrower and the Servicer
hereby agrees to take any further action necessary that the Administrative Agent may reasonably request to effect such control. From and
after the date the Administrative Agent exercises its right to take exclusive control of the Collection Account, or if the Collection
Account has not been established, the Designated Deposit Account, all withdrawals and distributions to be made from the Collection Account,
the Designated Deposit Account or any other Deposit Account by the Servicer hereunder shall be made by the Administrative Agent.

 

(b)           The
Borrower hereby grants to the Administrative Agent an irrevocable power of attorney, with full power of substitution, coupled with an
interest, to take in the name of the Borrower, following the occurrence and during the continuance of an Event of Termination and the
Termination Date has been declared or has automatically occurred pursuant to Section 7.01, any and all steps which are necessary
or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind in connection with any Pool Receivable
or other Collateral.

 

(c)           At
any time after the Effective Date, the Administrative Agent may, and upon the request of the Majority Facility Agents shall, cause the
Collection Account to be established. The Collection Account shall be established in the name of the Administrative Agent at an Eligible
Account Bank selected by the Administrative Agent, and the Administrative Agent shall have exclusive dominion and control over the Collection
Account and the authority to direct the disposition of the funds in the Collection Account without the consent of the Borrower; provided
that until the Administrative Agent provides such instructions to such Eligible Account Bank (in accordance with Section 6.04(a)),
such Eligible Account Bank shall be entitled to comply with instructions originated by the Servicer directing disposition of the funds
in the Collection Account.

 

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(d)           Each
of the Borrower and the Servicer hereby authorizes the Administrative Agent (for the benefit of each Lender Group), and irrevocably appoints
the Administrative Agent (for the benefit of each Lender Group) as its attorney-in-fact with full power of substitution and with full
authority in the place and stead of the Borrower or the Servicer, as applicable, which appointment is coupled with an interest, to take
any and all steps in the name of the Borrower or the Servicer, as applicable, and on behalf of the Borrower or the Servicer, as applicable,
as may be necessary or desirable, in the reasonable determination of the Administrative Agent to collect any and all amounts or portions
thereof due under any and all Collateral, including endorsing the name of the Borrower or the Servicer, as applicable, on all checks and
other instruments representing Collections and enforcing such Collateral. Notwithstanding anything to the contrary contained in this subsection,
none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney- in- fact to any
liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact
in any manner whatsoever. The Administrative Agent shall only be entitled to act as contemplated in this clause (d) while
an Event of Termination is continuing or after the Termination Date has been declared pursuant to Section 7.01.

 

SECTION 6.05. Responsibilities of the Borrower.
Anything herein to the contrary notwithstanding, the Borrower shall (i) perform all of its obligations with respect to the Pool Receivables
to the same extent as if a security interest in the Pool Receivables had not been granted hereunder and the exercise by the Administrative
Agent of its rights hereunder shall not relieve Borrower from such obligations and (ii) pay when due any taxes, including without
limitation, sales, excise and personal property taxes payable by it in connection with the Pool Receivables. None of the Administrative
Agent, the Facility Agents, the Lenders or the Liquidity Providers shall have any obligation or liability with respect to any Pool Receivables
or other Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

 

SECTION 6.06.
Further Action Evidencing Administrative Agent’s Interest. Each of the Borrower and the Servicer agrees
that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further
action that the Administrative Agent, any Lender, any LC Issuer or any Facility Agent may reasonably request in order to perfect, protect
or more fully evidence the interest of the Administrative Agent or the Secured Parties granted hereunder or pursuant to any other Facility
Document or to enable the Administrative Agent or any LC Issuer to exercise or enforce any of its or any of the Secured Parties’
rights hereunder or under any other Facility Document. Without limiting the generality of the foregoing, each of the Borrower and the
Servicer will (i) code its master data processing records evidencing such Pool Receivables to evidence that a security interest therein
has been granted to the Administrative Agent under this Agreement, and (ii) upon the request of the Administrative Agent, any Lender,
any LC Issuer or any Facility Agent, file such financing statements, continuation statements or amendments thereto or assignments thereof,
and execute and file such other instruments or notices, as may be necessary or appropriate or as the Administrative Agent, any Lender,
any LC Issuer or any Facility Agent may reasonably request. If after the occurrence and during the continuation of any Event of Termination,
either the Borrower or the Servicer fails to perform any of its respective agreements or obligations under this Agreement, the Administrative
Agent may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation, and the reasonable out-of-pocket
expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower or the Servicer, as applicable,
upon the Administrative Agent’s demand therefor.

 

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ARTICLE VII

EVENTS OF TERMINATION

 

SECTION 7.01. Events of Termination.
If any of the following events (each, an “Event of Termination”) shall occur (provided, however, that
the occurrence of any of the events described in clauses (b), (c), (d) or (o) below with respect
to one or more Pool Receivables shall not constitute an Event of Termination if, after such Pool Receivable(s) are removed from the
calculation of Net Receivable Balance, no Borrowing Base Default shall exist):

 

(a)           (i) Any
Transaction Party shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to
the Borrower, the Administrative Agent or any Secured Party when due and such payment shall not be deemed to have been timely made or
(ii) the Servicer shall fail to deliver a Borrowing Base Certificate as required by Section 2.03(a);

 

(b)           Any
Loan Party shall breach any term, covenant or agreement contained in this Agreement or any other Facility Document (unless otherwise provided
in this Section 7.01);

 

(c)           Any
representation or warranty made or deemed to be made by any Loan Party under or in connection with this Agreement or any other Facility
Document (including any Monthly Report, any Borrowing Request, any Borrowing Base Certificate, any Letter of Credit Request or other information
or report delivered pursuant hereto) shall, after expiration of any applicable cure period, prove to have been materially false or incorrect
(except that the materiality standard in this clause (c) shall not apply to any such representation or warranty that is qualified
by a materiality standard by its terms) when made or deemed made or delivered;

 

(d)           The
Administrative Agent, on behalf of the Secured Parties, shall cease to have a valid and perfected first priority security interest in
the Pool Receivables and the Related Security and Collections with respect thereto or any other Collateral;

 

(e)           An
Event of Bankruptcy shall occur with respect to any Loan Party;

 

(f)           A
Material Adverse Effect shall occur with respect to any Loan Party or the Pool Receivables;

 

(g)           A
 “Purchase Termination Event” shall occur under (and as defined in) the Receivables Sale Agreement with respect to (x) three
or more Originators or (y) Originators whose Receivables constitute 25% or more of the aggregate Outstanding Balance of all Pool
Receivables;

 

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(h)          As
of the last day of any Calculation Period,

 

(i)            the
average of the Dilution Ratios for any three (3) consecutive Calculation Periods shall exceed 2.25%;

 

(ii)           the
average of the Default Ratios for any three (3) consecutive Calculation Periods shall exceed 3.0%;

 

(iii)          the
average of the Days’ Sale Outstandings for any three (3) consecutive Calculation Periods shall exceed 55 days;

 

(iv)          the
average of the Delinquency Ratios for any three (3) consecutive Calculation Periods shall exceed 9.0%;

 

(i)            A
Borrowing Base Default shall exist;

 

(j)            A
Servicer Default shall have occurred;

 

(k)           (i) (A) The
Borrower shall fail to make any payment in respect of any Indebtedness in an aggregate principal amount exceeding $15,000, when and as
the same shall become due and payable or (B) an event of default shall have occurred and be continuing under an agreement, or related
agreements, under which the Borrower has outstanding Indebtedness; or (ii) (A) any Loan Party other than the Borrower (or any
combination of Transaction Parties) shall default for a period beyond any applicable grace period (x) in the payment of any principal,
interest or other amount due under any Indebtedness (other than trade payables or non-recourse indebtedness), or (y) any other event
shall occur or condition shall exist under an agreement, or related agreements, under which such Loan Party has, or such Transaction Parties
have, outstanding Indebtedness (other than trade payables or non-recourse indebtedness), if the effect of such event or condition is to
permit the acceleration of the maturity of such Indebtedness (other than trade payables or non-recourse indebtedness), and the outstanding
amount or amounts payable under all such Indebtedness under clauses (x) and (y) equals or exceeds $150,000,000 or (B) an
event of default shall have occurred and be continuing under an agreement, or related agreements, under which any Loan Party other than
the Borrower (or any combination of Transaction Parties) has outstanding Indebtedness (other than trade payables or non-recourse indebtedness)
of $150,000,000 or more and, in the case of this clause (B), such debt has been accelerated by the holder of such debt, or the holder
of such debt has attempted to accelerate but such acceleration was prevented by applicable Law;

 

(l)            (i) One
or more final judgments, decrees or orders for the payment of money in the aggregate amount of $15,000 or more shall be rendered against
the Borrower or (ii) one or more judgments for the payment of money in an aggregate amount in excess of $150,000,000 (excluding therefrom
any amount covered by insurance) shall be rendered against any Loan Party other than the Borrower, or any combination of Transaction Parties,
and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or
any action shall be legally taken by a judgment creditor to levy upon assets or properties of any Loan Party or any combination of Transaction
Parties to enforce any such judgment;

 

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(m)          Any
of this Agreement, the Receivables Sale Agreement, the Performance Guaranty, any Subordinated Note, the Fee Letter, the Administrative
Agent Fee Letter or the LC Fronting Fee Letter shall cease to be in full force and effect or any of the Borrower, any Originator, the
Performance Guarantor or the Servicer shall so assert in writing or otherwise seek to terminate or disaffirm its obligations under any
such Facility Document at any time following the execution thereof;

 

(n)          A
Change in Control shall have occurred with respect to any Loan Party;

 

(o)          There
shall have been filed (i) notice of a Lien from the IRS pursuant to Section 6323 of the Code against any of the Collateral,
(ii) notice of a Lien from the PBGC pursuant to Section 430(k) of the Code or Section 303(k) of ERISA against
any Transaction Party for a failure to make a required installment or other payment to a Plan to which either of such sections applies,
or (iii) a notice of any other Lien the existence of which could reasonably be expected to have a Material Adverse Effect against
any Transaction Party and, in each case, such Lien shall not have been released or withdrawn within ten (10) days;

 

(p)          The
Borrower (i) shall become a “covered fund” under the Volcker Rule, or (ii) shall become or shall be required to
register as an “investment company” or shall become “controlled by an investment company” (or a company required
to register as an “investment company”), in each case within the meaning of the Investment Company Act or (iii) no longer
be permitted to rely on the exemption set forth in Section 3(c)(5) of the Investment Company Act from the requirement to register
as an “investment company” within the meaning of the Investment Company Act;

 

(q)          The
Performance Guarantor shall breach its covenant (which, as of the Effective Date, is set forth in Section 6.12 of the Parent Credit
Agreement) with respect to its Consolidated Total Net Leverage Ratio under and as defined in the Parent Credit Agreement;

 

(r)           NRG
Retail LLC shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative Agent shall have been appointed;
or

 

(s)           The
Borrower shall fail to repay in full the Aggregate Principal Balance and all other Borrower Obligations and to Cash Collateralize the
outstanding Letters of Credit up to the Required LC Cash Collateral Amount on or prior to the Final Maturity Date;

 

then, and in any such event, the Administrative
Agent (i) shall at the request of the Majority Facility Agents or, at any time during which there are only two Facility Agents, at
the request of either Facility Agent, or (ii) may with the consent of the Majority Facility Agents, by notice to the Borrower, (A) declare
the Termination Date to have occurred; provided, however, that, in the case of any event described in subsection (e) above,
the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event and (B) replace the Servicer
pursuant to Section 6.01.  In addition, the Administrative Agent may deliver the notices of exclusive control under any
Deposit Account Control Agreement after the occurrence of an Event of Termination. Upon any such declaration or automatic occurrence,
the Administrative Agent and the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise
but subject to the following sentence and Section 10.09 hereof, all other rights and remedies provided under the UCC of the
applicable jurisdiction and other applicable laws, which rights shall be cumulative.  Upon the declaration or automatic occurrence
of the Termination Date in accordance with this Section 7.01, all obligations hereunder shall be immediately due and payable
and all Loans shall be immediately due and payable.

 

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ARTICLE VIII

INDEMNIFICATION

 

SECTION 8.01. Indemnities by the Borrower.
Without limiting any other rights which any Affected Person may have hereunder or under applicable law (including, without limitation,
the right to recover damages for breach of contract), the Borrower hereby agrees to indemnify and hold harmless each Affected Person and
their respective Affiliates, agents, employees, officers, and directors (collectively, the “Indemnified Parties”),
from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable external attorneys’
fees and disbursements and all costs and expenses incurred, including reasonable external attorneys’ fees and disbursements, in
connection with the enforcement of this provision (all of the foregoing being collectively referred to as “Indemnified Amounts”),
awarded against or incurred by such Indemnified Party to the extent relating to or arising from or as a result of this Agreement, the
funding, issuing or maintenance of Credit Extensions hereunder, the use of the Letters of Credit, or proceeds of Loans or Releases, or
any interest therein, or in respect of any Pool Receivable, Related Security or Contract, or in respect of any other Facility Document
subject to the proviso set forth below. Without limiting the generality of the foregoing indemnification, the Borrower shall indemnify
the Indemnified Parties for Indemnified Amounts to the extent relating to or resulting from any of the following:

 

(i)            the
failure of any Pool Receivable represented by the Borrower to be an Eligible Receivable hereunder to be an “Eligible Receivable”
at the time of such representation;

 

(ii)            reliance
on any representation or warranty made or deemed made by the Borrower under this Agreement or any other Facility Document to which it
is a party which shall have been false or incorrect when made or deemed made;

 

(iii)          the
failure by the Borrower to comply with any term, provision or covenant contained in this Agreement, the Receivables Sale Agreement or
any other Facility Document to which it is party or with any applicable law, tariff, rule or regulation with respect to any Pool
Receivable, the related Contract, or the Related Security, or the nonconformity of any Pool Receivable, the related Contract or the Related
Security with any such applicable law, tariff, rule or regulation;

 

(iv)          any
products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising
out of or in connection with goods or services, the sale or provision of which gave rise to or are the subject of any Pool Receivable
or Contract;

 

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(v)           the
failure to pay when due any taxes, including, without limitation, sales, excise or personal property taxes payable by the Borrower in
connection with the Collateral;

 

(vi)          the
payment by such Indemnified Party of taxes, including, without limitation, any taxes imposed by any jurisdiction on amounts payable and
any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, to the extent caused by the Borrower’s
actions or failure to act in breach of this Agreement;

 

(vii)         the
failure to vest and maintain vested in the Administrative Agent, on behalf of the Secured Parties, a first priority perfected security
interest in the Pool Receivables, together with all Collections, Related Security and other Collateral, free and clear of any Lien except
a Lien in favor of any Affected Person, whether existing at the time such Pool Receivable arose or at any time thereafter;

 

(viii)        the
failure to file, or any delay in filing, financing statements or other similar instruments or documents under the applicable UCC or other
applicable laws naming the Borrower as “Debtor” with respect to any Collateral;

 

(ix)           any
dispute, claim, offset or defense (other than as a result of the bankruptcy or insolvency of the related Obligor) of an Obligor to the
payment of any Pool Receivable (including, without limitation, a defense based on such Pool Receivable not being a legal, valid and binding
obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of goods or
services related to such Pool Receivable or the furnishing or failure to furnish such goods or services (other than as a result of the
bankruptcy or insolvency of the related Obligor);

 

(x)            the
commingling of Collections with any other funds;

 

(xi)          any
failure by the Borrower to give reasonably equivalent value to the Originator in consideration for the transfer by the Originator to the
Borrower of any Pool Receivables, or any attempt by any Person to void any such transfer under any statutory provision or common law or
equitable action, including, without limitation, any provision of the Bankruptcy Code;

 

(xii)         the
failure of any Deposit Account Bank or Payment Processor to remit any amounts or items of payment held in a Deposit Account or in a Lock-Box
pursuant to the instructions of the Administrative Agent given in accordance with this Agreement, the applicable Deposit Account Control
Agreement, the applicable Lock-Box Control Agreement or the other Facility Documents, whether by reason of the exercise of setoff rights
or otherwise;

 

(xiii)         any
investigation, litigation or proceeding related to this Agreement, or the use of proceeds of Loans made pursuant to this Agreement or
any other Facility Document delivered hereunder or in respect of any of the Collateral;

 

(xiv)        any
claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Pool Receivable;

 

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(xv)         the
grant by the Borrower of a security interest in any Receivable in violation of any applicable law, tariff, rule or regulation;

 

(xvi)         the
failure of the Borrower to furnish accurate and complete documentation (including, without limitation, a Contract or invoice) to any Obligor;

 

(xvii)        the
failure of any Payment Processor, Sub-Servicer or any other third party with a contractual relationship with the Borrower for the acceptance
or processing of Collections, to remit any Collections received by it to a Lock-Box or a Deposit Account within two (2) Business
Days of receipt;

 

(xviii)       the
failure of any Transaction Party to pay when due any Direct Taxes, energy surcharges or other governmental charges payable by it in connection
with the Pool Receivables or the Facility Documents;

 

(xix)         the
amendment, modification or termination of any tariff or similar contract governing any Pool Receivable or the activities of the Borrower;
or

 

(xx)          the
failure of the sale and pledge of any Pool Receivable under the Facility Documents to comply with the requirements of the Federal Assignment
of Claims Act or any analogous State or local Laws.

 

provided,
however, that the Borrower shall not be required to indemnify any Indemnified Party to the extent of any amounts (x) resulting
from the gross negligence or willful misconduct of such Indemnified Party as determined by final non-appealable judgment of a court of
competent jurisdiction; (y) for which indemnification would constitute recourse (except as otherwise specifically provided in this
Agreement to be paid by the Borrower hereunder) for uncollectible Receivables; or (z) in respect of Taxes other than any Taxes that
represent losses, claims, damages, etc. arising from any non-Tax claim. Any amounts subject to the indemnification provisions of
this Section 8.01 shall be paid by the Borrower to the related Indemnified Party within five (5) Business Days following
demand therefor.

 

SECTION 8.02. Indemnities by the Servicer.
Without limiting any other rights that any Affected Party may have hereunder or under applicable Law, the Servicer hereby agrees to indemnify
each Indemnified Party and hold each Indemnified Party harmless from and against any and all Indemnified Amounts arising out of or resulting
from a breach by the Servicer of any of its obligations or representations and warranties under this Agreement or any other Facility Document
and for Indemnified Amounts to the extent arising out of or resulting from any of the following:

 

(i)            the
failure of any Pool Receivable represented by the Servicer to be an Eligible Receivable hereunder (including in any Monthly Report) to
be an “Eligible Receivable” at the time of such representation;

 

(ii)            reliance
on any representation or warranty made or deemed made by the Servicer under this Agreement or any other Facility Document to which it
is a party, which shall have been false or incorrect when made or deemed made;

 

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(iii)          the
failure by the Servicer to comply with any term, provision or covenant contained in this Agreement, the Receivables Sale Agreement or
any Facility Document to which it is party or with any applicable law, tariff, rule or regulation with respect to any Pool Receivable
or the Related Security (including, without limitation, the covenants with respect to commingling of Collections set forth in Section 5.04(h));

 

(iv)          the
failure of any Payment Processor, Sub-Servicer or any other third party with a contractual relationship with the Servicer or any of its
Affiliates for the acceptance or processing of Collections, to remit any Collections received by it to a Lock-Box or a Deposit Account
within two (2) Business Days of receipt; or

 

(v)           any
action or omission by the Servicer which reduces or impairs the rights or interests of the Administrative Agent, the Facility Agents or
any Lender with respect to any Collateral or the value of any Collateral;

 

(vi)          any
claim brought by any Person arising from any activity by the Servicer in servicing, administering or collecting any Pool Receivable;

 

(vii)         the
failure of any information provided by or on behalf of the Servicer for inclusion in any Monthly Report to be true and correct, or the
failure of any other information required to be provided to such Indemnified Party by, or on behalf of, the Servicer to be true and correct;

 

(viii)        the
failure to cause the payment when due of any Direct Taxes, energy surcharges or other governmental charges payable by a Transaction Party
in connection with the Pool Receivables or the Facility Documents;

 

(ix)           any
dispute, claim, offset or defense of the Obligor to the payment of any Pool Receivable in resulting from or related to the collection
activities of the Servicer with respect to such Receivable; or

 

(x)            the
failure of the Servicer to furnish accurate and complete documentation (including, without limitation, a Contract or invoice) to any Obligor;

 

provided,
however, that the Servicer shall not be required to indemnify any Indemnified Party to the extent of any amounts (x) resulting
from the gross negligence or willful misconduct of such Indemnified Party as determined by a final, non-appealable order of a court of
law; (y) for which indemnification would constitute recourse (except as otherwise specifically provided in this Agreement to be paid
by the Borrower hereunder) for uncollectible Receivables or with respect to an Obligor’s financial inability to pay; or (z) in
respect of Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Any amounts subject
to the indemnification provisions of this Section 8.02 shall be paid by the Servicer to the related Indemnified Party within
five (5) Business Days following demand therefor. In no event, however, shall the Servicer be liable on any theory of liability for
any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings); provided, however, that the forgoing is not intended to limit any obligation of any Transaction Party to reimburse
any Indemnified Party hereunder for any special, indirect, consequential or punitive damages which such Indemnified Party is required
to pay to any Person.

 

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SECTION 8.03. Limited
Liability of Indemnified Parties. No Indemnified Party shall have any liability (whether in contract, tort or otherwise) to Transaction
Party or any of their security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent
such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such
Indemnified Party’s gross negligence or willful misconduct or breach of its obligations under this Agreement. In no event, however,
shall any Indemnified Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including,
without limitation, any loss of profits, business or anticipated savings).

 

ARTICLE IX

THE AGENTS

 

SECTION 9.01. Authorization
and Action.

 

(a)        Each Lender, LC
Issuer and Facility Agent hereby irrevocably designates and appoints RBC, as the “Administrative Agent” hereunder and authorizes
the Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent hereby and to exercise
such other powers as are reasonably incidental thereto. The Administrative Agent shall have no duties or responsibilities except those
expressly set forth in this Agreement or in the other Facility Documents. The duties of the Administrative Agent shall be mechanical and
administrative in nature. At no time shall the Administrative Agent have any duty or responsibility to any Person to investigate or confirm
the correctness or accuracy of any information or documents delivered to it in its role as Administrative Agent hereunder or any obligation
in respect of the failure of any Person (other than the Administrative Agent) to perform any obligation hereunder or under any other Facility
Document. The Administrative Agent shall not have, by reason of this Agreement, a fiduciary relationship in respect of any Facility Agent,
Lender LC Issuer or Transaction Party. Nothing in this Agreement or any of the Facility Documents, express or implied, is intended to
or shall be construed to impose upon the Administrative Agent any obligations in respect of this Agreement or any of the Facility Documents
except as expressly set forth herein or therein. The Administrative Agent shall not have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender, LC Issuer or any Facility Agent with any credit or other information with respect to
any Transaction Party or their Affiliates, whether coming into its possession before the Closing Date or at any time or times thereafter.

 

(b)        Each
Lender and LC Issuer hereby irrevocably designates and appoints the respective institution identified as the Facility Agent for such Lender’s
or LC Issuer’s Lender Group on the signature pages hereto or in the Joinder Agreement or Assignment and Acceptance pursuant
to which such Lender or LC Issuer becomes a party hereto, and each authorizes such Facility Agent to take such action on its behalf under
the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to such Facility Agent
by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary elsewhere in this Agreement, no Facility Agent shall have any duties or responsibilities, except those expressly set forth
herein, or any fiduciary relationship with any Lender, LC Issuer or other Facility Agent or the Administrative Agent, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities on the part of such Facility Agent shall be read into this Agreement or
otherwise exist against such Facility Agent.

 

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(c)          Except
as otherwise specifically provided in this Agreement, the provisions of this Article IX are solely for the benefit of the
Facility Agents, the Administrative Agent, the Lenders and the LC Issuers, and none of the Transaction Parties shall have any rights as
a third party beneficiary or otherwise under any of the provisions of this Article IX, except that this Article IX
shall not affect any obligations which any Facility Agent, the Administrative Agent, any Lender or any LC Issuer may have to any Transaction
Party under the other provisions of this Agreement. Furthermore, no Lender or LC Issuer shall have any rights as a third-party beneficiary
or otherwise under any of the provisions hereof in respect of a Facility Agent which is not the Facility Agent for such Lender or LC Issuer.

 

(d)         In
performing its functions and duties hereunder, the Administrative Agent shall act solely as the agent of the Lenders, LC Issuers and the
Facility Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for
any Transaction Party or any of their successors and assigns. In performing its functions and duties hereunder, each Facility Agent shall
act solely as the agent of its respective Lenders and LC Issuers and does not assume nor shall be deemed to have assumed any obligation
or relationship of trust or agency with or for any Transaction Party, any other Facility Agent or the Administrative Agent, or any of
their respective successors and assigns.

 

SECTION 9.02. Agents’
Reliance, Etc. (a) Neither the Administrative Agent nor any Facility Agent nor any of their respective directors, officers, agents
or employees shall be liable for any action taken or omitted to be taken by it or such Facility Agent or the Administrative Agent under
or in connection with this Agreement, (i) with the consent or at the direction of the Majority Facility Agents (or in the case of
any Facility Agent, the Lenders and the LC Issuers within its Lender Group that have a majority of the aggregate Commitments of such Lender
Group) or (ii) in the absence of such Person’s gross negligence or willful misconduct. Without limiting the generality of the
foregoing, each of the Administrative Agent and the Facility Agents: (i) may consult with legal counsel (including counsel for the
Performance Guarantor, the Borrower, the Servicer or any other Affiliate of the Performance Guarantor), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Lender and shall not be
responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall
not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this
Agreement on the part of the Performance Guarantor, the Borrower, the Servicer or any other Affiliate of Performance Guarantor or to inspect
the property (including the books and records) of the Performance Guarantor, the Borrower, the Servicer or any other Affiliate of Performance
Guarantor; (iv) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of this Agreement or any other instrument or document furnished pursuant hereto; and (v) shall incur no liability under
or in respect of this Agreement by acting upon any notice (including notice by telephone), consent, certificate or other instrument or
writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. The Administrative
Agent shall not be responsible to any Lender, LC Issuer, Facility Agent or other Person for (i) any recitals, representations, warranties
or other statements made by any Transaction Party or any of their Affiliates, (ii) the value, validity, effectiveness, genuineness,
enforceability or sufficiency of any Facility Document, (iii) any failure of any Transaction Party or any of their Affiliates to
perform any obligation hereunder or under the other Facility Documents to which it is a party (or under any Contract), or (iv) the
satisfaction of any condition specified in Article III.

 

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(b)        Each Facility Agent
and the Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or other
writing or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person and upon advice
and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative
Agent. Each Facility Agent and the Administrative Agent shall in all cases be fully justified in failing or refusing to take any action
under any Facility Document unless it shall first receive such advice or concurrence of the Majority Facility Agents (or in the case of
any Facility Agent, the Lenders and the LC Issuers within its Lender Group that have a majority of the aggregate Commitment of such Lender
Group), and assurance of its indemnification, as it deems appropriate.

 

(c)         The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance
with a request of the Majority Facility Agents, and such request and any action taken or failure to act pursuant thereto shall be binding
upon all Lenders, LC Issuers, the Administrative Agent and Facility Agents.

 

(d)         The
Lenders and LC Issuers within each Lender Group with a majority of the Commitments of such Lender Group shall be entitled to request or
direct the related Facility Agent to take action, or refrain from taking action, under this Agreement on behalf of such Lenders and LC
Issuers. Such Facility Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance
with a request of such Lenders and LC Issuers, and such request and any action taken or failure to act pursuant thereto shall be binding
upon all of such Facility Agent’s Lenders and LC Issuers.

 

(e)        Unless
otherwise advised in writing by a Facility Agent or by any Lenders or LC Issuers on whose behalf such Facility Agent is purportedly acting,
each party to this Agreement may assume that (i) such Facility Agent is acting for the benefit of each of the Lenders and LC Issuers
in respect of which such Facility Agent is identified as being the “Facility Agent” in the definition of “Facility Agent”
hereto, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each action taken by such
Facility Agent has been duly authorized and approved by all necessary action on the part of the Lenders and LC Issuers on whose behalf
it is purportedly acting. Each Facility Agent and its Lenders and LC Issuers shall agree amongst themselves as to the circumstances and
procedures for removal, resignation and replacement of such Facility Agent.

 

(f)           Neither
any Facility Agent nor the Administrative Agent shall be deemed to have knowledge or notice of the occurrence of any Advance Suspension
Event, Event of Termination or Potential Event of Termination unless the Administrative Agent and the Facility Agents have received notice
from any Lender, LC Issuer or a Transaction Party stating that an Advance Suspension Event, an Event of Termination or an Potential Event
of Termination has occurred hereunder and describing such Advance Suspension Event, Event of Termination or Potential Event of Termination.
In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Facility Agent whereupon
each such Facility Agent shall promptly give notice thereof to its related Lenders and LC Issuers, if applicable. In the event that a
Facility Agent receives such a notice (other than from the Administrative Agent), it shall promptly give notice thereof to the Administrative
Agent. The Administrative Agent shall take such action concerning an Advance Suspension Event, an Event of Termination or an Potential
Event of Termination as may be directed by the Majority Facility Agents (unless such action otherwise requires the consent of all Lenders
and LC Issuers), but until the Administrative Agent receives such directions, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, as the Administrative Agent deems advisable and in the best interests of the
Lenders and the Facility Agents.

 

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SECTION 9.03. Agents
and Affiliates. Each of the Administrative Agent, the Lenders, the LC Issuers and the Facility Agents and any of their respective
Affiliates may extend credit to, accept deposits from and generally engage in any kind of banking, trust, debt, equity or other business
with any Transaction Party or any of their Affiliates. With respect to the acquisition of the Eligible Receivables pursuant to this Agreement,
each of the Facility Agents and the Administrative Agent shall have the same rights and powers under this Agreement as any Lender or LC
Issuer and may exercise the same as though it were not such an agent, and the terms “Lender,” “LC Issuer,” “Lenders”
and “LC Issuers” shall include, to the extent applicable, each of the Facility Agents and the Administrative Agent in their
individual capacities.

 

SECTION 9.04. Decision
to Extend Credit. Each Lender and LC Issuer expressly acknowledges that none of the Administrative Agent, the Facility Agents nor
any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties
to it and that no act by the Administrative Agent, or any Facility Agent hereafter taken, including any review of the affairs of any Transaction
Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or such Facility Agent, as applicable.
Each Lender and each LC Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent, any Facility
Agent, any of their respective Affiliates or any other Lender, and based on such documents and information as it has deemed appropriate,
made its own evaluation and decision to enter into this Agreement and, if it so determines, to make Credit Extensions hereunder. Each
Lender and each LC Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Facility
Agent, any of their respective Affiliates, or any other Lender or LC Issuer, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. Except for items specifically
required to be delivered hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Facility Agent with
any information concerning any Transaction Party or any of their Affiliates that comes into the possession of the Administrative Agent
or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

 

SECTION 9.05. Delegation
of Duties. The Administrative Agent and each Facility Agent may each execute any of its duties under this Agreement by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative
Agent nor any Facility Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

 

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SECTION 9.06. Indemnification.
Each Facility Agent severally agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower, the Servicer,
an Originator or the Performance Guarantor), ratably according to its related Lender Group Percentage, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement
or any action taken or omitted by the Administrative Agent under this Agreement; provided, that no Facility Agent shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting or arising from the Administrative Agent’s gross negligence or willful misconduct to the extent such gross negligence
or willful misconduct is determined by a court of competent jurisdiction in a final and non-appealable decision. Without limitation of
the generality of the foregoing, each Facility Agent agrees to reimburse the Administrative Agent, ratably according to its related Lender
Group Percentage, promptly upon demand, for any reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the
Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement; provided, that no
Facility Agent shall be responsible for the costs and expenses of the Administrative Agent in defending itself against any claim alleging
the gross negligence or willful misconduct of the Administrative Agent to the extent such gross negligence or willful misconduct is determined
by a court of competent jurisdiction in a final and non-appealable decision.

   

SECTION 9.07. Successor
Agents. The Administrative Agent and each Facility Agent may, upon thirty (30) days’ notice to the Borrower, each Lender, each
LC Issuer and each other party hereto, resign as Administrative Agent or Facility Agent, as applicable. If any such party shall resign
as Administrative Agent or Facility Agent under this Agreement, then, in the case of the Administrative Agent, the Majority Facility Agents,
and in the case of any Facility Agent, its related Conduit Lenders, during such thirty-day period shall appoint a successor agent, whereupon
such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or applicable Facility Agent and references
herein to the Administrative Agent or such Facility Agent shall mean such successor agent, effective upon its appointment; and such former
Administrative Agent’s or Facility Agent’s rights, powers and duties in such capacity shall be terminated, without any other
or further act or deed on the part of such former Administrative Agent or Facility Agent or any of the parties to this Agreement. After
any retiring Administrative Agent’s or Facility Agent’s resignation hereunder as such agent, the provisions of Article VIII,
this Article IX and Section 10.09 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Administrative Agent or a Facility Agent under this Agreement.

 

ARTICLE X

MISCELLANEOUS

 

SECTION 10.01. Amendments, Etc.

 

(a)           No
waiver of any provision of this Agreement nor consent to any departure by the Borrower or the Servicer therefrom shall in any event be
effective unless the same shall be in writing and signed by the Administrative Agent and each Facility Agent, or Lender and LC Issuer,
required to amend the relevant provision pursuant to Section 10.01(b) hereof, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given.

 

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(b)          No
amendment to this Agreement shall be effective unless the same shall be in writing and signed by each of the Borrower, the Servicer, the
Administrative Agent and the Majority Facility Agents, provided, however, that, without the written consent of each affected
Lender and each affected LC Issuer, no such amendment shall (i) extend the Termination Date, (ii) extend the date of any payment
or deposit of Collections by the Borrower or by the Servicer or the time of payment of Interest, (iii) release the security interest
in or transfer all or any material portion of the Collateral, (iv) change the outstanding Principal Balance of any of the Loans made
by any Lender hereunder other than as provided herein, (v) change the amount of any Lender Group Limit, Commitment or LC Commitment
other than as provided herein or increase the Facility Limit hereunder, (vi) increase the Concentration Limit, (vii) amend,
modify or waive any provision of the definitions of “Eligible Receivables”, “Majority Facility Agents”, “Net
Receivables Balance,” “Total Reserve Amount,” “Borrowing Base”, “Borrowing Base Deficiency,”
 “Period,” “Majority Facility Agents,” “Final Maturity Date” or any of the defined terms used in such
definitions or this Section 10.01, (viii) consent to or permit the assignment or transfer by the Borrower or any of its
rights and obligations under this Agreement or of any of its right, title or interest in or to the Pool Receivables, (ix) amend or
modify any provision of Section 7.01 or Section 10.03, (x) terminate the Performance Guaranty and/or release
the Performance Guarantor from its obligations thereunder, (xi) reduce any Fees payable to any Lender or Facility Agent pursuant
to the Fee Letter or any Interest payable to any Lender hereunder, or (xii) modify any defined term (or any defined term used directly
or indirectly in such defined term) used in clauses (i) through (xi) above in a manner which would circumvent
the intention of the restrictions set forth in such clauses.

 

(iii)          Notwithstanding
anything to the contrary herein, to the fullest extent permitted by Law, no Facility Agent that has a Committed Lender in its Lender Group
that is currently a Defaulting Committed Lender and no Committed Lender that is currently a Defaulting Committed Lender, shall be entitled
to vote in respect of waivers, amendments or modifications to any Facility Document and the Commitment and the outstanding Loans or other
extensions of credit of such Defaulting Committed Lender hereunder shall not be taken into account in determining whether the Majority
Facility Agents or all of the Lenders or any other class of Lenders, as required by this Section 10.01 or otherwise, have
approved any such waiver, amendment or modification (and the definition of “Majority Facility Agents” will automatically be
deemed modified accordingly for the duration of such period); provided that any such waiver, amendment or modification that would
increase or extend the term of the Commitment of such Defaulting Committed Lender, extend the date fixed for the payment of principal
or interest owing to such Defaulting Committed Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting
Committed Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Committed Lender or of
any fee payable to such Defaulting Committed Lender hereunder, or alter the terms of this proviso, shall require the prior written consent
of such Defaulting Committed Lender.

 

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SECTION 10.02. Notices, Etc.
All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication
by facsimile copy or other electronic transmission) and shall be personally delivered or sent by registered mail, return receipt requested,
or by courier or by facsimile or other electronic transmission, to each party hereto, at its address set forth on Schedule II hereof
or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of overnight courier, two (2) days after being deposited with such courier, or,
in the case of notice by facsimile or other electronic transmission, when electronic confirmation of receipt is obtained, in each case
addressed as aforesaid.

  

SECTION 10.03. Assignments;
Participations.

 

(a)          Participations.
Except as otherwise specifically provided herein, any Lender may sell to one or more Persons (each a “Participant”)
participating interests in the Loans of such Lender hereunder. Such Lender shall remain solely responsible for performing its obligations
hereunder, and the Borrower, the Servicer, each Facility Agent and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations hereunder. A Lender shall not agree with a Participant
to restrict such Lender’s right to agree to any amendment hereto, except amendments that require the consent of all Lenders. Any
such Participant shall not have any rights hereunder or under the Facility Documents. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.12 and 2.13 (subject to the requirements and limitations therein and subject to
such Participant’s compliance with the requirements of Section 2.14) to the same extent as if it were a Lender and acquired
its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant shall not be entitled to receive
any greater payment under Sections 2.12 or 2.13, with respect to any participation, than its participating Lender would
have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in Law that occurs
after the Participant acquired the applicable participation.

 

Each Lender (or its Facility
Agent on its behalf) that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register
on which it enters the name and address of its Participants and the amounts of each such Participant’s interest in any Loans, Commitments
or other rights or obligations hereunder (the “Participant Register”); provided that no Lender or Facility Agent 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 such Loans, Commitments or other rights or obligations hereunder) to any Person except to
the extent that such disclosure is necessary to establish that such Loans, Commitments or other rights or obligations hereunder are in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(b)          Assignments
by Committed Lenders. Any Committed Lender may assign to one or more Persons (each a “Purchasing Committed Lender”),
reasonably acceptable to the Administrative Agent, each LC Issuer and the related Facility Agent in their sole discretion, any portion
of its Commitment pursuant to an Assignment and Acceptance with any changes as have been approved by the parties thereto, executed by
each such Purchasing Committed Lender, such selling Committed Lender, such related Facility Agent and the Administrative Agent and with
the consent of the Borrower (provided, that the consent of the Borrower shall not be unreasonably withheld or delayed and that
no such consent shall be required if an Event of Termination has occurred and is continuing; provided, further, that no
consent of the Borrower shall be required if the assignment is made by any Committed Lender to the Administrative Agent, to any other
Committed Lender, to any Affiliate of the Administrative Agent or any Committed Lender or to any Program Support Provider). Any such assignment
by a Committed Lender cannot be for an amount less than $10,000,000. Upon (i) the execution of the Assignment and Acceptance with
any changes as have been approved by the parties thereto, (ii) delivery of an executed copy thereof to the Borrower, the Servicer,
such related Facility Agent and the Administrative Agent and (iii) payment by the Purchasing Committed Lender to the selling Committed
Lender of the agreed purchase price, if any, such selling Committed Lender shall be released from its obligations hereunder to the extent
of such assignment and such Purchasing Committed Lender shall for all purposes be a Committed Lender party hereto and shall have all the
rights and obligations of a Committed Lender hereunder to the same extent as if it were an original party hereto. The amount of the Commitment
of the selling Committed Lender allocable to such Purchasing Committed Lender shall be equal to the amount of the Commitment of the selling
Committed Lender transferred regardless of the purchase price, if any, paid therefor. The Assignment and Acceptance shall be an amendment
hereof only to the extent necessary to reflect the addition of such Purchasing Committed Lender as a “Committed Lender” and
any resulting adjustment of the selling Committed Lender’s Commitment.

 

(c)          Assignments
to Liquidity Providers and other Program Support Providers. Any Conduit Lender may at any time grant to one or more of its Liquidity
Providers or other Program Support Providers, participating interests in its Loans. In the event of any such grant by such Conduit Lender
of a participating interest to a Liquidity Provider or other Program Support Provider, such Conduit Lender shall remain responsible for
the performance of its obligations hereunder. The Borrower agrees that each Liquidity Provider and Program Support Provider of any Conduit
Lender hereunder shall be entitled to the benefits of Sections 2.12 and 2.13 (subject to the requirements and limitations
therein and subject to such Participant’s compliance with the requirements of Section 2.14) and Article VIII.

 

(d)          Other
Assignments by Conduit Lenders. Each party hereto agrees and consents (i) to any Conduit Lender’s assignment, participation,
grant of security interests in or other transfers of any portion of, or any of its beneficial interest in, its Loans (or, in each case,
any portion thereof), including without limitation to any collateral agent in connection with its commercial paper program and (ii) to
the complete assignment by any Conduit Lender of all of its rights and obligations hereunder to any other Person, including any Affiliate
of its Facility Agent, any Lender in its Lender Group or the Administrative Agent, and upon such assignment such Conduit Lender shall
be released from all obligations and duties, if any, hereunder; provided, that such Conduit Lender may not, without the prior consent
of its Committed Lenders and the Administrative Agent, make any such transfer of its rights hereunder unless the assignee (x) is
a commercial paper conduit that (i) is principally engaged in the purchase of assets similar to the assets being purchased hereunder,
(ii) has as its Facility Agent the Facility Agent or an Affiliate thereof of the assigning Conduit Lender, (iii) issues commercial
paper or other notes with credit ratings substantially comparable to the ratings of the assigning Conduit Lender and (iv) has been
consented to by the Borrower (provided, that (1) the consent of the Borrower shall not be unreasonably withheld or delayed,
(2) no such consent shall be required if an Event of Termination has occurred and is continuing and (3) no such consent shall
be required if such assignee (x) is another commercial paper conduit administered by the same Program Administrator or an Affiliate
thereof) or (y) is a Committed Lender, Liquidity Provider or Program Support Provider for such Conduit Lender. Any assigning Conduit
Lender shall deliver to any assignee an Assignment and Acceptance with any changes as have been approved by the parties thereto, duly
executed by such Conduit Lender, assigning any portion of its Loans to its assignee. Such Conduit Lender shall promptly (i) notify
each of the other parties hereto of such assignment and (ii) take all further action that the assignee reasonably requests in order
to evidence the assignee’s right, title and interest in such interest in the its Loans, and to enable the assignee to exercise or
enforce any rights of such Conduit Lender hereunder. Upon the assignment of any portion of its interest in its Loans, the assignee shall
have all of the rights hereunder with respect to such interest (except that the Interest therefor shall thereafter accrue at the CP Rate
determined with respect to the assigning Conduit Lender unless the Borrower, the related Facility Agent and the assignee shall have agreed
upon a different Interest Rate).

 

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(e)          Register.
The Administrative Agent, acting as non-fiduciary agent for the Borrower (such agency being solely for Tax purposes) and each Affected
Person and its successors and assigns, to the extent such Person has Loans or Interest owing thereto), shall maintain at an office of
the Administrative Agent, a copy of each Assignment and Acceptance delivered to and accepted by it hereunder and a register for the names
and addresses of the Lenders, the Commitment of each Lender Group and the aggregate outstanding Loans and Interest and other amounts owing
to each Lender or other Affected Person from time to time (and such other Affected Person) (the “Register”). The entries
in the Register shall be conclusive absent manifest error, and the Borrower, the Servicer, the Lenders, and such other Affected Persons
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement. The Register shall be available for inspection by the Borrower, any Facility Agent and any Lender (and any such other
Affected Person) at any reasonable time and from time to time upon reasonable prior notice. Each Lender (and each such other Affected
Person) that assigns or transfers all or part of its Loans, shall be required to provide the Administrative Agent with notice of such
assignment in order for such assignee’s interests in the Loans to be reflected in the Register. Each assignor may, in connection
with any permitted assignment, disclose to the applicable assignee (that shall have agreed to be bound by Section 10.12) any
information relating to any Originator, the Servicer, the Borrower, the Performance Guarantor or the Pool Receivables furnished to such
assignor by or on behalf of such Originator, the Servicer, the Borrower, the Performance Guarantor, any Lender or the Administrative Agent.

 

(f)           Successors
and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to mean the successors
and assigns of such party; all covenants, promises and agreements by or on behalf of any parties hereto that are contained in this Agreement
shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Notwithstanding the foregoing,
neither of the Borrower or the Servicer may assign its rights or delegate its obligations hereunder or under any other Facility Document
or any interest herein or under any other Facility Document, in each case, without the prior written consent of the Administrative Agent
and each Facility Agent.

 

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(g)          Enforcement
By Agents. Without limiting any other rights that may be available under applicable Law, the rights of the Administrative Agent, each
Facility Agent and each Lender may be enforced through it or by its agents.

 

(h)          Certain
Pledges. Without limiting the right of any Lender to sell or grant interests, security interests or participations to any Person as
otherwise described in this Section 10.03, any Lender may at any time pledge or assign a security interest in all or any portion
of its rights under this Agreement, any portion of its interest in its Loans to secure its obligations as a Lender hereunder, including
any pledge or assignment to secure obligations to a Federal Reserve Bank, the United States Treasury, the Federal Deposit Insurance Corporation
or a security trustee in connection with the funding by such Lender of Purchases without notice to or consent of the Borrower, the Performance
Guarantor or any other Person; provided that no such pledge or grant of a security interest shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

 

SECTION 10.04. Additional
Lender Groups. With the written consent of the Administrative Agent, upon the Borrower’s request, an additional Lender Group
may be added to this Agreement at any time by the execution and delivery of a Joinder Agreement by the members of such proposed additional
Lender Group, the Borrower, the Servicer, the Performance Guarantor, the Administrative Agent and each of the Facility Agents, which execution
and delivery shall not be unreasonably refused by such parties. Upon the effective date of such Joinder Agreement, (i) each Person
specified therein as a “Conduit Lender” shall become a party hereto as a Conduit Lender, entitled to the rights and subject
to the obligations of a Conduit Lender hereunder, (ii) each Person specified therein as a “Committed Lender” shall become
a party hereto as a Committed Lender, entitled to the rights and subject to the obligations of a Committed Lender hereunder, (iii) each
Person specified therein as a “Facility Agent” shall become a party hereto as a Facility Agent, entitled to the rights and
subject to the obligations of a Facility Agent hereunder, (iv)  each Person specified therein as an “LC Issuer” shall
become a party hereto as an LC Issuer, entitled to the rights and subject to the obligations of an LC Issuer hereunder, (v) the LC
Sublimit shall be increased by an amount equal to the aggregate LC Commitments of the LC Issuers party to the Joinder Agreement, and (vi) the
Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Lenders party to such Joinder Agreement.

 

SECTION 10.05. Consent
to Jurisdiction.

 

(a)           Each
party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City
in any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in
such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient
forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

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(b)          Each
of the Borrower and the Servicer consents to the service of any and all process in any such action or proceeding by the mailing of copies
of such process to it at its address specified in Section 10.02. Nothing in this Section 10.05 shall affect the
right of any Lender or the Administrative Agent to serve legal process in any other manner permitted by law.

 

SECTION 10.06. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,
OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT.

 

SECTION 10.07. Right
of Setoff. Each Lender and each LC Issuer is hereby authorized (in addition to any other rights it may have) at any time any Borrower
Obligation hereunder is due and payable, to set off, 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 Lender or such LC Issuer to, or for the account
of, the Borrower against the amount of the Borrower Obligations owing by the Borrower to such Person.  Each Lender and each LC Issuer
is hereby authorized (in addition to any other rights it may have) at any time that any payment obligation of the Servicer hereunder is
due and payable, to set off, 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 Lender or such LC Issuer to, or for the account of, the Servicer against
the amount of such obligations owing by the Servicer to such Person.

 

SECTION 10.08. Ratable
Payments. If any Lender or any LC Issuer, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations
or obligation of the Servicer in a greater proportion than that received by any other Lender or any other LC Issuer entitled to receive
a ratable share of such amount, such Lender or such LC Issuer, as applicable, agrees, promptly upon demand, to purchase for cash without
recourse or warranty a portion of such Borrower Obligations or Servicer obligation held by the other Lenders or the other LC Issuers so
that after such purchase each Lender will hold its ratable proportion of such Borrower Obligations or Servicer obligations, as applicable;
provided that if all or any portion of such excess amount is thereafter recovered from such Lender or such LC Issuer, as applicable,
such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

 

SECTION 10.09. Limitation
of Liability.

 

(a)          No
claim may be made by any Transaction Party or any other Person against any Lender, any LC Issuer, any Facility Agent, the Administrative
Agent or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or
punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement or any other Facility Document, or any act, omission or event occurring in connection herewith or therewith;
and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether
or not accrued and whether or not known or suspected to exist in its favor.

 

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(b)          Notwithstanding
anything to the contrary contained herein, the obligations of the Conduit Lenders under this Agreement are solely the corporate obligations
of each such Conduit Lender and shall be payable only at such time as funds are actually received by, or are available to, such Conduit
Lender in excess of funds necessary to pay in full all outstanding Commercial Paper Notes issued by such Conduit Lender and, to the extent
funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Conduit Lender.
Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such
party shall be subordinated to the payment in full of all Commercial Paper Notes.

 

(c)          No
recourse under any obligation, covenant or agreement of any Conduit Lender contained in this Agreement shall be had against any incorporator,
stockholder, officer, director, member, manager, employee or agent of such Conduit Lender or any of its Affiliates (solely by virtue of
such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it
being expressly agreed and understood that this Agreement is solely a corporate obligation of such Conduit Lender, and that no personal
liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent
of any Conduit Lender or any of its Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations,
covenants or agreements of such Conduit Lender contained in this Agreement, or implied therefrom, and that any and all personal liability
for breaches by any Conduit Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute,
rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly
waived as a condition of and in consideration for the execution of this Agreement; provided that the foregoing shall not relieve
any such Person from any liability it might otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them.

 

SECTION 10.10. Costs, Expenses and Taxes.

 

(a)           In
addition to the rights of indemnification under Article VIII hereof, the Borrower agrees to pay to the Administrative Agent
and each Facility Agent within ten (10) days after demand thereof (i) all reasonable costs and expenses incurred in connection
with the periodic auditing of the Borrower and the Servicer pursuant to Section 5.01(c), 5.04(c) or 5.04(d) of
this Agreement, (ii) all reasonable costs and expenses of the Administrative Agent and each Facility Agent in connection with the
preparation, execution and delivery (including any requested amendments, waivers or consents) of this Agreement and the other documents
to be delivered hereunder, including, without limitation, all pre-closing due diligence expenses and the reasonable fees and out-of-pocket
expenses of special counsel for the Administrative Agent and each Facility Agent with respect thereto and with respect to advising the
Administrative Agent and each Facility Agent and the related Lenders as to their respective rights and remedies under this Agreement,
and the other agreements executed pursuant hereto and (iii) all costs and out-of-pocket expenses (including fees and expenses of
outside counsel), incurred by the Administrative Agent and each Facility Agent in connection with any amendment to any of the Facility
Documents after the Effective Date and the enforcement of this Agreement and the other agreements and documents to be delivered hereunder
after the occurrence of an Event of Termination.

 

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(b)          In
addition, the Borrower shall pay any fees (including, without limitation, UCC filing fees and any penalties associated with the late payment
of any UCC filing fees) payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement
or the other agreements and documents to be delivered hereunder (including any UCC financing statements) and agrees to indemnify the Administrative
Agent, the Facility Agents, the Lenders and the Liquidity Providers against any liabilities with respect to or resulting from any delay
by the Borrower in paying or omission to pay fees.

 

SECTION 10.11. No Proceedings.
The Borrower, the Servicer, each Lender, each LC Issuer, each Facility Agent and the Administrative Agent each hereby agrees that it will
not institute against any Conduit Lender any proceeding of the type referred to in Section 7.01(e) until one year and
one day after the last outstanding Commercial Paper Note issued by such Conduit Lender has been paid in full.

 

SECTION 10.12. Confidentiality.

 

Each of the Borrower and the
Servicer agrees (i) not to post to a website or publish or otherwise distribute to any other Person this Agreement and the other
Facility Documents and (ii) to maintain the confidentiality of the information in this Agreement and the other Facility Documents
relating to upfront fees and pricing in communications with third parties and otherwise; provided, that the Facility Documents
and such information may be disclosed (a) to third parties to the extent such disclosure is made pursuant to a written agreement
of confidentiality in form and substance reasonably satisfactory to the Administrative and each Facility Agent; (b) as required by
the rules of any stock exchange; (c) to legal counsel, accountants and auditors for the Borrower and the Performance Guarantor
if such counsel, accountants and auditors agree to hold it confidential or are otherwise under a professional duty to maintain the confidentiality
of such information, (d) as required or requested by Law, rule, regulation, court order, subpoena, or other legal process, as reasonably
determined by the Borrower (which may be in consultation with its internal or external legal counsel) and (e) if required in connection
with any litigation or dispute between the parties hereto (provided that the Borrower and the Servicer will use reasonable efforts to
obtain confidential treatment for such information in connection with such litigation or dispute).

 

The Administrative Agent,
the Facility Agents, the Lenders and the LC Issuers agree to maintain the confidentiality of the Facility Documents (including pricing
hereunder and thereunder) and any other non-public information regarding the Performance Guarantor, the Borrower, the Originators, the
Servicer and their Affiliates; provided, that such information may be disclosed (i) to third parties to the extent such disclosure
is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Borrower and the Performance
Guarantor; (ii) to legal counsel, accountants and auditors of the Facility Agents, the Lenders, the LC Issuers or the Administrative
Agent if such counsel, accountants and auditors agree to hold it confidential or are otherwise under a professional duty to maintain the
confidentiality of such information; (iii) to any assignee or participant or potential assignee or participant (if it agrees to abide
by the terms of this Section 10.12); (iv) to any regulatory or governmental authorities having jurisdiction, or claiming
to have jurisdiction, over the Administrative Agent, any Facility Agent, any Lender, any LC Issuer or any Participant, (v) as required
or requested by law, rule, regulation, court order, subpoena, or other legal process, (vi) as required in connection with any litigation
or dispute or in connection with the exercise of any rights or remedies under the Facility Documents (provided that the Administrative
Agent, the Facility Agents, the Lender and the LC Issuers will use reasonable efforts to obtain confidential treatment for such information
in connection with such litigation or dispute), (vii) to any nationally recognized statistical rating organization as contemplated
by Section 17g-5 of the Securities Exchange Act of 1934, (viii) to investors in Commercial Paper Notes (including potential
investors in Commercial Paper Notes) as required by regulatory authorities and (ix) to any Liquidity Providers, Program Support Providers
or equity investors in any Conduit Lender who agree to keep it confidential.

 

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SECTION 10.13. No Waiver; Remedies.
No failure on the part of the Administrative Agent, any Facility Agent, any LC Issuer, any Lender or any Liquidity Provider to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

 

SECTION 10.14. GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION 10.15. Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be
an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed signature
page of this Agreement by facsimile or other electronic transmission (including electronic PDF, Docusign, Adobe “fill and sign”
or such other provider as specified in writing by the applicable party) shall be effective as delivery of a manually executed counterpart
hereof and shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into
evidence for all purposes.  The words “execution,” “execute,” “signed,” “signature,”
and words of like import in or related to any document to be signed in connection with this Agreement, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Electronic Signatures
in Global and National Commerce Act of 2000, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.  Notwithstanding the foregoing, if any party shall request manually signed counterpart
signatures to this Agreement, each of the other parties hereby agrees to provide such manually signed signature pages as soon as
commercially reasonable.

 

SECTION 10.16. Integration;
Binding Effect; Survival of Termination. This Agreement and the other Facility Documents executed by the parties hereto on the date
hereof 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. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns (including any trustee in bankruptcy). 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. This Agreement shall create and constitute the continuing obligations of the parties hereto
in accordance with its terms and shall remain in full force and effect until the Final Collection Date; provided, however,
that the provisions of Section 2.12, 2.13, 2.14 and Article VIII and IX, and the provisions
of Sections 10.05, 10.06, 10.09, 10.10, 10.11, 10.12 and 10.14 shall survive any termination
of this Agreement.

 

    118 

     

    

 

SECTION 10.17. Patriot
Act. Each Lender and LC Issuer hereby notifies the Borrower, each Originator, the Servicer and the Performance Guarantor that pursuant
to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each of the Borrower,
each Originator, the Servicer and the Performance Guarantor, which information includes the name and address of each of the Borrower,
each Originator, the Servicer and the Performance Guarantor and other information that will allow such Lender or LC Issuer to identify
each of the Borrower, each Originator, the Servicer and the Performance Guarantor in accordance with the Patriot Act.

 

SECTION 10.18.
Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Agreement
or any other Facility Document, each party hereto acknowledges that any liability of any EEA Financial Institution arising under this
Agreement or any other Facility Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers
of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)           the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent 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 Facility
Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

 

    119 

     

    

 

 

SECTION 10.19.
Acknowledgement Regarding Any Supported QFCs. To the extent that the Facility Documents provide support, through a guarantee
or otherwise, for Swap Contracts 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 Facility Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York or of the United States or any other state
of the United States):

 

(a)            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 Facility 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 Facility
Documents were governed by the laws of the United States or a state of the United States.

 

(b)           As
used in this Section 9.18, the following terms have the following meanings:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.

 

“Covered Entity”
means any of the following:

 

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

 

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

 

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

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

    120

     

    

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

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

 

[Signature pages follow.]

 

    121

     

    

 

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

 

	 	NRG RECEIVABLES LLC,
	 	as Borrower
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	NRG RETAIL LLC,
	 	as Servicer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

	 	ROYAL BANK OF CANADA
	 	as Administrative Agent, a Facility Agent and as a Committed Lender and as an LC Issuer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	OLD LINE FUNDING, LLC, as a Conduit Lender,
	 	as a Conduit Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Facility Agent and as a Committed Lender and as an LC Issuer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

	 	LA FAYETTE ASSET SECURITIZATION LLC, as a Conduit Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	MUFG BANK, LTD., as a Facility Agent and as a Committed Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GOTHAM FUNDING CORPORATION, as a Conduit Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

EXHIBIT A

 

FORM OF BORROWING REQUEST

[DATE]

 

		To:	Royal Bank of Canada (“RBC”),
as Administrative Agent and as Facility Agent

Crédit Agricole Corporate and Investment
Bank (“CACIB”), as Facility Agent

MUFG Bank, Ltd. (“MUFG”),
as Facility Agent

 

		From:	NRG Receivables LLC (the “Borrower”)

 

		Re:	Receivables Loan and Servicing Agreement, dated as of September 22, 2020 among the Borrower, NRG
Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time
party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the Persons from time to time party
thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the
 “Agreement”). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

 

	A.	(i)	Pursuant to Section 2.02(a) of the Agreement, the undersigned hereby requests a Borrowing from each Lender Group in an aggregate amount equal to the following (which shall be at least $1,000,000, or integral multiples of $1,000,000 in excess thereof):	
    $

	 
	 	Lender Group 

(identified by related Facility Agent)	 	Dollar Amount of Borrowing	 
	 	RBC	 	$	 
	 	CACIB	 	$	 
	 	MUFG	 	$	 
	 	Total	 	$	 
	 	 	 	 
	 	(ii)	The requested Borrowing Date is:	 
	 	 	 	 
	 	(iii)	The Aggregate Principal Balance under the Agreement after giving effect to the requested Borrowing under (i) above will equal:	
    $

	 	 	 	 
	 	(iv)	The Aggregate Exposure Amount under the Agreement after giving effect to the requested Borrowing under (i) above will equal:	
    $

	 	 	 	 
	 	 	 	 
	 	 
	 	(v)
	If
                                            Conduit Lenders have declined to fund, the Borrower requests a Loan based on [Term SOFR Rate
                                            for a term of [___] months][the Base Rate].

    

	 	 	 	 	 	 

    

     

    

 

		(vi)	The
proceeds of the requested Borrowing are requested to be remitted to the following account of Borrower:

 

		

                                                                        B.
	As
of the date hereof and the Borrowing Date of such Borrowing:

 

		(i)	The
representations and warranties contained in Article IV of the Agreement are true and correct unless such representation and warranties
by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date;

 

		(ii)	No
event has occurred and is continuing, or would result from the Borrowing requested hereunder, that constitutes an Advance Suspension
Event, an Event of Termination or a Potential Event of Termination; and

 

		(iii)	After
giving effect to the requested Borrowing, no Borrowing Base Deficiency shall exist.

 

		(iv)	All
other conditions precedent set forth in Section 3.02 of the Agreement have been satisfied.

 

The undersigned certifies that this Borrowing Request is correct in
all material respects as of the date furnished.

 

	 	NRG Receivables LLC
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    

     

    

 

EXHIBIT B

 

FORM OF LETTER OF CREDIT REQUEST

[DATE]

 

		To:	Royal Bank of Canada (“RBC”),
as Administrative Agent

[ADDRESS FOR FACILITY AGENT OF APPLICABLE LC ISSUER]

 

		From:	NRG Receivables LLC (the “Borrower”)

 

		Re:	Receivables Loan and Servicing Agreement, dated as of September 22, 2020 among the Borrower, NRG
Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time
party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the Persons from time to time party
thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the
 “Agreement”). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

 

Each of the Administrative Agent and the related
Facility Agent of the LC Issuer of the below described Letter of Credit is hereby notified of the following request for [the issuance
of a Letter of Credit][the [amendment][renewal][extension] of an outstanding Letter of Credit]:

 

Letter of Credit

No.:1 LC

Issuer

	Stated Amount:	$              2

 

Date of [Issuance][Amendment][Renewal][Extension]:

 

Account Party:

 

Beneficiary:

 

Requested Expiration Date:

 

 

1 For a request for amendment, renewal or extension only.

2 Must be at least $1,000,000

 

    

     

    

 

Please provide the current form of the applicable
LC Issuer’s Letter of Credit Application and deliver the requested Letter of Credit on the above-specified date to:

 

[Account Party]

[Account Party Address]

Attention: [Name]

Telephone No.: ( )

 

In connection with the [issuance][amendment][extension][renewal]
of Letter of Credit to be made on the above listed “Date of [Issuance][Amendment] [Renewal][Extension]” (the “Specified
Date”), the Borrower hereby certifies that the following statements are true on the date hereof:

 

(i) The
representations and warranties contained in Article IV of the Agreement are true and correct unless such representation and warranties
by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date;

 

(ii) No event has occurred and is
continuing, or would result from the proposed [issuance][amendment][extension][renewal] of Letter of Credit, that will constitute an
Advance Suspension Event, an Event of Termination or a Potential Event of Termination;

 

(iii) (1) the Termination Date has
not occurred, (2) after giving effect to such [issuance][amendment][extension][renewal] of Letter of Credit to be made on the Specified
Date, (A) no Borrowing Base Deficiency will exist, (B) the LC Obligations will not exceed the LC Sublimit as of the date of
[issuance][amendment][extension][renewal and (C) the portion of the LC Obligations attributable to Letters of Credit issued by the
LC Issuer will not exceed its LC Commitment as of the date of [issuance][amendment][extension][renewal], and (3) All other conditions
precedent set forth in Sections 2.04 and 3.02 of the Agreement have been satisfied.

 

The undersigned certifies that this Letter of Credit Request is correct
in all material respects as of the date furnished.

 

	 	NRG Receivables LLC
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    

     

    

 

EXHIBIT C

 

FORM OF MONTHLY REPORT

[Attached]

 

    

     

    

 

EXHIBIT D

 

FORM OF BORROWING BASE CERTIFICATE

 

[Attached]

 

    

     

    

 

EXHIBIT E

 

LIST OF OFFICES

804 Carnegie Center

Princeton, NJ 08540

 

910 Louisiana Street

Houston, TX 77002

 

    

     

    

 

EXHIBIT F

 

LIST OF PAYMENT PROCESSORS, DEPOSIT ACCOUNTS; DEPOSIT
ACCOUNT BANKS; LOCK BOXES

 

	Account Type	Deposit Account Bank	Account Number	Related Lock-

Box (if any)
	Deposit Account	The Bank of New York Mellon	901-2892	223688
	Deposit Account	The Bank of New York Mellon	119-2420	120954
	Deposit Account	The Bank of New York Mellon	119-2323	650475
	Deposit Account	The Bank of New York Mellon	103-0682	121233
	Deposit Account	The Bank of New York Mellon	103-9038	660305
	Deposit Account	The Bank of New York Mellon	904-5336	N/A
	Deposit Account	The Bank of New York Mellon	909-4787	650261
	Deposit Account	The Bank of New York Mellon	908-9064	660133
	Deposit Account	The Bank of New York Mellon	120-4275	660004
	Deposit Account	The Bank of New York Mellon	910-4922	N/A
	Designated Deposit Account	The Bank of New York Mellon	910-6688	N/A
	Deposit Account	Citibank, N.A.	30716464	Deluxe 5112
	Deposit Account	Citibank, N.A.	30833214	Deluxe 115 & 5002
	
     

    Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA
    15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A.

     

	Payment Processors
	Payment Processor	Address
	Chase Paymentech, LLC	8181 Communications Pkwy, Bldg B, 5th Fl, Plano Texas 75024
	Fiserv/CheckFree Pay	15 Sterling Drive, Wallingford, Connecticut 06492
	Barri Money Services. LLC	9800 Centre Pkwy, Ste 700, Houston, Texas 77036
	Fidelity Express	1301 Main Street, Sulphur Springs, Texas 75842
	BNY Mellon Financial Corp	500 Ross Street, Pittsburgh, Pennsylvania 15262
	Robinson Law Group	4203 Yoakum Blvd, Ste 310, Houston, Texas 77006
	American Capital Recovery LLC	5220 Spring Valley Road, Suite 408, Dallas, Texas 75254
	Credit Systems Intl.	1277 Country Club Lane, Ft. Worth, Texas 76112
	Convergent Outsourcing Inc.	800 SW 39th Street, Suite 100, Renton, Washington 98057
	Greenberg, Grant & Richards Inc.	5858 Westheimer, Suite 500, Houston, Texas  77057
	Mercantile Adjustment Bureau	165 Lawrence Bell Dr, Ste 100, Williamsville, New York 14221
	Online Information Services	685 West Firetower Road, Winterville, North Carolina 28590
	Penn Credit 	2800 Commerce Drive, Harrisburg, Pennsylvania 17110
	Transworld Systems Inc.	500 Virginia Dr, Ste 514, Fort Washington, Pennsylvania 19034
	Torres Credit Services Inc.	27 Fairview Street, Suite 301, Carlisle, Pennsylvania 17015
	Remitco/Deluxe	400 White Clay Center Drive, Newark, Delaware 19711
	Brown Sims P.C.	1177 West Loop South, Tenth Fl, Houston, Texas 77027
	Archie Law PLLC	2000 Crawford St., Ste 845, Houston, Texas 77002
	McDowell Heatherington	2000 E Lamar Blvd, #780, Arlington, Texas 76006
	Mehaffy Weber    	500 Dallas, Suite 2800 Houston, Texas 77002
	Speed Pay                                     	2811 Ponce de Leon Blvd, PH1, Coral Gables, Florida 33134
	 	 	 	 

    

     

    

 

EXHIBIT G

 

LIST OF CLOSING DOCUMENTS

Attached

 

    

     

    

 

EXHIBIT H

 

FORM OF ASSIGNMENT AND ACCEPTANCE

 

Dated
as of [Date]

 

Reference is made to the Receivables
Loan and Servicing Agreement, dated as of September 22, 2020, among NRG Receivables LLC, as Borrower, NRG Retail LLC, as Servicer,
the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed
Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time to time party thereto as
LC Issuers and Royal Bank of Canada, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Agreement”). Terms defined in the Agreement are used herein with the same meaning.

 

[Assigning Lender]
(the “Assignor”), [Assignee] (the “Assignee”) and [Assignor’s Facility Agent],
in its capacity as Facility Agent for the Lender Group which includes the Assignor [and the Assignee] (in such capacity, the “Facility
Agent”), hereby agree as follows:

 

1.             Purchase
and Sale of Interest. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the
Assignor, an interest in and to all of the Assignor’s rights and obligations under the Agreement as of the date hereof (including,
without limitation, its [Commitment] and all Loans, if any, or interests therein held by it) equal to the percentage (the “Percentage”)
interest specified on the signature page hereto. After giving effect to such sale and assignment, [the Assignee will be a [Committed]
[Conduit] Lender in the Lender Group that includes [__________] as the Facility Agent and] the Assignee’s [Commitment] will be as
set forth in Section 2 of the signature page hereto. [As consideration for the sale and assignment contemplated in this Section 1,
the Assignee shall pay to the Assignor on the Effective Date (as hereinafter defined) in immediately available funds an amount equal to
$[__________], representing the purchase price payable by the Assignee for the interests in the transferred interest sold and assigned
to the Assignee under this Section 1.]*

 

2.             Representations
and Disclaimers of Assignor. The Assignor:

 

(a)           represents
and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and
clear of any adverse claim;

 

(b)           makes
no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with any Facility Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of any Facility Document or any other instrument or document furnished pursuant thereto;
and

 

(c)            makes
no representation or warranty and assumes no responsibility with respect to the financial condition of the Originators, the Borrower,
the Servicer or the Performance Guarantor, or the performance or observance by any such party of any of its respective obligations under
the Facility Documents or any other instrument or document furnished pursuant thereto.

 

 

	*	Include bracketed text if Assignor holds a portion of the Loans
on the Effective Date.

 

    

     

    

 

3.             Representations
and Agreements of Assignee. The Assignee:

 

(a)           confirms
that it has received a copy of the Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.02(a) of
the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Assignment and Acceptance;

 

(b)           agrees
that it will, independently and without reliance upon the Administrative Agent, any Facility Agent, the Assignor or any other Lender and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under the Agreement;

 

(c)            [appoints
and authorizes the Administrative Agent and [__________], as its Facility Agent, to take such action as agent on its behalf and to exercise
such powers under the Agreement and the other Facility Documents as are delegated to the Administrative Agent and such Facility Agent,
respectively, by the terms thereof, together with such powers as are reasonably incidental thereto;]

 

(d)           agrees
that it will perform in accordance with their terms all of the obligations which by the terms of the Agreement and this Assignment and
Acceptance are required to be performed by it as a [Committed] [Conduit] Lender;

 

(e)           specifies
as its address for notices the office set forth beneath its name on the signature pages hereof; and

 

(f)            represents
that this Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to its [corporate] powers
and constitutes the legal, valid and binding obligation of the Assignee.

 

4.             Effectiveness
of Assignment. Following the execution of this Assignment and Acceptance by the Assignor, the Facility Agent, [and] the Assignee,
[the Borrower and the Servicer,] it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent.
The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Administrative Agent, unless otherwise
specified in Section 3 of the signature page hereto (the “Effective Date”).

 

5.             Rights
of the Assignee. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, [(i) the Assignee
shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a
[Committed] [Conduit] Lender thereunder and hereunder and (ii)] the Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Agreement.

 

6.             Payments.
Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, all payments under the Agreement in
respect of the interest assigned hereby (including, without limitation, all payments of fees with respect thereto) shall be made to the
Assignee or the Assignee’s Facility Agent, for the benefit of the Assignee, in accordance with the Agreement. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Agreement for periods prior to the Effective Date directly between themselves.

 

    

    

    

 

7.             GOVERNING
LAW. THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

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

 

    

     

    

 

Signature Page to 

Assignment and Acceptance 

Dated as of [Date]

 

	Section 1.	 	 
	 	Percentage:	________%
	Section 2.	 	 
	 	Assignee’s [Commitment] as of the Effective Date:	$_____________
	 	
     

    Principal balance of Loans

    held by Assignee as of the Effective Date:

     
	
     

     

    $_____________

     

	Section 3.	 	 
	 	 	 
	 	Effective Date:**	__________, 20__

 

	 	[NAME OF ASSIGNOR]
	 	 
	 	 
	 	By:	 
	 		Name:
	 	 	Title:  
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	
Address for Notices: 
	 	[Insert]
	 	 
	 	 
	 	Accepted this _____ day of _____________, 20__
	 	 
	 	ROYAL BANK OF CANADA, as Administrative
Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 		Title:

 

AGREED TO THIS ____ DAY OF ___________, 20___:

 

 

**This date should be no earlier than the date of acceptance by the Administrative Agent.

 

    

     

    

 

	[NAME OF FACILITY AGENT],	 
	as Facility Agent	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	NRG RECEIVABLES LLC, 	 
	as Borrower	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	NRG RETAIL LLC, 	 
	as Servicer	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	[LC Issuers]	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 

 

    

     

    

 

EXHIBIT I

 

FORM OF JOINDER AGREEMENT

 

Reference is made to the Receivables
Loan and Servicing Agreement, dated as of September 22, 2020, among NRG Receivables LLC, as Borrower, NRG Retail LLC, as Servicer,
the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed
Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time to time party thereto as
LC Issuers and Royal Bank of Canada, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Agreement”). To the extent not defined herein, capitalized terms used herein have the meanings assigned to such
terms in the Agreement.

 

[New Facility Agent]
(the “New Facility Agent”), [New Conduit Lender(s)] (the “New Conduit Lender(s)”), [New
Committed Lender(s)] (the “New Committed Lender(s)”) and [New LC Issuer] (the “New LC Issuer”;
and together with the New Facility Agent, the New Conduit Lender(s) and the New Committed Lender(s), the “New Lender Group”)
agree as follows:

 

1.            By
execution and delivery of this Joinder Agreement and pursuant to Section 10.04 of the Agreement, the New Lender Group elects
to become a “Lender Group” under the Agreement.

 

2.            The
effective date (the “Effective Date”) of this Joinder Agreement shall be the later of (i) the date on which a
fully executed copy of this Joinder Agreement is delivered to the Administrative Agent, (ii) the date of this Joinder Agreement [and
(iii) the effective date of that certain assignment agreement of even date herewith between the [New Committed Lender] [New Conduit
Lender] and [Name of [Committed] [Conduit] Lender Assignor].

 

3.            By
executing and delivering this Joinder Agreement, each of the New Facility Agent, the New Conduit Lender(s), the New Committed Lender(s) and
the New LC Issuer confirms to and agrees with each other party to the Agreement that (i) it has received a copy of the Agreement
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Joinder Agreement; (ii) it will, independently and without reliance upon the Administrative Agent, any other Facility Agent, any
other Lender, any other LC Issuer or any of their respective Affiliates, 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 Agreement or any documents
or agreements to be delivered thereunder; (iii) it appoints and authorizes the Administrative Agent to take such action as agent
on its behalf and to exercise such powers pursuant to Article IX of the Agreement; (iv) it will perform in accordance
with their terms all of the obligations which by the terms of the Agreement and the documents or agreements to be delivered thereunder
are required to be performed by it as a Facility Agent, a Conduit Lender, a Committed Lender or an LC Issuer, respectively; (v) its
address for notices shall be the office set forth beneath its name on the signature pages of this Joinder Agreement; (vi) the
Lender Group Limit for the New Lender Group shall be as set forth on the signature page hereto; and (vii) it is duly authorized
to enter into this Joinder Agreement.

 

4.            On
the Effective Date of this Joinder Agreement, each of the New Facility Agent, the New Conduit Lender(s), the New Committed Lender(s) and
the New LC Issuer shall join in and be a party to the Agreement and, to the extent provided in this Joinder Agreement, shall have the
rights and obligations of a Facility Agent, a Conduit Lender, a Committed Lender and an LC Issuer, respectively, under the Agreement.
Schedule II to the Agreement shall be amended to incorporate the information set forth on Schedule I to this Joinder Agreement
and Schedule II shall be amended to incorporate the notice addresses set forth on the signature pages to this Joinder Agreement.

 

5.            This
Joinder Agreement may be executed by one or more of the parties on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

 

6.            This
Joinder Agreement SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

7.            Each
of the parties hereto hereby waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort,
or otherwise between or among the parties hereto, or any of them, arising out of, connected with, related to, or incidental to the relationship
between them in connection with this Joinder Agreement. Instead, any dispute resolved in court will be resolved in a bench trial without
a jury.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Joinder Agreement to be executed by their respective officers thereunto duly authorized, as of this [__] day of
[________], [20__].

 

	 	NEW CONDUIT LENDER(S):
	 	 
	 	[NAME(S)]
	 	 
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	Address for notices: 
	 	[Address]
	 	 
	 	NEW COMMITTED LENDER(S):
	 	 
	 	[NAME(S)]
	 	 
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	Address for notices: 
	 	[Address]
	 	 
	 	NEW FACILITY AGENT:
	 	 
	 	[NAME]
	 	 
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	Address for notices: 
	 	[Address]
	 	 
	 	NEW LC ISSUER: 
	 	 
	 	[NAME]
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	Address for notices: 
	 	[Address]

 

    

     

    

 

AGREED TO THIS ____ DAY OF ___________, 20___:

 

	 	 
	ROYAL BANK OF CANADA	 
	as Administrative Agent	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	[EACH FACILITY AGENT],	 
	as a Facility Agent	 
	 	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	NRG RECEIVABLES LLC, 	 
	as Borrower	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	NRG RETAIL LLC, 	 
	as Servicer	 
	 	 
	 	 
	By: 	 	 
	 	Name: 	 
	 	Title:	 

 

    

     

    

 

SCHEDULE I

 

	The [NEW FACILITY AGENT] Lender Group	 	 
	 	 	 
	Facility Agent:		 
	 	 	 
	Conduit Lender(s):		 
	 	 	 
	Committed Lender(s):		 
	 	 	 
	Commitment(s):	Period 1	 	 
	 	 	 
	 	Period 2	 	 
	 	 	 
	 	Period 3	  	 
	 	 	 
	 	Period 4	 	 
	 	 	 
	LC Issuer:	   	 
	 	 	 
	LC Commitment:	    	 
	 	 	 
	Lender Group Limit:	  	 

 

    

     

    

 

EXHIBIT J

 

FORM OF PREPAYMENT NOTICE

 

[Date]

 

To:           Royal
Bank of Canada (“RBC”), as Administrative Agent, 

RBC, as a Facility Agent, 

Crédit Agricole Corporate and Investment Bank, as
a Facility Agent 

MUFG Bank, Ltd., as a Facility Agent

 

From:      NRG Receivables LLC (the “Borrower”)

 

		Re:	Receivables Loan and Servicing Agreement, dated as of September 22, 2020, among the Borrower, NRG
Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time
party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time
to time party thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time
to time, the “Agreement”). Terms defined in the Agreement are used herein with the same meaning.

 

Pursuant to Section 2.05
of the Agreement, the undersigned hereby notifies each Facility Agent of its intent to make certain prepayments (which shall be made ratably
among the Lenders based on the aggregate outstanding Principal Balance of the Loans held by each) as outlined below. This notice must
be received no later than [•] (New York City time) [•] ([•]) Business Days prior to the date of such payment.

 

		1.	The aggregate amount (which shall be at least $[•], or integral multiples of $[•] in excess
thereof) of the prepayment is: $_____________

 

		2.	The
Loans to which such prepayment is to be applied are as follows:

 

	Lender	Borrowing Date	
    Principal balance

    (before giving effect to

 prepayment)
	Amount of Prepayment
	 	 	 	 
	 	 	 	 

 

		3.	The Business Day upon which the undersigned shall make such prepayment is: ______________.

 

The undersigned hereby certifies that this prepayment
notice is correct in all material respects as of the date so furnished.

 

	 	NRG RECEIVABLES LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

EXHIBIT K

 

[RESERVED]

 

    

     

    

 

Exhibit L-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

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 Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified
from time to time through the date hereof, the “Receivables Loan Agreement”), among NRG Receivables LLC, as Borrower
(the “Borrower”); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time
to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in
such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Receivables Loan Agreement.

 

Pursuant to the provisions of
Section 2.14 of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Commitment(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
the 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, or if a lapse
in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall
promptly so inform the Administrative Agent and the Borrower in writing and deliver promptly to Administrative Agent and the Borrower
an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Administrative
Agent or the Borrower) or promptly notify the Administrative Agent and the Borrower in writing of its legal ineligibility to do so, and
(2) the undersigned shall have at all times furnished the Administrative Agent and the Borrower 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.

 

	 	[NAME OF FOREIGN LENDER]
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	Date:	 __________ __, 20__

 

    

     

    

 

Exhibit L-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

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 Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified
from time to time through the date hereof, the “Receivables Loan Agreement”), among NRG Receivables LLC, as Borrower
(the “Borrower”); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time
to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in
such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Receivables Loan Agreement.

 

Pursuant to the provisions of
Section 2.14 of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code,
and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the
Code.

 

The undersigned has furnished
its participating 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, or if a lapse in time
or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall promptly
so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including
any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its legal ineligibility to do
so, 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.

  

	 	[NAME OF PARTICIPANT]
	 	 
	 	By: 	            
	 	Name: 	 
	 	Title:	 
	 	 
	 	Date: 	__________ __, 20__

 

    

     

    

 

Exhibit L-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

U.S. TAX
COMPLIANCE CERTIFICATE 

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

 

Reference is hereby made to
the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified
from time to time through the date hereof, the “Receivables Loan Agreement”), among NRG Receivables LLC, as Borrower
(the “Borrower”); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time
to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in
such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Receivables Loan Agreement.

 

Pursuant to the provisions of
Section 2.14 of the Receivables Loan 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) neither the undersigned nor any of its direct or indirect partners/members claiming
the interest portfolio exemption (“Applicable Partners/Members”) is a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iv) none of its Applicable Partners/Members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code, and (v) none of its Applicable 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 Applicable 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, or if a lapse in time or change in circumstances renders the information on this certificate obsolete,
expired or inaccurate, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated
certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify
such Lender in writing of its legal ineligibility to do so 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.

 

	 	[NAME OF PARTICIPANT]
	 	 
	 	By: 	            
	 	Name: 	 
	 	Title:	 
	 	 
	 	Date:	 __________ __, 20__

 

    

     

    

 

Exhibit L-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

U.S. TAX
COMPLIANCE CERTIFICATE 

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

 

Reference is hereby made to
the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified
from time to time through the date hereof, the “Receivables Loan Agreement”), among NRG Receivables LLC, as Borrower
(the “Borrower”); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time
to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in
such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Receivables Loan Agreement.

 

Pursuant to the provisions of
Section 2.14 of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Commitment(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are
the sole beneficial owners of such Commitment(s), (iii) neither the undersigned nor any of its direct or indirect partners/members
claiming the portfolio interest exemption (“Applicable Partners/Members”) is a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iv) none of its Applicable Partners/Members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code, and (v) none of its Applicable 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 Applicable Partners/Members: (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, or if a lapse in time or change in circumstances renders the information on this certificate obsolete,
expired or inaccurate, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and deliver
promptly to the Administrative Agent and the Borrower an updated certificate or other appropriate documentation (including any new documentation
reasonably requested by the Administrative Agent or the Borrower) or promptly notify the Administrative Agent and the Borrower in writing
of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished the Administrative Agent and the Borrower
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.

 

	 	[NAME OF FOREIGN LENDER]
	 	 
	 	By: 	            
	 	Name: 	 
	 	Title:	 
	 	 
	 	Date:	 __________ __, 20__

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