Document:

Lease Deed, dated October 24, 2011

 Exhibit 10.20 
 LEASE DEED 
 THIS LEASE DEED (“Deed”) is made
at Chennai on this the 24th day of October, 2011

 BY AND BETWEEN 

M/S. FAERY ESTATES PRIVATE LIMITED, a company incorporated under the Companies Act, 1956 and having its registered office at 70, Nagindas Master
Road, Mumbai 400023 represented herein by its authorized signatory, Mr. Jair Dsouza, authorized by the board resolution dated
                         (hereinafter referred to as the “LESSOR”, which expression shall, unless repugnant to
the context or meaning thereof, include its successors, and permitted assigns) of the ONE PART  
 AND 

M/S. ATHENA HEALTH TECHNOLOGY PRIVATE LIMITED, a company incorporated under the Companies Act, 1956, having its registered
office at Building 3B, Floor 7, RMZ Millenia Tech Park, 143, Dr MGR Road, Perungudi, Chennai - 600096, represented by its duly authorized signatories, Mr. Hari Krishnan Pratap, authorized by the board resolution dated 23rd day of September 2011, (hereinafter referred to as the
“LESSEE”, which expression shall, unless repugnant to the context or meaning thereof, include its successors, and permitted assigns) of the OTHER PART. 

  
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 The Lessor and the Lessee shall hereinafter be collectively referred to as the “Parties”
and individually as a “Party”. 
 WHEREAS: 
 A. The Lessor, is the owner, developer and promoter of a building named “S.P. Infocity” situated at MGR Salai, Kandanchavadi, Perungudi, Chennai - 600096 (“Building”) which is
more particularly described in Schedule A hereunder. 
 B. The Lessee is engaged in the business of Information Technology/Information
Technology Enabled Services (“IT/ITES”) under the trademark/brand name “ATHENA HEALTH TECHNOLOGY PRIVATE LIMITED” and has acquired a high reputation and considerable goodwill in the said business. 

C. The Parties executed Heads of terms dated 25th May, 2011 whereby the Lessor has agreed to grant to the Lessee lease of the Demised Premises (as
defined in Clause 2 herein). 
 D. The Parties confirm that they have carefully read the terms and conditions of the grant of lease of the
Demised Premises as set forth in this Deed and have understood and accepted their obligations and liabilities as set forth herein. The Parties, in their own judgment and investigations, have decided to enter into this Deed which is self-contained,
complete, and final in all respects. The Parties undertake to faithfully abide by all the terms and conditions of this Deed. 
 NOW THEREFORE
IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS SET FORTH HEREINAFTER, THE PARTIES HERETO AGREE AND WITNESSETH AS FOLLOWS: 
  

	1.	INTERPRETATION 

 In this Deed unless the
context otherwise requires: 
 (i) words importing the singular shall also include the plural and vice-versa, words importing a particular
gender include all genders and words importing persons shall include companies or other associations of persons, other bodies corporate and government bodies or agencies; 

  
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 (ii) any obligation or agreement on part of two or more persons shall bind each of them jointly and
severally; 
 (iii) headings have been inserted for convenience only and shall not control the meaning and shall not control and affect the
construction or interpretation of the terms of this Deed; 
 (iv) reference to Articles, clauses, sub-clauses, annexures and schedules shall,
except where the context otherwise requires, be deemed to be references to Articles, clauses, sub-clauses, annexures or schedules of or to this Deed ; 
 (v) whenever in this Deed, the consent or approval of the Lessor is required to be obtained, such consent shall be in writing and shall be subject to such conditions as the Lessor may deem fit to impose
on the Lessee in the circumstances; 
 (vi) references to notices to be given by 1 (one) Party to the other shall mean prior written notice and
unless otherwise prescribed, such notice is to be given in reasonable time; 
 (vii) any obligation on either Party not to do an act or thing
includes an obligation on such Party not to permit or allow that act or thing to be done; 
 (viii) any reference to any period commencing
“from” a specified day or date and “till” or “until” a specified day or date shall include both such days or dates; 
 (ix) any reference to day shall mean a reference to a calendar day and any reference to month shall mean a reference to a calendar month and 
 (x) the Schedules and Annexures to this Agreement form an integral part of this Agreement and will be in full force and effect as though they were expressly set out in the body of this Agreement.

  
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 2. DEMISED PREMISES 
 In consideration of the lease rent hereinafter reserved, the Lessor hereby grants to the Lessee, lease of the Unit bearing Module No. 3 & 4 on the ninth floor of Block A, having a total area of
37506 (Thirty Seven Thousand Five Hundred and Six) square feet as more specifically described in Schedule B herein, in accordance with the floor plan enclosed and marked in Annexure A - Part I hereto (“Demised
Premises”). 
 The Super Built Up Area will be calculated as follows: Usable area / (78% +/- 2%). The usable area is defined as
the area that will be used by the Lessee exclusively for their use. It is the sum of the office area, the dedicated wash rooms, dedicated AHU rooms, dedicated electrical rooms and the dedicated passage ways to the washrooms. The detailed area
statement is described in Annexure A - Part II. 
 The detailed warm shell specification of the leased space that will
be handed over by the Lessor to the Lessee is described in Annexure A - Part III. 
 3. POSSESSION 

 

	3.1.	 The Demised Premises shall be handed over to the Lessee on or before 24th October, 2011, subject to: 

(i) this Deed being duly executed; and registered. 
 (ii) the refundable security deposit as per Clause 7.1 herein having been received by the Lessor from the Lessee. 
 4. LEASE TERM 
  

	4.1.	 The term of the lease herein (“the Lease Term”) shall be for a period of 3 (three) years commencing from 1st of November 2011 (“Lease Commencement Date”) to 31st October, 2014 (“Lease Expiry Date”). The Lease Term shall
be deemed to have commenced immediately from the Lease Commencement Date. 

  
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 5. CONSIDERATION 
  

	5.1.	As and by way of consideration for the grant of lease of the Demised Premises by the Lessor to the Lessee, the Lessee shall pay to the Lessor lease rent (“the
Warm Shell Lease Rent, of Rs. 34.00 (Rupees Thirty Four only) per square foot per month of the billable area i.e. 37,506 (Thirty Seven Thousand, Five hundred and Six) square feet, of the Demised Premises amounting to Rs 12,75,204.00 (Rupees
Twelve lakhs Seventy Five Thousand Two hundred and Four only) per month. 

  

	5.2.	The Lessee shall pay in advance to the Lessor, for the entire Lease Term, the Warm Shell Lease Rent in respect of 1 (one) calendar month within 7 (seven) working days
of the beginning of the first month of every such one month term. In addition to the Warm Shell Lease Rent, the Lessee shall pay to the Lessor, the applicable service tax or any such tax that may be imposed by the relevant authority on the Warm
Shell Lease Rent during the Lease Term. With respect to the payment of service tax amounts to the relevant authorities the Lessor confirms that they shall periodically furnish to the Lessee, proof of the service tax remittances

 The Warm Shell Lease Rent shall be subject to deduction of income tax at source at the rates, as applicable,
from time to time, unless the Lessor provides a lower withholding order issued by the Indian Income Tax authorities. The Lessee shall provide details of the tax deducted at source, and issue TDS certificates, at the end of every financial year. Rent
for any part of a month will be prorated on the basis of a 30 day month and paid for that portion of the month only.
  

	5.3.	The obligation of the Lessee to make payments to the Lessor towards the Warm Shell Lease Rent as stipulated in Clauses 5.1 and 5.2 herein will be effected by the
Lessee upon receipt of an invoice and/or demand being raised by the Lessor. 

  

	5.4.	In the event the lease is renewed as stated in clause in clause 30 hereinbelow, the Warm Shell Lease Rent for the Demised Premises shall escalate by 15% (Fifteen
percent) on the last paid Warm Shell Lease Rent. 

  
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	5.5.	In the event of any delay in payment of the Warm Shell Lease Rent beyond the due date for the same, the Lessee shall be liable to pay an interest on such amount(s) due
at the rate of 18% (Eighteen per cent) per annum for the period commencing from the due date for such payment till the date of complete payment of the same. 

 

	5.6.	The tabular chart detailing the exact amount to be paid by the Lessee to the Lessor every month for the entire Lease Term, towards the Warm Shell Lease Rent is provided
in Annexure B hereto. 

 6. WARM SHELL LEASE RENT COMMENCEMENT DATE 

The Lessee shall be entitled for Warm Shell Lease Rent-free period commencing from the Lease Commencement Date till
the 31st December, 2011 (“Rent Free Fit Out
Period”). 
 The “Warm Shell Lease Rent Commencement Date” shall be 1st January, 2012. 

The Warm shell Lease Rent shall become due and payable from the above mentioned Warm Shell Lease Rent Commencement Date irrespective of
whether the Lessee completes the fit outs within the Rent Free Fit out Period. 
  

	7.	INTEREST FREE REFUNDABLE SECURITY DEPOSIT 

  

	7.1.	The Lessee shall deposit and keep deposited with the Lessor on execution hereof a sum of Rs. 51,00,816.00 - (Rupees Fifty One lakhs Eight Hundred and Sixteen only) as
and by way of an Interest Free Refundable Security Deposit (“the Security Deposit”) equivalent to 4(four) months of Warm Shell Lease Rent, to secure the obligations of the Lessee under this Lease. The aforesaid sum of security
deposit shall be paid by the Lessee to the Lessor on or before the signing of this Agreement. In the event the lease is renewed in accordance with clause 30 hereinbelow, the Interest Free Security Deposit shall escalate in proportion to the increase
in rent, i.e 15% after every 3 (Three) years of the Lease term to ensure that at all times, the Interest Free Security Deposit shall be equivalent to 4 (four) month warm shell lease rent. 

 

	7.2.	The Security Deposit shall not be refundable to the Lessee during the continuance of this Agreement. 

The Security deposit shall be refunded to the Lessee free of interest 2(Two) week upon expiry of this Agreement or sooner determination
thereof or provided herein, only upon 

  
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the Lessee removing itself, its agents, employees, staff and all other persons in occupation of the Demised Premises and its respective belongings, chattels, articles and removable fittings and
fixtures and on handing over to the Lessor physical and actual vacant and peaceful possession of the Demised Premises. After peaceful hand over of the property by the Lessee to the Lessor, both parties shall sign a handover / take over document of
the same and the Lessor shall specify in the handover / take over document, that the refund of the deposit shall be made within 2 (two) weeks thereon. It is hereby agreed that 30 (thirty) days prior to the expiry/early termination of this Lease
Deed, both Parties shall carry out a joint assessment of the damages / the outstanding payments, if any, due from the Lessee and payable to the Lessor. The Lessee, based on the joint assessment, shall pay such outstanding amounts, if any, to the
Lessor on the date of the expiry / early termination of this Lease Deed. 
 If the Lessee fails to pay such outstanding amounts
the same shall be adjusted against the Security Deposit. 
 If the Lessor fails to refund the Security Deposit as described
hereinabove, the Lessor will be liable to pay an interest on such amount(s) due at the rate of 18% (Eighteen per cent) per annum for the period commencing from the due date for such payment till the date of complete payment of the same. 

 

	8.	TAXES 

 The Lessor shall
be responsible, at its sole cost, for all present and future municipal taxes and property taxes with regard to the Demised Premises during the Lease Term. However, all taxes payable directly on account of the business activities carried on by the
Lessee in the Demised Premises shall be borne and paid by the Lessee. Each Party shall indemnify the other Party against any claims, proceedings, actions, etc. for non-payment or delay in payment of tax payable by it in accordance with this Clause.

  

	9.	INSURANCE 

  

	9.1	 The Lessor shall, at all times during the Lease Term, keep the Demised Premises and the Building insured against any structural damage, damage by fire,
earthquake, riots and other risks at its own costs for the entire value of the Demised Premises/Building. Such insurance shall be a general fire and allied perils and third party insurance that would be

  
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expected to be obtained in respect of a high quality commercial facility with only regular, commercially acceptable exclusions. The Lessor shall provide 1(one) certified copy of the said
insurance policy to the Lessee. 
  

	9.2	The Lessee shall take a general fire and allied perils and third party insurance at its own cost for its goods and articles lying in the Demised Premises. The Lessee
shall provide 1(one) certified copy of the said insurance policy to the Lessor. 

  

	10.	PARKING FACILITY 

  

	10.1	The Lessee and its customers, guests, employees, contractors, agents, servants, visitors and invitees shall, subject to availability, park their vehicles only in the
spaces specifically earmarked/set aside, from time to time, by the Lessor for parking and subject to the payment of such parking fee as may be applicable. 

  

	10.2	The Lessor shall provide to the Lessee for its exclusive use, 37 (Thirty Seven) covered car parking spaces and 74 (Seventy Four) two wheeler parking spaces, free of
cost during the Lease Term. A detailed plan delineating the covered car parking spaces and two wheeler parking spaces is shown in Annexure C enclosed hereto. 

 

	10.3	In the event the Lessee requests for additional car parking space, the Lessor shall, at his sole discretion, subject to availability, make the same available to the
Lessee, at the rate of Rs. 2,500 (Rupees Two Thousand Five Hundred only) per car parking space per month for each additional car parking space and Rs. 350 (Rupees Three Hundred Fifty only) per two wheeler parking space per month for each additional
two wheeler parking space. 

 The Lessee shall pay such amount to the Lessor in respect of each calendar month
within 7 (seven) working days of the beginning of each month. 
 In the event of the lease being renewed the charges for
additional car parking spaces shall escalate by 15 % (fifteen percent) over and above the last paid Additional Car /Two Wheeler Parking charges. 
  

	10.4.	The Lessee agrees, after notice thereof, to abide by all rules, regulations and restrictions framed by the Lessor, and use its reasonable efforts to cause its
customers, guests, visitors, contractors, invitees, agents and servants to conform thereto. The Lessee shall, upon request, use its reasonable efforts to furnish to the Lessor, the registration numbers and other details of the vehicles used by the
Lessee and its employees, etc. 

  
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	10.5	The Lessee shall not be entitled to claim any vested right to any car parking space other than as stated herein in this Lease Deed. 

 

	10.6.	It is clearly understood and expressly agreed by the Lessee that any security provided by the Lessor in the Parking area is general in nature, scope and intent, the
Lessor neither covenants nor undertakes to secure, guarantee or be liable for the security or any damage caused to any vehicle parked in the Building. 

 11. FIT OUTS 
  

	11.1.	On and from the Lease Commencement Date, the Lessor shall permit the Lessee to enter upon the Demised Premises for carrying out work relating to installation of the Fit
Outs and Furnishings in the Demised Premises required for commencing its permitted business. (“Fit Outs and Furnishings”) 

  

	11.2.	 From the Lease Commencement Date to 31st December 2011 (“Rent Free Fit-out Period”), the Lessor shall permit the Lessee to carry out the
installation of Fit Outs and Furnishings for commencing its permitted business. This period shall be deemed as rent free period during which period the Lessee will not be liable to pay the monthly Warm Shell Lease Rent. In case the period taken by
the Lessee for the installation of the Fit Outs and Furnishing exceeds the 1st of January, 2012, the applicable rentals have to be paid by the Lessee from the 1st of January 2012. 

  

	11.3.	It is expressly agreed between the Parties that the Fit Outs and Furnishings which the Lessee carries out and provides in the Demised Premises shall always belong to
the Lessee. If the Lessee chooses to vacate the Demised Premises, the Lessee agrees to remove all the Fit Outs and Furnishings and restore the Demised Premises to its original warm shell condition. 

 

	11.4.	The Fit Outs and Furnishings shall be carried out by the Lessee in accordance with the applicable laws, rules and regulations and without damaging the works carried out
by the Lessor in the Demised Premises,( normal wear and tear being accepted). 

  

	11.5.	It is hereby agreed between the Parties that and if any structural damage is caused to the Demised Premises by virtue of the Lessee’s Fit Out and Furnishings
works, then the Lessee shall indemnify the Lessor for all direct losses or damage at its actual cost as determined by the relevant consultants jointly appointed by the Lessor & Lessee in this regard. Such reimbursements shall be made within
30 (thirty) days from receipt of a demand in writing for the same by the Lessor. 

  
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	11.6.	The Lessee shall reimburse the Lessor and bear all the costs towards electricity, fuel or any other utility charges of whatsoever nature, for undertaking the work on
the Fit Outs and Furnishings in the Demised Premises during the Fit-Out Period. The Lessee shall install calibrated meters to calculate the consumption of raw power and water during the Fit-Out Period. The DG power consumption shall be charged on
actual unit consumption ratio of TNEB power to DG power. The Lessor shall raise an invoice in the name of the Lessee for the amount to be reimbursed for such utility charges based on these calibrated meters. The Lessee shall make the payment of the
said amount by cheque/pay order within 30 (thirty) days from the date of the receipt of the said invoice from the Lessor. 

  

	11.7.	The Lessee shall be responsible for the maintenance of their assets in the demised premises including their Fit Outs and Furnishings. 

 

	11.8.	The Lessee shall carry out its work on installation of the Fit Outs and Furnishings in accordance with the fit-out guidelines (“Green Building Fit-Out
Guidelines”) as provided by the Lessor. 

 On the expiration or earlier termination of the lease, the
Lessor may, permit the Lessee to transfer the Fit Outs and Furnishings owned by the Lessee to the Lessor’s prospective licensee/lessee, if so required by such prospective licensee/lessee on terms as mutually agreed to between the Lessee and the
prospective Licensee / Lessee. 
  

	12.	SIGNAGE 

  

	12.1	The Lessee shall be at liberty to place its name boards and signage in consonance with the signage guidelines, if any, stipulated by the Lessor. In the absence of any
such guidelines, the Lessee shall be at liberty to place its name boards and signage at places designated by the Lessor as follows: 

 a. At the signage directory in the entrance of the atriums. 
 b. On the North West
side of the concrete façade. 
  

	12.2.	The cost of installing and hoisting such signage shall be to the Lessee’s account. 

 

	12.3	For installation and hoisting of any signage, in addition to the space provided by the Lessor, the allocation of the signage space would be at the sole discretion of
the Lessor. All municipal charges, expenses for fabrication and erection of structure and other associated charges for the signage shall be payable by the Lessee. The Lessee shall also obtain all the necessary permissions and comply with the
statutory requirements for mounting such signage. 

  
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	13.	AMENITIES 

  

	13.1.	The Lessor shall provide 1 KVA of electric power for every 100 (Hundred) square feet of Leasable area i.e. 37,506 (Thirty Seven Thousand Five Hundred and Six) square
feet area of the Demised Premises. The Lessee shall pay the per unit of electric power, which will be at the tariff charges issued by the Tamil Nadu Electricity Board (TNEB), which includes the minimum demand, usage charges, taxes and all other
components in the energy bill) for the electricity consumed in the Demised Premises as per the reading of the separate meter provided for the Demised Premises by the Lessor. The per unit charges will be derived by dividing the monthly energy bill
(received by the Lessor from TNEB), by the number of units consumed. Additional power if required by the Lessee will be given subject to availability at the sole discretion of the Lessor at the prevailing market rate at the relevant point of time.
However if the allocated power is not consumed, the minimum demand + applicable taxes as charged by Tamil Nadu Electricity Board (TNEB) to the Lessor shall be charged to the Lessee. 

 

	13.2.	The Lessor confirms that it will provide 100% (one hundred per cent) power back-up 24 (twenty four) hours a day, 7 (seven) days a week and 365 (three hundred and sixty
five) or 366 (three hundred and sixty six) days a year as the case may be, for the Demised Premises. The Lessee shall pay Rs 14.00 (Rupees Fourteen only) per unit for the generator back-up power consumption as per meter reading. A calibrated meter
will be installed at the source of generation to account for the units generated at the cost and expense of the Lessor. The consumption shall be arrived at by calculating the ratio of the Tamil Nadu Electricity Board generated units to the diesel
generated units. The Diesel generator shall be operated for the number of hours as directed by the Tamil Nadu Electricity Board from time to time. 

  

	13.3.	The Lessee shall also pay for meter losses (transmission losses) at the rate of 4% (four per cent) of the monthly power bills, on account of conversion of high
transmission power to low transmission power in accordance with the Tamil Nadu Electricity Supply Act, 1948 and rules framed there under. 

  
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	13.4.	The Lessor has provided water and has arranged supply of chilled water for AHU’s to the Demised Premises 24 (twenty four) hours a day. The Lessee shall pay the
same charges as applicable for power and power back up rates upon British Thermal units converted to Kilo watt hour units, which is converted as 1 British Thermal Unit is equal to 0.000293 Kilo Watt Hour Units, for supply of chilled water for AHUs
to the Demised Premises charges as per the reading of the BTU Meter installed by the Lessor in this regard. The BTU units converted to electricity units shall be charged as described in the clause 13.1 and 13.3. 

 

	13.5.	The water used in washrooms will be calculated using calibrated meters and shall be billed to the Lessee. These calibrated meters shall be fixed at the source of water
supply in the shaft by the Lessor. 

  

	13.6.	The charges stated in clause 13.1, 13.2, 13.3, 13.4 may increase if there is any increase by the TNEB or in the tariff charges for diesel, which will be informed to the
Lessee and such an increase shall be borne by the Lessee. 

 The Lessee undertakes to pay the bills for services
mentioned in clauses 13.1,13.2, 13.3, 13.4 and 13.5 and without reminders from the Lessor. on or before seven days from receipt of the bill, raised by the Property Management Agency appointed by the Lessor. The Lessee should pay the bill within
7(seven) days of receipt of the bill. In the event the Lessee does not pay the said bill amount within the due date, the Lessor shall take no responsibility for any disconnection of services to the Demised premises. If the said services are
disconnected to the Demised Premises, the Lessee shall bear charges towards reconnections of the same. The Lessor takes no responsibility for non-availability of the said services and also direct/indirect loss if any caused to the Lessee. The Lessee
shall not be entitled to claim any costs or damages from the Lessor in such an event of disconnection of power due to non payment by the Lessee. 
  

	13.7.	The Lessor shall provide a common dining area with a capacity of 300 (three hundred) covers for the use of the Lessee and its customers, guests, contractors, agents,
servants, employees, visitors and invitees along with the other users of the Building. 

  
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 14. MAINTENANCE 
 In addition to this lease, the Lessor shall provide maintenance services for the common areas and both the Parties will sign a separate agreement in this regard. This separate agreement shall brief the
scope of services towards Common Area Maintenance and also the charges to be borne by the Lessee towards the same. 
 15. RIGHTS AND
PRIVELEGES OF THE LESSOR 
  

	15.1.	It is the sole discretion of the Lessor to determine the Warm Shell Lease Rent of different leased units within the Building. Such Warm Shell Lease Rent may vary from
one leased unit to the other due to various factors such as location of the leased units, the size of the leased units, the type of trade activity or business relations and mutual interest between the Lessor and the Lessee. The Warm Shell Lease Rent
of any leased unit within the Building shall not be considered, at any time, as measure for application to other units or used as a basis for comparison to other units and the Lessee shall not be entitled to demand the Lessor to apply to the Demised
Premises, lease fees, similar or equivalent to that charged to the other occupants of the Building. 

  

	15.2.	In the event the Lease Term is not renewed by the Parties, the Lessee shall permit, 30 (thirty) days before the Lease Expiry Date, all the prospective lessees of the
Demised Premises accompanied by authorized representatives of the Lessor, free ingress to and egress from the Demised Premises for the purpose of viewing the Demised Premises with not less than 48 (forty eight) hours prior intimation to the Lessee
and such permission is subject to the Lessee being able to carry on its business operations in the Demised Premises peacefully and effectively and the Lessor and such authorized representatives of the Lessor complying with the Lessee’s security
and access control measures. 

  

	15.3	The Lessor shall have the right, from time to time, to improve, extend, or in any manner whatsoever alter and to deal with the said Building/Park and also to bring in
any modification or changes therein. In particular the Lessor shall have the right, at all times and from time to time throughout the Lease to; 

  

	 	a)	Change the area, size level, location and/or arrangement of the Park or any part thereof, including, and without limitations, common areas and facilities and the
entrances and the exits from the common areas and facilities. 

  
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	 	b)	Construct multiple deck, elevated or underground parking facilities and expand, reduce or alter the same in any manner whatsoever 

 

	 	c)	Re-locate or re-arrange the various buildings / future developments, parking areas and other parts of the building/park. 

 

	 	d)	Make changes and additions to pipes, conduits and ducts or other structures and non-structural installations in the Demised Premises to serve the common areas and
facilities and the other Premises in the building or to facilitate expansion or alteration of the Building/Park. 

  

	 	e)	Change the character of and the materials used for the walls and partitions that separate the Premises, or any part thereof, from adjacent Premises as may be necessary
for the benefit of the Park/Building as determined by the Lessor. 

  

	 	f)	Temporarily obstruct or close off the common areas and facilities or any part of the Building/Park for the purposes of maintenance, repairs or construction.

  

	 	g)	During the course of improvements conducted by the Lessor as mentioned in Clause 15.3 (a, b, c, d, e & f), the Lessor shall ensure that the Lessee and their
employees, visitors, agents, contractors, guests, servants and invitees shall have safe passage to enter Demised Premises and the Lessor shall ensure that there will be no interruption to the use of their Demised Premises and other facilities as
described in this Lease Deed. 

 16. COVENANTS AND REPRESENTATIONS OF THE LESSOR 

The Lessor hereby warrants and represents with the Lessee: 
  

	16.1.	That the Lessor has good and marketable right, title and interest to the Demised Premises. 

 

	16.2.	That save and except creating security by way of mortgage/charge in or upon the Demised Premises in favour of banks or financial institutions for the purpose of raising
finance, the Lessor has not created any third party interest in the Demised Premises. The Lessor represents that such third party interest does not, in any way, prevent the Lessee from enjoying the Demised Premises peacefully and freely as per the
terms agreed in this Lease Deed for the entire duration of the Lease Term. 

  
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	16.3.	That upon the Lessee paying the Lease Rent herein reserved, and all other payments required to be made herein and duly observing and performing the terms and conditions
on the Lessee’s part herein contained, the Lessee shall be entitled to peaceful and quiet enjoyment of the Demised Premises during the Lease Term; 

  

	16.4.	That the Lessor shall observe due performance of the terms and conditions of this Deed and shall not commit breach of the terms and conditions contained herein;

  

	16.5.	That the Lessor is the owner of and is absolutely seized and possessed of the Demised Premises, and has full authority to give the Demised Premises on lease for the
unencumbered and continued use of the Lessee for the term of this Deed and also the Lessor has full rights to execute and implement this Deed; 

  

	16.6.	That any security provided by the Lessor in the Building is general in nature, scope and intent and the Lessor neither covenants nor undertakes to secure, guarantee or
to be liable for the security of the Demised Premises or anything therein or anywhere. 

  

	16.7.	That there are no latent or structural defects, hidden or otherwise, in the Demised Premises and/or Building, electrical, plumbing and elevator systems, and the same
are in good and proper working order; 

  

	16.8.	That the Demised Premises have been constructed in accordance with the specifications and with high quality materials by the Lessor as per the sanctioned/approved plans
and designs sanctioned by the municipal/government authorities in Chennai; 

  

	16.9.	That there is presently no existing or threatened claim, action, litigation, arbitration, governmental investigation, garnishee or any other proceeding relating to the
Demised Premises or the transactions contemplated herein, which affects the Lessee’s right for peaceful occupation of the Demised Premises, hereby granted and the Lessor shall give the Lessee immediate notice of such claim, action, litigation,
arbitration, governmental investigation, garnishee or other proceeding prior to or after execution of this Lease Deed hereof. 

  

	16.10.	That the execution, delivery and performance of this Deed by the Lessor and the performance of its obligation hereunder have been duly authorized and approved by all
necessary action and no other action on the part of the Lessor is necessary to authorize the execution, delivery and performance of this Deed; 

  

	16.11.	 That no representations or warranties by the Lessor in this Deed and no document furnished or to be furnished by the Lessor to the Lessee pursuant to
this Deed or in 

  
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connection herewith or with the transactions contemplated hereby, contain or will contain any untrue or misleading statement or omits or will omit any fact necessary to make the statement
contained herein or therein, in light of the circumstances under which they are made; 

  

	16.12.	That the Lessor shall, forthwith, upon a request in this regard by the Lessee, extend all necessary cooperation to register this Deed in respect of the Demised Premises
and the Lessee shall bear the costs towards the stamp duty and registration charges. 

  

	16.13.	That the Lessor shall not, without the Lessee’s prior written consent, use the name, trademark/design or logo registered in the name of the Lessee for any
advertisement or publicity purposes. 

 17. COVENANTS AND WARRANTIES OF THE LESSEE 

The Lessee hereby warrants and represents with the Lessor: 
  

	17.1	That the Lessee is duly organized and validly existing under the laws of India; 

 

	17.2	That the Lessee has the power and authority to enter into this Deed and perform its obligation hereunder; 

 

	17.3	That the execution, delivery and performance of this Deed by the Lessee and the performance of its obligation hereunder have been duly authorized and approved by all
necessary action and no other action on the part of the Lessee is necessary to authorize the execution, delivery and performance of this Deed; 

  

	17.4	That this Deed has been duly executed and delivered by the Lessee and is a valid and binding obligation of the Lessee and is enforceable against the Lessee in
accordance with the terms and conditions thereof; 

  

	17.5	That no representations or warranties by the Lessee in this Deed and no document furnished or to be furnished by the Lessee to the Lessor pursuant to this Deed or in
connection herewith or with the transactions contemplated hereby, contain or will contain any untrue or misleading statement or omits or will omit any fact necessary to make the statement contained herein or therein, in light of the circumstances
under which they are made; 

  
 Page - 16 -

	17.6	That the Lessee has conducted a due diligence solely based on the documents and information provided by the Lessor to the Lessee and are satisfied of the Lessor’s
title to the Demised Premises based on such diligence. 

  

	17.7	That the Lessee has agreed and undertaken to conduct its business in the name of “ATHENA HEALTH TECHNOLOGY PRIVATE LIMITED” from the Demised Premises and to
restrict its use of the Demised Premises to the conduct of business in the area of IT/ITES. The Lessee shall use the Demised Premises for the purpose of the permitted business only and shall obtain all the licenses, permits and consents in respect
thereof; 

  

	17.8	That the Lessee agrees and confirms that the lease granted to the Lessee under this Deed is limited and restricted to the use of the Demised Premises only. Save and
except for the rights granted under this Deed, the Lessee shall not be entitled to any other rights in the balance area of the Building; 

  

	17.9	That the Lessee shall be solely liable for all its transactions with its employees and customers, which may take place in the Demised Premises;

  

	17.10	That the Lessee shall, at the request of the Lessor, produce for inspection of the Lessor, all such licenses & permissions prescribed by any competent
authority or prescribed under applicable law or rule or regulation for the purpose of running the Demised Premises for the said business; 

  

	17.11	That notwithstanding anything herein contained, it is hereby expressly agreed and declared that this Deed is not intended to confer and nor does it confer any tenancy
rights and/or any right or interest in the nature of tenancy and/or sub-tenancy and/or any other right or interest in the Demised Premises in favour of the Lessee. That notwithstanding anything herein contained, it is hereby expressly agreed and
declared that this Agreement is not intended to confer and nor does it confer any right upon the Lessee to create tenancy rights and/or any right or interest in the nature of tenancy and/or sub-tenancy and/or any other right or interest in the
Demised Premises in favour of any third person; 

  

	17.12	That the Lessee shall not do or permit to be done any act whereby the value of the Demised Premises is deteriorated or diminished, (subject to normal wear and tear, as
mutually agreed between both parties), or the Lessor’s rights in the Demised Premises are in any way prejudicially affected; 

  
 Page - 17 -

	17.13	As and by way of consideration for the grant of lease of the Demised Premises by the Lessor to the Lessee, the Lessee shall pay to the Lessor lease rent (hereinabove
referred to as the Warm Shell Lease Rent): 

  

	17.14.	That the Lessee shall ensure that the Demised Premises and the right, title and interest of the Lessor therein is not encumbered, prejudiced or jeopardized in any
manner and on account of any act or omission on part of the Lessee; 

  

	17.15	That the Lessee shall be solely liable and responsible in all respects for all the acts and omissions of itself, its employees, customers and agents and for all claims
of any nature made against it and no such claim shall be enforceable against the Demised Premises under any circumstances; 

  

	17.16	That the Lessee shall not carry on in the Demised Premises or any part thereof, activities which are illegal, immoral, unlawful or which shall cause nuisance to other
occupants of the property/Building wherein the Demised Premises are situated and shall not store any goods of combustible nature in the Demised Premises or any part thereof, or in any manner interfere with the use of any open space, passage or
amenities available for common use and not specifically allotted to the Lessee by these presents as part of the Demised Premises; 

  

	17.17	That the Lessee shall permit the Lessor and its agents, surveyors and workmen to enter into and upon the Demised Premises on any day at reasonable times after 1 (one)
hours advance notice given in writing for the purpose of doing such works and things as may be requisite or necessary for any repairs, either of the Demised Premises and the water pipes and drains in or under the same, or of any other part of the
Demised Premises as requested by the Lessee, subject to the Lessor and its agents, surveyors and workmen complying with the Lessee’s security and access control measures; 

 

	17.18	That the Lessee shall alone be responsible to resolve any nuisance or annoyance or disturbance caused by the activities conducted by the Lessee in the Demised Premises
at its own cost and expenses; 

  

	17.19	That the Lessee shall not, without the Lessor’s prior written consent, use the trademark/design logo registered in the name of the Lessor or the name of the
Building/Park for any advertisement, or purpose other than while mentioning the address and place of business of the Lessee; 

  
 Page - 18 -

	17.20	That the Lessee shall not, under any circumstances, make any structural additions or changes to the Demised Premises. The Lessee can, subject to the prior written
permission of Lessor (which permission shall not be unreasonably withheld), make other non-structural alteration/addition, at the cost of the Lessee and subject to the Lessee obtaining necessary permission in this regard, if required, from the
appropriate authorities. The Lessee shall not be entitled to alter or modify the external elevation of the Demised Premises in any event; 

  

	17.21	That the Lessee shall not, whether in the course of its interior fitting out works or as any thing ancillary thereto or at any time for any purpose whatsoever, execute
or permit to be executed any works involving cutting/chopping/digging/hacking/dismantling in any manner or form/destroying in any manner or form, the floors or walls of the Demised Premises without the prior written permission of the Lessor in this
regard The Lessor shall not unreasonably withhold or deny such permissions subject to the Lessee not damaging the Lessor’s Demised Premises and Building if they are making interior related changes provided the Lessee having requisite permission
from CEIG for electrical related changes 

  

	17.22	That the Lessee shall not in any way obstruct or permit the obstruction of any walkways, pavements, entrances, passages, courts, corridors, service ways, vestibules,
halls, roads, docks, stairways, elevators, hoists, escalators, fire or escape doors within or outside the Demised Premises or other parts of the Common Areas or any appurtenances or conveniences thereto; 

 

	17.23	That the Lessee shall not, in any way cover or obstruct any lights, sky lights, windows or other means of illumination of the Common Areas or of the Building generally;
and 

  

	17.24	That the Lessee shall not litter any part of the Common Areas or any public footpath or way immediately adjoining the Demised Premises, and further shall not place any
article, or other like things upon the sill, ledge in any part of the Demised Premises or the Common Areas. 

  

	17.25.	 The Lessee hereby accepts and is aware that the Lessor may complete construction of the said Building/Info Park and that the Lessor shall be entitled
to carry on the remaining work, including further and additional construction work in the said Building/Info Park of which the Demised Premises forms a part and if any nuisance is caused to the Lessee, the Lessee shall not be entitled to object or
obstruct the execution of such work nor shall the Lessee be entitled to claim any compensation and/or damages or abatement/reduction of warm shell Lease rent or other charges; except in the event of

  
 Page - 19 -

	 	
any default or negligence of the Lessor on account of which the Lessee’s rights under this Agreement including the Lessee’s access to, occupation and use of the Demised Premises and the
effective operation of the Lessee’s business from the Demised Premises is adversely affected . However the Lessor shall all times take due care not to obstruct the Lessee’s access to demised premises. 

 

	17.26	In the event the Lessor arranges with any Bank/Financial Institutions for discounting the amount of Warm Shell Lease Rent receivable by it, the Lessee, upon receipt of
written instruction from the Lessor, shall pay the amount of Warm Shell Lease Rent to such Bank/ Financial Institution or the designated account of the Lessor, as directed by the Lessor and the Lessor hereby confirms and agrees that such payment
shall constitute a proper, valid and effective discharge of the obligation of the Lessee for payment of the Warm Shell Lease Rent to the extent of amount paid. It is clarified that the Lessee shall not be liable to bear any costs charges or expenses
in respect of such arrangement of the Lessor with such Bank/Financial Institution and the same shall not be in deviation from the terms and conditions agreed for the payment of the Warm Shell Lease Rent under this Agreement.

 18. IT IS MUTUALLY AGREED BY & BETWEEN THE PARTIES AS FOLLOWS: 

 

	18.1.	The Lessee agrees and consents that it would have no objection to the Lessor raising finance by way of mortgage/charge of the Demised Premises subject to, however, that
the creation of such mortgage/charge of the Demised Premises shall be subject to this lease and shall not affect the rights of the Lessee to freely and peacefully enjoy the Demised Premises during the Lease Term. The LESSOR however shall intimate
the LESSEE of such mortgage or encumbrance that has been created over the subject property. 

  

	18.2.	The Lessor is and shall be free to dispose of or encumber its interest in the Demised Premises whether by way of sale, transfer, charge, mortgage, or otherwise, with
prior intimation to the Lessee, subject to, however, that such sale, transfer, charge, mortgage of the Demised Premises shall be subject to this lease and shall not affect the rights of the Lessee to freely and peacefully enjoy the Demised Premises
during the agreed Lease Term. 

  

	18.3	 In the event of such change in ownership, during the term of this lease, the Lessor shall ensure, if required, that they shall cause a fresh lease deed
to be executed between New 

  
 Page - 20 -

	 	
Owner and the Lessee herein, for the balance unexpired terms of this lease on the same terms and conditions, apart from transferring the security deposit to the New Owner, to enable them to
refund the same to the Lessee. Furthermore the charges for such registration of the fresh lease deed (including applicable stamp duty for the lease deed), shall be borne by the New Owner. 

 

	18.4.	If during the Lease Term, the Demised Premises or any part thereof be acquired or requisitioned by the government or any local body or authority under any law for the
time being in force, the Lessor alone shall be entitled to such compensation payable and the Lessee shall not raise any claim in respect thereof. 

  

	18.5.	All costs, charges, expenses including stamp duty, registration fees, etc., payable on or in respect of the execution and registration of this Deed shall be borne and
paid solely by the Lessee. 

  

	18.6.	It is specifically agreed between the Parties that this is purely a lease granted by the Lessor to the Lessee on a principal to principal basis and shall not be
construed in any manner as a partnership, joint venture, franchise or agency between the Lessor and the Lessee nor shall both the Parties constitute an association of persons in any manner whatsoever. 

 

	18.7	That failure of either Party to enforce at any time or for any period of time the provision hereof shall not be construed to be waiver of any such provision or of the
right thereafter to enforce each and every provision of this Deed. 

  

	18.8	The Lessee shall use the Common Areas solely for the purpose for which it is provided for in this Deed, ie. for the purpose of entry and direct exit to a nearest public
street, nearest road only to be identified by the Lessor in its sole discretion and such identification by the Lessor in its plans now or in future shall be final, conclusive and binding on the Lessee. 

 

	18.9	That the Parties shall maintain strict confidentiality about this Deed and all the terms and conditions herein, as well as regarding all other writings incidental to
this Deed. 

  
 Page - 21 -

 19. TERMINATION 
  

	19.1	It is expressly agreed between the Parties that neither the Lessor nor the Lessee shall be entitled to revoke and/or terminate this Deed for and up to a period of 3
(Three) years from the Lease Commencement Date (the “Lock-in-Period”) except as stated herein. 

  

	19.2	In the event the Lessee terminates this Deed for any reason whatsoever during the Lock-in Period or the Lessor terminates this Deed during the Lock-in Period due to a
material breach by the Lessee, of any of the terms, conditions, covenants herein contained, the Lessee shall, in addition to the amounts specified in this Deed, be liable to pay to the Lessor, the Warm Shell Lease Rent for the unexpired portion of
the Lock-in Period ( “the Unexpired Rent”). It is clarified that the Lessee is not liable to pay the Unexpired Rent if it terminates the Lease during the Lock-in Period due to a material breach by the Lessor of the terms of this
Deed that remains uncured or an occurrence of a force majeure event. It is clarified that there shall be no Lock-in Period for any of the renewed terms. 

 

	19.3.	On the expiry of the Lock-in Period, the Lessee shall be entitled to terminate the lease herein by giving a prior notice of 3 (three) months in writing informing the
Lessor of its intention to terminate this Deed, and on expiry of the said notice period, this Deed shall stand terminated. 

  

	19.4	In the event of the Warm Shell Lease Rent or any other amount hereby reserved or any part thereof remaining unpaid after becoming due for a period of more than 15
(Fifteen) days, the Lessor shall have the right to issue a notice calling upon the Lessee to rectify the default within. a period of 7 (Seven) days from the receipt of the said notice. In the event the Lessee fails to rectify the default within the
said period the lease shall stand terminated and the Lessor shall enter into the demised premises to assume possession thereof without prejudice to the rights of the Lessor to claim/recover its dues along with interest/damages pending till the date
of such termination. 

  

	19.5.	Either Party shall be entitled to terminate the Lease of the Demised Premises in the event of any material breach of this Agreement by the other Party by issuing a
written notice of termination 7 (seven) days in advance of such intended termination calling upon the other Party to rectify the breach within a period of 7 (seven) days of the receipt of such notice. In the event the other Party fails to rectify
the breach within the said period, the aggrieved Party shall have the right to terminate this Deed. 

  
 Page - 22 -

	19.6.	In the event of the Lessee being liquidated or adjudged insolvent, the lease herein shall stand automatically terminated and the Lessor shall enter into the Demised
Premises to assume the possession which shall be without prejudice to the rights of the Lessor to claim/recover its dues along with interest/damages pending till the date of such termination. 

 

	19.7.	In the event of the Lessor being liquidated or adjudged insolvent, the right of Lessee to issue notice of termination shall accrue to the Lessee, if the rights of the
Lessee to continue to hold and enjoy peaceful possession of the Demised Premises in terms of this lease deed are affected in any manner whatsoever. 

 20. CONSEQUENCES OF TERMINATION OR EXPIRY 
  

	20.1	Upon expiry or earlier termination of this Deed, the Lessee shall forthwith remove itself and its employees, servants, representatives and agents along with its
belongings and hand over to the Lessor, vacant and peaceful possession of the Demised Premises in original handover condition, normal wear and tear excepted, in accordance with the provisions of this Deed. In the event of any delay in handing over
of the interest free security deposit to the Lessee by the Lessor, the Lessee shall be entitled to an interest at the rate of 18% (Eighteen per cent) per annum for the delayed period. 

 

	20.2	Upon expiry or earlier termination of this Deed if the Lessee fails to remove itself and its employees, servants, representatives and agents and fails to hand over the
vacant and peaceful possession of the Demised Premises to the Lessor in terms hereof, the Lessee shall, without prejudice to all other rights and remedies of the Lessor to obtain possession of the Demised Premises, be liable to pay liquidated
damages to the Lessor at the pre-agreed rate of 2 (two) days’ Warm Shell Lease Rent under this Deed per day which amounts to approximately Rs.86,000/- (Rupees Eighty Six Thousand paise nil only) per day. 

  
 Page - 23 -

 21. SUB-LETTING /ASSIGNMENT 

 

	21.1	The Lessee shall not in any manner share with or transfer or let or sub-let, license, sub-lease, mortgage in any manner to any person whatsoever the Demised Premises or
any portion thereof and or any of the benefits or rights available to the Lessee under this Agreement and shall not part with the possession of the Demised Premises or any portion thereof. 

 

	21.2	The Lessee shall not in any manner assign any benefits or rights available to the Lessee under this Deed. However, the Lessee may assign its right in respect of the
Demised Premises only 

 a) to the Lessee’s holding company “Athenahealth Inc” or 

b) to the Lessee’s subsidiaries/group companies (wherein the Lessee shall have and maintain a controlling majority shareholding
and/or are in control of the management), for the unexpired lease term, with the prior written permission of the Lessor, subject to the assignee as specified in sub-clause (a) and (b) entering into a separate and fresh Lease Deed with the
Lessor on the same terms and conditions as agreed upon in this Deed. 
 Provided that the assignment for the unexpired period
shall always be subject to the following: 
  

	 	•	 	 All costs in relation to the assignment shall be borne by the Lessee/assignee and the Lessor shall not be liable to pay any costs relating to the
assignment 

  

	 	•	 	 That the assignment shall be to a company which complies with all requirements of the IT / ITES park. 

 

	 	•	 	 That the Lessee shall in no manner profit from such an assignment. 

 22. INDEMNITY 
  

	22.1.	The Lessor shall indemnify and keep indemnified saved and harmless, the Lessee against any actual , losses, and damages (other than consequential and direct and
indirect business losses) that the Lessee may suffer, in the event the Lessee in any way is prevented from enjoying the Demised Premises peacefully and freely due to any defect in title of the Lessor to the Demised Premises, and/or construction of
the Demised Premises. 

  
 Page - 24 -

	22.2.	The Lessee hereby indemnify and shall always keep indemnified saved and harmless the Lessor against any actual , losses, and damages (other than consequential and
direct and indirect business losses) that the Lessor may suffer as a consequence of any act or omission by the Lessee arising out of the business carried out or intended to be carried on by the Lessee from the Demised Premises.

 23. NOTICE 
 Any notice/correspondence sent under this Deed by any Party to the other Party shall be deemed to be validly served if the same is sent by registered post acknowledgment due or Hand Delivery or by
Courier, duly acknowledged at the respective address of the parties herein below mentioned: 
 LESSOR: 

M/S. FAERY ESTATES PRIVATE LIMITED 
 70 NAGINDAS MASTER ROAD, MUMBAI - 400 023 
 Attention: Regional Head -
South 
 LESSEE: 
 M/S. ATHENA HEALTH TECHNOLOCY PRIVATE LIMITED 
 Building 3B, Floor 7, RMZ
Millenia Tech Park, 143, Dr MGR Road, Perungudi, Chennai - 600096 
 Attention: Director 

24. SEVERABILITY 
 If any
provision of this Deed is held to be invalid, illegal or unenforceable, such a provision shall be deemed amended or deleted to the extent necessary to conform to the applicable law and the validity, legality and enforceability of the remaining
provisions hereof shall not in any way be affected or impaired thereby. 

  
 Page - 25 -

 25. FORCE MAJEURE 
 Neither party shall be liable for its failure to perform or fulfill any of its obligations to the extent that its performance is delayed or prevented, in whole or in part, due to: acts of God; floods;
cyclones; earthquakes; fires; wars; riots; sabotage; orders of governmental or other statutory authorities; national emergency; or any other similar causes beyond the reasonable control of the party affected (“Force Majeure”). 

26. AUTHORISED SIGNATORIES 
 The signatories to this Deed personally covenant that they are each duly authorized to execute this Deed on behalf of the respective party whom they represent. 

27. MISCELLANEOUS PROVISION 
 This Deed constitutes the entire agreement between the Parties and revokes and supersedes all previous discussions, correspondence, heads of terms, agreements between the Parties, if any, concerning the
matters covered herein whether written, oral or implied. This Deed shall not be changed, amended or modified except by written amendment mutually agreed to between the Parties. 
 28. LIMITATION OF LIABILITY 
 Neither Party herein shall be liable to the
other for any incidental, consequential, penal and exemplary or like damages (including loss of profit or business or any action of tort) 

29. RIGHT OF FIRST REFUSAL 
 At any time during the Lease Term, the Lessor shall first offer Lessee, the lease of space, admeasuring a minimum of 18500 (Eighteen thousand five hundred only) square feet on the ninth floor of Module 2
in Building A as and when and every time that it may become available for lease at the rent and on the terms and conditions as the Lessor may deem fit. The Lessor shall provide the Lessee, written notice of such availability of space to be offered
to be given on lease to the Lessee. If the Lessee does not accept such offer by the Lessor, within 15 (fifteen) working ) days of receipt of such notice, the Lessor is free to offer such space to any third party. In the event the Lessee exercises
the option to lease the above said additional space, then the Parties shall enter into separate and definitive agreements on mutually agreed terms and conditions to give effect to such lease. 

  
 Page - 26 -

 30. RENEWAL MECHANISM 

 

	30.1.	The Lessee shall be entitled to renew the lease of the Demised Premises for 2 (two) additional terms of three (3) years each. The Lessee shall inform the Lessor in
writing of its intention, if any, to renew the lease herein, 3 (three) months prior to the Lease Expiry Date and this lease shall be renewed thereafter subject to the execution and registration of a fresh lease deed in respect of the Demised
Premises on the expiry of the Lease Term, on the same terms and conditions as stated herein for the extended terms , except that there shall be an escalation of 15 % (fifteen percent) on the last paid Warm Shell Lease Rent (as defined in clause
5 herein) for the demised premises and a proportionate and corresponding 15% (fifteen percent) increase in the Interest Free Refundable Security Deposit to ensure that at all times, the Interest Free Security Deposit shall be equivalent to 4 (four)
months Warm Shell Lease Rent. 

 If the Lessee fails to inform the Lessor of its intention to extend the Lease for
of 3 months prior to the Lease Expiry Date, the Lessor shall inform the Lessee in writing reminding them of the expiry of the Lease Term, two months prior to the Lease Expiry Date. In the event of renewal of this lease deed, the Parties shall
execute fresh lease deed immediately on expiry of the lease terms and register such deeds within 30 (thirty) working days of the Lease Expiry Date or within such time as may be mutually agreed upon by the Parties. 

 

	30.2.	In the event that the Lessee fails to inform the Lessor in writing of its intention, if any, to renew the lease herein, either on their own account, 3 (three) months
prior to the Lease expiry date , or in response to the Lessor’s reminder, prior to the Lease Expiry Date and/or in the event the Lessee fails to execute and register such fresh lease deed mentioned in Clause 30.1 herein, the Lessor shall have
the sole discretion to agree to renew the Lease Term. 

  
 Page - 27 -

 31. GOVERNING LAWS 
  

	31.1	This Deed and the rights and duties of the Parties arising out of this Deed shall be governed by and construed in accordance with the Laws of India and only the
competent courts at Chennai shall have jurisdiction in all matters arising out of arbitration below. 

  

	31.2	Any dispute or difference between the Parties hereto with regard to this Deed and all connected and related matters thereto shall be discussed and settled amicably. In
the event of failure to resolve the disputes or differences amicably, all such disputes or differences whatsoever shall be referred to Arbitration to be conducted by a Sole Arbitrator to be appointed jointly by the Lessee and the Lessor. In the
event that the Lessee and the Lessor fail to agree on the Sole Arbitrator, the court of competent jurisdiction shall appoint the Sole Arbitrator on an application made by either party. The Arbitration proceedings shall be conducted in accordance
with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory modification or enactment thereof. The Venue of Arbitration shall be Chennai. The language of arbitration shall be English. The award so passed by the Sole Arbitrator
shall be final and binding on the Parties. 

  

	31.3.	Pending the final decision of a dispute/claim or until the Arbitral Award is passed, the Parties shall continue to perform all their obligations under this Deed, unless
any order to the contrary has been passed by the Arbitral Tribunal or any Court of Law. The expenses of the proceedings and the fees of the Arbitral Tribunal shall be borne by the Parties in equal proportions unless otherwise directed in the
Arbitral Award. 

  

	31.	Subject to the terms and conditions of this Deed, each of the Parties hereto will use all reasonable efforts to take, or cause to be taken, all action, and to do, or
cause to be done, all things necessary to fulfill its obligations under this Deed. 

  

	32.	This Deed is executed in two (2) counterparts. The Lessor shall retain one set and the Lessee shall retain the second set. 

  
 Page - 28 -

 IN WITNESS WHEREOF the Parties hereto have set their respective hands and seal to these presents on the day,
month and year first above mentioned 
 SCHEDULE A 
 All that piece and parcel of land bearing Survey Nos. 36/17, 227/1 A, 227/ 1B, 227/ 2A 1, 227/2A 2 228/1A 1A, 228/1A 1C ad measuring 12.5 acres, bearing Plot No. 40, situated at MGR Salai (Veeranam
Road), Kandanchavadi, Perungudi, Chennai - 600 096, within the registration district of Chennai South and registration sub-district of Neelankarai, bounded on all four sides as follows: 
 To the East: MGR Salai (Veeranam Road) 
 To the West: Monitoring Station 

To the North: RMZ Millenia Building 
 To the
South: Anna Nedunchalai 
 SCHEDULE B (Property leased by this document in favor of Lessee) 

SIGNED and DELIVERED for and on behalf of Module 3 & 4, having a built up floor space of 37,506 (Thirty Seven Thousand Five Hundred and Six) sq ft
situated in SP Infocity, Ninth Floor, Module 3 & 4, Block A, along with 37 (Thirty Seven) car parking spaces and 74 (Seventy Four) two wheeler parking spaces free of cost. 

 

			
	M/s. Faery Estates Private Limited, LESSOR aforesaid,
		
	by its Authorized Signatory Mr. Jair Dsouza	  	For FAERY ESTATES PVT. LTD
		
		  	/s/ Jair Dsouza
		
	In the presence of witness:	  	
		
	1. Mr. Ram Kiran Dhulipala	  	/s/ Kiran
		
	s/o D.S. Rao, B-408, TUH Park Villa,	  	
		
	Thoraipakkam, Chennai - 96	  	
	
	SIGNED and DELIVERED for and on behalf of
	
	 M/s. Athena Health Technologies Private Limited, LESSEE aforesaid,

 
 by its Authorized Signatory:

		
	Mr. Hari Krishnan Pratap	  	For athenahealth Technology Private Limited
		
		  	/s/ Hari Krishnan Pratap
		
	In the presence of witness:	  	
		
	1. Mr. Jayachandran Selvam	  	/s/ Jayachandran Selvam

  
 Page - 29 -

 ANNEXURE A – PART I – FLOOR PLAN 

 
 ANNEXURE A – PART II – AREA STATEMENT 

Level 9 
  

													
	 Summary of components
	  	Module 3 in sq ft	 	  	Module 4 in sq ft	 	  	Total Area in sq ft	 
				
	 Office Area
	  	 	16552	  	  	 	9221	  	  	 	25,773	  
				
	 AHU rooms
	  	 	811	  	  	 	281	  	  	 	1,092	  
				
	 Electrical rooms
	  	 	324	  	  	 	324	  	  	 	648	  
				
	 Toilets
	  	 	698	  	  	 	714	  	  	 	1,412	  
				
	 Refuge Area
	  	 	167	  	  	 	162	  	  	 	329	  
				
	 Exclusive usable area
	  	 	18552	  	  	 	10703	  	  	 	29,255	  
				
	 Common Area
	  	 	5232	  	  	 	3019	  	  	 	8,251	  
				
	 Billable area
	  	 	23784	  	  	 	13722	  	  	 	37,506	  

  
 Page - 30 -

 ANNEXURE A – PART III – WARM SHELL SPECIFICATION 

 

					
	 Parameters
	  	 Lessor’s scope of work
	  	 Lessee’s scope of work

			
	Civil	  	 •    Bare cement plastered shell in office area with form finished
ceiling including columns and drop panels.
  
 •    AHU walls will be constructed and terminated at 2.90 meters from the floor.
  

•    Screeded floor of up to 40 mm.

 
 •    Perimeter wall
between module 2 and 3
  

•    All interior related furnishing work including waterproofing and furnishing of
exclusive toilets meant for the Lessee
	  	
			
	Electrical	  	 •    A dedicated 110/ 110KV substation is being provided for the
entire project.
  

•    Diesel generator sets of equivalent capacity are being provided to generate 100 %
power back up.
  

•    All cable and bus ducts shall be terminated at the rising mains.

 
 •    Individual
floor panels shall be provided for power, lighting and air handling units - one each per floor.
	  	Electrical cabling and connectivity.
			
	Heat Ventilation and Air conditioning	  	 •    Common chillers will be provided to cater to office load @ 275
sft/ TR in the office area portion (not including common areas, balconies and passages) of the leased premises. Chilled water pipes will be connected to the AHU’s allotted to the Lessee’s units.

 
 •    Common heat
recovery wheels will be provided.
  

•    Acoustic insulation will be done on the internal walls of the AHU room.

 
 •    Fresh air and
exhaust system for toilets.
	  	Internal ducting and other fitments in the office area.

  
 Page - 31 -

					
		  	 •   Acoustic insulation up to 2.90 m in the AHU room will be provided by
the Lessor after the completion of mouth connection by the Lessee.
  
 •   Common tap off point will be provided for the fresh air exhaust.
	  	
			
	Fire Protection Services	  	 •   Hydrant shall be provided with hose reel and hydrant valve in every
lift lobby.
  

•   Butterfly valve will be provided at the tap off point

 
 •   One level of
sprinklers (upright)
	  	All work related to Fire Protection Systems in the low side, like down right sprinklers, smoke detectors and alarms.
			
	Plumbing	  	 •   All water lines and drainage lines shall be terminated at the rising
mains.
  

•   Water lines shall be of two risers - one for the domestic water and the other for treated
water for flushing purposes, terminated with a valve at the shaft.
  
 •   Hydro-pneumatic pump sets of required capacities shall be installed (for base building) for water supply to the tenants wash rooms.

 
 •   Soil and waste lines
shall be terminated at the shaft at floor level.
	  	
			
	Other services	  	 •   Common shafts are provided for networking and IBMS, with doors for
access.
  

•   External cable ducts are provided from the main gate to the basements, for the ISP
service provider to route the cable up to the point of service.
  
 •   Designated locations have been identified for locating outdoor HVAC units (Split and precision)
  

•   Common lifts.
	  	 •   Statutory approvals from CEIG

 
 •   Internet and voice
connectivity to the premises through respective service providers.
  
 •   Hardware like servers, UPS, computers, telephones, fax machines.

  
 Page - 32 -

					
		  	 •    Pathway of entry for fiber optic cables to the building from
the main entrance shall be provided, with pipe laid.
  
 •    Either a dedicated shaft or a demarcated common shaft shall be provided for the purpose of copper piping works.

 
 •    All calibrated
meters for HVAC, Energy, power back up and water
	  	

  
 Page - 33 -

 ANNEXURE B – WARM SHELL LEASE RENT PAYMENT SCHEDULE 

 

																			
	 Sl #
	  	 Lease month
	  	Year	 	  	Leased Area in sqft	 	  	Rent psft in INR	 	  	Monthly Rent	 
	1	  	1st Nov - 30th
Nov	  	 	2011	  	  				  				  	 	Rent free	  
	2	  	1st Dec - 31st Dec	  	 	2011	  	  				  				  	 	Rent free	  
	3	  	January	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	4	  	February	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	5	  	March	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	6	  	April	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	7	  	May	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	8	  	June	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	9	  	July	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	10	  	August	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	11	  	September	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	12	  	October	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	13	  	November	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	14	  	December	  	 	2012	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	15	  	January	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	16	  	February	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	17	  	March	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	18	  	April	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	19	  	May	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	20	  	June	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	21	  	July	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	22	  	August	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	23	  	September	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	24	  	October	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	25	  	November	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	26	  	December	  	 	2013	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	27	  	January	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	28	  	February	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	29	  	March	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	30	  	April	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	31	  	May	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	32	  	June	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	33	  	July	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	34	  	August	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	35	  	September	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  
	36	  	October	  	 	2014	  	  	 	37,506	  	  	Rs.	34	  	  	Rs.	1,275,204	  

  
 Page - 34 -

					
	 Gross Rent for the lease period
	  	Rs.	43,356,936	  
	 Security deposit
	  	Rs.	 5,100,816	  
	 Total Rent + deposit for the lease period
	  	Rs.	46,970,014	  

 ANNEXURE C – CAR PARKING LAY OUT PLAN 

  
 Page - 35 -Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  

 
  

 
 

 
 CREDIT AGREEMENT 
 dated as of 
 February 10, 2012 

among 
 PUGET
ENERGY, INC. 
 The Lenders Party Hereto 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 

THE ROYAL BANK OF SCOTLAND PLC, 
 as Syndication Agent 
 and 

BARCLAYS BANK PLC, 

SUNTRUST BANK, 

THE BANK OF NOVA SCOTIA 
 and 
 UNION BANK, N.A., 

as Co-Documentation Agents 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 RBS SECURITIES INC., 
 BARCLAYS CAPITAL, 
 THE BANK OF NOVA SCOTIA, 

SUNTRUST ROBINSON HUMPHREY, INC. 
 AND 
 UNION BANK, N.A., 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 Table of Contents 

(continued) 
  

							
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.01.
	  	 Defined Terms
	  	 	1	  
	 SECTION 1.02.
	  	 Classification of Loans and Borrowings
	  	 	25	  
	 SECTION 1.03.
	  	 Terms Generally
	  	 	25	  
	 SECTION 1.04.
	  	 Accounting Terms; GAAP; Pro Forma Calculations
	  	 	26	  
	 SECTION 1.05.
	  	 Status of Obligations
	  	 	26	  
		
	 ARTICLE II The Credits
	  	 	27	  
			
	 SECTION 2.01.
	  	 Commitments
	  	 	27	  
	 SECTION 2.02.
	  	 Loans and Borrowings
	  	 	27	  
	 SECTION 2.03.
	  	 Requests for Borrowings
	  	 	28	  
	 SECTION 2.04.
	  	 Intentionally Omitted
	  	 	28	  
	 SECTION 2.05.
	  	 Swingline Loans
	  	 	28	  
	 SECTION 2.06.
	  	 Letters of Credit
	  	 	29	  
	 SECTION 2.07.
	  	 Funding of Borrowings
	  	 	33	  
	 SECTION 2.08.
	  	 Interest Elections
	  	 	33	  
	 SECTION 2.09.
	  	 Termination and Reduction of Commitments
	  	 	34	  
	 SECTION 2.10.
	  	 Repayment of Loans; Evidence of Debt
	  	 	35	  
	 SECTION 2.11.
	  	 Prepayment of Loans
	  	 	35	  
	 SECTION 2.12.
	  	 Fees
	  	 	36	  
	 SECTION 2.13.
	  	 Interest
	  	 	37	  
	 SECTION 2.14.
	  	 Alternate Rate of Interest
	  	 	37	  
	 SECTION 2.15.
	  	 Increased Costs; Illegality
	  	 	38	  
	 SECTION 2.16.
	  	 Break Funding Payments
	  	 	39	  
	 SECTION 2.17.
	  	 Taxes
	  	 	40	  
	 SECTION 2.18.
	  	 Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs
	  	 	42	  
	 SECTION 2.19.
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	44	  
	 SECTION 2.20.
	  	 Expansion Option
	  	 	45	  
	 SECTION 2.21.
	  	 Defaulting Lenders
	  	 	46	  
		
	 ARTICLE III Representations and Warranties
	  	 	47	  
			
	 SECTION 3.01.
	  	 Existence, Qualification and Power; Compliance with Laws
	  	 	47	  
	 SECTION 3.02.
	  	 Binding Effect
	  	 	48	  
	 SECTION 3.03.
	  	 Authorization; No Contravention
	  	 	48	  
	 SECTION 3.04.
	  	 Governmental Authorization; Other Consents
	  	 	48	  
	 SECTION 3.05.
	  	 Taxes
	  	 	48	  
	 SECTION 3.06.
	  	 No Default
	  	 	48	  
	 SECTION 3.07.
	  	 Financial Statements; No Material Adverse Effect; Indebtedness
	  	 	49	  
	 SECTION 3.08.
	  	 Ranking
	  	 	49	  
	 SECTION 3.09.
	  	 Ownership of Assets
	  	 	49	  
	 SECTION 3.10.
	  	 No Other Business
	  	 	49	  
	 SECTION 3.11.
	  	 Insurance
	  	 	50	  
	 SECTION 3.12.
	  	 Disclosure
	  	 	50	  

  
 ii 

 Table of Contents 

(continued) 
  

  

							
	 SECTION 3.13.
	  	 Subsidiaries; Equity Interests
	  	 	50	  
	 SECTION 3.14.
	  	 No Dividend Restrictions
	  	 	50	  
	 SECTION 3.15.
	  	 Litigation
	  	 	50	  
	 SECTION 3.16.
	  	 Solvency
	  	 	50	  
	 SECTION 3.17.
	  	 Margin Regulations; Investment Company Act; USA PATRIOT Act; federal Power Act
	  	 	51	  
	 SECTION 3.18.
	  	 ERISA Compliance
	  	 	51	  
	 SECTION 3.19.
	  	 Environmental Compliance
	  	 	51	  
	 SECTION 3.20.
	  	 Labor Disputes
	  	 	52	  
	 SECTION 3.21.
	  	 Affiliate Transactions
	  	 	52	  
	 SECTION 3.22.
	  	 Collateral
	  	 	52	  
		
	 ARTICLE IV Conditions
	  	 	52	  
			
	 SECTION 4.01.
	  	 Effective Date
	  	 	52	  
	 SECTION 4.02.
	  	 Each Credit Event
	  	 	53	  
		
	 ARTICLE V Affirmative Covenants
	  	 	54	  
			
	 SECTION 5.01.
	  	 Financial Statements
	  	 	54	  
	 SECTION 5.02.
	  	 Compliance Certificate
	  	 	55	  
	 SECTION 5.03.
	  	 Notices
	  	 	55	  
	 SECTION 5.04.
	  	 Compliance with Laws
	  	 	56	  
	 SECTION 5.05.
	  	 Preservation of Existence, Etc.
	  	 	56	  
	 SECTION 5.06.
	  	 Compliance with Environmental Laws
	  	 	56	  
	 SECTION 5.07.
	  	 Maintenance of Properties; Ownership of Subsidiaries
	  	 	57	  
	 SECTION 5.08.
	  	 Maintenance of Insurance
	  	 	57	  
	 SECTION 5.09.
	  	 Use of Proceeds
	  	 	57	  
	 SECTION 5.10.
	  	 Payment of Obligations
	  	 	57	  
	 SECTION 5.11.
	  	 Cooperation
	  	 	57	  
	 SECTION 5.12.
	  	 Books and Records
	  	 	57	  
	 SECTION 5.13.
	  	 Financing Documents; Material Documents
	  	 	58	  
	 SECTION 5.14.
	  	 Maintenance of Ratings
	  	 	58	  
	 SECTION 5.15.
	  	 Inspection Rights
	  	 	58	  
	 SECTION 5.16.
	  	 Additional Collateral
	  	 	58	  
		
	 ARTICLE VI Negative Covenants
	  	 	58	  
			
	 SECTION 6.01.
	  	 Liens
	  	 	59	  
	 SECTION 6.02.
	  	 Dispositions
	  	 	61	  
	 SECTION 6.03.
	  	 Investments
	  	 	62	  
	 SECTION 6.04.
	  	 Fundamental Changes
	  	 	63	  
	 SECTION 6.05.
	  	 Nature of Business
	  	 	63	  
	 SECTION 6.06.
	  	 Transactions with Affiliates; Management Fees
	  	 	64	  
	 SECTION 6.07.
	  	 Accounting Changes
	  	 	64	  
	 SECTION 6.08.
	  	 Restrictive Agreements
	  	 	64	  
	 SECTION 6.09.
	  	 Certain Financial Covenants
	  	 	65	  
	 SECTION 6.10.
	  	 Preservation of Rights
	  	 	65	  

  
 iii

							
		
	 ARTICLE VII Events of Default
	  	 	65	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	67	  
		
	 ARTICLE IX Miscellaneous
	  	 	70	  
			
	 SECTION 9.01.
	  	 Notices
	  	 	70	  
	 SECTION 9.02.
	  	 Waivers; Amendments
	  	 	71	  
	 SECTION 9.03.
	  	 Expenses; Indemnity; Damage Waiver
	  	 	73	  
	 SECTION 9.04.
	  	 Successors and Assigns
	  	 	74	  
	 SECTION 9.05.
	  	 Survival
	  	 	77	  
	 SECTION 9.06.
	  	 Counterparts; Integration; Effectiveness
	  	 	77	  
	 SECTION 9.07.
	  	 Severability
	  	 	77	  
	 SECTION 9.08.
	  	 Right of Setoff
	  	 	77	  
	 SECTION 9.09.
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	78	  
	 SECTION 9.10.
	  	 WAIVER OF JURY TRIAL
	  	 	78	  
	 SECTION 9.11.
	  	 Headings
	  	 	78	  
	 SECTION 9.12.
	  	 Confidentiality
	  	 	78	  
	 SECTION 9.13.
	  	 USA PATRIOT Act
	  	 	79	  
	 SECTION 9.14.
	  	 Appointment for Perfection
	  	 	79	  
	 SECTION 9.15.
	  	 Interest Rate Limitation
	  	 	79	  
	 SECTION 9.16.
	  	 No Advisory or Fiduciary Responsibility
	  	 	80	  

  

							
	SCHEDULES:	 				  	
			
	Schedule 1.01(a)	 	 	–	  	  	Existing Indebtedness
	Schedule 1.01(b)	 	 	–	  	  	Permitted Holders
	Schedule 2.01	 	 	–	  	  	Commitments
	Schedule 3.04	 	 	–	  	  	Regulatory Approvals
	Schedule 3.13(a)	 	 	–	  	  	Subsidiaries
	Schedule 3.13(b)	 	 	–	  	  	Subsidiaries Jurisdictions of Organization
	Schedule 3.14	 	 	–	  	  	Existing Dividend Restrictions
	Schedule 3.15	 	 	–	  	  	Litigation
	Schedule 3.19	 	 	–	  	  	Environmental Matters
	Schedule 3.21	 	 	–	  	  	Affiliate Transactions
	Schedule 5.07	 	 	–	  	  	Properties and Assets
	Schedule 6.01(b)	 	 	–	  	  	Existing Liens
	Schedule 6.03(l)	 	 	–	  	  	Investments
			
	EXHIBITS:	 				  	
			
	 Exhibit A
	 	 	–	  	  	Form of Assignment and Assumption
	Exhibit B	 	 	–	  	  	[Reserved]
	Exhibit C	 	 	–	  	  	Form of Increasing Lender Supplement
	Exhibit D	 	 	–	  	  	Form of Augmenting Lender Supplement
	Exhibit E	 	 	–	  	  	List of Closing Documents
	Exhibit F	 	 	–	  	  	Form of Revolving Loan Note
	Exhibit G-1	 	 	–	  	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)
	Exhibit G-2	 	 	–	  	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)

 Table of Contents 

(continued) 
  

					
	Exhibit G-3	 	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)
	Exhibit G-4	 	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)
	Exhibit H	 	–	  	Collateral Agency Agreement
	Exhibit I	 	–	  	Form of Amendment No. 1 to Amended and Restated Collateral Agency Agreement
	Exhibit J	 	–	  	Form of Solvency Certificate
	Exhibit K	 	–	  	Pledge Agreement
	Exhibit L	 	–	  	Security Agreement
	Exhibit M	 	–	  	Terms of Subordination

  
 v 

 CREDIT AGREEMENT (this “Agreement”) dated as of February 10, 2012
among PUGET ENERGY, INC., the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, THE ROYAL BANK OF SCOTLAND PLC, as Syndication Agent and BARCLAYS BANK PLC, THE BANK OF NOVA SCOTIA, SUNTRUST BANK and UNION
BANK, N.A., as Co-Documentation Agents. 
 The parties hereto agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR” when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base
Rate. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an
interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders
hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Affiliate Service Agreements” means any contract or agreement between the Borrower or any Subsidiary and an Affiliate thereof providing for accounting, tax, treasury, intercompany
services or other professional services to the Borrower or any Subsidiary. 
 “AFUDC” means the cost of both
the debt and equity funds used to finance utility plant additions during the construction period for such additions, determined in accordance with GAAP. 
 “Agents” means, collectively, the Administrative Agent and the Collateral Agent. 
 “Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. As of the
Effective Date, the Aggregate Commitment is $1,000,000,000. 
 “Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest
Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on Reuters
Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Annual Report” means the audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal
year ending December 31, 2010. 

 “Applicable Percentage” means, with respect to any Lender, with
respect to Revolving Loans, LC Exposure or Swingline Loans, the percentage equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment of all Lenders (or, if the Commitments
have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments); provided that in the case of Section 2.21 when a Defaulting Lender
shall exist, any such Defaulting Lender’s Commitment shall be disregarded in the calculation. 
 “Applicable
Rate” means, for any day, with respect to any Eurodollar Loan or any ABR Loan or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar
Spread for Eurodollar Loans”, “ABR Spread for ABR Loans” or “Commitment Fee Rate”, as the case may be, based upon the Pricing Level applicable on such date: 

 

													
	 Pricing Level
	  	Commitment
Fee Rate	 	 	Eurodollar Spread
for Eurodollar Loans	 	 	ABR Spread for
ABR Loans	 
	 Level I
	  	 	0.175	% 	 	 	1.25	% 	 	 	0.25	% 
	 Level II
	  	 	0.225	% 	 	 	1.50	% 	 	 	0.50	% 
	 Level III
	  	 	0.30	% 	 	 	1.75	% 	 	 	0.75	% 
	 Level IV
	  	 	0.375	% 	 	 	2.00	% 	 	 	1.00	% 
	 Level V
	  	 	0.45	% 	 	 	2.50	% 	 	 	1.50	% 
	 Level VI
	  	 	0.525	% 	 	 	3.00	% 	 	 	2.00	% 

 For purposes of the foregoing: 
 (i) changes in the Eurodollar Spread for Eurodollar Loans, ABR Spread for ABR Loans and the Commitment Fee Rate resulting from a change in the Pricing Level shall become effective on the effective date of
any change in the Senior Debt Rating from S&P or Moody’s, or on the occurrence of an Event of Default; 
 (ii) in the
event of a split in the Senior Debt Rating from S&P and Moody’s that would otherwise result in the application of more than one Pricing Level (had the provisions regarding the applicability of other Pricing Levels contained in the
definitions thereof not been given effect), then the Eurodollar Spread for Eurodollar Loans, ABR Spread for ABR Loans and the Commitment Fee Rate shall be determined as follows: 

(x) if the split in the Senior Debt Rating is one Pricing Level, then the higher Senior Debt Rating will be the applicable
Pricing Level, 
 (y) if the split in the Senior Debt Rating is two Pricing Levels, the midpoint between the two
will be the applicable Pricing Level, and 
 (z) if the split in the Senior Debt Rating is more than two Pricing
Levels, the Pricing Level will be the Pricing Level immediately below the higher Pricing Level; 
 (iii) if either (but not
both) Moody’s or S&P shall cease to be in the business of rating corporate debt obligations, the Pricing Levels shall be determined on the basis of the ratings provided by the other rating agency; and 

 (iv) if at any time the long term secured senior debt of the Borrower is unrated by
Moody’s and S&P, the Pricing Level will be Pricing Level VI; provided that if the reason that there is no such Senior Debt Rating results from Moody’s and S&P ceasing to issue debt ratings generally, then the Borrower and
the Administrative Agent may select another nationally-recognized rating agency to substitute for Moody’s and S&P for purposes of the foregoing pricing grid (and all references herein to Moody’s and S&P, as applicable, shall refer
to such substitute rating agency), and until a substitute nationally-recognized rating agency is so selected, the Pricing Level shall be determined by reference to the Senior Debt Rating most recently in effect prior to cessation. 

“Approved Bank” has the meaning specified in clause (c) of the definition of “Cash Equivalents”

 “Approved Fund” has the meaning assigned to such term in Section 9.04. 

“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with
the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Attributable Receivables Indebtedness” at any time shall mean the principal amount of Indebtedness which (a) if a
Receivables Facility is structured as a secured lending agreement, constitutes the principal amount of such Indebtedness or (b) if a Receivables Facility is structured as a purchase agreement, would be outstanding at such time under the
Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement. For purposes of this definition, “Receivables Facility” shall mean any receivables or securitization facility or
facilities made available to the Borrower or any of its Subsidiaries pursuant to which assets and related security are sold, pledged or otherwise transferred to one or more special purpose entities and thereafter to certain investors or creditors.

 “Augmenting Lender” has the meaning assigned to such term in Section 2.20. 

“Authorized Officer” means the chief executive officer, president, chief financial officer, chief accounting officer,
vice president finance, treasurer or assistant treasurer or other similar officer of the Borrower or any Subsidiary and, as to any document delivered on the Effective Date, any secretary or assistant secretary of the Borrower or any Subsidiary.

 “Available Revolving Commitment” means, at any time with respect to any Lender, the Commitment of such
Lender then in effect minus the Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender’s Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for
purposes of calculating the commitment fee under Section 2.12(a). 
 “Availability Period” means
the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 
 “Banking Services” means each and any of the following bank services provided to the Borrower by any Lender or any of its Affiliates: (a) credit cards for commercial customers
(including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions,
return items, overdrafts and interstate depository network services). 
 “Banking Services Agreement” means any
agreement entered into by the Borrower or any Subsidiary in connection with Banking Services. 
 “Banking Services
Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof
and substitutions therefor) in connection with Banking Services. 

  
 3 

 “Bankruptcy Event” means, with respect to any Person, such Person becomes
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that
a Bankruptcy Event shall not result solely by virtue of any direct or indirect ownership interest, or the acquisition of any direct or indirect ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided,
further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person
(or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means Puget Energy, Inc., a Washington corporation. 

“Borrower Group” means the Borrower and the Operating Companies and “Borrower Group Member” means any
of the Borrower or any Operating Company. 
 “Borrowing” means (a) Revolving Loans of the same Type, made,
converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided
that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollars in the London interbank market. 

“Business Plan” has the meaning assigned to such term in Section 5.01(c). 

“Capital Expenditures” means, with respect to any Person, the aggregate of (a) all expenditures (whether paid in
cash or accrued as liabilities) by such Person that, in conformity with GAAP, are required to be included as additions during such period to Property, plant or equipment reflected in the balance sheet of such Person and (b) the value of all
assets under Capital Lease Obligations incurred by such Person. 
 “Capital Lease Obligations” of any Person
means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) property, or a combination thereof, which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that in the event that changes in GAAP occur after
the Effective Date, the effect of which is to cause leases of the type in effect as of December 31, 2010 and treated as operating leases under GAAP as of December 31, 2010 to be reclassified as capital leases under GAAP, the definition of
Capital Lease Obligation shall exclude any such reclassified leases. 
 “Cash Equivalents” means any of the
following types of Investments, to the extent owned by the Borrower or any Subsidiary: 
 (a) Dollars held by it from time to
time in the ordinary course of business; 

 (b) readily marketable obligations issued or directly and fully guaranteed or insured by the
government or any agency or instrumentality of the United States and having maximum maturities of not more than one (1) year from the date of acquisition thereof; 
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money
market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than
$1,000,000,000; 
 (d) commercial paper and variable or fixed rate notes issued by an Approved Bank or commercial paper and
variable or fixed rate notes issued by, or guaranteed by, a corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s, in each case with maximum maturities of not more than
two hundred seventy (270) days from the date of acquisition thereof; provided that, no more than $50,000,000 in the aggregate of such commercial paper per issuer shall be outstanding at any time; 

(e) repurchase agreements fully secured by obligations described in clause (b) above with any Approved Bank; and 

(f) Investments with maximum maturities of twelve (12) months or less from the date of acquisition in (i) money market funds
rated AAA (or the equivalent thereof) or better by S&P or Aaa (or the equivalent thereof) or better by Moody’s that are registered under the Investment Company Act of 1940, as amended, and the portfolios of which are limited solely to
Investments of the character, quality and maturity described in the foregoing clauses (b), (c), (d) and (e) or (ii) the Federal Municipal Obligations Fund (or its successors) so long as such fund is rated AA (or the equivalent
thereof) or better by S&P or Fitch Ratings Ltd. at the time of such Investment. 
 “Cash Interest Expense”
means, for any period, with respect to the Borrower Group determined on a consolidated basis without duplication in accordance with GAAP, the total interest expense (which for the avoidance of doubt, shall not include the benefit of AFUDC) of the
Borrower Group for such period, less the sum of (a) interest on any debt that is not payable in cash during such period, including any capitalized interest, (b) amortization of debt issuance costs, debt discount or premium and other
financing fees and expenses incurred by any member of the Borrower Group during such period and (c) all other non-cash items included in such calculation of interest expense during such period. 

“CFO” means the chief financial officer of the Borrower or person holding a similar position. 

“Change in Control” means the Permitted Holders shall fail to (i) own and control directly or indirectly, in the
aggregate more than 50.1% of the issued and outstanding common Equity Interests in Puget Holdings, the Parent or the Borrower and (ii) control the board of directors (or comparable governing body) of Puget Holdings, the Parent or the Borrower,
as the case may be. 
 “Change in Law” means (a) the adoption of any law, rule, regulation or treaty after
the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing
Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of
law) of any Governmental Authority made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or 

  
 5 

 
directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of
the date enacted, adopted or issued. 
 “Class”, when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 
 “Code”
means the Internal Revenue Code of 1986. 
 “Co-Documentation Agent” means each of Barclays Bank PLC, The Bank
of Nova Scotia, SunTrust Bank and Union Bank in its capacity as co-documentation agent for the credit facility evidenced by this Agreement. 
 “Collateral” means all the “Collateral”, as defined in the Security Agreement and the Pledge Agreement. 

“Collateral Agency Agreement” means the Amended and Restated Collateral Agency Agreement, dated as of February 6,
2009 and amended and restated as of May 10, 2010 and further amended as of February 10, 2012, among the Collateral Agent, the Administrative Agent, certain authorized representatives, Puget Equico LLC and the Borrower, a copy of which is
attached hereto as Exhibit H. 
 “Collateral Agent” means JPMorgan Chase Bank, National Association or one of
its affiliates, as successor to Barclays Bank PLC, in its capacity as collateral agent under the Collateral Agency Agreement and the other Security Documents, or any successor thereto in accordance with the terms of the Collateral Agency Agreement.

 “Commitment” means, with respect to each Lender, the commitment of such Lender, to make Revolving Loans and
to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or
terminated from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed
its Commitment, as applicable. 
 “Conservation Amortization” means at any date, all amounts that would, in
conformity with GAAP, be set forth opposite the caption “conservation amortization” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 

“Consolidated Capital Expenditures” means, without duplication, any expenditures for any purchase or other acquisition
of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP. 
 “Consolidated Current Assets” means, at any date, all amounts (without duplication) that would, in conformity with GAAP, be set forth opposite the caption “total current assets”
(or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date (other than (i) cash and Cash Equivalents, (ii) purchased gas adjustment receivables, (iii) unrealized gains on derivative
instruments, (iv) prepaid taxes and (v) any current portion of deferred income taxes). 
 “Consolidated
Current Liabilities” means, at any date, all amounts (without duplication that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of
the Borrower and its Subsidiaries at such date (other than (i) the current portion of any funded Indebtedness, (ii) without duplication of clause (i) above, all 

 
Indebtedness consisting of revolving loans to the extent otherwise included therein, (iii) unrealized losses on derivative instruments, (iv) any current portion of deferred taxes,
(v) accrued expenses related to taxes and interest, (vi) purchased gas adjustment payables and (vii) all amounts set forth opposite the caption “other current liabilities” on the consolidated balance sheet of the Borrower
and its Subsidiaries for the relevant period). 
 “Consolidated EBITDA” means Consolidated Net Income
plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for income taxes paid or accrued, (iii) depreciation, (iv) amortization,
(v) extraordinary, unusual or non-recurring expenses or losses incurred other than in the ordinary course of business, (vi) net unrealized losses on derivative instruments minus, to the extent included in Consolidated Net Income,
(1) interest income, (2) income tax credits and refunds (to the extent not netted from tax expense), (3) any cash payments made during such period in respect of items described in clause (v) above subsequent to the fiscal quarter
in which the relevant non-cash expenses or losses were incurred, (4) net unrealized gains on derivative instruments, (5) extraordinary, unusual or non-recurring income or gains realized other than in the ordinary course of business and
(6) AFUDC, all calculated for the Borrower and its Subsidiaries in accordance with GAAP on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each such period, a
“Reference Period”), (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal
to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such
Reference Period, and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving effect thereto on a pro forma basis
as if such Material Acquisition occurred on the first day of such Reference Period. “Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes
(i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) involves the
payment of consideration by the Borrower and its Subsidiaries in excess of $150,000,000; and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of
property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $150,000,000. 

“Consolidated Interest Expense” means, with reference to any period, the interest expense (including without limitation
interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Borrower and its Subsidiaries calculated on a consolidated basis for such period with respect to (a) all outstanding Indebtedness of
the Borrower and its Subsidiaries allocable to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing and net
costs under interest rate Swap Agreements to the extent such net costs are allocable to such period in accordance with GAAP) and (b) the interest component of all Attributable Receivable Indebtedness of the Borrower and its Subsidiaries for
such period. In the event that the Borrower or any Subsidiary shall have completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Consolidated Interest Expense shall be determined for such period on a
pro forma basis as if such acquisition or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period. 
 “Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis
(without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Subsidiary, but any such income so excluded may be included in such period or any later period to the
extent of any cash dividends or distributions actually paid in the relevant period to the Borrower or any wholly-owned Subsidiary of the Borrower. 

  
 7 

 “Consolidated Tangible Net Assets” means at any date, the total of all
assets of the Borrower Group (including revaluations thereof as a result of commercial appraisals, price level restatement or otherwise) as set forth on the balance sheet most recently delivered to the Lenders pursuant to Section 5.01
net of applicable reserves and deductions but excluding goodwill, trade names, trademarks, unamortized debt discount and all other like intangible assets (which term shall not be construed to include such revaluations) less the aggregate of the
Consolidated Current Liabilities of the Borrower Group appearing on such balance sheet. 
 “Consolidated Working
Capital” means, at any date, the difference of (a) Consolidated Current Assets on such date less (b) Consolidated Current Liabilities on such date. Consolidated Working Capital at any date may be a positive or negative number.
Consolidated Working Capital increases when it becomes more positive or less negative and decreases when it becomes less positive or more negative. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Credit Event” means a Borrowing, the issuance of a Letter of Credit, an LC Disbursement or any of
the foregoing. 
 “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any
other Lender. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” means any event or condition which
constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans,
(ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender
notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been
satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or
public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be
satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an
authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance reasonably satisfactory to it and the Administrative Agent, or (d) has become the subject of a
Bankruptcy Event. 

 “Disposition” or “Dispose” means the sale, assignment,
transfer or other disposition (including any Sale and Leaseback Transaction and any termination of business lines) of any property by the Borrower or any of its Subsidiaries to any Person, including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived
in accordance with Section 9.02). 
 “Environmental Laws” means any and all federal, state, local,
and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, initiatives, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution, the protection of the
environment, natural resources, or, to the extent relating to exposure to Hazardous Materials, human health or safety or to the release of any Hazardous Materials into the environment, including air emissions and discharges to waste or public
systems. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for
damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization required from
any Governmental Authority under any Environmental Law. 
 “Equity Interests” means, with respect to any
Person, all of the shares, membership interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights
for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, 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 defined in Section 4043 of ERISA, or the regulations issued
thereunder, with respect to a Plan, that the Administrative Agent determines in good faith constitutes (i) grounds for the termination of any Plan by the PBGC or the appointment of a trustee to administer or liquidate any Plan, or (ii) a
failure to make required minimum contributions (other than an event for which the 30-day notice period is waived) shall have occurred and be continuing; (b) the existence with respect to any Plan of an “unpaid minimum required
contribution” which means, with respect to any plan year, any minimum required contribution under Section 430 of the Code for the plan year which is not paid on or before the due date (as determined under section 430(j)(1) of the Code) for
the plan year; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by

  
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the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of notice of the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to
the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate from any Multiemployer Plan of notice of (i) the imposition
upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or (ii) a determination that such Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Eurodollar”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such
Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default”
has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means, with respect to
any payment made by the Borrower under any Financing Document, any of the following Taxes imposed on or with respect to a Recipient: 
 (a) income or franchise Taxes imposed on (or measured by) net income by the United States of America, or by the jurisdiction under the laws of which such Recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable lending office is located, 
 (b) any branch profits
Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction in which the Borrower is located, 
 (c) in the case of a Non U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any U.S. federal withholding Taxes resulting from any law
in effect (including FATCA) on the date such Non U.S. Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Non U.S. Lender’s failure to comply with Section 2.17(f),
except to the extent that such Non U.S. Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Taxes
pursuant to Section 2.17(a); and 
 (d) any Business and Occupation Taxes imposed by the State of Washington.

 “Existing Credit Agreement” that certain Credit Agreement, dated as of May 16, 2008 among the Borrower,
the lenders from time to time parties thereto and Barclays Bank PLC, as facility agent, as amended, restated, supplemented or otherwise modified prior to the date hereof. 
 “Existing Indebtedness” means (a) Indebtedness of the Borrower or any Subsidiary that is outstanding on the Effective Date and listed on Schedule 1.01(a) and (b) any
Permitted Refinancing Indebtedness thereof. 
 “Extraordinary Taxes” means taxes paid in connection with
Dispositions and other non-recurring events. 
 “FATCA” means Sections 1471 through 1474 of the Code, as
of the date of this Agreement (or any amended or successor version that is substantially comparable and not materially more onerous to comply with), and any (current or future) regulations or official interpretations thereof. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight federal funds transactions with members of the federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three federal funds
brokers of recognized standing selected by it. 

 “Financial Officer” means the chief financial officer, principal accounting
officer, vice president finance, treasurer or assistant treasurer of the Borrower. 
 “Financing Documents”
means (i) this Agreement, (ii) any promissory notes issued pursuant to Section 2.10(e) of this Agreement, (iii) Interest Hedge Agreements with any Interest Rate Hedge Bank (iv) any Letter of Credit applications,
(v) the Security Documents, (vi) the Collateral Agency Agreement and (vii) all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the
Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on
behalf of the Borrower, or any employee of the Borrower, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Financing
Document to a Financing Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Financing Document as the same may
be in effect at any and all times such reference becomes operative. 
 “GAAP” means generally accepted
accounting principles in the United States of America. 
 “Good Utility Practice” means any of the practices,
methods, and acts engaged in or approved by a significant portion of the electric or gas utility industry in the State of Washington during the relevant time period, or any of the practices, method and acts which, in the exercise of reasonable
judgment in light of the facts known at the time the decision was made, could have been expected to accomplish the desired result at a reasonable cost consistent with good business practices, reliability, safety, economy, and expedition and in a
manner consistent with applicable Laws. Good Utility Practices is not intended to be limited to the optimum practice, methods, or act to the exclusion of all others, but rather to be acceptable practices, methods, or acts generally accepted in the
region. 
 “Governmental Authority” means the government of the United States of America, any other nation or
any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Group FFO” means, for any period, the Consolidated EBITDA of the
Borrower Group for such period plus, without duplication, and in each case to the extent deducted in the calculation of such Consolidated EBITDA (if such item was included in the calculation of Consolidated EBITDA) (a) decreases in the
Consolidated Working Capital of the Borrower Group for such period, (b) interest income, and minus and in each case to the extent included in the calculation of such Consolidated EBITDA (if such item was included in the calculation of
Consolidated EBITDA) (c) consolidated cash income tax paid by the Borrower Group for such period or by the Parent, Parent Holdco (to the extent such Person is not Puget Holdings) or Puget Holdings in respect of the operations of the Borrower
Group for such period (excluding any Extraordinary Taxes), (d) increases in the Consolidated Working Capital of the Borrower Group for such period, in each case determined on a consolidated basis in accordance with GAAP. 

“Group FFO Coverage Ratio” means, for any Test Period, the ratio of (a) Group FFO for such Test Period to
(b) Group Interest for such Test Period. 
 “Group Interest” means, for any period, the aggregate Cash
Interest Expense of the Borrower Group for such period, including the portion of any payments made in respect of Capital Lease Obligations allocable to interest expense, plus the aggregate scheduled recurring fees in respect of

  
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Indebtedness of the Borrower Group for such period, plus the net amount payable (or minus the net amount receivable) by the Borrower Group under Interest Hedging Agreements relating to interest
during such period (other than any such amount payable or receivable by the Borrower Group as a result of the termination or reduction of the notional amount of any Interest Hedging Agreements to the extent such amount payable or receivable is not
already included in Cash Interest Expense), in each case calculated on a consolidated basis in accordance with GAAP. For the avoidance of doubt, Group Interest shall exclude make whole payments. In the event that the Borrower Group shall have
completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Group Interest shall be determined for such period on a pro forma basis as if such acquisition or disposition, and any related incurrence or
repayment of Indebtedness, had occurred at the beginning of such period. 
 “Guarantee” means, as to any
Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the
“Primary Obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of
such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level
of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such
Indebtedness or monetary obligation or (v) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee
against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsement for a collection or deposit in the ordinary
course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, toxic mold, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other such substances or wastes defined in or
otherwise regulated as “hazardous” or “toxic” wastes or substances under applicable Environmental Law. 

“Hybrid Debt Securities” means (a) any securities, trust preferred securities, or deferrable interest subordinated
debt, which, in each such case, provides for the optional or mandatory deferral of interest or distributions, issued by any Borrower Group Member, or (b) Equity Interests of any business trusts, limited liability companies, limited partnerships
or similar entities (i) substantially all of the Equity Interests of which are owned (either directly or indirectly through one or more Subsidiaries) at all times by any Borrower Group Member, (ii) that have been formed for the purpose of
issuing securities, trust preferred securities or deferrable interest subordinated debt of the type described in clause (a) above, and (iii) substantially all the assets of which consist of (x) subordinated debt issued by any Borrower
Group Member, and (y) payments made from time to time on such subordinated debt. 

 “Immaterial Subsidiary” means any Subsidiary (a) designated on the
Effective Date on Schedule 3.13 or designated as such by the Borrower after the Effective Date in a notice delivered to the Administrative Agent and (b) whose total assets (excluding intercompany receivables) at the relevant time of
determination have a gross asset value of less than 1% of total assets (excluding intercompany receivables) of the Borrower and its Subsidiaries on a consolidated basis as set forth on the most recent financial statements delivered pursuant to
Sections 4.01(c) or 5.01(a) and whose total consolidated revenues for the twelve (12) months ending at the relevant time of determination are less than 1% of total consolidated revenue of the Borrower and its Subsidiaries as set
forth on the most recent financial statements delivered pursuant to Sections 4.01(c) or 5.01(a); provided that at no time shall all Immaterial Subsidiaries so designated pursuant to this definition have in the aggregate
(x) total assets (excluding intercompany receivables) at the relevant time of determination having a gross asset value in excess of 5% of total assets (excluding intercompany receivables) of the Borrower and its Subsidiaries on a consolidated
basis as set forth on the most recent financial statements delivered pursuant to Section 4.01(c) or 5.01(a) or (y) total consolidated revenues for the twelve (12) months ending at the relevant time of determination in
excess of 5% of total consolidated revenue of the Borrower and its Subsidiaries on a consolidated basis as set forth on the most recent financial statements delivered pursuant to Sections 4.01(c) and 5.01(a); provided,
further, that (1) in the event that a Subsidiary no longer qualifies as an Immaterial Subsidiary pursuant to clause (b) above, the Borrower shall advise the Administrative Agent thereof in a notice delivered to the
Administrative Agent and (2) in the event that the Subsidiaries designated as Immaterial Subsidiaries pursuant to this definition at the relevant time of determination in the aggregate do not comply with the first proviso in this definition,
the Borrower shall designate one of more of such Subsidiaries as a Subsidiary which is not an Immaterial Subsidiary in a notice delivered to the Administrative Agent. 
 “Increasing Lender” has the meaning assigned to such term in Section 2.20. 
 “Incremental Term Loan” has the meaning assigned to such term in Section 2.20. 
 “Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.20. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, including, without limitation, Hybrid Debt Securities, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale
or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary
course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an
account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) net obligations of such Person under any Interest Hedging
Agreement (the amount of any such net obligation to be the amount that is or would be payable upon settlement, liquidation, termination or acceleration thereof at the time of calculation), (l) all Attributable Receivables Indebtedness of such
Person, (m) all obligations of such Person under Sale and Leaseback Transactions and (n) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Redeemable Equity Interests in
such Person or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred Interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends; The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such 

  
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Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such
Person is not liable therefor. For greater certainty, “Indebtedness” shall not include Indebtedness in an amount equal to the aggregate amount of cash held by the Borrower and its Subsidiaries and included in the cash accounts listed on
the consolidated balance sheet of the Borrower and its Subsidiaries and deposited with the Administrative Agent for the repayment or refinancing of outstanding Indebtedness of the Borrower and its Subsidiaries (other than equity securities that are
mandatorily redeemable 91 or more days after the Maturity Date and that are Hybrid Debt Securities or otherwise classified as hybrid securities by Moody’s and S&P) within 90 days of the date of determination; provided that the use
thereof is not prohibited by law or any contract to which the Borrower or any of its Subsidiaries is a party. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
the Borrower under any Financing Document and (b) Other Taxes. 
 “Information Memorandum” means the
Confidential Information Memorandum dated January 2012 relating to the Borrower and the Transactions. 
 “Intercompany
Loans” means loans, advances or other extensions of credit by any member of the Borrower Group to any other member of the Borrower Group. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08. 

“Interest Hedging Agreements” means any rate swap, cap or collar agreement or similar arrangement between the Borrower
and one or more interest rate hedge providers designed to protect such Person against fluctuations in interest rates. For purposes of this Agreement and the other Financing Documents, the Indebtedness at any time of the Borrower under an Interest
Hedging Agreement shall be determined at such time in accordance with the methodology set forth in such Interest Hedging Agreement. 
 “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December and the Maturity Date,
(b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan
is required to be repaid pursuant to Section 2.10 and the Maturity Date. 
 “Interest Period” means
with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect;
provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date
of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interest Rate Hedge Bank” means (a) any Person that is a Lender or an Affiliate of a Lender at the time it enters
into an Interest Hedging Agreement or (b) Macquarie Bank Limited to the extent it enters into an Interest Hedging Agreement, in each case in its capacity as a party thereto. 

 “Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests, Indebtedness or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of
Indebtedness of, or purchase or other acquisition of any other debt or Equity Interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or
a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of
any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
 “IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means any Lender or financial institution reasonably acceptable to the Borrower and the Administrative
Agent that agrees to issue Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i). Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of
such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 
 “LC Collateral Account” has the meaning assigned to such term in Section 2.06(i). 
 “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC
Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have
become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires,
the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any letter of credit
issued pursuant to this Agreement. 
 “Leverage Ratio” means, as of any date of determination, the ratio of
(a) Total Funded Indebtedness at such date, to (b) Total Capitalization at such date. 
 “LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London
interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, as the rate for deposits in Dollars with a maturity comparable to such Interest Period. In the event that
such rate is not available at such time for any reason, then the 

  
 15 

 
“LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which deposits in Dollars in an amount equal to $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior
to the commencement of such Interest Period. 
 “Lien” means any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement, of any kind or nature whatsoever (including any conditional sale or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and any Capital Lease Obligation having substantially the same economic effect as any of the foregoing). 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Macquarie” means The Macquarie Capital Group, which includes Macquarie Capital Group Limited, its direct or indirect
subsidiaries, and the funds (or similar vehicles) they manage. 
 “Management Fees” means, for any period, the
aggregate amount of all payments (including all fees, salaries and other compensation, but excluding amounts payable under Affiliate Service Agreements) paid or incurred by the Borrower and its Subsidiaries during such period to any of their
Affiliates (including Macquarie) and not otherwise a Restricted Payment; provided that Management Fees shall not include amounts payable to an Affiliate (i) in its capacity as a Lender pursuant to this Agreement or any Financing
Document, (ii) in its capacity as an interest rate hedge provider pursuant to an Interest Hedging Agreement to the extent such Interest Hedging Agreement complies with Section 6.06(a)(i) or (iii) in its capacity as a
lender pursuant to other Indebtedness permitted under this Agreement to the extent such arrangements comply with Section 6.06(a)(i) and such Affiliate is not an arranger, agent or underwriter of such Indebtedness. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, condition
(financial or otherwise) of the Borrower and the Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any and all other Financing Documents or the rights or remedies of the Administrative Agent and the Lenders
thereunder, (c) the ability of the Borrower to perform any of its obligations under this Agreement or any Financing Document, or (d) the material rights or remedies of the Administrative Agent and the Lenders under this Agreement or any
Financing Document. 
 “Material Communications” means, with respect to any Contractual Obligation, any
communication by the Borrower or any of its Subsidiaries with any Governmental Authority or any party to such Contractual Obligation regarding an event or circumstance that could reasonably be expected to result in a Material Adverse Effect.

 “Material Indebtedness/Material Swap Obligations” means (a) Indebtedness (other than the Loans and
Letters of Credit), or (b) obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries, in the case of (a) or (b), in an aggregate principal amount exceeding $50,000,000. For purposes of
determining Material Indebtedness/Material Swap Obligation, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Notices” means, with respect to any material Contractual Obligation, any notice sent or received by the Borrower or any of its Subsidiaries regarding a material event or
circumstance, including the occurrence of any default under such Contractual Obligation or termination of such Contractual Obligation or any other development that could reasonably be expected to result in a Material Adverse Effect. 

 “Maturity Date” means February 10, 2017. 

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

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

“Net Cash Proceeds” means with respect to any Disposition by any member of the Borrower Group or any issuance of
Indebtedness by any member of the Borrower Group, the gross proceeds of all cash actually received by such Borrower Group Member in connection with such Disposition or Issuance; provided that (i) Net Cash Proceeds shall be net of:
(a) the amount of any legal, advisory, title, transfer and recording tax expenses, commissions and other fees and expenses paid by the Borrower or the applicable Subsidiary in connection with such transaction and (b) any federal, state and
local income or other taxes estimated to be payable by Puget Holdings, the Borrower or the applicable Subsidiary as a result of such transaction (but only to the extent that such estimated taxes are in fact paid to the relevant federal, state or
local Governmental Authority when due; provided that at the time such taxes are paid, an amount equal to the amount, if any, by which such estimated taxes exceed the amount of taxes actually paid shall constitute “Net Cash Proceeds”
for all purposes hereunder), (ii) with respect to any Disposition, Net Cash Proceeds shall be net of any repayments by the Borrower or the applicable Subsidiary of Indebtedness to the extent that (x) such Indebtedness is secured by a Lien
permitted by Section 6.01 on the Property that is the subject of such Disposition and (y) the transferee of (or holder of a Lien on) such Property requires that such Indebtedness be repaid, (iii) for all Dispositions, Net Cash
Proceeds shall be net of any earn out or other similar obligation owed by the Borrower or applicable Subsidiary in connection with the acquisition thereof, (iv) Net Cash Proceeds shall be net of any reserve for adjustment in respect of
(x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities (other than taxes deducted pursuant to clause (b) above) associated with such asset or assets and retained by any Borrower Group
Member after such sale or other disposition thereof, including pension and other postemployment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with such transaction,
and it being understood that “Net Cash Proceeds” shall include (A) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration by any Borrower Group Member in any such Disposition and (B) upon the
reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in this clause (iv) or if such liabilities have not been satisfied in cash and the remaining amount of such reserve is
not reversed within 365 days after such Disposition, the remaining amount of such reserve and (v) if the applicable cash payments are in the first instance received by a Subsidiary that is not a wholly-owned Subsidiary, the related Net Cash
Proceeds shall be net of the proportionate share of the common Equity Interests of such Subsidiary (and of any intermediate Subsidiary) owned by Persons that are not wholly-owned Subsidiaries of the Borrower. 

“Non-U.S. Lender” means a Lender that is not a U.S. Person. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued
and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding), obligations and liabilities of the Borrower to any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or
arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or
any of the other Financing Documents or to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters
of Credit or other instruments at any time evidencing any thereof. 

  
 17 

 “Operating Company” means PSE and each other Subsidiary of the Borrower
other than any Immaterial Subsidiary and, for the avoidance of doubt, the term Operating Company shall include Puget Western, Inc. 
 “Operating Company Credit Agreement” means any credit agreement, loan agreement, reimbursement agreement, indenture, supplemental indenture or other agreement evidencing Indebtedness that
is entered into by PSE or any other Operating Company. 
 “Organizational Documents” means, (a) with
respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of
its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 

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

“Other Hedging Agreements” means any swap, cap or collar agreement or similar arrangement entered into by any Borrower
Group Member designed to protect any Borrower Group Member against fluctuations in currency exchange rates or commodity prices. 

“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any
Financing Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 2.19(b)). 
 “Parent” means the Person that is the direct owner of 100% of the Equity Interests of the Borrower, which as of the Effective Date, is Puget Equico LLC, a Washington limited liability
company; provided that the Parent shall be a direct or indirect wholly-owned Subsidiary of Puget Holdings. 

“Parent Holdco” means the Person that is the direct owner of 100% of the Equity Interests of the Parent. 

“Participant” has the meaning assigned to such term in Section 9.04. 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Acquisition” means an acquisition consummated by or through PSE
(including any newly formed wholly-owned Subsidiary of PSE (a “Newco”)), of all or substantially all, of the assets of or shares or other Equity Interests in a Person, or division or line of business of a Person (other than inventory,
leases, materials and equipment in the ordinary course of business), in each case 

 
that is engaged in substantially the same general line of business or businesses as those in which PSE (not including any of its Subsidiaries for this purpose) is engaged or businesses reasonably
related, complementary or ancillary thereto; provided that: 
 (i) such acquisition shall be consensual
and shall have been approved by the board of directors (or similar governing body) of the Person whose Equity Interests or assets are proposed to be acquired and shall not have been preceded by an unsolicited tender offer for such Equity Interests
by, or proxy contest initiated by, Borrower or any of its Subsidiaries; 
 (ii) the aggregate purchase price paid
by the Borrower Group for any such acquisition shall not exceed $750,000,000; 
 (iii) an Authorized Officer of
the Borrower shall have delivered a certificate substantially in the form of Exhibit J, attesting to the Solvency of the Borrower and its Subsidiaries (taken as a whole, including the acquired Person or assets, after giving effect to such
acquisition); 
 (iv) any Liens assumed in connection with such acquisition are otherwise permitted under
Section 6.01; 
 (v) [reserved]; 

(vi) [reserved]; 
 (vii) no Default or Event of Default shall exist immediately prior to such acquisition or, after giving effect to such acquisition, shall have occurred and be continuing, or would result from the
consummation of the proposed acquisition; and 
 (viii) the Borrower and the Subsidiaries are in compliance, on a
pro forma basis reasonably acceptable to the Administrative Agent after giving effect to such acquisition (but without giving effect to any synergies or cost savings), with the covenants contained in Section 6.09 recomputed as of
the last day of the most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be
amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration paid in respect of such acquisition exceeds
$500,000,000, the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections requested by the
Administrative Agent. 
 “Permitted Collateral Liens” means Liens of the type specified in
Section 6.01(e), (m), (n), (p), and (u). 
 “Permitted Holders” means
the Persons listed on Schedule 1.01(b) hereto. 
 “Permitted Refinancing Indebtedness” means any
Indebtedness of any Borrower Group Member, as applicable, issued in exchange for, or the Net Cash Proceeds of which are used to refund, refinance, replace, defease or discharge Existing Indebtedness; provided, that: 

(i) The principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of and any unfunded commitment under the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus (x) all refinancing fees and expenses incurred in connection
therewith including, without limitation, underwriting fees, closing fees, agency fees, premiums, make-whole amounts or original issue discount and LIBOR breakage costs due in accordance with Section 2.16 of this Agreement and other
reasonable out-of-pocket expenses incurred by the Borrower and (y) an amount equal to any termination payment paid pursuant to an Interest Hedging Agreement which has been terminated by the Borrower in connection with the incurrence of any
Permitted Refinancing Indebtedness); 

  
 19 

 (ii) Such Permitted Refinancing Indebtedness has weighted average life to
maturity equal to or greater than the weighted average life to maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(iii) If the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of
payment to this Agreement, such Permitted Refinancing Indebtedness is subordinated in right of payment to this Agreement on terms, taken as whole, at least as favorable to the Lenders as the subordination terms contained in the documentation
governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; provided that a certificate of an Authorized Officer of the Borrower is delivered to the Administrative Agent at least five (5) Business Days
(or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such subordination terms or drafts of the
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement
unless the Administrative Agent notifies the Borrower within such period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees); 

(iv) Such Indebtedness is incurred by the Person who is the obligor on the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded; 
 (v) The Permitted Refinancing Indebtedness is not secured by any
Collateral not granted to the holders of the Indebtedness being financed, renewed, replaced, defeased or refunded; and 
 (vi) Such Permitted Refinancing Indebtedness shall have terms which shall be no more restrictive taken as a whole, and shall not, taken as a whole, be materially less favorable, in any respect on the
Borrower or the Operating Companies than the provisions of the Indebtedness being refinanced, renewed, replaced, defeased or refunded; provided, however, the pricing terms may be less favorable where such Indebtedness has matured or is
scheduled to mature within six (6) months and is being refinanced at then-prevailing market price. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other
than a Multiemployer Plan) 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 Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledge Agreement” means the Amended and Restated Pledge Agreement, dated as of February 6, 2009 and amended and
restated as of May 10, 2010, from Puget Equico LLC, as pledgor to Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time), a copy of which is attached hereto as Exhibit K. 

“Preferred Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a
preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 

“Pricing Level” means Pricing Level I, Pricing Level II, Pricing Level III, Pricing Level IV,
Pricing Level V or Pricing Level VI, as the context may require. 
 “Pricing Level I” means any time when
(a) no Event of Default has occurred and is continuing, and (b) the Senior Debt Rating is BBB+ or higher by S&P or Baa1 or higher by Moody’s. 

 “Pricing Level II” means any time when (a) no Event of Default
has occurred and is continuing, (b) the Senior Debt Rating is BBB or higher by S&P or Baa2 or higher by Moody’s and (c) Pricing Level I does not apply. 
 “Pricing Level III” means any time when (a) no Event of Default has occurred and is continuing, (b) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by
Moody’s and (c) none of Pricing Levels I or II is applicable. 
 “Pricing Level IV” means any
time when (a) no Event of Default has occurred and is continuing, (b) the Senior Debt Rating is BB+ or higher by S&P or Ba1 or higher by Moody’s and (c) none of Pricing Levels I, II or III is applicable. 

“Pricing Level V” means any time when (a) no Event of Default has occurred and is continuing, (b) the Senior
Debt Rating is BB or higher by S&P or Ba2 or higher by Moody’s and (c) none of Pricing Levels I, II, III or IV is applicable. 
 “Pricing Level VI” means any time when none of Pricing Levels I, II, III, IV and V is applicable. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City;
each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
 “Pro Forma Basis” means, with respect to any event, that the Borrower is in compliance on a pro forma basis with the applicable covenant, calculation or requirement herein recomputed as
if the event with respect to which compliance on a Pro Forma Basis is being tested had occurred on the first day of the four fiscal quarter period most recently ended on or prior to such date for which financial statements have been delivered
pursuant to Section 5.01. 
 “Projections” has the meaning assigned to such term in
Section 5.01(c). 
 “Property” means any right or interest in or to property of any kind
whatsoever, whether real or personal, or mixed and whether tangible or intangible, and including, for the avoidance of doubt, revenues and contractual rights. 
 “PSE” means Puget Sound Energy, Inc., a Washington corporation. 

“Puget Holdings” means Puget Holdings LLC, a Delaware limited liability company. 

“Quarter End Date” means March 31, June 30, September 30 and December 31 of each year.

 “Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender (and, in the case
of a Lender that is classified as a partnership for U.S. federal tax purposes, a Person treated as the beneficial owner thereof for U.S. federal tax purposes) and (c) any Issuing Bank. 

“Redeemable” means, with respect to any Equity Interest, any such Equity Interest that (a) the issuer has
undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable at the option of the
holder. 
 “Register” has the meaning assigned to such term in Section 9.04. 

“Regulatory Approval” means (a) any authorization, consent, approval, license, ruling, permit, tariff,
certification, waiver, exemption, filing required by chapter 80.08 or 80.12 RCW, variance, order, judgment or decree of, by, or by any Borrower Group Member, the Parent, Parent Holdco (to the extent such Person is not Puget Holdings) or Puget
Holdings with, (b) any required notice by any Borrower Group Member, (c) any declaration containing material obligations of any Borrower Group Member made by or filed with, or (d) any Borrower Group Member registration by or with, any
Governmental Authority. 

  
 21 

 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means at any time, subject to Section 2.21(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the
total Revolving Credit Exposures and Available Revolving Commitments at such time. 
 “Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property, other than common Equity Interests in the Borrower) on account of any Equity Interest of any Borrower Group Member, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the
Borrower’s stockholders, partners or members (or the equivalent Persons thereof); provided that payments made to Affiliates pursuant to transactions permitted by Section 6.06(a) shall not constitute Restricted Payments.

 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding
principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business. 
 “Sale and Leaseback Transaction” means any sale or other transfer of any property or asset by
any Person with the intent to lease such property or asset as lessee. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Secured Obligations” has the meaning assigned thereto in the Collateral
Agency Agreement. 
 “Secured Parties” means, collectively, the Agents, the Lenders, the Interest Rate Hedge
Banks and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to this Agreement. 

“Security Agreement” means the Amended and Restated Borrower Security Agreement, dated as of February 6, 2009 and
as amended and restated as of May 10, 2010 and as further amended as of February 10, 2012, between the Borrower and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time), a copy of which is
attached hereto as Exhibit L. 
 “Security Documents” means, collectively, the Security Agreement, the Pledge
Agreement and any other security agreements, pledge agreements or other similar agreements delivered to the Agents, the Lenders and the Interest Rate Hedge Banks, and any other agreements, instruments or documents that create or purport to create a
Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 
 “Senior Debt Rating” means at
any date, the credit rating identified by S&P or Moody’s as the credit rating which (a) it has assigned to long term secured senior debt of the Borrower or (b) it would assign to long term secured senior debt of the Borrower were
the Borrower to issue or have outstanding any long term secured senior debt on such date. 

 “Solvent” means, in reference to the Borrower, (a) the fair value of
the assets of the Borrower, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower will be greater than the amount that will be
required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower will be able to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now
conducted and is proposed to be conducted after the Effective Date. 
 “Statutory Reserve Rate” means a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage. 
 “Subordinated Indebtedness” means any Indebtedness of the Borrower or any
Subsidiary the payment of which is subordinated to payment of the obligations under the Financing Documents. 

“Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated
Indebtedness or entered into in connection with any Subordinated Indebtedness. 
 “subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held,
or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Borrower. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or
any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
the Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Swingline Exposure” means, at any time, the
aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 

“Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 

  
 23 

 “Swingline Loan” means a Loan made pursuant to Section 2.05.

 “Syndication Agent” means The Royal Bank of Scotland plc in its capacity as syndication agent for the credit
facility evidenced by this Agreement. 
 “Tax-Free Debt” means Indebtedness of PSE to a state, territory or
possession of the United States or any political subdivision thereof issued in a transaction in which such state, territory, possession or political subdivision issued obligations the interest on which is excludable from gross income pursuant to the
provisions of Section 103 of the Code (or similar provisions), as in effect at the time of issuance of such obligations, and debt to a bank issuing a Letter of Credit with respect to the principal of or interest on such obligations. 

“Taxes” or “Tax” means any present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Test Period” means the period commencing twelve (12) months prior to and including each Quarter End Date. Any financial ratio or compliance with any covenant in respect of any Test
Period shall be determined, as of the Quarter End Date on which such Test Period ends, on the date on which the financial statements pursuant to Section 5.01(a) or Section 5.01(b) have been, or should have been, delivered for
the applicable fiscal period ending on such Quarter End Date. 
 “Total Capitalization” means, at any time, the
sum, without duplication, of (a) Total Shareholders’ Equity at such time and (b) Total Funded Indebtedness at such time. 
 “Total Funded Indebtedness” means, for the Borrower and its Subsidiaries, without duplication, on a consolidated basis, the sum of (a) all Indebtedness of such Person for borrowed
money, except to the extent such Indebtedness is “non-recourse” to such Person or recourse for payment of such Indebtedness is limited to specific assets of such Person (whether or not included on a consolidated balance sheet of such
Person), (b) the principal portion of all obligations of such Person under Capital Lease Obligations, (c) all unreimbursed obligations relative to the face amount of all letters of credit issued to support Indebtedness of the kinds
referred to in clauses (a) and (b) above, (d) all Guarantees of such Person with respect to Indebtedness and obligations of the type described in clauses (a) through (c) hereof of another Person;
provided that such Guarantees are required to be reported as liabilities on a balance sheet of such Person prepared in accordance with GAAP (and without duplication of any liability already appearing as a liability on such balance sheet); and
provided, further that, in the event a Guarantee is limited as to dollar amount, such Guarantee shall not exceed such limitation and (e) all Indebtedness and obligations of the type described in clauses (a),
(b), and (c) hereof of another Person, secured by a Lien on any property of such Person whether or not such Indebtedness or obligations has been assumed by such Person. Notwithstanding the foregoing, Total Funded Indebtedness
(i) shall not include (x) trust preferred securities, if any, (y) interest on Indebtedness that is accrued in the ordinary course of business and (z) any intercompany Indebtedness between the Borrower and any of its Subsidiaries
or among any of its Subsidiaries and (ii) shall include intercompany Indebtedness (or Equity Interests having the characteristics of Indebtedness) owing to any direct or indirect parent of the Borrower. 

“Total Shareholders’ Equity” means, at any time, the amount of total common shareholders’ equity of the
Borrower and its Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) plus (a) the cumulative non-cash mark-to-market charges (net of taxes) recognized by the Borrower and its Subsidiaries in all
periods; minus (b) the cumulative non-cash mark-to-market gains (net of taxes) recognized by the Borrower and its Subsidiaries in all periods in each case calculated exclusive of the effect on the Borrower’s accumulated other
comprehensive income/loss of the ongoing application of Accounting Standards Codification Topic 815. 

 “Transactions” means the execution, delivery and performance by the
Borrower of this Agreement and the other Financing Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in
nature or unliquidated at such time, including any Secured Obligation that is: (a) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (b) any other obligation (including any guarantee)
that is contingent in nature at such time; or (c) an obligation to provide collateral to secure any of the foregoing types of obligations. 
 “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(D)(2). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding
Agent” means the Borrower and the Administrative Agent. 
 SECTION 1.02. Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar
Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed
as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and
assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, and (g) all actions by specified officers of a Person shall be deemed to be taken by such specified officer solely in such
specified officer’s capacity as such officer. 

  
 25 

 SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that
the Required Lenders request an amendment to any provision hereof for such purpose) (including, without limitation, any change in GAAP resulting in any operating lease being reclassified as a capital lease), regardless of whether any such notice is
given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made (i) except with respect to the revaluation of Indebtedness or liabilities to the extent reflected on the Borrower’s audited consolidated balance sheet for the fiscal year ending December 31, 2010, without
giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards (“ASC”) 159) (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of
Indebtedness in respect of convertible debt instruments under ASC 470-20-15 (previously referred to as Financial Accounting Standards Board Staff Position APB 14-1) to value any such Indebtedness in a reduced or bifurcated manner as described
therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 
 (b) All pro forma
computations required to be made hereunder giving effect to any acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro forma effect thereto (and, in the
case of any pro forma computation made hereunder to determine whether such acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such
transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive
fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with
the last fiscal quarter included in the financial statements referred to in Section 3.07(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of (but without giving
effect to any synergies or cost savings) and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate of interest and is being given
pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such
Indebtedness). 
 SECTION 1.05. Status of Obligations. In the event that the Borrower shall at any time issue or have
outstanding any Subordinated Indebtedness, the Borrower shall take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to
enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. Without limiting the
foregoing, 

 
the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or
other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have
and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 
 ARTICLE II 
 The Credits 

SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the
Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) the amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or
(ii) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

 SECTION 2.02. Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as part of a
Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the
procedures set forth in Section 2.05. 
 (b) Subject to Section 2.14, each Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith; provided that, except to the extent the Administrative Agent shall have received an indemnification substantially consistent with the terms of
Section 2.16 not less than three (3) Business Days prior to the Effective Date, all Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Eurodollar Borrowings in accordance with
Section 2.08. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the
provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any
Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is
an integral multiple of $100,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than a total of eight (8) Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect
thereto would end after the Maturity Date. 

  
 27 

 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower shall
notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the
case of an ABR Borrowing, not later than 1:00 p.m., New York City time, one (1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.06(e) may be given not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed
promptly by hand delivery, telecopy or electronic transmission to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request
shall specify the following information in compliance with Section 2.02: 
 (i) the aggregate amount
of the requested Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no
election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to
be made as part of the requested Borrowing. 
 SECTION 2.04. Intentionally Omitted. 

SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans
exceeding $50,000,000 or (ii) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline
Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy or electronic transmission), not later than 1:00 p.m., New York City
time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), the amount of the requested Swingline Loan and identify the account, including routing
information, where such Swingline Loan shall be deposited. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the
Borrower by means of a credit to a general deposit account of the Borrower as directed by the Borrower (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by
remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. 

 (c) The Swingline Lender may by written notice given to the Administrative Agent not later
than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline
Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each
Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.
Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph
by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan
acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party
on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such
payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 SECTION 2.06.
Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit denominated in Dollars for its own account, in a form reasonably acceptable to the
Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Subject to the terms and
conditions set forth herein, no Issuing Bank shall be obligated to issue, amend or increase any Letter of Credit if: 
 (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable
to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, such issuance of
letters of credit generally, or such Letter of Credit in particular, or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise
compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it;
or 

  
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 (ii) the issuance of such Letter of Credit would violate one or more
policies of such Issuing Bank applicable to letters of credit generally. 
 (b) Notice of Issuance, Amendment, Renewal,
Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the applicable Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance
of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter
of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application in a form acceptable to the Issuing Bank. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure would not exceed
$100,000,000 and (ii) the sum of the total Revolving Credit Exposures shall not exceed the Aggregate Commitment. 
 (c)
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension
thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date provided that any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional
one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above). 
 (d)
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, the applicable Issuing Bank
hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender’s Applicable Percentage of
each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment,
renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 (e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower
shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on
the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on
such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that,
if such LC Disbursement is not less than $1,000,000, the 

 
Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving
Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline
Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage
thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to
Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received
by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that
Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the applicable
Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any
lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or
any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the applicable Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes
beyond the control of such Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank 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 Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction), such
Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be
in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in their respective sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice
or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

  
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 (g) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic transmission)
of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such
Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If any Issuing Bank shall
make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement
is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to
paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of
payment by any Lender pursuant to paragraph (e) of this Section to reimburse the applicable Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement of Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall
pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the applicable Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous related Issuing Bank, or to such successor and all previous related Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to
have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the
amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the
Administrative Agent as collateral for the payment and performance of the Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account (and the Borrower hereby grants
the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the
Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the
applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the 

 
satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of applicable
Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived. 

SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s
Applicable Percentage; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds,
to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be
remitted by the Administrative Agent to the Issuing Bank. 
 (b) Unless the Administrative Agent shall have received notice from
a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08. Interest Elections. (a) Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
 (b) To make an
election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving
Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic
transmission to the Administrative Agent of a written Interest Election Request in a form 

  
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approved by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) elect an
Interest Period for Eurodollar Loans that does not comply with Section 2.02(d) or (ii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made.

 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below
shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be
an ABR Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender
of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a
timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an
Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the
Interest Period applicable thereto. 
 SECTION 2.09. Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may at any time terminate, or from time to
time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000 and (ii) the Borrower shall not terminate or reduce the
Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the Aggregate Commitment. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be 

 
revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments
shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that
is the 15th or last day of a calendar month and is at
least two (2) Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the
Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent 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. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note in substantially the form of Exhibit F. In such event, the Borrower shall prepare, execute and deliver to such Lender a
promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns). 
 SECTION 2.11. Prepayment of Loans. (a) The Borrower shall have
the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11. The Borrower shall notify the Administrative Agent (and, in the case
of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy or electronic transmission) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 1:00 p.m., New
York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 1:00 p.m., New York City time, one (1) Business Day before the date of prepayment or
(iii) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be
revoked if such notice of termination is revoked in accordance with 

  
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Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment
of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the
prepaid Borrowing. Prepayments shall be payable without penalty or premium and shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to
Section 2.16. 
 (b) If at any time the sum of the aggregate principal amount of all of the Revolving Credit
Exposures exceeds the Aggregate Commitment, the Borrower shall immediately repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate
principal amount sufficient to cause the aggregate principal amount of all Revolving Credit Exposures to be less than or equal to the Aggregate Commitment. 
 SECTION 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the “Commitment Fee Rate”, as
set forth in the definition of Applicable Rate, on the average daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such Commitment terminates;
provided that for purposes of calculating the Available Revolving Commitment of each such Lender, the Swingline Exposure of such Lender shall not be included in the Revolving Credit Exposure for such Lender. Accrued fees shall be payable in
arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any commitment fees accruing after
the date on which the Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of
each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such
Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates
and the date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at a rate per annum mutually agreed upon between the Borrower and the Issuing Bank on the
average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by the Issuing Bank during the period from and including the Effective Date to but
excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation,
negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June,
September and December of each year shall be payable on the third (3rd) Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments
terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All
participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees
payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees,
to the applicable Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13. Interest.
(a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest
Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the
event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by
reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error. 
 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a
Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as
applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy or electronic transmission as promptly
as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (and the Administrative Agent shall use commercially reasonable efforts to provide
such notice 

  
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promptly following such circumstances no longer existing as determined by the Administrative Agent in its sole discretion (or, in the case of clause (b) above, promptly following the
Administrative Agent being advised thereof by the Required Lenders)), (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any
such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

SECTION 2.15. Increased Costs; Illegality. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; 

(ii) impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense
affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto
(other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Other Connection Taxes on gross or net income, profits, or revenue (including value-added or similar Taxes)); 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to
increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other
Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing
Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender
or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such
Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level
below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and
the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional
amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in
paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any
such certificate within ten (10) days after receipt thereof. 
 (d) Failure or delay on the part of any Lender or any
Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a

 
Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(e) If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for
any Lender or its lending office to make, maintain or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of
such Lender to make or continue Eurodollar Loans or to convert ABR Loans to Eurodollar Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is
determined by reference to the LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO
Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower
shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Loans of such Lender to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the LIBO Rate, the
Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that
it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate (and such Lender shall use commercially reasonable efforts to provide such notice promptly following such circumstances no longer existing as
determined by such Lender in its sole discretion). Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
 SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as
a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate
each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would
have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period
therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period
at the interest rate which such 

  
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Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the eurodollar market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within ten (10) days after receipt thereof. 
 SECTION 2.17. Taxes. (a) Withholding
of Taxes; Gross-Up. Each payment by the Borrower under any Financing Document shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised
in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are
Indemnified Taxes, then the amount payable by the Borrower shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives
the amount it would have received had no such withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The
Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c)
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification by the Borrower. The Borrower shall indemnify each Recipient for any Indemnified Taxes that are paid or
payable by such Recipient in connection with any Financing Document (including amounts paid or payable under this Section 2.17(d)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.17(d) shall be paid within ten (10) days after the Recipient delivers to the Borrower a certificate
stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis of the indemnity claim. Such certificate shall be conclusive of the amount so payable absent manifest error. Such Recipient shall deliver a
copy of such certificate to the Administrative Agent. 
 (e) Indemnification by the Lenders. Each Lender shall severally
indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of
the Borrower to do so) attributable to such Lender that are paid or payable by the Administrative Agent or the Borrower (as applicable) in connection with any Financing Document and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.17(e) shall be paid within ten (10) days after the Administrative Agent delivers to
the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

(f) Status of Lenders. (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax
with respect to any payments under any Financing Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by law or 

 
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to any withholding
(including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 2.17(f)(ii) (A) through (E) below) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this
Section 2.17(f). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within ten
(10) days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so.

 (ii) Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with
respect to the Borrower shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which
such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 
 (A) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a
party (1) with respect to payments of interest under any Financing Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (2) with respect to any other applicable payments under any Financing Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty; 
 (C) in the case of a Non-U.S. Lender for whom
payments under any Financing Document constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit G (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement
(including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this
paragraph (f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more
of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

  
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 (F) any other form prescribed by law as a basis for claiming exemption from,
or a reduction of, U.S. federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

(iii) If a payment made to a Lender under any Financing Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent,
at the time or times prescribed by law and at such time or times reasonably requested by the Withholding 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 Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine whether such Lender is in compliance with such Lender’s obligations
under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith,
that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including additional amounts paid pursuant to this Section 2.17), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party
pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this Section 2.17(g), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 2.17(g) if such payment would place such indemnified
party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 2.17(g) shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person. 

(h) Issuing Bank. For purposes of Sections 2.17(e) and (f), the term “Lender” includes the Issuing
Banks. 
 SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, except payments to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15,
2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. If any 

 
payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 
 (b)
Subject to the terms of the Collateral Agency Agreement, any proceeds of Collateral received by the Administrative Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Financing Documents
(which shall be applied as specified by the Borrower) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, such funds shall be applied ratably first, to pay
any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and any Issuing Bank from the Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower, third, to
pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with respect to Banking Services Obligations ratably, fifth, to pay an amount to the
Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations,
and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by the Borrower. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless a
Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such Eurodollar Loan
or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any event, the Borrower shall pay the break funding payment required in accordance with Section 2.16. The Administrative
Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 

(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Financing Documents, may be paid from the proceeds of Borrowings made hereunder whether made
following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section. The Borrower hereby irrevocably authorizes the Administrative Agent to make a Borrowing for the purpose of paying each payment
of principal, interest and fees as it becomes due hereunder or any other amount due under the Financing Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be
deemed to have been requested pursuant to Section 2.03, 2.04 or 2.05, as applicable. 
 (d) If any
Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as 

  
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consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the
Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such
participation. 
 (e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the applicable Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
applicable Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such
unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of
clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under the
Financing Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the
Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount

 
equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, 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) and (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and 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 2.20. Expansion Option. The Borrower may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term
Loan”), in each case in minimum increments of $100,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $500,000,000. The Borrower may arrange for any
such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks,
financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend
Commitments, as the case may be; provided that (i) each Increasing Lender and Augmenting Lender shall be subject to the approval of the Borrower, the Administrative Agent and each Issuing Bank and (ii) (x) in the case of an
Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement
substantially in the form of Exhibit D hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan
pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the
relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans
shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02
shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance
(on a Pro Forma Basis reasonably acceptable to the Administrative Agent) with the covenants contained in Section 6.09 and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective
Date as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase. On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant
Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to
cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding
Revolving Loans, and (ii) except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to
consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to
clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower 

  
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pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods. The Incremental Term Loans (a) shall rank
pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more
favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other
covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans. Incremental Term Loans may be made hereunder pursuant to an
amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Financing Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting
Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Financing Documents as may be
necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a
commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time. 

SECTION 2.21. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees
shall cease to accrue on the Available Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

(b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a
Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 
 (c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 
 (i) so long as no Default shall be continuing, all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with
their respective Applicable Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all
non-Defaulting Lenders’ Commitments; 
 (ii) if the reallocation described in clause (i) above
cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the
benefit of the Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 
 (iii) if the Borrower
cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect
to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated
pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages;
and 
 (v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash
collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b)
with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Banks shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the
non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(c), and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall
be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with respect to a Lender Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the
Issuing Banks have a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline
Loan and the Issuing Banks shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender,
satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Banks each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be
a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Loans of the other
Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

ARTICLE III 

Representations and Warranties 
 The Borrower hereby represents and warrants to the Lenders that. 
 SECTION 3.01.
Existence, Qualification and Power; Compliance with Laws. The Borrower, and each of the Operating Companies and, in the case of clause (e) only, each of the other Subsidiaries, of the Borrower, (a) is a Person duly organized or
formed, validly existing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its material assets and carry on its business and (ii) in the case of the
Borrower, execute, deliver and perform its obligations under the Financing Documents to which it is a party, (c) is duly organized and validly existing under the Laws of the jurisdiction of its incorporation or organization and of each other
jurisdiction where its ownership, lease or operation of material Properties or the conduct of its 

  
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business as now conducted requires such qualification, (d) is in compliance in all material respects with all Laws, orders, writs, injunctions and orders and (e) has all requisite
Regulatory Approvals to own its material Properties and operate its business as currently conducted, in the case of the foregoing clauses (c) through (e), except for such matters that could not reasonably be expected to result in a Material
Adverse Effect. 
 SECTION 3.02. Binding Effect. This Agreement and each other Financing Document has been duly executed
and delivered by the Borrower. This Agreement and each other Financing Document constitute the legal, valid and binding obligation of Borrower enforceable against the Borrower in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 
 SECTION 3.03. Authorization; No Contravention. The
execution, delivery and performance by the Borrower of this Agreement and each other Financing Document are within the Borrower’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action,
and do not and will not (a) contravene the terms of any of the Borrower’s Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by
Section 6.01), or require any payment to be made under (i) any Contractual Obligation to which the Borrower or any of its Subsidiaries is a party or affecting the Borrower or any of its Subsidiaries or the properties of the Borrower
or any of its Subsidiaries or (ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or any of its Subsidiaries or any of their property is subject or (c) violate any
applicable Law, in the case of the foregoing clauses (b) and (c), except for such matters that could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.04. Governmental Authorization; Other Consents. Other than as specified in Schedule 3.04, there is no Regulatory Approval and there is no approval, consent, exemption,
authorization, or other action by, or notice to, or filing with any other Person that is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or any other
Financing Document to which it is a party and the consummation of the transactions contemplated hereby and thereby or (b) the ability of the Operating Companies to operate their businesses as currently operated, except for the Regulatory
Approvals and the other approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect. 

SECTION 3.05. Taxes. The income tax of the Borrower and its Subsidiaries is included in a consolidated tax return for U.S. federal
income tax purposes, of which Puget Holdings is the “common parent” (within the meaning of Section 1504 of the Code) of such group. 
 Each Borrower Group Member has filed all tax returns and reports required to be filed, and has paid all income taxes and other material taxes, assessments, fees and other governmental charges levied or
imposed upon it or its properties, income or assets otherwise due and payable, except in each case those (a) which are not yet due and payable, or (b) which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP. 
 SECTION 3.06. No Default. Neither the
Borrower nor any Subsidiary is in default under or with respect to, any material Contractual Obligation, except for any such default which could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is
continuing. 

 SECTION 3.07. Financial Statements; No Material Adverse Effect; Indebtedness.
(a) The financial statements furnished pursuant to Section 4.01(c) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the dates thereof and their results of operations for the
period covered thereby in accordance with GAAP, consistently applied throughout the periods covered thereby. As of the date of such financial statements, (i) there has been no sale, transfer or other disposition by the Borrower or any of its
Subsidiaries of any material part of the business or Property of the Borrower and its Subsidiaries, taken as a whole, (ii) there has been no purchase or other acquisition by the Borrower or any of its Subsidiaries of any business or Property
(including any Equity Interests of any other Person) material in relation to the consolidated financial condition of the Borrower and its consolidated Subsidiaries (taken as a whole) and (iii) the Borrower and the Operating Companies did not
have any material contingent liabilities, material liabilities for Taxes, material and unusual forward or long-term commitments or material and unrealized or anticipated losses from any unfavorable commitments, except as referred to or reflected or
provided for in such financial statements or as arising solely from the execution and delivery of the Financing Documents, in each case, which is not reflected in the foregoing financial statements or in the notes thereto or has not otherwise been
disclosed in writing to the Lenders prior to the Effective Date. 
 (b) The forecasts of consolidated balance sheets, income
statements and cash flow statements of the Borrower and its Subsidiaries for each fiscal year ending after the Effective Date until the Maturity Date, copies of which have been furnished to the Administrative Agent prior to the Effective Date in a
form reasonably satisfactory to it, have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts and no representation or warranty is
made as to the actual attainability of any such forecasts. 
 (c) Since December 31, 2010, there has been no event or
circumstance, either individually or in the aggregate, that has resulted in or could reasonably be expected to result in, on or after the Effective Date, a Material Adverse Effect. 

SECTION 3.08. Ranking. The Financing Documents and the Secured Obligations evidenced thereby rank and will at all times rank at
least pari passu with all other senior, secured Indebtedness of the Borrower, whether now existing or hereafter outstanding. 
 SECTION 3.09. Ownership of Assets. (a) (i) Each Borrower Group Member owns and (to the extent applicable) has good and defensible title to its material Properties and assets, in each case
free and clear of all Liens other than Liens permitted pursuant to Section 6.01 and (ii) each Borrower Group Member has good and defensible title in fee simple to, or valid leasehold or license interests in, or easements or other
limited property interests in, all material real property necessary in the ordinary conduct of its business, free and clear of all Liens except for Liens permitted pursuant to Section 6.01, and, in each case, subject to such exceptions,
defects and qualifications as do not (x) affect the value of any such properties of such Borrower Group Member in any material respect or (y) affect the use made or proposed to be made of such properties by the Borrower or any such
Operating Company in any material respect. 
 (b) Other than the security interests, if any, granted to the Collateral Agent for
the ratable benefit of the Secured Parties pursuant to the Security Documents, no Borrower Group Member has pledged, assigned, sold, granted a Lien on or security interest in, or otherwise conveyed any of its Properties, assets or revenues, other
than Liens permitted pursuant to Section 6.01 or Dispositions not precluded by this Agreement. 
 SECTION 3.10.
No Other Business. The Borrower has not engaged in any business and has not incurred any liabilities other than (a) directly relating to its direct ownership of PSE and its direct or indirect ownership of the other Operating Companies
and Immaterial Subsidiaries and (b) as otherwise not prohibited under the Financing Documents. 

  
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 SECTION 3.11. Insurance. All insurance required to be obtained by the Borrower Group
Members pursuant to Section 5.08 has been obtained and is in full force and effect, and all premiums then due and payable on all such insurance have been paid. 
 SECTION 3.12. Disclosure. No report, financial statement, certificate or other written information (including the Information Memorandum) furnished by or on behalf of the Borrower or any of its
Subsidiaries to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or any other Financing Documents (as modified or supplemented by other
information so furnished) at the time so furnished when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not materially misleading, except as could not reasonably be expected to result in a Material Adverse Effect; provided that with respect to the Projections and any other projected financial information, forecasts, estimates or forward-looking
information, the Borrower represents only that such information and materials have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such
forecasts, and no representation or warranty is made as to the actual attainability of any such Projections or forecasts. 

SECTION 3.13. Subsidiaries; Equity Interests. (a) As of the Effective Date, the Borrower has no other Subsidiaries other than
those listed in Schedule 3.13(a). All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and all Equity Interests owned by the Borrower are owned free and clear of all Liens
except those, if any, created under the Security Documents and Liens permitted by Section 6.01. As of the Effective Date, Schedule 3.13(b) (a) sets forth the name and jurisdiction of each such Subsidiary and (b) sets
forth the ownership interest of the Borrower and any other Subsidiary in each such Subsidiary, including the percentage of such ownership; provided that the Borrower hereby represents that it owns, directly, 100% of the Equity Interests of PSE.

 SECTION 3.14. No Dividend Restrictions. Except as set forth in Schedule 3.14 or as permitted by this Agreement,
there are no contractual or regulatory restrictions limiting the ability of any Operating Company from making distributions, dividends or other return on capital to the Borrower in an amount sufficient to satisfy the Obligations under the Financing
Documents. 
 SECTION 3.15. Litigation. There are no actions, suits, proceedings, disputes or known claims pending or, to
the knowledge of the Borrower, threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or revenues,
except as set forth in Schedule 3.15, or which individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.16. Solvency. Prior to and after giving effect to the transactions contemplated by the Financing Documents, the Borrower, on a consolidated basis with its Subsidiaries, is Solvent.

 SECTION 3.17. Margin Regulations; Investment Company Act; USA PATRIOT Act; federal Power
Act. 
 (a) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation T, U and X issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) No Borrower Group Member is or, after giving effect to the transactions contemplated hereby, will be an “investment
company” as defined in and subject to regulation under the Investment Company Act of 1940. 
 (c) The making of the Loans
and the use of the proceeds thereof shall not violate the Trading With the Enemy Act, as amended, or any of the foreign assets control regulations of the U.S. Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto and each Borrower Group Member is in compliance with the U.S. Executive Order 13224 of September 24, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit
or Support Terrorism (66 Fed. Reg. 49, 079 (2001)) (the “Anti-Terrorism Order”) and the provisions of Public Law 107-56 (the “USA PATRIOT Act”). 
 (d) On and after the Effective Date, the Borrower is a “holding company” within the meaning of Section 1262(8) of the Public Utility Holding Company Act of 2005 (“PUHCA”) by
reason of its direct or indirect ownership of one or more “public-utility companies” within the meaning of Section 1262(14) of PUHCA. The Borrower has filed with the federal Energy Regulatory Commission a notification of its
“holding company” status pursuant to 18 C.F.R. § 366.4(a) (2005). On and after the Effective Date, the Borrower and certain of its subsidiaries qualifies for waiver, pursuant to 18 C.F.R. § 366.3(c), of the PUHCA accounting,
record-retention, and filing requirements at 18 C.F.R. §§ 366.21, 366.22, and 366.23, or are otherwise exempt from such requirements pursuant to 18 C.F.R. § 366.3(a). 

SECTION 3.18. ERISA Compliance. (a) Except as could not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws. 
 (b) (i) No ERISA Event has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan; (ii) the Borrower, neither the
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of
ERISA with respect to a Multiemployer Plan; and (iii) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could reasonably be subject to Sections 4069 or 4212(c) of ERISA, except, with respect to each of the foregoing
clauses (i) through (iii) of this Section 3.18(b), as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

SECTION 3.19. Environmental Compliance. Except as expressly set forth in the Annual Report: 

(a) Except as specified in Schedule 3.19, there are no claims, actions, suits, or proceedings in respect of or affecting the
Borrower or any of its Subsidiaries (or any of their respective Properties) alleging potential liability or responsibility for violation of, or otherwise relating to, any Environmental Law that could, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. 
 (b) Except as specified in Schedule 3.19, the properties owned,
leased or operated by the Operating Companies do not contain any Hazardous Materials in amounts or concentrations which (i) constitute, or constituted a violation of, (ii) require remedial action under, or (iii) could give rise to
liability under, Environmental Laws, which violations, remedial actions and liabilities, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

  
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 (c) Except as specified in Schedule 3.19, none of the Operating Companies is
undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of
Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law except for such investigation or assessment or remedial or response action
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (d) Except
as specified in Schedule 3.19, all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any of the Operating Companies have been disposed of in
a manner not reasonably expected to result, individually or in the aggregate, in a Material Adverse Effect. 
 (e) Except as set
forth in Schedule 3.19, and except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, none of the Operating Companies has contractually assumed, with a Governmental Authority or
otherwise, any liability or obligation under or relating to any Environmental Law. 
 SECTION 3.20. Labor Disputes. No
labor dispute with the Borrower or any of its Subsidiaries exists or is imminent that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.21. Affiliate Transactions. Except as specified on Schedule 3.21 or permitted by Section 6.09, no
Borrower Group Member has, directly or indirectly, entered into any transaction since September 30, 2011 or that is in effect on September 30, 2011 and that is otherwise permitted hereunder with or for the benefit of any Affiliate.

 SECTION 3.22. Collateral. All filings and other actions necessary to perfect the security interest in the Collateral
created under the Security Documents have been duly made or taken and are in full force and effect, and the Security Documents create in favor of the Collateral Agent for the benefit of the Secured Parties are valid and, together with such filings
and other actions, perfected first priority security interest in the Collateral (subject to Permitted Collateral Liens), securing the payment of the Secured Obligations, and all filings and other actions necessary to perfect such security interest
have been duly taken. Puget Equico and the Borrower are the legal and beneficial owners of the Collateral free and clear of any Lien, except for Liens permitted under Section 6.01. 

ARTICLE IV 

Conditions 
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of any Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of
the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent
(or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or
electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Perkins Coie LLP, counsel

 
for the Borrower, in form and substance reasonably acceptable to the Administrative Agent, and covering such other matters relating to the Borrower, the Financing Documents or the Transactions as
the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The
Lenders shall have received (i) satisfactory audited consolidated financial statements of the Borrower for the two most recent fiscal years ended prior to the Effective Date as to which such financial statements are available,
(ii) satisfactory unaudited interim consolidated financial statements of the Borrower for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph as to
which such financial statements are publicly available and (iii) satisfactory financial statement projections through and including the Borrower’s 2016 fiscal year, together with such information as the Administrative Agent and the Lenders
shall reasonably request (including, without limitation, a detailed description of the assumptions used in preparing such projections). 
 (d) The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good
standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, the Financing Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and
as further described in the list of closing documents attached as Exhibit E and (ii) to the extent requested by any of the Lenders, all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 
 (e) The
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a)
and (b) of Section 4.02. 
 (f) The Administrative Agent shall have received evidence satisfactory to it
that the Existing Credit Agreement shall have been terminated and cancelled and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans) and any and all liens thereunder shall have been
terminated and released (except to the extent supporting the Secured Obligations under the Security Documents). 
 (g) The
Administrative Agent shall have received evidence reasonably satisfactory to it that all governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the Transactions and the
continuing operations of the Borrower and its Subsidiaries have been obtained and are in full force and effect. 
 (h) The
Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder. 
 (i) Liens creating a first priority security interest in the collateral shall
have been perfected to the reasonable satisfaction of the Administrative Agent. 
 (j) The Administrative Agent (or its counsel)
shall have received from each party thereto such other documents listed on Exhibit E hereto. 
 The Administrative Agent shall notify the
Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

  
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 SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of any Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (other than to the extent qualified by materiality or “Material
Adverse Effect”, in which case, such representations and warranties shall be true and correct) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (or to the
extent that such representations and warranties specifically refer to an earlier date, as of such earlier date). 
 (b) At the
time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing. 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by
the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

ARTICLE V 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that the Borrower will, and will cause its Subsidiaries to: 

SECTION 5.01. Financial Statements. Deliver to the Administrative Agent (for prompt further distribution to the Collateral Agent,
if applicable, and each Lender): 
 (a) as soon as available, but in any event within ninety (90) days after the end of
each fiscal year of the Borrower or as otherwise earlier required by the SEC, from and after the Effective Date, a consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, audited and accompanied by (i) a report and opinion by any firm of independent registered public accounting of nationally recognized standing (or any other independent registered public accounting firm acceptable to the
Administrative Agent in its sole discretion), which report and opinion shall be prepared in accordance with GAAP, shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the
scope of such audit and shall state that said consolidated financial statements fairly present the consolidated financial condition and results of operations of the Borrower and its consolidated Subsidiaries as at the end of, and for, such fiscal
year in accordance with GAAP; 
 (b) as soon as available, but in any event within forty-five (45) days after the end of
each of the first three (3) fiscal quarters of each fiscal year of the Borrower or as otherwise earlier required by the SEC, from and after the Effective Date, an unaudited consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at the end of each such fiscal quarter, and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash
flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail and certified by an Authorized Officer as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its consolidated Subsidiaries in
accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; 

 (c) as soon as available, and in any event no less than ninety (90) days after the
commencement of each fiscal year of the Borrower from and after the Effective Date, (i) a detailed consolidated budget by fiscal quarter for the following fiscal year (which may be updated as required and including a projected consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions
applicable thereto) (collectively, the “Projections”) and (ii) a schedule setting forth the projected Capital Expenditure requirements of the Borrower Group and a comprehensive business plan of the Borrower Group for such
period (the “Business Plan”), which Projections, schedule of Capital Expenditures and Business Plan shall in each case be accompanied by a certificate of an Authorized Officer stating that (x) such Projections are based on
estimates, information and assumptions believed to be reasonable at the time of preparation of the Projections (but no representation shall be made as to the actual attainability of such Projections) and (y) such schedule and Business Plan have
been prepared in good faith and have been delivered (without variance or modification) to the senior management and board of directors of the Borrower; 
 (d) promptly after the same become publicly available, notice of all registration statements, regular periodic reports and press releases filed by the Borrower or any Subsidiary with the SEC, or any
Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange; 
 (e)
such other information regarding the Borrower Group Members as the Administrative Agent or any Lender may reasonably request for the Administrative Agent or such Lender to carry out and be satisfied with the “know your customer” and
anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act or other checks required to be carried out by local regulatory authorities; and 
 (f) such other information regarding the Borrower and its Subsidiaries as the Administrative Agent or any Lender may reasonably request and which is reasonably available to the Borrower and its
Subsidiaries. 
 SECTION 5.02. Compliance Certificate. Deliver to the Administrative Agent (for prompt further
distribution to the Collateral Agent), if applicable, and each Lender, (a) concurrently with any delivery of financial statements under Section 5.01(a) or Section 5.01(b), a certificate of an Authorized Officer
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance with Section 6.09, and (iii) stating whether any change in GAAP applicable to the financial statements or in the application thereof has occurred since the date of the audited financial statements referred
to in Section 4.01(c) or, if more recent, Section 5.01(a), (and except as described in the financial statements provided pursuant to Section 4.01(c), or Section 5.01(a) or Section 5.01(b))
and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, and (b) concurrently with any delivery of financial statements under Section 5.01(a), a
certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default under Section 6.09 (which
certificate may be limited to the extent required by accounting rules or guidelines and in any event shall be limited to Defaults insofar as they may relate to accounting matters). 

  
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 SECTION 5.03. Notices. Promptly, but in any event within five (5) Business Days,
after the Borrower has obtained knowledge thereof and in the case of clauses (a) through (d), unless prohibited by applicable Law, notify or deliver to the Administrative Agent (for prompt notification or delivery to the Collateral Agent and
each Lender): 
 (a) copies of any written notice received by the Borrower regarding any actual or threatened dispute,
litigation, investigation, proceeding or suspension with respect to the Borrower or any of its Subsidiaries by or before any court or any Governmental Authority which could reasonably be expected to result in a Material Adverse Effect; 

(b) copies of all Material Notices and Material Communications received by the Borrower or any of its Subsidiaries in connection with any
material Contractual Obligation or from any Governmental Authority which could reasonably be expected to result in a Material Adverse Effect; 
 (c) details of (i) the transfer of more than 5% of any Equity Interests of the Borrower or any Borrower Group Member except for any such transfers between Operating Companies or (ii) changes in
the composition of the board of directors or executive management of the Borrower or any Borrower Group Member; provided, the board of directors of PSE shall have at least one independent director; 

(d) details of any other events or circumstances that results in or would reasonably be expected to result in a Material Adverse Effect;

 (e) details of any Default or Event of Default; and 
 (f) details of each change to the Senior Debt Rating. 
 Each notice pursuant to this Section shall
be accompanied by a written statement of an Authorized Officer of the Borrower (x) that such notice is being delivered pursuant to Section 5.03(a), (b), (c), (d) or (e) (as applicable) and
(y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. 
 SECTION 5.04. Compliance with Laws. 
 (a) The Borrower will, and will cause
each of its Subsidiaries to, comply with all applicable laws, including, without limitation, ERISA and all other employee benefit laws and shall from time to time obtain and renew, and shall comply with, each Regulatory Approval as is or in the
future shall be necessary for the operation of its business under applicable Laws (except for any non-compliance which could not reasonably be expected to result in a Material Adverse Effect). 

(b) The Borrower and each Subsidiary of the Borrower shall not petition, request or take any legal or administrative action that seeks to
amend, supplement or modify any Regulatory Approval in any material respect unless such amendment, supplement or modification could not reasonably be expected to result in a Material Adverse Effect. The Borrower shall promptly upon receipt by it or
any of its Subsidiaries or upon publication furnish to the Administrative Agent and each Lender a copy (certified by an Authorized Officer of the Borrower) of each amendment, supplement or modification to any such Regulatory Approval. 

SECTION 5.05. Preservation of Existence, Etc. Preserve, renew and maintain in full force and effect its legal existence under the
Laws of the jurisdiction of its organization, except as expressly permitted by Section 6.04; and (b) take all reasonable action to maintain all rights, privileges (including its status as validly existing), permits, licenses and
franchises necessary in the normal conduct of its business, except such rights, privileges, permits, licenses or franchise which, if not maintained, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.06. Compliance with Environmental Laws. Except as specified in Schedule 3.19 and except, and in each case, to the
extent that the failure to do so could not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect: (i) comply, and take all reasonable actions to cause all lessees and other Persons operating or
occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits reasonably necessary for its operations and properties; and (iii) in each case to the
extent required by Environmental Laws, conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action reasonably necessary to remove and clean up all Hazardous Materials from any of its
properties, to the extent required by the requirements of all Environmental Laws. 

 SECTION 5.07. Maintenance of Properties; Ownership of Subsidiaries. 

(a) Except as contemplated by Schedule 5.07, and except to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect, (i) maintain, preserve and protect all of its material Properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and
casualty or condemnation excepted, and (ii) make all necessary renewals, replacements, modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance with prudent industry practice; and 

(b) The Borrower shall at all times from and after the Effective Date own, directly, 100% of the Equity Interests of PSE. 

SECTION 5.08. Maintenance of Insurance. Maintain insurance with financially sound and reputable insurance companies with respect
to all of its Properties and assets, as is usually carried by companies engaged in similar business and as is consistent with the prudent operation of its business; provided, however, neither the Borrower nor any Borrower Group Member
shall be prohibited from self insuring to the extent that such self-insurance is consistent with the prudent operation of its business and companies engaged in similar businesses. 

SECTION 5.09. Use of Proceeds. The Borrower shall use the proceeds of the Loans (a) for general corporate purposes in the
ordinary course of the Borrower’s business; provided, that special or one-time dividends shall not be deemed to be in the ordinary course of the Borrower’s business and (b) to refinance outstanding Indebtedness under the
Existing Credit Agreement. 
 SECTION 5.10. Payment of Obligations. Pay, discharge or otherwise satisfy as the same shall
become due and payable, all its obligations and liabilities in respect of material Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its Property, except to the extent that the
failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.11. Cooperation.
Perform such acts as are reasonably requested by the Administrative Agent to carry out the intent of, and transactions contemplated by, this Agreement and the other Financing Documents. Promptly upon the reasonable request by any Agent, or any
Lender through the Administrative Agent, do, execute, acknowledge, deliver, record, rerecord, file, re-file, register and re-register any and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds,
assignments, financing statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as any Agent, or any Lender through the Administrative Agent, may reasonably
require from time to time in order to (a) subject the Borrower’s properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Security Documents, and (b) perfect and maintain the validity,
effectiveness and priority of any of the Security Documents and any of the Liens intended to be created thereunder. 
 SECTION
5.12. Books and Records. Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material transactions
and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 

  
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 SECTION 5.13. Financing Documents; Material Documents. 

(a) Perform and observe all of its covenants and obligations pursuant to any material Contractual Obligation to which it is a party or
pursuant to which it has any obligations, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; 
 (b) Take all reasonable and necessary action to prevent the termination or cancellation of any Financing Document or other material Contractual Obligation in accordance with the terms of such Financing
Document or other material Contractual Obligation or otherwise, except to the extent, in the case of any material Contractual Obligation, that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; and

 (c) enforce against the relevant party to a material Contractual Obligation (other than the Lenders or Agents) such covenants
of such material Contractual Obligation in accordance with its terms, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.14. Maintenance of Ratings. From and after the Effective Date, the Borrower will maintain monitored public ratings on
its senior unsecured debt from S&P and Moody’s. 
 SECTION 5.15. Inspection Rights. At any reasonable time and
from time to time upon reasonable notice (but no more than once at the Borrower’s expense in any fiscal year so long as no Event of Default has occurred and is continuing), permit or arrange for the Administrative Agent (and permit any Lender
to accompany the Administrative Agent), to examine and make copies of and abstracts from the records and books of account of, and the properties of, the Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the
Borrower and its Subsidiaries with the Borrower and its Subsidiaries and their respective officers, directors and accountants (provided that (i) so long as no Event of Default has occurred and is continuing, a representative of the Borrower may
be present for any communication with the independent public accountants and (ii) the Borrower reserves the right to restrict access to any generating facilities in accordance with reasonably adopted procedures relating to safety and security,
and to the extent reasonably requested to maintain normal operations of the Borrower or any of its Subsidiaries). 
 SECTION
5.16. Additional Collateral. The Borrower will cause all of its owned property (whether real, personal, tangible, intangible, or mixed) to be subject at all times to first priority, perfected Liens in favor of the Collateral Agent for the
benefit of the Secured Parties to secure the Secured Obligations in accordance with the terms and conditions of the Security Documents, subject in any case to Liens permitted by Section 6.01. Without limiting the generality of the
foregoing, the Borrower will cause the issued and outstanding Equity Interests directly owned by the Borrower to be subject at all times to a first priority, perfected Lien in favor of the Collateral Agent to secure the Secured Obligations in
accordance with the terms and conditions of the Security Documents or such other pledge and security documents as the Collateral Agent shall reasonably request. In the event of the addition of any real property collateral, the Borrower will use
commercially reasonable efforts to cause to be delivered to the Collateral Agent “life of loan” flood zone determination and, if applicable, flood insurance certificates and borrower notices, as well as other documentation customarily
delivered relative to real estate collateral as reasonably requested by the Collateral Agent. 

 ARTICLE VI 
 Negative Covenants 
 Until the Commitments have expired or terminated and
the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the
Lenders that the Borrower shall not, nor shall it permit any of the Operating Companies, to: 
 SECTION 6.01. Liens.
Create, incur, assume or suffer to exist any Lien upon any of its material Property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
 (a) Liens for the benefit of the Secured Parties pursuant to any Financing Document and, with respect to PSE only, Liens in respect of cash collateral arrangements for letters of credit issued under the
Operating Company Credit Agreement; 
 (b) (i) Liens existing on the Effective Date and listed on Schedule 6.01(b)
or (ii) Liens securing any Existing Indebtedness contemplated by clause (b) of the definition thereof; provided, in the case of this clause (ii), that such Lien shall apply only to Property (whether now owned or after-acquired) of a
type that is subject to a Lien securing the corresponding Existing Indebtedness referred to in clause (a) of the definition thereof (including the proceeds thereof) and shall not extend to any other Property; 

(c) Liens for taxes, assessments or governmental charges imposed on the Borrower or any Subsidiary or any of their property by any
Governmental Authority which are not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the Borrower or such
Subsidiary, to the extent required by and in accordance with GAAP; 
 (d) Liens of carriers, warehousemen, mechanics,
materialmen, repairmen, construction contractors, statutory liens of landlords or other like liens arising in the ordinary course of business which secure amounts not yet due and payable or which are being contested in good faith and by appropriate
proceedings diligently conducted, if Person to the extent required by and in accordance with GAAP; 
 (e) pledges or deposits in
the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance and other social security legislation or (ii) required to secure performance bids, tenders, trade contracts, performance bonds,
statutory obligations, leases, government contracts, surety and appeals bonds, indemnity, performance or other similar bonds in connection with judicial or administrative proceedings and other obligations of a like nature (exclusive of obligations
for borrowed money); 
 (f) easements, rights-of-way, licenses, restrictions, encroachments, protrusions and other similar
encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of any Borrower Group Member; 

(g) Liens securing judgments that do not involve any material risk of forfeiture of any assets of any of the Operating Companies or any
Financing Document that do not exceed $50,000,000 in the aggregate and that within ten (10) days are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on
the books of the applicable Person in accordance with GAAP for the payment of money not constituting an Event of Default under Section 7.01(k); 
 (h) Liens securing payment of Tax-Free Debt and credit enhancement obligations related to such Tax-Free Debt; provided that (i) any claims in respect of the principal balance of the
obligations being secured thereby shall not exceed $250,000,000 at any time, and (ii) each such Lien shall extend only to the property, and proceeds thereof, being financed by the Tax-Free Debt secured thereby; 

(i) Liens for purchase money security interests or Capital Lease Obligations which are secured solely by the assets acquired (and
proceeds and products thereof), up to $150,000,000 in the aggregate; provided that such Lien arises prior to or within 60 days after such acquisition or the incurrence of such Capital Lease Obligation; 

  
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 (j) zoning, building and other generally applicable land use restrictions, which, in the
aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower and the Operating Companies taken as a whole; 
 (k) licenses of intellectual property entered into in the ordinary course of business; 
 (l) Liens that have been placed by a third party on the fee title of leased real property or property over which any Borrower Group Member has easement, license or similar rights, and subordination or
similar agreements relating thereto; 
 (m) bankers’ liens, rights of setoff and other similar liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by any Borrower Group Member arising in the ordinary course of business from netting services, overdraft protection, Banking Services Obligations and otherwise in
connection with the maintenance of deposit, securities and commodities accounts; 
 (n) Liens solely on any cash earnest money
or other deposits made by Borrower or any of its Subsidiaries in connection with any Permitted Acquisition, letter of intent or purchase agreement permitted hereunder; 
 (o) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property or consignments or similar arrangements entered into in the
ordinary course of business; 
 (p) Liens on (i) insurance policies and the proceeds thereof securing the financing of the
premiums with respect thereto to the extent securing Indebtedness owed to any Person providing property, casualty, business interruption or liability insurance to the Borrower or any Operating Company of the Borrower so long as such Indebtedness
shall not be in excess of the unpaid costs of, and shall be incurred only to defer the cost of, such insurance for the annual period in which such Indebtedness is incurred and in any event, not in excess of $5,000,000 at any time (“Permitted
Premium Financing Indebtedness”), (ii) dividends and rebates and other identifiable proceeds therefrom which may become payable under insurance policies and loss payments which reduce the incurred premiums on such insurance policies,
(iii) rights which may arise under state insurance guarantee funds relating to any such insurance policy, in each case securing Permitted Premium Financing Indebtedness and (iv) pledges or deposits of cash and Cash Equivalents securing
deductibles, self-insurance, co-payment, co-insurance, retentions or similar obligations to providers of property, casualty or liability insurance in the ordinary course of business; provided, however, that claims in respect of such
Liens shall not exceed $5,000,000 at any time; 
 (q) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (r)
Liens on conservation investment assets as security for obligations incurred in financing or refinancing bondable conservation investments in accordance with the laws of the State of Washington; 

(s) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any
property or asset of any Person that becomes a Subsidiary after the date hereof pursuant to a Permitted Acquisition (or on such Person’s assets) prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not
created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any other Subsidiary (other than the
proceeds of such property or assets), (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof and (iv) such Lien, together with any other Liens incurred pursuant to this paragraph (s) shall not secure Indebtedness or other obligations in excess of
$250,000,000 in the aggregate; 

 (t) other Liens securing Indebtedness and other obligations in an aggregate amount not to
exceed $100,000,000 at any time; 
 (u) Liens securing Permitted Refinancing Indebtedness of the Borrower (but not of any other
Borrower Group Member); provided that such Liens and any rights in respect thereof are subject to the terms of the Collateral Agency Agreement and all net cash proceeds in respect thereof are applied to prepay the Loans; and 

(v) Liens pursuant to (i) PSE’s First and Refunding Mortgage, dated as of June 2, 1924 (as supplemented and amended, the
“Existing 1924 Mortgage”), as described therein, (ii) PSE’s Indenture of First Mortgage, dated as of April 1, 1957 (as supplemented and amended, the “Existing 1957 Mortgage”), as described therein,
(iii) PSE’s Indenture, dated as of December 1, 1997 (as supplemented and amended, the “Existing 1997 Indenture”), as described therein, and (iv) any replacement indenture in respect of the Existing 1924 Mortgage, the
Existing 1957 Mortgage or the Existing 1997 Indenture, and any supplements thereto, so long as (1) any such Liens under any such replacement indenture apply to the property or assets of PSE in a manner substantially consistent with the terms of
the Existing 1924 Mortgage, the Existing 1957 Mortgage or the Existing 1997 Indenture, as applicable, and (2) the borrowing capacity and other restrictions on PSE’s ability to incur any obligations under any such replacement indenture are
substantially the same as those set forth in the Existing 1924 Mortgage, the Existing 1957 Mortgage or the Existing 1997 Indenture, as applicable; 
 provided that notwithstanding any of the foregoing to the contrary, other than pursuant to paragraphs (a), (d), (e), (m), (n), (p) and (u) above, the Borrower shall not agree to the imposition
of any Lien upon the Collateral. 
 SECTION 6.02. Dispositions. Make any Disposition or enter into any agreement to make
any Disposition, except: 
 (a) Dispositions (other than Collateral constituting Equity Interests in PSE) in the ordinary course
of business (including Dispositions of obsolete or worn out or surplus property no longer required or useful in the business or operations of the Borrower or any of its Subsidiaries); 

(b) Dispositions of assets and businesses specified on Schedule 5.07 or expected to be sold or terminated under the Business Plan
most recently delivered to the Administrative Agent prior to the Effective Date; 
 (c) Dispositions of Investments in Cash
Equivalents in the ordinary course of business; 
 (d) Dispositions of assets which individually or in the aggregate are less
than 15% of the Consolidated Tangible Net Assets as of the Effective Date and for which no less than 80% of the proceeds received therefor are in cash or Cash Equivalents; 
 (e) Dispositions constituting a Lien permitted pursuant to Section 6.01; 
 (f) the sale or issuance of any Subsidiary’s Equity Interests to the Borrower; 
 (g) Dispositions of assets in connection with any transaction permitted by Section 6.04; 
 (h) assignments and licenses of intellectual property or other intangibles of the Borrower Group Members in the ordinary course of business; 

(i) any Disposition of any asset or interest therein in exchange for utility plant, equipment or other utility assets (other than notes
or other obligations) in each case equal to the fair market value (as determined in good faith by the Borrower) of such asset or interest therein; provided, however, that the fair market value of any such assets or interests Disposed
of under this paragraph (i) shall not exceed $5,000,000 in the aggregate in any fiscal year; 

  
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 (j) other Dispositions, in one transaction or a series of related transactions, resulting in
Net Cash Proceeds not exceeding (i) $100,000,000 in the aggregate in any fiscal year and (ii) $250,000,000 in the aggregate at any time after the Effective Date; provided, that any Disposition of any property pursuant to this
Section 6.02 shall be for no less than the fair market value of such property at the time of execution of the relevant agreement with respect to such Disposition and taxes due with respect to such Dispositions shall be substantially
contemporaneously paid (or reserved for future payment) out of the proceeds from such Disposition; and 
 (k) the Disposition of
substantially all of the electric distribution assets of PSE located in Jefferson County, Washington, pursuant to that certain Asset Sale Agreement, dated as of June 11, 2010, by and between Public Utility District No.1 of Jefferson County, a
public utility district organized under the laws of the state of Washington and PSE, as in effect as of the Effective Date; provided, that PSE shall receive net cash proceeds of not less than the fair market value of the assets subject to
such Disposition as reasonably determined by the board of directors of the Borrower in good faith in net cash proceeds. 
 In
the case of any of the foregoing Dispositions, the Borrower and the Subsidiaries are in compliance, on a pro forma basis after giving effect to such Disposition with the covenants contained in Section 6.09 recomputed as of the last day
of the most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such Disposition (and any related repayment of Indebtedness) had occurred on the first day of each relevant period for testing such
compliance and, if the Net Cash Proceeds in respect of such Disposition under clause (b), (d) or (j) of this Section 6.02 exceeds 5% of total assets of the Borrower and its Subsidiaries on a consolidated
basis as set forth on the most recent financial statements delivered pursuant to Section 4.01(c) and 5.01(a), the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to
such effect, together with all relevant financial information, statements and projections requested by the Administrative Agent. 
 SECTION 6.03. Investments. Make or hold any Investments, except: 
 (a)
Investments by the Borrower or an Operating Company in cash and Cash Equivalents; 
 (b) Investments in Interest Hedging
Agreements; 
 (c) Investments by PSE or any other Operating Companies in Other Hedging Agreements entered into in the ordinary
course of business and not for speculative purposes; 
 (d) Intercompany Loans from the Borrower to any Operating Company or
from PSE to its Subsidiaries which are Operating Companies; 
 (e) Equity Interests in (x) Subsidiaries in existence on the
date hereof, (y) Operating Companies acquired or created after the Effective Date in connection with Permitted Acquisitions, and (z) Subsidiaries consisting of Immaterial Subsidiaries; 

(f) Permitted Acquisitions; 
 (g) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and supplies, in each case in the ordinary course of
business; 
 (h) extensions of trade credit in the ordinary course of business; 

(i) Investments made as a result of the receipt of non-cash consideration from a Disposition in compliance with Section 6.02;

 (j) Investments made by any Person that becomes a Subsidiary after the date hereof;
provided that such Investment exists at the time such Person becomes a Subsidiary and are not made in contemplation of or in connection with such Person becoming a Subsidiary; 

(k) loans and advances made in the ordinary course of business to their respective employees, officers and directors so long as the
aggregate principal amount thereof at any time outstanding (excluding temporary advances in the ordinary course of business) shall not exceed $3,000,000; 
 (l) Investments existing on the date hereof and identified on Schedule 6.03(l); and 
 (m) in addition to Investments permitted by clauses (a) through (l) above so long as no Default or Event of Default shall exist immediately prior thereto or after giving effect thereto,
additional Investments so long as the aggregate amount invested, loaned or advanced pursuant to this clause (m) does not exceed $100,000,000 in the aggregate at any time outstanding. 

SECTION 6.04. Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except for (a) Permitted Acquisitions, (b) Dispositions permitted under
Section 6.02, (c) the liquidation or dissolution of any Immaterial Subsidiary and (d) if at the time thereof and immediately after giving effect thereto no Event of Default or Default shall have occurred and be continuing,
(i) the merger, amalgamation or consolidation of any Operating Company into or with the Borrower in a transaction in which the Borrower is the surviving corporation, and (ii) the merger, amalgamation or consolidation of any Operating
Company into or with any other Operating Company or the liquidation or dissolution of any Operating Company (other than PSE) into any other Operating Company; provided, however, that in any merger or amalgamation or consolidation
involving PSE or any liquidation or dissolution of any Operating Company into PSE, PSE shall be the surviving corporation. 

SECTION 6.05. Nature of Business. (a) Engage in any line of business substantially different from those lines of business
conducted by the Borrower Group Members on the Effective Date or in connection with any Permitted Acquisition or any business reasonably related, complimentary or ancillary thereto. 

(b) In the case of the Borrower from and after the Effective Date, conduct, transact or otherwise engage in any business or operations
other than those reasonably related to (A) its ownership of the Equity Interests of its Subsidiaries, (B) the maintenance of its legal existence, (C) the performance of this Agreement and the other Financing Documents, and
(D) any transaction that the Borrower is expressly permitted to enter into or consummate under this Agreement. 
 (c)
Terminate or amend, waive, modify or supplement any of the provisions of its Organizational Documents or consent to any such termination, amendment, waiver, modification or supplement, unless any of the foregoing actions could not reasonably be
expected to result in a Material Adverse Effect. 

  
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 SECTION 6.06. Transactions with Affiliates; Management Fees. (a) Enter into any
transaction of any kind with any Affiliate (including Affiliate Service Agreements), whether or not in the ordinary course of business, other than (i) on terms substantially as favorable to the Borrower Group Member as would be obtainable by
such Borrower Group Member at the time in a comparable arm’s-length transaction with a Person other than an Affiliate, (ii) Intercompany Loans to the extent permitted under Section 6.03, (iii) as approved or required by
any Governmental Authority or as required by applicable Law, and (iv) the payment of Management Fees permitted by clause (b) below. 
 (b) Pay any Management Fees or enter into or permit to exist any agreement or arrangement for the payment of Management Fees, unless such fees are expressly subordinated to the Secured Obligations on the
terms set forth in Exhibit M. 
 SECTION 6.07. Accounting Changes. Make any change in its fiscal year except to the
extent required by applicable Law and/or GAAP. In such event, the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the
Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year arising as a result of such change in applicable Law.

 SECTION 6.08. Restrictive Agreements. Directly or indirectly, enter into, or incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Borrower Group Member to create, incur or permit to exist any Lien upon any of its material Property or assets (except as permitted under
Section 6.01), or (b) the ability of PSE or any other wholly-owned Subsidiary to pay dividends or other distributions with respect to, or to return capital in respect of its common Equity Interests or to make or repay loans or
advances to any Borrower Group Member or to Guarantee Indebtedness of any Borrower Group Member; provided that the foregoing shall not apply to: 
 (i) prohibitions, restrictions and conditions imposed by applicable Laws, any Governmental Authority or this Agreement; 

(ii) prohibitions, restrictions and conditions identified on Schedule 3.14 or otherwise resulting from or relating
to Existing Indebtedness (without amendment, modification or waiver, other than in connection with Permitted Refinancing Indebtedness) or prohibitions, restrictions and conditions not more restrictive taken as a whole than such provisions in
agreements entered into after the Effective Date to evidence or govern Indebtedness that is permitted by this Agreement; 
 (iii) provisions of the type described in clause (a) above imposed by the holder of any Lien permitted by Section 6.01(d), (e), (h), (i), (m), (n),
(r) and (s) but solely with respect to the property purported to be encumbered by such Lien; 
 (iv) any agreement in effect at the time any Person becomes a Subsidiary pursuant to a Permitted Acquisition and not in contemplation of, or in connection with, such Person becoming a Subsidiary and only
relating to or in connection with the Property or assets of such Person (and any extensions, renewals, or replacements of such agreement so long as any restrictions and conditions in such extended, renewed or replaced agreement are not more
restrictive than the applicable original agreement or extend to additional Property); 
 (v) customary
restrictions and conditions contained in agreements relating to any Disposition of any asset or property; provided that such restrictions and conditions only apply to the asset or property to be sold, assigned or transferred and such sale,
assignment or transfer is permitted by Section 6.02; and 

 (vi) customary provisions restricting assignment or transfer of any
agreement entered into in the ordinary course of business. 
 SECTION 6.09. Certain Financial Covenants. 

(a) Group FFO Coverage Ratio. The Borrower will not permit the Group FFO Coverage Ratio at the end of any Test Period to be less
than 2.00 to 1.00. 
 (b) Maximum Leverage Ratio. The Borrower will not permit the Leverage Ratio to be greater than 0.65
to 1.00 at any time. 
 SECTION 6.10. Preservation of Rights. Assign, cancel, terminate, waive any material default
under, material breach of or material right under, or materially amend, supplement or modify or give any material consent under (including any consent or assignment of), any Financing Document or material Contractual Obligation, except, other than
in the case of any Financing Document, to the extent that any such action would not reasonably be expected to result in a Material Adverse Effect. 
 ARTICLE VII 
 Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay (i) any principal of any Loan when and as the same shall become due or (ii) any
reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable (and such failure under this clause (ii) shall continue unremedied for a period of one (1) Business Day), in each case,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to pay
any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Financing Document, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of three (3) Business Days; 
 (c) any representation or warranty made
or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Financing Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Financing Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any
material respect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any
covenant, condition or agreement contained in Section 5.03, 5.05 or 5.09 or in Article VI (other than Sections 6.05(a), 6.05(b), 6.06 and 6.07); 

(e) The Borrower or any Subsidiary fails to perform or observe any other covenant, condition or agreement (not specified in clauses
(a), (b) or (d) of this Article VII) contained in any Financing Document on its part to be performed or observed and such failure continues for thirty (30) days after notice thereof to the Borrower by the
Administrative Agent or the Borrower having knowledge thereof; provided that if such failure is capable of remedy but by its nature cannot reasonably be cured within such period, the Borrower shall have such additional time not exceeding an
additional sixty (60) days as may be necessary to cure such failure so long as the Borrower is proceeding diligently to cure such failure and such additional cure period could not reasonably be expected to result in a Material Adverse Effect;

  
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 (f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness/Material Swap Obligation, when and as the same shall become due and payable (after giving effect to any applicable grace or cure period); 

(g) any event or condition occurs that results in any Material Indebtedness/Material Swap Obligation becoming due prior to its scheduled
maturity (other than Swap Agreements which become due as a result of the voluntary prepayment of referenced debt described in such Swap Agreements) or that enables or permits (with or without the giving of notice, the lapse of time or both) the
holder or holders of any Material Indebtedness/Material Swap Obligation or any trustee or agent on its or their behalf to cause any Material Indebtedness/Material Swap Obligation to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary (other than any Immaterial Subsidiary) or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary (other than any Immaterial
Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

 (i) the Borrower or any Subsidiary (other than any Immaterial Subsidiary) shall (i) voluntarily commence any proceeding
or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Borrower or any Subsidiary (other than any Immaterial Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a
general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) (i) the Borrower or any Subsidiary (other than any Immaterial Subsidiary) shall become unable, admit in writing its inability or
fail generally to pay its debts as they become due or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of the Borrower and its Subsidiaries (other than
any Immaterial Subsidiary), taken as a whole, and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall
remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any
Subsidiary to enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur; 

 (n) the occurrence of any “default”, as defined in any Financing Document (other
than this Agreement) or the breach of any of the terms or provisions of any Financing Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided; or 

(o) any material provision of any Financing Document for any reason ceases to be valid, binding and enforceable in accordance with its
terms (or the Borrower or any Subsidiary shall challenge the enforceability of any Financing Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Financing Documents
has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); 
 (p) at any time, any
financial statements to be delivered pursuant to Section 5.01 shall be qualified by the auditors and such qualification could reasonably be expected to result in a Material Adverse Effect; 

(q) the termination, transfer, revocation or modification of any material contracts or leases to which the Borrower or any Subsidiary is
a party, the result of which could reasonably be expected to result in a Material Adverse Effect and such termination, transfer, revocation or modification remains in effect for a period of more than thirty (30) days after the occurrence
thereof; or 
 (r) any Security Document shall for any reason fail to create a valid and perfected first priority security
interest in the Collateral in excess of $100,000,000 in the aggregate purported to be covered thereby, except as permitted by the terms of any Financing Document; 
 then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance
of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder and under the other Financing Documents, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or
(i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Financing
Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Financing Documents or at law or equity. 

ARTICLE VIII 

The Administrative Agent 
 Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution
of the other Financing Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Financing Documents, together with such actions and powers as are reasonably incidental thereto. 

  
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 The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The
Administrative Agent shall not have any duties or obligations except those expressly set forth in the Financing Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated by the Financing Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Financing Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action
taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Financing Document, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection with any Financing Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Financing Document, (iv) the
validity, enforceability, effectiveness or genuineness of any Financing Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral or
(vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Financing Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and
any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of
the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders shall have the right, 

 
in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a bank with
an office in the United States, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of
such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Financing Document or any
related agreement or any document furnished hereunder or thereunder. 
 None of the Lenders, if any, identified in this
Agreement as a Syndication Agent, Co-Documentation Agent, Joint Lead Arranger or Joint Bookrunner shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.
Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as
Syndication Agent or Co-Documentation Agents, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph. 
 The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act
for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant
to the terms of this Agreement. 
 In its capacity, the Administrative Agent is a “representative” of the Secured
Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Security Documents to which it is a party and to take
all action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Security Document, it being
understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Security Documents. In the event that any Collateral is hereafter pledged by
any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Financing Documents necessary or
appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien
granted to or held by the Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Financing Document; or (iii) if
approved, authorized or ratified in 

  
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writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will
confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant hereto. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any
Financing Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative
Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto
upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the
Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured
Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any Subsidiary, including (without limitation) the proceeds of the sale, all of which shall continue to
constitute part of the Collateral. 
 In accordance with Article 6 of the Collateral Agency Agreement, the Administrative Agent
and the Lenders hereby designate and appoint JPMorgan Chase Bank, N.A. as the successor Collateral Agent under the Collateral Agency Agreement and the Security Documents, which appointment shall become effective as of the Effective Date, whereupon
JPMorgan Chase Bank, N.A., as the successor Collateral Agent, shall become party to the Collateral Agency Agreement and the Security Documents vested with all the authority, rights, powers, duties and obligations as if originally named as the
Collateral Agent thereunder. By its execution hereof, JPMorgan Chase Bank, N.A. hereby accepts such designation and appointment. The resignation of Barclays Bank PLC, as the existing Collateral Agent, (and the Administrative Agent and the
Lenders hereby authorize JPMorgan Chase Bank, N.A., as successor Collateral Agent to notify Barclays Bank PLC of such removal), shall become effective simultaneously with the acceptance of the appointment by JPMorgan Chase Bank, N.A., without any
further action on behalf of the Lenders or the Administrative Agent. Further, each Lender and the Administrative Agent hereby direct the Collateral Agent to enter into that certain Amendment No. 1 to Amended and Restated Collateral Agency
Agreement, dated as of the date hereof, between Borrower and Collateral Agent, the form of which is attached hereto as Exhibit I. 
 ARTICLE IX 
 Miscellaneous 

SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
 (i) if to the Borrower, to it at Puget Energy, Inc., 10885 NE 4th Street, Suite 1200,
Bellevue, Washington 98004-5591, Attention of Vice President Finance and Treasurer, (Telecopy No. (424) 462-3300), (Telephone No.(425) 462-3870); 

(ii) if to the Administrative Agent, to it at JPMorgan Chase Bank, N.A., Loan Operations, 10 South
Dearborn, 7th Floor, Chicago, IL 60603, Attention of Nan
Wilson, (Telecopy No. 1-888-292-9533), (Telephone No. (312) 385-7084), (Email: jpm.agency.servicing.4@jpmchase.com), with a copy to (other than with respect to a Borrowing Request or an Interest Election Request) (A) JPMorgan
Chase Bank, N.A., 10 South Dearborn, 9th

 
Floor, Mail Code IL1-0090, Chicago, IL 60603, Attention of Helen D. Davis, (Telecopy No. (312) 732-1762), (Telephone No. (312) 732-1759) and (B) JPMorgan Chase Bank, N.A.,
Portfolio Management Administration, 10 South Dearborn,
9th Floor, Mail Code IL1-0874, Chicago, IL 60603,
Attention of Lisa Tverdek (Telecopy No. (312) 325-3238), (Telephone No. (312) 325-3150); 
 (iii) if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., Loan Operations, 10 South Dearborn, 7th Floor, Chicago, IL 60603, Attention of Nan Wilson (Telecopy No. (312) 385-7096), (Telephone No.
(312) 385-7084); and 
 (iv) if to any other Lender, to it at its address (or telecopy number) set forth in
its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the
applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of
such procedures may be limited to particular notices or communications. 
 (c) Any party hereto may change its address or
telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been
given on the date of receipt if received by the recipient during its normal business hours. 
 SECTION 9.02. Waivers;
Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Financing Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the
Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Financing Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender
or any Issuing Bank may have had notice or knowledge of such Default at the time. 
 (b) Neither this Agreement nor any
provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required
Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon,
or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change
Section 2.18(b) or (d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the

  
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definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, or (vi) except as provided in clause (d) of this Section or to any Collateral Document, release all of substantially all of the Collateral, without the written consent of each Lender;
provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the
Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be. 
 (c) Notwithstanding the foregoing (but
subject to the limitations set forth in Sections 9.02(b)(i), 9.02(b)(ii) and 9.02(b)(iii)), this Agreement and any other Financing Document may be amended (or amended and restated) with the written consent of the Required
Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to
share ratably in the benefits of this Agreement and the other Financing Documents with the Revolving Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any
determination of the Required Lenders and Lenders. 
 (d) The Lenders hereby irrevocably authorize the Administrative Agent, at
its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Borrower on any Collateral (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Secured
Obligations (other than Unliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to the Administrative Agent, (ii) constituting property being sold or disposed of if the Borrower
certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting
property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection
with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being
released) upon (or obligations of the Borrower in respect of) all interests retained by the Borrower, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 

(e) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a
“Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is
reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash at par the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a
Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the
Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date
of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such
replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

 (f) Notwithstanding anything to the contrary herein the Administrative Agent may, with the
consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Financing Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the
internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Financing Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Banks in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the
Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and any other Financing Document, including its rights under this Section, or in connection with
the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) The Borrower shall indemnify the Administrative Agent, each Issuing Bank, each Lender and each Joint Lead Arranger, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees,
charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Financing Document or any agreement or
instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the
use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any
of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or the material breach in bad faith by any Indemnitee of its express obligations
hereunder pursuant to a claim initiated by Borrower. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, any Issuing Bank or
the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, and each Lender agrees to pay to the Issuing Bank or the Swingline Lender, as the case may be,
such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not
relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or 

  
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indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its
capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim
against any Indemnitee (i) except to the extent such damage is the result of such Indemnitiee’s gross negligence or willful misconduct, for any damages arising from the use by others of information or other materials obtained through
telecommunications, electronic or other information transmission systems (including the Internet), or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section shall be payable not later than fifteen (15) days after written demand therefor. 

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

(A) the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it
shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof); provided, further, that no consent of the Borrower shall be required for an assignment to a Lender,
an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 
 (B) the Administrative Agent; and 
 (C) the Issuing Banks;

 provided that (x) no assignment to the Borrower or any Affiliate of the Borrower shall be permitted and (y) any assignment
made in violation of this proviso shall be void ab initio. 
 (i) Assignments shall be subject to the following additional
conditions: 
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved
Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the

 
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (in the case of Commitments and Revolving Loans) unless each
of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments
or Loans; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliates and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities laws; and 

(E) without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee
that bears a relationship to the Borrower described in Section 108(e)(4) of the Code. 
 For the purposes of this
Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (ii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this
Section. 
 (iii) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its
offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent demonstrable error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat
each Person whose 

  
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name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (iv) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall
already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent
shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to
Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph. 
 (c) Any Lender may, without the consent of the Borrower, the Administrative Agent, Issuing Banks or the Swingline
Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and
(C) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement; provided,
further that no participation may be sold to the Borrower or any Affiliate of the Borrower. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16
and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the
participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions
of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, 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. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it
were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Financing Document) except to
the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in

 
the Participant Register shall be conclusive absent demonstrable 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. 
 (d) Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other
central banking authority, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05. Survival. All
covenants, agreements, representations and warranties made by the Borrower in the Financing Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Financing Document shall be
considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Financing Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any
such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder,
and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Financing Document is outstanding and unpaid or any Letter of Credit
is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Financing Document or
any provision hereof or thereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Financing Documents
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have
received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 9.07. Severability. Any provision of any Financing Document held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION
9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the

  
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Borrower against any of and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Financing Documents and although
such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance
with and governed by the law of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the Southern District of New York, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to any Financing Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees 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. Nothing in this Agreement or any other Financing Document shall affect any right that the Administrative Agent, any Issuing Bank or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Financing Document against the Borrower or its properties in the courts of any jurisdiction. 

(c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Financing Document in any court referred to in paragraph (b) of this Section. Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement or any other Financing Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that

 
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies under this Agreement or any other Financing Document or any suit, action or proceeding relating to this Agreement or any other Financing Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii)any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the
Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing
Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. 
 SECTION 9.13. USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements
of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in
accordance with the Act. 
 SECTION 9.14. Appointment for Perfection. Each Lender hereby appoints each other Lender as
its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by
possession. Should any Lender (other than the Administrative Agent) obtain possession of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall
deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 
 SECTION 9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts
which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans
or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

  
 79 

 SECTION 9.16. No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Financing Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other
services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Financing Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is
not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Financing Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law,
the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby. 
 [Signature Pages Follow] 

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

			
	PUGET ENERGY, INC., as the Borrower
		
	By:	 	 /s/ DONALD E. GAINES

		 	Name: Donald E. Gaines
		 	Title: Vice President Finance and Treasurer
	
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender and as Administrative Agent

		
	By:	 	 /s/ HELEN D. DAVIS

		 	Name: Helen D. Davis
		 	Title: Vice President
	
	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
		
	By:	 	 /s/ TYLER J. MCCARTHY

		 	Name: Tyler J. McCarthy
		 	Title: Director
	
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ ANN E. SUTTON

		 	Name: Ann E. Sutton
		 	Title: Director

  
 Signature
Page to 
 Credit Agreement 
 (Puget Energy, Inc.) 

			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	 /s/ THANE RATTEW

		 	Name: Thane Rattew
		 	Title: Managing Director
	
	SCOTIABANC INC., as a Lender
		
	By:	 	 /s/ THANE RATTEW

		 	Name: Thane Rattew
		 	Title: Managing Director
	
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ C. DAVID YATES

		 	Name: C. David Yates
		 	Title: Managing Director
	
	UNION BANK, N.A., as a Lender
		
	By:	 	 /s/ JEFFREY FESENMAIER

		 	Name: Jeffrey Fesenmaier
		 	Title: Vice President
	
	ASSOCIATED BANK, N.A., as a Lender
		
	By:	 	 /s/ KRISTIN A. ISLEIB

		 	Name: Kristin A. Isleib
		 	Title: Senior Vice President
	
	COBANK, ACB, as a Lender
		
	By:	 	 /s/ JOSH BATCHELDER

		 	Name: Josh Batchelder
		 	Title: Vice President
	
	EXPORT DEVELOPMENT CANADA, as a Lender
		
	By:	 	 /s/ MARCOS MAGALHAES

		 	Name: Marcos Magalhaes
		 	Title: Project Finance Manager
	
	EXPORT DEVELOPMENT CANADA, as a Lender
		
	By:	 	 /s/ DEENA PADAMADAN

		 	Name: Deena Padamadan
		 	Title: Senior Associate

  
 Signature
Page to 
 Credit Agreement 
 (Puget Energy, Inc.) 

			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ KEVEN D. SMITH

		 	Name: Keven D. Smith
		 	Title: Senior Vice President
	
	US BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ HOLLAND H. WILLIAMS

		 	Name: Holland H. Williams
		 	Title: AVP & Portfolio Manager
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ JAMES J. TEICHMAN

		 	Name: James J. Teichman
		 	Title: Senior Vice President
	
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ YANN BLINDERT

		 	Name: Yann Blindert
		 	Title: Director
	
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY, as a Lender
		
	By:	 	 /S/ ROBERT CASEY,
JR.

		 	Name: Robert Casey, Jr.
		 	Title: Executive Director
		
	By:	 	 /S/ EOIN ROCHE

		 	Name: Eoin Roche
		 	Title: Executive Director

  
 Signature
Page to 
 Credit Agreement 
 (Puget Energy, Inc.) 

 PUGET ENERGY INC. 

SCHEDULES TO 2012 CREDIT AGREEMENT 

 Schedule 1.01(a) 

EXISTING INDEBTEDNESS 
  

																	
	Existing Debt of Puget Sound Energy:	  				 				  				  			
					
	  	  	 	 	 	 	 	  	 	 	  	Principal	 
	 Series
	  	Coupon	 	 	Issue Date	 	  	Maturity	 	  	Outstanding	 
	 MTN-B
	  	 	6.830	% 	 	 	Aug-18-93	  	  	 	Aug-19-13	  	  	$	3,000,000	  
	 MTN-B
	  	 	6.900	% 	 	 	Sep-30-93	  	  	 	Oct-1-13	  	  	$	10,000,000	  
	 MTN-C
	  	 	7.350	% 	 	 	Sep-11-95	  	  	 	Sep-11-15	  	  	$	10,000,000	  
	 MTN-C
	  	 	7.360	% 	 	 	Sep-11-95	  	  	 	Sep-15-15	  	  	$	2,000,000	  
	 5.197% Sr. Notes
	  	 	5.197	% 	 	 	Oct-12-05	  	  	 	Oct-1-15	  	  	$	150,000,000	  
	 6.75% Sr. Notes
	  	 	6.750	% 	 	 	Jan-23-09	  	  	 	Jan-15-16	  	  	$	250,000,000	  
	 Senior note A
	  	 	6.740	% 	 	 	Jun-15-98	  	  	 	Jun-15-18	  	  	$	200,000,000	  
	 MTN-C
	  	 	7.150	% 	 	 	Dec-20-95	  	  	 	Dec-19-25	  	  	$	15,000,000	  
	 MTN-C
	  	 	7.200	% 	 	 	Dec-21-95	  	  	 	Dec-22-25	  	  	$	2,000,000	  
	 Senior note A
	  	 	7.020	% 	 	 	Dec-22-97	  	  	 	Dec-1-27	  	  	$	300,000,000	  
	 Sr. MTN-B
	  	 	7.000	% 	 	 	Mar-9-99	  	  	 	Mar-9-29	  	  	$	100,000,000	  
	 PCB
	  	 	5.100	% 	 	 	Mar-11-03	  	  	 	Mar-1-31	  	  	$	23,400,000	  
	 PCB
	  	 	5.000	% 	 	 	Mar-11-03	  	  	 	Mar-1-31	  	  	$	138,460,000	  
	 5.483% Sr. Notes
	  	 	5.483	% 	 	 	May-27-05	  	  	 	Jun-1-35	  	  	$	250,000,000	  
	 6.724% Sr. Notes
	  	 	6.724	% 	 	 	Jun-30-06	  	  	 	Jun-15-36	  	  	$	250,000,000	  
	 6.274% Sr. Notes
	  	 	6.274	% 	 	 	Sep-18-06	  	  	 	Mar-15-37	  	  	$	300,000,000	  
	 5.757% Sr. Notes
	  	 	5.757	% 	 	 	Sep-11-09	  	  	 	Oct-1-39	  	  	$	350,000,000	  
	 5.795% Sr. Notes
	  	 	5.795	% 	 	 	Mar-8-10	  	  	 	Mar-15-40	  	  	$	325,000,000	  
	 5.764% Sr. Notes
	  	 	5.764	% 	 	 	Jun-29-10	  	  	 	Jul-15-40	  	  	$	250,000,000	  
	 5.638% Sr. Notes
	  	 	5.638	% 	 	 	Mar-25-11	  	  	 	Apr-15-41	  	  	$	300,000,000	  
	 4.434% Sr. Notes
	  	 	4.434	% 	 	 	Nov-16-11	  	  	 	Nov-15-41	  	  	$	250,000,000	  
	 4.700% Sr. Notes
	  	 	4.700	% 	 	 	Nov-22-11	  	  	 	Nov-15-51	  	  	$	45,000,000	  
	 6.974% Hybrid
	  	 	6.974	% 	 	 	Jun-4-07	  	  	 	Jun-1-67	  	  	$	250,000,000	  
	 Demand Promissory Note with Puget Energy
	  	 	Variable	  	 	 	May-18-06	  	  	 	NA	  	  	$	30,000,000	  
	 Working Capital Facility - $400mm Commitment Amount
	  	 	Variable	  	 	 	Feb-9-09	  	  	 	Feb-9-14	  	  	$	0	  
	 Capital Expenditure Facility - $400mm Commitment Amount
	  	 	Variable	  	 	 	Feb-9-09	  	  	 	Feb-9-14	  	  	$	0	  
	 Hedging Facility - $350mm Commitment Amount
	  	 	Variable	  	 	 	Feb-9-09	  	  	 	Feb-9-14	  	  	$	0	  
	 Commercial Paper
	  	 	Variable	  	 	 	Various	  	  	 	Various	  	  	$	10,000,000	  
		  				 				  				  	  
	  
	 
					
	 Total - Puget Sound Energy
	  				 				  				  	$	3,810,860,000	  
					
	 Existing Debt of Puget Energy:
	  				 				  				  			
					
	 6.50% Sr. Notes
	  	 	6.500	% 	 	 	Dec-6-10	  	  	 	Dec-15-20	  	  	$	450,000,000	  
	 6.00% Sr. Notes
	  	 	6.000	% 	 	 	Jun-3-11	  	  	 	Sep-1-21	  	  	$	500,000,000	  
		  				 				  				  	  
	  
	 
					
	 Total - Puget Energy
	  				 				  				  	$	950,000,000	  
					
	 Grand Total
	  				 				  				  	$	4,760,860,000	  

 Schedule 1.01(b) 

PERMITTED HOLDERS 

Macquarie Entities (US) Holdings 
 MIP Padua
Holdings 
 MIP A on behalf of MIP Padua Holdings, GP 
 MIP Canada on behalf of MIP Padua Holdings, GP 
 MIP International on behalf of MIP
Padua Holdings, GP 
 MIP Padua Holdings Total 
 MIP II Washington Holdings 
 Padua MG Holdings LLC 

Macquarie FSS Infrastructure Trust 
 B.C.
Investment Management Corp. 
 CPP Investment Board 
 Alberta Investment Management Corp: 
 Alberta Investment Management 

Alberta Investment Management 

Alberta Investment Management Corp: 

 Schedule 2.01 

COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
	 JPMORGAN CHASE BANK, N.A.
	  	$	100,000,000	  
	 THE ROYAL BANK OF SCOTLAND PLC
	  	$	75,000,000	  
	 THE BANK OF NOVA SCOTIA
	  	$	37,500,000	  
	 BARCLAYS BANK PLC
	  	$	75,000,000	  
	 SCOTIABANC INC.
	  	$	37,500,000	  
	 SUNTRUST BANK
	  	$	75,000,000	  
	 UNION BANK, N.A.
	  	$	75,000,000	  
	 COBANK, ACB
	  	$	100,000,000	  
	 EXPORT DEVELOPMENT CANADA
	  	$	100,000,000	  
	 KEYBANK NATIONAL ASSOCIATION
	  	$	65,000,000	  
	 US BANK, NATIONAL ASSOCIATION
	  	$	65,000,000	  
	 BANK OF AMERICA, N.A.
	  	$	65,000,000	  
	 WELLS FARGO BANK, N.A.
	  	$	60,000,000	  
	 CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY
	  	$	50,000,000	  
	 ASSOCIATED BANK, N.A.
	  	$	20,000,000	  
		  	  
	  
	 
		
	 AGGREGATE COMMITMENTS
	  	 	$1,000,000,000	  

 Schedule 3.04 

REGULATORY APPROVALS 

None. 

 Schedule 3.13(a) 

SUBSIDIARIES 
 Puget
Sound Energy, Inc. 
 Puget Western Inc. 

 Schedule 3.13(b) 

SUBSIDIARIES JURISDICTIONS OF ORGANIZATION 
  

					
	 Name of Subsidiary
	  	 Ownership
	  	 Jurisdiction of Organization

	Puget Sound Energy, Inc.	  	100% by Puget Energy Inc.	  	Washington
	Puget Western Inc.	  	100% by Puget Sound Energy, Inc.	  	Washington

 Schedule 3.14 

EXISTING DIVIDEND RESTRICTIONS 
 The ability to pay dividends or make other distributions upon the capital stock of Puget Sound Energy, Inc. (“PSE”) is restricted by: 

 

	 	1.	The provisions of the Washington Business Corporation Act, Title 23B of the Revised Code of Washington; 

 

	 	2.	The Amended and Restated Bylaws of PSE; 

  

	 	3.	Contractual restrictions pursuant to PSE’s First Mortgage dated as of June 2, 1924 as supplemented from time to time and particularly as supplemented by the
Fortieth Supplemental Indenture and the Forty-fourth Supplemental Indenture (collectively, the “Mortgage Indenture”), the Washington Natural Gas Company Indenture of First Mortgage dated as of April 1, 1957 as supplemented from
time to time (the “WNG Mortgage”) and PSE’s junior subordinated note “hybrid” indenture (which contractual restrictions are summarized below); 

 

	 	4.	The provisions of the Washington State Utilities and Transportation Commission Order 08 (the “WUTC Merger Order”) Approving and Adopting Settlement
Stipulation; Authorizing Transaction Subject to Conditions (summarized below); and 

  

	 	5.	The restrictions on the ability of PSE to pay dividends set forth in the that certain Amended and Restated Credit Agreement, dated as of February 6, 2009, as
amended and restated as of March 31, 2010, among PSE, as Borrower, Barclays Bank PLC, as Facility Agent and the lenders party thereto as in effect on the Effective Date (the “Current PSE Credit Agreement”), as well as restrictions on
the ability of PSE to pay dividends set forth in any amendment, supplement or other modification to the Current PSE Credit Agreement or replacement of the Current PSE Credit Agreement by an Operating Company Credit Agreement (as such term is defined
in the Credit Agreement), provided that such restrictions are not more onerous than those set forth in the Current PSE Credit Agreement as in effect on the Effective Date. 

 Bylaws 
 Article III, Section 9 of PSE’s Amended and Restated Bylaws (the
“Bylaws”) requires Board Supermajority Approval (as defined therein) for any determination of Distributable Cash (as defined therein) and the declaration of distributions. 

 Contractual Restrictions 
 The Mortgage Indenture 
 Section 1.05 of the Forty-fourth Supplemental Indenture, which
is in effect as long as any First Mortgage Bonds issued under the Mortgage Indenture are outstanding, prohibits declaration or payment of dividends on common stock, any other distribution on common stock or redemption of any stock, 

[I]f the aggregate amount of all such dividends, distributions and expenditures made after December 31, 1957 would exceed the
aggregate amount of the Company’s net income available for dividends on its Common Stock, accumulated after December 31, 1957 plus the sum of Seven Million Five Hundred Thousand Dollars ($7,500,000). 

“Net income available for dividends on common stock” is defined as total operating revenues and other income, less expenses, taxes (including
taxes based on income), interest charges and other appropriate items, including amounts actually charged for provision for maintenance, provision for retirements, depreciation or obsolescence, and provision for all dividends accrued on any
outstanding stock having preference over common stock as to dividends. Charges for depreciation cannot be less than the minimum provision for depreciation as defined in Section 1.32 of Part II of the Fortieth Supplemental Indenture, as follows:

 [T]he term “minimum provision for depreciation” for each calendar year . . . shall mean an amount by which 15% of
the gross operating revenues of the Company derived from the operation of its utility property subject to the lien of the Indenture (less an amount equal to the cost of electricity purchased, including any standby or service charges or similar
charges for electricity and net cost of electricity interchanged, and all rentals and lease payments) exceeds the charges for maintenance, repairs and renewals of such mortgaged utility property included or which should be included in operating
expenses pursuant to sound accounting practice. 
 The calculation for net income excludes certain deductions and adjustments, as set forth
below: 
 [I]n determining the net income of the Company for the purposes of this Section no deduction or adjustment shall be
made for or in respect of (a) charges or credits in connection with the redemption or retirement of any securities issued by the Company, including any amount paid in excess of the sum of (i) the principal amount or par or stated value of
securities redeemed or retired and (ii) the unamortized balance of any premium received on the sale of such securities, and also including, in the event that such redemption or retirement is effected with the proceeds of sale of other
securities of the Company, any interest or dividends on the securities redeemed or retired from the date on which the funds required for such redemption or retirement are deposited in trust for such purpose to the date of redemption or retirement;
(b) profits or losses from sales of property or other assets carried in plant or investment accounts of the Company or from the reacquisition of any securities of the Company, or taxes on or in respect of any such profits; (c) any change
in or adjustment of the book value of 

 
any assets owned by the Company arising from a revaluation thereof; (d) charges to surplus on account of the amortization or elimination of utility plant adjustment or acquisition accounts
or intangibles; or (e) any earned surplus adjustment applicable to any period prior to January 1, 1958. 
 WNG
Mortgage 
 In connection with the merger (the “Merger”) of Puget Sound Power & Light Company, Washington Energy
Company and Washington Natural Gas Company (“WNG”), PSE agreed in the Thirty-First Supplemental Indenture dated as of February 10, 1997 to the WNG Mortgage, among other things, to perform and fulfill all the terms, covenants
and conditions of the WNG Mortgage binding upon WNG in respect of the trust estate subject to the WNG Mortgage. Therefore, covenants contained in the WNG Mortgage, including any dividend restrictions, are subject to performance and fulfillment by
the Company. 
 Various supplements to the WNG Mortgage contain dividend restrictions. Typical of the most restrictive covenant is contained in
the Twenty-Eighth Supplemental Indenture dated as of July 1, 1991 which prohibits the payment of dividends: 
 If the
aggregate amount of all such dividends, distributions and expenditures made since September 30, 1989, would exceed the aggregate amount of the net income of WNG accumulated after September 30, 1989 plus the sum of $20,000,000. 

Since WNG merged with and into PSE in the Merger, net income of WNG for the purpose of the above test is the net income of the combined company, (that is
WNG (and not Washington Energy Company) and Puget Sound Power & Light Company prior to the Merger, and PSE after the Merger) and, in accordance with the WNG Mortgage, means the sum of (a) the total operating revenues of PSE, less an
amount equal to the total operating expenses of PSE, including but not limited to (i) all taxes (including without limitation income, excess profits and other taxes imposed on or measured by income or undistributed earnings or income),
(ii) rentals, insurance, current repairs and maintenance, (iii) provision for retirements, depreciation or obsolescence, which shall be the amount actually charged by PSE on its books of account (but in respect of depreciable gas utility
property not subject to prior liens, shall not be less than the minimum provision for depreciation as defined in Section 1.32 of the WNG Mortgage), and (iv) all charges on account of interest on indebtedness and on account of debt discount
and expense, and (b) net income or loss from the operation of properties of WNG other than the trust estate and any other income received (less applicable expenses) or loss from the operation of properties other than the trust estate and any
other income received (less applicable expenses) or loss incurred by PSE; which sum shall be diminished by an amount equal to all dividends accrued subsequent to September 30, 1989 (whether or not paid) on any outstanding stock of PSE having
preference over the common stock of PSE as to dividends, assets or otherwise, all of the foregoing determined in accordance with generally accepted accounting principles. 
 Since the Merger was accounted for as a pooling transaction, results for the combined company (and not WNG alone) should be used. 

 Junior Subordinated Note “hybrid” Indenture 

PSE’s hybrid security issue contains a “dividend stopper” provision. The dividend stopper applies, subject to exceptions, during any period
in which PSE has elected to defer interest payments. The provision is described in the prospectus supplement relating to the offering, which is available via Edgar at: 
 http://www.sec.gov/Archives/edgar/data/81100/000119312507127052/d424b5.htm. 
 An excerpt from the
prospectus supplement follows: 
 “Certain Limitations During an Optional Deferral Period 

During any Optional Deferral Period, we will not, and our subsidiaries will not, do any of the following: 

 

	 	•	 	 declare or pay any dividends or distributions, or redeem, purchase, acquire or make a liquidation payment on any of our capital stock;

  

	 	•	 	 make any payment of principal of, or interest or premium, if any, on or repay, repurchase or redeem any of our debt securities (including guarantees)
that rank on a parity with or junior to the Junior Subordinated Notes (including debt securities of other series issued under the Base Indenture); or 

  

	 	•	 	 make any guarantee payments on any guarantee of debt securities if the guarantee ranks on a parity with or junior to the Junior Subordinated Notes.

 However, at any time, including during an Optional Deferral Period, we may: 

 

	 	•	 	 pay dividends or otherwise make payments to Puget Energy in amounts sufficient to permit Puget Energy to pay its operating expenses in the ordinary
course of business, provided that the proceeds of any such dividends or other payments are used by Puget Energy to pay such operating expenses and are not used by Puget Energy for the purpose of taking any action in respect of its securities that
would be prohibited by the provisions described in this section if such action were taken by us; 

  

	 	•	 	 pay any dividend within 60 days after the date of declaration thereof, if the date of declaration was prior to the beginning of any interest deferral
period, whether optional or mandatory; 

  

	 	•	 	 pay current interest in respect of debt securities that rank equally with the Junior Subordinated Notes (“parity debt securities”) having the
same interest payment date as the Junior Subordinated Notes made ratably to the holders of one or more series of such parity debt securities and the Junior Subordinated Notes in proportion to the respective amounts due on such parity debt
securities, on the one hand, and on the Junior Subordinated Notes, on the other hand; 

	 	•	 	 make any payment of principal in respect of parity debt securities having the same maturity date as the Junior Subordinated Notes made ratably to the
holders of one or more series of such parity debt securities and the Junior Subordinated Notes in proportion to the respective amounts due on such parity debt securities, on the one hand, and on the Junior Subordinated Notes, on the other hand;

  

	 	•	 	 make any payment in respect of guarantees that rank equally with the Junior Subordinated Notes (“parity guarantees”) made ratably to the
beneficiaries of one or more of such parity guarantees and the holders of the Junior Subordinated Notes in proportion to the respective accrued and unpaid amounts due on such parity guarantees, on the one hand, and accrued and unpaid amounts on the
Junior Subordinated Notes, on the other hand; 

  

	 	•	 	 make payments for the purchase of fractional interests in shares of its capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged; 

  

	 	•	 	 make payments as a direct result of, and only to the extent required in order to avoid the issuance of fractional shares of capital stock following, a
reclassification of its capital stock or the exchange or conversion of one class or series of its capital stock for another class or series of its capital stock; 

 

	 	•	 	 acquire capital stock previously issued in connection with acquisitions of businesses (which acquisitions of capital stock are made in connection with
the satisfaction of indemnification obligations of the sellers of such businesses); 

  

	 	•	 	 pay stock dividends or distributions in additional shares, warrants or rights to subscribe for or purchase shares of our capital stock where the
dividend stock, or stock issuable upon exercise of such warrants or rights, is the same stock as that on which the dividend is being paid or ranks junior to such stock; 

 

	 	•	 	 purchase or repurchase shares of our capital stock pursuant to a contractually binding requirement to buy stock existing prior to the beginning of any
interest deferral period; or 

  

	 	•	 	 at such time as our common stock is registered under Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, as amended:

  

	 	•	 	 declare or pay a dividend in connection with the implementation of a shareholders’ rights plan, or issue stock under such a plan or redeem or
repurchase such rights; or 

  

	 	•	 	 purchase our common stock for issuance pursuant to any employee or agent benefit plans or dividend reinvestment and direct stock purchase plans.”

 WUTC Merger Order 
 Pursuant to the terms of the WUTC Merger Order, PSE may not declare or pay dividends if PSE’s common equity ratio, calculated on a regulatory basis, is 44.0% or below except to the extent a lower
equity ratio is ordered by the Washington State Utilities and Transportation Commission (the “WUTC”). In addition, PSE may not declare or make any distribution unless on the date of distribution PSE’s corporate credit/issuer
rating is investment grade, or, if its credit ratings are below investment grade, PSE’s ratio of Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”) to interest expect for the most recently ended four fiscal
quarter periods prior to such date is equal to or great than three to one, in which case, any distribution will be limited to an amount to service debt at Puget Energy, Inc. and to satisfy financial covenants in the credit facilities of Puget
Energy, Inc. 

 Schedule 3.15 

LITIGATION 
 None.

 Schedule 3.19 

ENVIRONMENTAL MATTERS 

None. 

 Schedule 3.21 

AFFILIATE TRANSACTIONS 

None. 

 Schedule 5.07 

PROPERTIES AND ASSETS 

None. 

 Schedule 6.01(b) 

EXISTING LIENS 
  

													
	 Debtor
	  	 Secured Party
	  	 Collateral
	  	State	  	Jurisdiction	  	Original File Date
and Number	 	Related
Filings
							
	 Puget Sound Energy, Inc.
	  	Vestas-American Wind Technology, Inc.	  	Turbine equipment	  	WA	  	Department
of Licensing	  	11/12/2008
 #200831827627
	 	N/A
							
	 Puget Sound Energy, Inc.
	  	Air Liquide Industrial U.S. LP	  	Hydrogen tube pack Equipment	  	WA	  	Department
of Licensing	  	3/24/2009
 200908444375#
	 	N/A

 Schedule 6.03(l) 

INVESTMENTS 
 None.

 EXHIBIT A 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert
name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably
sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to
the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such
facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to
clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor. 
  

									
	1.	  	Assignor:	  		  	  
	  	
					
	2.	  	Assignee:	  		  	  
	  	
		  		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1]
				
	3.	  	Borrower:	  		  	Puget Energy, Inc., a Washington corporation
				
	4.	  	Administrative Agent:	  		  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
				
	5.	  	Credit Agreement:	  		  	The Credit Agreement dated as of February 10, 2012 among Puget Energy, Inc., the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent

  
  

	1 	 Select as applicable. 

	6.	Assigned Interest: 

  

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

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

			
	ASSIGNOR
	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

		 	Title:
	
	ASSIGNEE
	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

		 	Title:

  

	2 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.,
“Revolving Commitment”, “Tranche A Term Loan Commitment”, “Tranche B Term Loan Commitment”, etc.). 

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

  
 2 

			
	[Consented to and Accepted:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as an Issuing Bank
		
	By:	 	  

		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A., as an Issuing Bank
		
	By:	 	  

		 	Name:
		 	Title:]4
	
	[Consented to:
	
	PUGET ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title: ]5

  

	4 	 To be added only if the consent of the Administrative Agent and the Issuing Banks is required by the terms of the Credit Agreement

	5 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

 ANNEX I 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or
(iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have
accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment

 
and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 EXHIBIT B 
 [RESERVED] 

 EXHIBIT C 
 FORM OF INCREASING LENDER SUPPLEMENT 
 INCREASING LENDER SUPPLEMENT, dated
                    , 20     (this “Supplement”), by and among each of the signatories hereto, to the Credit
Agreement, dated as of February 10, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party
thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H 

WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the Borrower has the right, subject to the terms and conditions
thereof, to effectuate from time to time an increase in the Aggregate Commitment under the Credit Agreement by requesting one or more Lenders to increase the amount of its Commitment and/or to participate in such a tranche; 

WHEREAS, the Borrower has given notice to the Administrative Agent of its intention to increase the Aggregate Commitment pursuant to such
Section 2.20; and 
 WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the undersigned
Increasing Lender now desires to increase the amount of its Revolving Commitment under the Credit Agreement by executing and delivering to the Borrower and the Administrative Agent this Supplement; 

NOW, THEREFORE, each of the parties hereto hereby agrees as follows: 

1. The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this
Supplement it shall have its Revolving Commitment increased by $[        ], thereby making the aggregate amount of its total Commitment equal to
$[        ]. 
 2. The Borrower hereby represents and warrants that
no Default or Event of Default has occurred and is continuing on and as of the date hereof. 
 3. Terms defined in the Credit
Agreement shall have their defined meanings when used herein. 
 4. This Supplement shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 5. This Supplement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF INCREASING LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Accepted and agreed to as of the date first written above: 

 

			
	PUGET ENERGY, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Acknowledged as of the date first written above:
	
	 JPMORGAN CHASE BANK, N.A.
 as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2 

 EXHIBIT D 
 FORM OF AUGMENTING LENDER SUPPLEMENT 
 AUGMENTING LENDER SUPPLEMENT, dated
            , 20     (this “Supplement”), to the Credit Agreement, dated as of February 10, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T
H 
 WHEREAS, the Credit Agreement provides in Section 2.20 thereof that any bank, financial institution or
other entity may extend Commitments under the Credit Agreement subject to the approval of the Borrower and the Administrative Agent, by executing and delivering to the Borrower and the Administrative Agent a supplement to the Credit Agreement in
substantially the form of this Supplement; and 
 WHEREAS, the undersigned Augmenting Lender was not an original party to the
Credit Agreement but now desires to become a party thereto; 
 NOW, THEREFORE, each of the parties hereto hereby agrees as
follows: 
 1. The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it
shall, on the date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Revolving Commitment of
$[        ]. 
 2. The undersigned Augmenting Lender
(a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will,
independently and without reliance upon the Administrative Agent 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 Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be
bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows: 

[                    ]

[                    ]

[                    ]

 4. The Borrower hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as
of the date hereof. 

 5. Terms defined in the Credit Agreement shall have their defined meanings when used herein.

 6. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 

7. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF AUGMENTING LENDER]
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	

  

			
	Accepted and agreed to as of the date first written above:
	
	PUGET ENERGY, INC.
		
	By:	 	  

			
	Name:	 	
	Title:	 	

			
	
	Acknowledged as of the date first written above:
	
	 JPMORGAN CHASE BANK, N.A.
 as Administrative Agent

		
	By:	 	  

			
	Name:	 	
	Title:	 	

  
 3 

 EXHIBIT E 
 LIST OF CLOSING DOCUMENTS 
 [ATTACHED.] 

 EXHIBIT E 
 LIST OF CLOSING DOCUMENTS 
 PUGET ENERGY, INC. 

CREDIT FACILITY 
 February 10, 2012 
 LIST OF CLOSING DOCUMENTS1 

A. LOAN DOCUMENTS 
  

	1.	Credit Agreement (the “Credit Agreement”) by and among Puget Energy, Inc., a Washington corporation (the “Borrower”), the institutions
from time to time parties thereto as Lenders (the “Lenders”) and JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and the other Lenders (the “Administrative Agent”), evidencing a
revolving credit facility to the Borrower from the Lenders in an initial aggregate principal amount of $1,000,000,000. 

 SCHEDULES 
  

					
	Schedule 1.01(a)	  	–	  	Existing Indebtedness
	Schedule 1.01(b)	  	–	  	Permitted Holders
	Schedule 2.01	  	–	  	Commitments
	Schedule 3.04	  	–	  	Regulatory Approvals
	Schedule 3.13(a)	  	–	  	Subsidiaries
	Schedule 3.13(b)	  	–	  	Subsidiaries Jurisdictions of Organization
	Schedule 3.14	  	–	  	Existing Dividend Restrictions
	Schedule 3.15	  	–	  	Litigation
	Schedule 3.19	  	–	  	Environmental Matters
	Schedule 3.21	  	–	  	Affiliate Transactions
	Schedule 5.07	  	–	  	Properties and Assets
	Schedule 6.01(b)	  	–	  	Existing Liens
	Schedule 6.03(l)	  	–	  	Investments

 EXHIBITS 
  

					
	Exhibit A	  	–	  	Form of Assignment and Assumption
	Exhibit B	  	–	  	[Reserved]
	Exhibit C	  	–	  	Form of Increasing Lender Supplement
	Exhibit D	  	–	  	Form of Augmenting Lender Supplement
	Exhibit E	  	–	  	List of Closing Documents
	Exhibit F	  	–	  	Form of Revolving Loan Note
	Exhibit G-1	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)

  

	1 	 Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement. Items
appearing in bold and italics shall be prepared and/or provided by the Borrower and/or Borrower’s counsel. 

  
 2 

					
	Exhibit G-2	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)
	Exhibit G-3	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)
	Exhibit G-4	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)
	Exhibit H	  	–	  	Collateral Agency Agreement
	Exhibit I	  	–	  	Form of Amendment No. 1 to Amended and Restated Collateral Agency Agreement
	Exhibit J	  	–	  	Form of Solvency Certificate
	Exhibit K	  	–	  	Pledge Agreement
	Exhibit L	  	–	  	Security Agreement
	Exhibit M	  	–	  	Terms of Subordination

  

	2.	Notes, if any, executed by the Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit
Agreement. 

  

	3.	Amendment No. 1 to Amended and Restated Pledge Agreement between Puget Equico LLC (“Equico”) and JPMorgan Chase Bank, N.A., as successor
Collateral Agent (the “Collateral Agent”), together with copies of the applicable pledged securities. 

  

	4.	Amendment No. 1 to Amended and Restated Borrower Security Agreement between the Borrower and the Collateral Agent, together with copies of the applicable pledged
securities. 

  

	5.	Amendment No. 1 to Amended and Restated Collateral Agency Agreement between the Lenders and the Collateral Agent. 

B. CORPORATE DOCUMENTS 
  

	6.	Certificate of the Secretary or an Assistant Secretary of the Borrower in his or her capacity as such officer certifying (i) that there have been no changes
in the Certificate of Incorporation or other charter document of the Borrower, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the State of Washington, since the date of the
certification thereof by such governmental entity, (ii) the By-Laws, as attached thereto, of the Borrower as in effect on the date of such certification, (iii) resolutions of the board of directors of the Borrower authorizing the
execution, delivery and performance of each Loan Document and (iv) the names and true signatures of the incumbent officers of the Borrower authorized to sign the Loan Documents and authorized to request a Borrowing or the issuance of a Letter
of Credit under the Credit Agreement. 

  

	7.	Certificate of Existence for the Borrower from the Secretary of State of the State of Washington. 

 

	8.	Certificate of the Secretary or an Assistant Secretary of Equico in his or her capacity as such officer certifying (i) that there have been no changes in the
Certificate of Incorporation or other charter document of Equico, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the State of Washington, since the date of the certification
thereof by such governmental entity, (ii) the By-Laws, as attached thereto, of Equico as in effect on the date of such certification, (iii) resolutions of the board of directors of Equico authorizing the execution, delivery and performance
of Amendment No. 1 to Amended and Restated Pledge Agreement and (iv) the names and true signatures of the incumbent officers of Equico authorized to sign Amendment No. 1 to Amended and Restated Pledge Agreement.

  
 3 

 C. OPINION 

 

	9.	Opinion of Perkins Coie, counsel for the Borrower. 

 D. UCC DOCUMENTATION 
  

	10.	UCC, tax lien and name variation search reports with respect to the Borrower from the appropriate offices in the State of Washington. 

 

	11.	UCC-3 Amendment naming the Collateral Agent as Secured Party under financing statement number 200903733627 filed with the Department of Licensing of the State of
Washington. 

  

	12.	UCC-3 Amendment naming the Collateral Agent as Secured Party under financing statement number 200903733610 filed with the Department of Licensing of the State of
Washington. 

  

	13.	Post-closing UCC search reports showing Items 11 and 12 as being of record with the Department of Licensing of the State of Washington 

E. CLOSING CERTIFICATES AND MISCELLANEOUS 
  

	14.	A Certificate signed by the President, a Vice President or a Financial Officer of the Borrower in his or her capacity as such officer certifying the following:
(i) all of the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct and (ii) no Default or Event of Default has occurred and is then continuing. 

 

	15.	Payoff documentation providing evidence satisfactory to the Administrative Agent that the Existing Credit Agreement shall have been terminated and cancelled and
all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans) and any and all liens thereunder shall have been terminated and released (except to the extent supporting the Secured Obligations
under the Security Documents). 

  

	16.	Resignation Letter of Barclays Bank Plc, as Collateral Agent under that certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and
as amended and restated as of March 31, 2010, among Borrower, Equico, the Authorized Representatives and Barclays Bank Plc, as collateral agent. 

 F. POST-CLOSING ITEMS 
  

	17.	The Bank of New York Deposit Account Control Agreement 

  

	18.	Wells Fargo Securities Account Control Agreement 

  
 4 

 EXHIBIT F 
 FORM OF REVOLVING LOAN NOTE 
 REVOLVING LOAN NOTE 

 

			
	$        	  	[DATE]

 FOR VALUE RECEIVED, the undersigned, PUGET ENERGY, INC., a Washington corporation (the
“Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of [LENDER NAME] (the “Lender”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant
to the “Credit Agreement” (as defined below) on the Maturity Date or on such earlier date as may be required by the terms of the Credit Agreement. Capitalized terms used herein and not otherwise defined herein are as defined in the Credit
Agreement. 
 The undersigned Borrower promises to pay interest on the unpaid principal amount of each Revolving Loan made to it
from the date of such Revolving Loan until such principal amount is paid in full at a rate or rates per annum determined in accordance with the terms of the Credit Agreement. Interest hereunder is due and payable at such times and on such dates as
set forth in the Credit Agreement. 
 At the time of each Revolving Loan, and upon each payment or prepayment of principal of
each Revolving Loan, the Lender shall make a notation either on the schedule attached hereto and made a part hereof, or in such Lender’s own books and records, in each case specifying the amount of such Revolving Loan, the respective Interest
Period thereof (in the case of Eurodollar Loans) or the amount of principal paid or prepaid with respect to such Revolving Loan, as applicable; provided that the failure of the Lender to make any such recordation or notation shall not affect
the Obligations of the undersigned Borrower hereunder or under the Credit Agreement. 
 This Note is one of the notes referred
to in, and is entitled to the benefits of, that certain Credit Agreement dated as of February 10, 2012 by and among the Borrower, the financial institutions from time to time parties thereto as Lenders and JPMorgan Chase Bank, N.A., as
Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement, among other things, (i) provides for the making of Revolving Loans
by the Lender to the undersigned Borrower from time to time in an aggregate amount not to exceed at any time outstanding such Lender’s Revolving Commitment, the indebtedness of the undersigned Borrower resulting from each such Revolving Loan to
it being evidenced by this Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments of the principal hereof prior to the maturity hereof upon the terms and
conditions therein specified. 
 Demand, presentment, protest and notice of nonpayment and protest are hereby waived by the
Borrower. Whenever in this Note reference is made to the Administrative Agent, the Lender or the Borrower, such reference shall be deemed to include, as applicable, a reference to their respective successors and assigns. The provisions of this Note
shall be binding upon and shall inure to the benefit of said successors and assigns. The Borrower’s successors and assigns shall include, without limitation, a receiver, trustee or debtor in possession of or for the Borrower. 

This Note shall be construed in accordance with and governed by the law of the State of New York. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

			
	PUGET ENERGY, INC.
		
	By:	 	  

			
	Name:
	Title:

 Signature Page to Note 

 SCHEDULE OF LOANS AND PAYMENTS OR PREPAYMENTS 

 

											
	 Date
	  	Amount of
Loan	  	Interest
Period/Rate	  	Amount of
Principal
Paid or
Prepaid	  	Unpaid
Principal
Balance	  	Notation
Made By
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 EXHIBIT G-1 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Lenders That Are Not
Partnerships For U.S. federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 10, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or
business. 
 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. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

			
	Name:
	Title:
	
	Date:             , 20[    ]

 EXHIBIT G-2 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Lenders That Are
Partnerships For U.S. federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 10, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of
its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by an IRS Form W-8BEN
from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

			
	Name:
	Title:
	
	Date:                  , 20[    ]

 EXHIBIT G-3 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Participants That Are Not
Partnerships For U.S. federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 10, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with a certificate of its non- U.S. person status on IRS Form W-8BEN. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

			
	Name:
	Title:
	
	Date:                  , 20[    ]

 EXHIBIT G-4 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Participants That Are
Partnerships For U.S. federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 10, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole
beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or
business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Lender with
IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

			
	Name:
	Title:
	
	Date:                  , 20[    ]

 EXHIBIT H 
 COLLATERAL AGENCY AGREEMENT 
 [ATTACHED] 

 AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

This AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (this “Agreement”), dated as of February 6, 2009, as
amended and restated as of May 10, 2010, among PUGET ENERGY INC., a Washington corporation (the “Company”) (successor in interest by merger to Puget Merger Sub Inc. (“Merger Sub”), PUGET EQUICO
LLC, a Washington limited liability company (the “Parent”), BARCLAYS BANK PLC, as facility agent under the Credit Agreement (as defined below) (in such capacity, together with any successor
facility agent appointed pursuant to the Credit Agreement, the “Facility Agent”), BARCLAYS BANK PLC as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns, the “Collateral
Agent”), each Interest Rate Hedge Bank and each additional Authorized Representative from time to time party hereto for the Additional Secured Parties with respect to which it is acting in such capacity. Certain capitalized terms used
herein are defined in Article 1 of this Agreement. 
 W I T N E S S E
T H : 
 WHEREAS, the Merger Sub entered into a Credit Agreement dated as of February 6,
2009 (said Agreement, as amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Facility Agent, the Lenders and the other parties thereto; 

WHEREAS, the Company, upon the consummation of the Merger, assumed, pursuant to the Assumption Agreement, all of the obligations
of the Merger Sub under the Credit Agreement, this Agreement and all of the other Financing Documents to which the Merger Sub was a party; the Merger Sub (prior to the Effective Time) and the Company (upon and after the Effective Time) are referred
to herein as the “Borrower”; 
 WHEREAS, each of the Interest Rate Hedge Banks has entered into or shall
enter into after the date hereof an Interest Hedging Agreement with the Borrower pursuant to which the Interest Rate Hedge Banks will provide certain protection against movements in interest rates on the terms and subject to the conditions set forth
therein; 
 WHEREAS, the Borrower may from time to time issue or enter into one or more notes, indentures, promissory
notes, credit agreements or such other credit documents, the obligations under which may be secured by a first priority lien on the Collateral to the extent permitted under the Credit Documents; and 

WHEREAS, the Facility Agent, as Authorized Representative for the Lenders under the Credit Agreement, the Interest Rate Hedge
Banks and the other Authorized Representatives for the Additional Secured Parties wish to appoint the Collateral Agent to act on their behalf in accordance with the provisions of the Security Documents and the terms hereof. 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto
hereby agree as follows: 
 Article 1. Definitions and Interpretation. 

Section 1.01. Principles of Interpretation. With reference to this Agreement, unless otherwise specified
herein or in such other Security Document: 
 (a) The meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms. 
 (b) The words “herein”, “hereto”,
“hereof” and “hereunder” and words of similar import when used herein shall refer to this Agreement as a whole and not to any particular provision thereof. 

(i) Article, Section, Exhibit and Schedule references are to this Agreement unless specified to the contrary. 

(ii) The term “including” is by way of example and not limitation. 

  
 4 

 (iii) The term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (c) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and
“until” each mean “to but excluding”; and the word “through” means “to and including”. 

(d) Section headings herein are included for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 Section 1.02. Definitions. In addition, the following terms shall have the following
meanings under this Agreement: 
 “Additional Credit Documents” shall mean any indenture, note, promissory note, instrument or
other agreement entered into by the Borrower after the date of this Agreement, if any, pursuant to which the Borrower will incur Additional Secured Obligations from time to time, to the extent permitted under the Credit Documents, and which have
been designated as Additional Credit Documents in accordance with Section 9.09(b) of this Agreement. 
 “Additional Secured
Obligations” shall mean any indebtedness and obligations of the Borrower arising under any Additional Credit Document that the Borrower designates as Additional Secured Obligations in accordance with Section 9.09(b) of this
Agreement, in each case to the extent permitted (if addressed therein, or, otherwise, not prohibited) under the Credit Agreement and the other Credit Documents as of the date of such designation; provided that the holder of such indebtedness
or other obligations (or the agent, trustee or representative acting on behalf of the holder of such indebtedness or other obligation) shall either be a party hereto or shall have executed and delivered to the Collateral Agent a Joinder Agreement
pursuant to which such holder (or such agent, trustee or representative acting on behalf of such holder) has become a party to this Agreement and has agreed to be bound by the obligations of a “Secured Party” under the terms of this
Agreement. Subject to meeting the requirements of the preceding sentence, Additional Secured Obligations shall include (a) advances to, and debts, liabilities, obligations, covenants and duties of the Borrower arising under any Additional
Credit Documents, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against
the Borrower, of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (b) the obligation to pay principal, interest,
reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by the Borrower under any Additional Credit Document and (c) the obligation of the Borrower to reimburse any amount in respect of any of
the foregoing that any Additional Secured Party, in its sole discretion, may elect to pay or advance on behalf of the Borrower. 

“Additional Secured Parties” means any holders of any Additional Secured Obligations and any Authorized Representative with respect
thereto. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent” shall mean the
Collateral Agent, each Authorized Representative and each of their respective successors and assigns. 
 “Agent-Related
Persons” shall mean the Agents, together with their respective Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
 “Attorney Costs” shall mean and include, as the context requires, all reasonable and documented fees, expenses and disbursements of any external legal counsel. 

  
 5 

 “Authorized Representative” shall mean (a) in the case of any Credit Agreement
Obligations or the Lenders under the Credit Agreement, the Facility Agent, (b) in the case of any Secured Hedge Obligations and the Interest Rate Hedge Banks, such Interest Rate Hedge Bank or any Person appointed by such Interest Rate Hedge
Bank to act as its agent or representative and (c) in the case of any Series of Additional Secured Obligations or Additional Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for
such Series in the applicable Joinder Agreement. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as
amended. 
 “Borrower Group” shall mean the Borrower and the Operating Companies and “Borrower Group Member”
means any of the Borrower or any Operating Company. 
 “Borrower Side Person” has the meaning specified in
Section 9.03(b). 
 “Business Day” shall mean any day which is neither a Saturday or Sunday nor a legal holiday on
which any financial institution or banks are authorized or required to be closed in New York, New York or Bellevue, Washington. 
 “Cash
Management Obligations” means obligations owed by any Borrower Group Member to any Lender or any Affiliate of a Lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any
automated clearing house transfers of funds. 
 “Collateral” shall mean all the “Collateral”, as defined in each of
the Security Documents. 
 “Commitments” shall have the meaning specified in the Credit Agreement. 

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

“Controlling Authorized Representative” shall mean (a) until the earlier to occur of (i) the Discharge of Credit Agreement
Obligations and (ii) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date (if any), the Facility Agent and (b) from and after the earlier to occur of (i) Discharge of Credit Agreement Obligations and
(ii) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date, the Authorized Representative for the Majority Non-Controlling Voting Parties at such time. 
 “Credit Agreement” has the meaning specified in the first recital hereto. 

“Credit Agreement Obligations” shall mean all (a) advances to, and debts, liabilities, obligations, covenants and duties of the
Borrower arising under any Financing Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against the Borrower, of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in
such proceeding, and (b) Cash Management Obligations. Without limiting the generality of the foregoing, Credit Agreement Obligations include (x) the obligation to pay principal, interest, reimbursement obligations, charges, expenses,
fees, Attorney Costs, indemnities and other amounts payable by the Borrower under any Financing Document and (y) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion,
may elect to pay or advance on behalf of the Borrower. 
 “Credit Document” shall mean, collectively (without duplication),
each Financing Document and any Additional Credit Document providing for or evidencing any Additional Secured Obligations. 
 “Creditor
Side Person” has the meaning specified in Section 9.03(b). 

  
 6 

 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” shall mean any event or condition that constitutes
an Event of Default under the Credit Agreement or any Additional Credit Document or that, with the giving of any notice, the passage of time, or both, would be an Event of Default under the Credit Agreement or any Additional Credit Document.

 “Discharge of Credit Agreement Obligations” shall mean, except as expressly set forth in Section 2.06(a) and
Section 4.07(c), the payment in full in cash of all outstanding principal amount of Loans under the Credit Agreement, all interest due (including, without limitation, interest accruing at the then applicable rate provided in the Credit
Agreement after the maturity of the Loans and any Post-Petition Interest) on all “Obligations” outstanding under the Credit Agreement and all fees payable or otherwise accrued under the Financing Documents (other than any contingent
indemnity obligations that expressly survive the termination of the Financing Documents). 
 “Discharge of Secured Obligations”
shall mean, except as expressly set forth in Section 2.06 and Section 4.07(c), the payment in full in cash of all (a) outstanding Secured Obligations under any Credit Document, (b) interest (including, without
limitation, interest accruing at the then applicable rate provided in the applicable Credit Document after the maturity of the Loans or other indebtedness or other relevant Secured Obligations and Post-Petition Interest) on all Secured Obligations
outstanding under any Credit Document, and all fees and other Secured Obligations outstanding under each Credit Document (other than any contingent indemnity obligations that expressly survive the termination of the Credit Documents). 

“Early Termination Date” shall have the respective meaning assigned thereto under each Interest Hedging Agreement. 

“Environmental Law” shall mean any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, initiatives, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution, the protection of the environment, natural resources, or, to the extent relating to exposure to
Hazardous Materials, human health or safety or to the release of any Hazardous Materials into the environment, including air emissions and discharges to waste or public systems. 
 “Environmental Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
the Borrower or any of its Subsidiaries resulting from (a) the actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) exposure to any Hazardous Materials, (d) the release or threatened release, or presence of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is
assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” shall mean, with respect to any Person, all of
the shares, membership interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the
purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 
 “Event of
Default” shall mean (a) an “Event of Default” under and as defined in the Credit Agreement or any Additional Credit Document or (b) any event leading to an “Early Termination Date” or an “Early Termination
Event” under any Interest Rate Hedging Agreement with respect to which the Borrower or any Loan Party is the defaulting party or affected party, as the case may be. 
 “Financial Closing Date” shall mean February 6, 2009. 
 “Financing
Documents” shall have the meaning specified in the Credit Agreement. 

  
 7 

 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or
toxic substances, wastes or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, toxic mold, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other such substances or wastes
defined in or otherwise regulated as “hazardous” or “toxic” wastes or substances under applicable Environmental Law. 

“Hedge Default” shall mean the occurrence of any event specified in an Interest Hedging Agreement that entitles the Interest Rate Hedge
Bank party thereto to cause the early termination thereof in accordance with the terms thereof. 
 “Hedge Termination
Certificate” shall mean a certificate of any Interest Rate Hedge Bank stating that an Early Termination Date has occurred or has been designated under an Interest Hedging Agreement to which it is a party and setting forth the resulting
Settlement Amount. 
 “Immaterial Subsidiary” has the meaning specified in the Credit Agreement. 

“Indemnified Liabilities” means all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
costs, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of or in connection with
(a) the execution, delivery, enforcement, performance or administration of any Credit Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or (b) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for or defense of any pending or threatened claim, investigation,
litigation or proceeding). 
 “Indemnified Party” means, collectively, the Collateral Agent, its Affiliates and the directors,
officers, employees, agents, representatives, trustees and attorneys-in-fact of such Persons and Affiliates. 
 “Indemnified Secured
Parties” has the meaning specified in Section 5.01(f). 
 “Insolvency or Liquidation Proceeding” means
(a) any voluntary or involuntary case or proceeding under Debtor Relief Laws with respect to any Loan Party, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization or other similar case or proceeding with respect to any Loan Party or with respect to a material portion of their respective assets, (c) any liquidation, dissolution, reorganization or winding up of any Loan Party
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Loan Party. 

“Intercreditor Vote” shall mean a vote conducted in accordance with the procedures set forth in Article 3 hereof among the Voting
Parties for the Series entitled to vote with respect to the particular decision at issue. 
 “Interest Hedging Agreements”
means any rate swap, cap or collar agreement or similar arrangement between the Borrower and one or more interest rate hedge providers designed to protect such Person against fluctuations in interest rates. For purposes of this Agreement, the
indebtedness at any time of the Borrower under an Interest Hedging Agreement shall be determined at such time in accordance with the methodology set forth in such Interest Hedging Agreement. 
 “Interest Rate Hedge Bank” shall mean (a) any Person that is a Lender or an Affiliate of a Lender at the time it enters into an Interest Hedging Agreement or (b) Macquarie Bank
Limited to the extent it enters into an Interest Hedging Agreement, in each case, in its capacity as a party to such Interest Hedging Agreement and only for so long as any obligations of the Borrower remain outstanding under the Interest Hedging
Agreement to which such Interest Rate Hedge Bank is a party; provided that such Interest Rate Hedge Bank executes a Joinder Agreement pursuant to Section 3.03(b); and provided, further, that no Affiliate of the
Borrower other than Macquarie Bank Limited and its successors shall become an Interest Rate Hedge Bank. 

  
 8 

 “Joinder Agreement” shall mean a Joinder Agreement executed by the Collateral Agent and
each Authorized Representative for the Secured Obligations subject thereto in accordance with Section 3.03(b) or Section 9.09(b), in form and substance substantially in the form set forth as Appendix A hereto.

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

“Lender” shall mean a “Lender” as defined in the Credit Agreement. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or
preferential arrangement, of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property having substantially the same economic effect as
any of the foregoing). 
 “Loans” shall mean “Loans” as defined in the Credit Agreement. 

“Loan Party” shall mean each of the Borrower and the Parent. 
 “Lock-Up Account” has the meaning specified in the Security Agreement. 

“Macquarie” means The Macquarie Capital Group, which includes Macquarie Capital Group Limited, its direct or indirect subsidiaries, and
the funds (or similar vehicles) they manage. 
 “Macquarie Affiliates” means Macquarie Finance Americas Inc. and Affiliates of
Macquarie that are offshore banking units. 
 “Majority Non-Controlling Voting Parties” shall mean, at any time, the Secured
Parties owed or holding Secured Obligations that constitute the largest total outstanding amount of any then outstanding Series of Secured Obligations. 
 “Majority Non-Controlling Voting Party Enforcement Date” shall mean with respect to any Series of Secured Obligations, the date which is 90 days (throughout which 90 day period such
Series of Secured Obligations was the Series constituting the Majority Non-Controlling Voting Parties) after the occurrence of both (i) an Event of Default (under and as defined in the Credit Document applicable to such Majority Non-Controlling
Voting Parties) and (ii) the Collateral Agent’s and each other Authorized Representative’s receipt of written notice from the Authorized Representative for the Majority Non-Controlling Voting Parties certifying that (x) the
holders of such Series of Secured Obligations are the Majority Non-Controlling Voting Parties and that an Event of Default (under and as defined in the Credit Document applicable to such Majority Non-Controlling Voting Parties) has occurred and is
continuing and (y) the Secured Obligations of such Series are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Credit Document governing the Series for
such Majority Non-Controlling Voting Parties; provided that the 90-day period referenced above in this definition shall be stayed and the Majority Non-Controlling Voting Party Enforcement Date shall be stayed and shall not occur and shall be
deemed not to have occurred with respect to any Collateral (1) at any time the Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to such Collateral or (2) at any time any Loan Party or any
grantor which has granted a security interest in such Collateral is then a debtor under or with respect to any Insolvency or Liquidation Proceeding. 
 “Member” shall mean any Person owning of record or beneficially any of the issued and outstanding Equity Interests in the Parent, the Borrower or Puget Holdings LLC. 

  
 9 

 “New Collateral Agent” has the meaning specified in Section 2.06(a).

 “New Facility Agent” has the meaning specified in Section 2.06(a). 

“Non-Voting Lender” has the meaning specified in Section 3.03(c). 
 “Notice of Default’ has the meaning specified in Section 4.01(a). 

“Operating Company” means Puget Sound Energy, Inc., a Washington Corporation, and each other Subsidiary of the Borrower other than any
Immaterial Subsidiary and, for the avoidance of doubt, the term Operating Company shall include Puget Western, Inc. 
 “Parent”
has the meaning specified in the introductory paragraph of this Agreement. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Possessory Collateral” shall mean any Collateral in the possession of the Collateral Agent or any Authorized Representative (or its
agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Instruments, and Chattel
Paper, in each case, delivered to or in the possession of the Collateral Agent or any Authorized Representative (or its agent or bailees) under the terms of the Security Documents. All capitalized terms used in this definition and not defined
elsewhere in this Agreement have the meanings assigned to them in the New York Uniform Commercial Code. 
 “Post-Petition
Interest” shall mean any interest or entitlement of fees or expenses or other charges that accrues after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable in any such Insolvency or Liquidation
Proceeding. 
 “Refinance” shall mean, in respect of any indebtedness, (a) such indebtedness (in whole or in part) as
extended, renewed, defeased, refinanced, replaced, refunded, repaid, restated, supplemented, restructured, renewed, increased or otherwise amended or modified and (b) any other indebtedness issued in exchange or replacement for or to refinance
such indebtedness, in whole or in part, whether with the same or different lenders, arrangers and/or agents and whether with a larger or smaller aggregate principal amount and whether for a longer or shorter maturity, in each case to the extent
permitted (if addressed therein or otherwise not prohibited) under the terms of the Credit Agreement or any other applicable Credit Document. “Refinanced” and “Refinancing” shall have correlative meanings.

 “Remedies Event of Default” shall mean (a) the occurrence of an Event of Default under the Credit Agreement or any
Additional Credit Document or (b) the occurrence of a Hedge Default; provided that so long as Secured Obligations (other than in respect of Interest Hedging Agreements with Interest Rate Hedge Banks) are outstanding, a Hedge Default
shall not constitute a Remedies Event of Default unless an Event of Default described under the foregoing clause (a) has occurred and is continuing at the time of such Hedge Default. 

“Remedies Instruction” shall mean a written instruction to the Collateral Agent from or on behalf of the Required Voting Parties
(i) certifying that (x) a Remedies Event of Default has occurred and is continuing under the applicable Credit Document and (y) an Intercreditor Vote has been conducted in accordance with the requirements of this Agreement with
respect to such Remedies Event of Default, (ii) describing with reasonable specificity which particular remedies available to the Secured Parties are to be pursued and which particular action are to be taken by the Collateral Agent in response
to such Remedies Event of Default, and (iii) containing such other information as is permitted under this Agreement. 

“Replacement Credit Agreement” has the meaning specified in Section 2.06(a). 

“Required Voting Parties” shall mean, with respect to any proposed decision or action hereunder, the Secured Parties owed or holding
more than 50% of the Total Outstandings at such time under (i) until the earlier to occur of 

  
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(x) the Discharge of Credit Agreement Obligations and (y) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date (if any), the Credit Agreement and (ii) from and
after the earlier to occur of the (x) Discharge of Credit Agreement Obligations and (y) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date, the applicable Credit Document governing the Series of Secured
Obligations of the Majority Non-Controlling Voting Parties at such time. 
 “Secured Hedge Obligations” shall mean all amounts
payable to any Interest Rate Hedge Bank under any Interest Hedging Agreement. 
 “Secured Obligations” shall mean, (a) all
Credit Agreement Obligations, (b) all Secured Hedge Obligations, and (c) any Additional Secured Obligations, in each case, whether fixed or contingent, matured or unmatured, whether or not allowed or allowable in an Insolvency and
Liquidation Proceeding. 
 “Secured Parties” shall mean, collectively, the Agents, the Lenders, the Interest Rate Hedge Banks,
any Additional Secured Parties and each co-agent or sub-agent appointed by any Agent or from time to time pursuant to any Credit Document or this Agreement. 
 “Security Interest” has the meaning specified in Section 2.02(a). 

“Series” shall mean each of (i) the Credit Agreement Obligations, (ii) any Additional Obligations incurred pursuant to any
Additional Credit Document which, pursuant to any Joinder Agreement, are represented hereunder by a common Authorized Representative (in its capacity as such for such Secured Obligations) and (iii) the Secured Hedge Obligations. 

“Security Documents” shall mean, collectively, the Security Agreement, the Pledge Agreement and any other security agreements, pledge
agreements or other similar agreements delivered to the Agents, the Lenders, the Interest Rate Hedge Banks and the Additional Secured Parties, and any other agreements, instruments or documents that create or purport to create a Lien in favor of the
Collateral Agent for the benefit of the Secured Parties. 
 “Settlement Amount” shall mean, as at any date of determination
thereof, the amount calculated to be due in respect of any Early Termination Date under any Interest Hedging Agreement in accordance with the terms thereof. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned or controlled by
such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 
 “Total Outstandings” shall mean, with respect to any Credit Document (other than any Interest Rate Hedging Agreement), at any time, an amount equal to the sum of, without duplication, the
aggregate unpaid principal amount of Loans or other indebtedness outstanding under such Credit Document at such time after giving effect to any borrowings, advances and prepayments or repayments of any Loans or indebtedness under the Credit
Agreement or such other Credit Document, as the case may be, on such date, plus the amount of any unfunded Commitments under the Credit Agreement or such other Credit Document, as the case may be, on such date. 

“Unanimous Voting Parties” shall mean, with respect to any Intercreditor Vote, each of the Facility Agent, each of the Authorized
Representatives appointed under each Additional Credit Document and each Interest Rate Hedge Bank, in each case casting votes representing 100% of the Voting Party Percentage applicable to each such Series of Secured Obligations. 

“Voting Parties” means the Lenders, any Additional Secured Party and, subject to Section 3.03(b), each Interest Rate Hedge
Bank. 

  
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 “Voting Party Percentage” shall mean, in connection with any proposed decision or action
hereunder, the actual percentage, as determined pursuant to Section 3.04, of allotted votes cast in favor of such decision or action by the Secured Parties entitled to vote with respect to such decision or action. 

“Wall” has the meaning specified in Section 9.03(b). 

Article 2. Appointment and Duties of Collateral Agent; Secured Parties’ Agreements; Collateral Matters.

 Section 2.01. Appointment and Duties of Collateral Agent. 

(a) Each of the Secured Parties hereby designates and appoints Barclays Bank PLC to act as the Collateral Agent under the Security
Documents, and authorizes the Collateral Agent to execute each of the Security Documents on its behalf and take such actions on its behalf under the provisions of the Security Documents and to exercise such powers and perform such duties as are
expressly delegated to the Collateral Agent by the terms of the Security Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary in any Security Document, the Collateral
Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Security Documents, and no implied covenants, functions or responsibilities, fiduciary or otherwise, shall be read into any of the Security
Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing, the use of the term “agent” herein and in the other Credit Documents with reference to any Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. 
 (b) The Collateral Agent shall give notice to the Secured Parties
of any action to be taken by it under any Security Document, and such notice shall be given prior to the taking of such action unless the Collateral Agent determines that to do so would be detrimental to the interests of the Secured Parties, in
which event such notice shall be given promptly after the taking of such action. 
 (c) Notwithstanding any provision to
the contrary in any Security Document, the Collateral Agent shall not be required to exercise any discretionary rights or remedies under any of the Security Documents or give any consent under any of the Security Documents or enter into any
agreement amending, modifying, supplementing or waiving any provision of any Security Document (other than this Agreement) unless it shall have been directed to do so by the Controlling Authorized Representative or the Required Voting Parties.

 Section 2.02. Secured Parties’ Agreements; No Interference; Payment Over. 

(a) Except as set forth in clause (b) below and in Sections 2.05(b) and 4.05(c) hereof, each Secured Party
agrees that, as among the Secured Parties, the security interest in any Collateral granted under any Security Document (the “Security Interest”) to the Collateral Agent for the benefit of such Secured Party ranks and will rank
equally in priority with the Security Interest of each other Secured Party in the same Collateral. 
 (b) Notwithstanding
anything to the contrary set forth in any Credit Document, any proceeds of Collateral or amounts required to be deposited in the Lock-Up Account pursuant to Section 6.12 of the Credit Agreement and Section 4.02 of the
Security Agreement received by any Secured Party (other than from the Collateral Agent pursuant hereto) shall be transferred by such Secured Party to the Collateral Agent solely for application towards payment of Credit Agreement Obligations owing
to the Lenders in accordance with the terms of the Financing Documents. 
 (c) Each Secured Party agrees that the
Collateral Agent may refrain from acting or continuing to act in accordance with any instructions of the Required Voting Parties to begin any legal action or proceeding arising out of or in connection with any Credit Document until it shall have
received such indemnity or security from the Secured Parties as it may reasonably require (whether by payment in advance or otherwise) for all costs, claims, losses, expenses (including reasonable legal fees and expenses) and liabilities which it
will or may expend or incur in complying or continuing to comply with such instructions; provided, that nothing in this subclause (c) shall be deemed to obligate any Secured Party to provide any such indemnity or security. 

  
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 (d) Each Secured Party agrees that (i) it will not challenge or question in any
proceeding the validity or enforceability of any Secured Obligations of any Series or any Credit Document or the validity, attachment, perfection or priority of any Lien under any Security Document or the validity or enforceability of the
priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by
judicial proceedings or otherwise, any sale, transfer or other disposition of the Collateral by the Collateral Agent, (iii) except as provided in Section 2.04(e), it shall have no right to direct the Collateral Agent or any other
Secured Party to exercise any right, remedy or power with respect to any Collateral unless such Secured Party is the Controlling Authorized Representative, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or
other proceeding any claim against the Collateral Agent or any other Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Collateral, and none of the Collateral Agent, any
Controlling Authorized Representative or any other Secured Party shall be liable for any action taken or omitted to be taken by the Collateral Agent, such Controlling Authorized Representative or other Secured Party with respect to any Collateral in
accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Collateral or any part thereof marshalled upon any foreclosure or other disposition of such Collateral and (vi) it will not
attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of
any of the Collateral Agent or any other Secured Party to enforce this Agreement or the right to take any action permitted by Section 2.04(e). 
 (e) Each Secured Party hereby agrees that if it shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any Collateral, pursuant to any Security Document or
by the exercise of any rights available to it under applicable Law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies at any time prior to the Discharge of each of Series of Secured Obligations, then it shall
hold such Collateral, proceeds or payment in trust for the other Secured Parties and promptly transfer such Collateral, proceeds or payment, as the case may be, to the Collateral Agent, to be distributed in accordance with the provisions of
Section 4.05 hereof. 
 Section 2.03. Possessory Collateral Agent as Gratuitous Bailee for
Perfection. (a) The Collateral Agent agrees to hold any Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous
bailee for the benefit of each Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to the terms
and conditions of this Section 2.03. Pending delivery to the Collateral Agent, each Authorized Representative agrees to hold any Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous
bailee for the benefit of each other Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to
the terms and conditions of this Section 2.03. 
 (b) The duties or responsibilities of the Collateral Agent
and each Authorized Representative under this Section 2.03 shall be limited solely to holding any Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Secured Party for purposes of perfecting
the Lien held by such Secured Parties therein. 
 (c) All such Possessory Collateral in the possession of any Authorized
Representative shall be delivered to the Collateral Agent as soon as practicable. 

  
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 Section 2.04. Collateral Matters; Actions with Respect to Collateral;
Prohibition on Contesting Liens. 
 The Secured Parties irrevocably agree that: 

(a) Upon request by the Collateral Agent at any time, the Secured Parties will confirm in writing the Collateral Agent’s
authority to release its interest in particular types or items of property pursuant to this Section 2.04. In each case as specified in this Section 2.04, the Collateral Agent will (and each Secured Party irrevocably
authorizes the Collateral Agent to), at the Borrower’s expense, execute and deliver to the Borrower or any Loan Party, as applicable, such documents as such Person may reasonably request to evidence the release of such item of Collateral from
the assignment and security interest granted under the Security Documents, in accordance with the terms of this Agreement or any other Credit Document. 
 (b) With respect to any Collateral, (i) only the Collateral Agent shall be authorized to release Liens and exercise rights and remedies set forth in Security Documents with respect to any
Collateral and in accordance with Section 2.07, (ii) the Collateral Agent shall not follow any instructions (other than instructions pursuant to Section 2.04(e)(ii)) with respect to such Collateral from any Authorized
Representative or any Secured Party (other than the Controlling Authorized Representative and the Required Voting Parties) and (iii) no Authorized Representative who is not the Controlling Authorized Representative or other Secured Party shall
or shall instruct the Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession
of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Collateral, whether under any Security Document,
applicable Law or otherwise, it being agreed that only the Collateral Agent, acting on the instructions of the Controlling Authorized Representative or the Required Voting Parties and in accordance with the applicable Security Documents, shall be
entitled to take any such actions or exercise any such remedies with respect to Collateral. No Authorized Representative or Secured Party (other than the Controlling Authorized Representative or Required Voting Parties) will contest, protest or
object to any foreclosure proceeding or action brought by the Collateral Agent in accordance with the terms of this Agreement or any other exercise by the Collateral Agent of any rights and remedies relating to the Collateral, or to cause the
Collateral Agent to bring any foreclosure proceedings or action or exercise any rights or remedies relating to the Collateral except as permitted by Section 2.04(e)(ii). 

(c) Each Authorized Representative and each other Secured Party agrees that it will not accept any Lien on any Collateral for the
benefit of any Secured Obligations other than Liens created in favor of the Collateral Agent pursuant to a Security Document, and by executing this Agreement (or a Joinder Agreement) and by accepting the benefits of this Agreement and of each
Security Document, each Authorized Representative and each Secured Party for which it is acting hereunder agree to be bound by the provisions of this Agreement and the Security Documents applicable to it. 

(d) Each of the Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in
contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by the Collateral Agent on behalf of any of the Secured Parties in all or any part of the
Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any Authorized Representative to enforce this Agreement. 

(e) Section 2.04(b) shall not prohibit a Secured Party from taking the following actions: 

(i) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or any other Loan Party, each Secured Party may
file a claim or statement of interest with respect to its Series of Secured Obligations, as applicable; 
 (ii) each
Authorized Representative may take and may direct the Collateral Agent to take any action (not adverse to the Liens of the Collateral Agent securing the Secured Parties) in order to preserve or protect its interest in and Liens created by the
Security Documents on the Collateral; 
 (iii) the Secured Parties shall be entitled to file any necessary responsive or
defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of their claims, including any claims secured by the Collateral, if any; 

  
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 (iv) in any Insolvency or Liquidation Proceeding, the Secured Parties shall be entitled
to file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Loan Parties arising under either Debtor Relief Laws or applicable non-bankruptcy law, in each case not in
contravention of the terms of this Agreement; 
 (v) in any Insolvency or Liquidation Proceeding, the Secured Parties shall
be entitled to vote on any plan of reorganization; and 
 (vi) both before and during an Insolvency or Liquidation
Proceeding, any Secured Party may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including, without limitation, the commencement of an Insolvency or Liquidation Proceeding against any Loan
Party in accordance with applicable Law and the termination of any agreement by the holder of any such obligation in accordance with the terms thereof. 
 (f) The Collateral Agent agrees to follow the instructions received from an Authorized Representative pursuant to Section 2.04(e)(ii); provided, however, that the Collateral
Agent shall not follow such instructions to the extent that they are expressly inconsistent with instructions received from the Controlling Authorized Representative pursuant to Section 4.03 after receipt of a Default Notice that has not
been withdrawn. The Collateral Agent agrees to provide to each Authorized Representative a copy of each instruction that it receives pursuant to Section 2.04(e)(ii). 

(g) The Collateral Agent agrees to provide to each Authorized Representative a copy of each notice, letter or direction that it
provides to or receives from a Loan Party or another Authorized Representative pursuant to this Agreement. 

Section 2.05. Absolute Rights of Secured Parties and Authorized Representatives. (a) Notwithstanding any other
provision of this Agreement or any Security Document, but subject to Section 2.05(b) below, each of the Authorized Representatives and each of the Secured Parties has an absolute and unconditional right to receive payment of all of the
Secured Obligations owing to such Authorized Representative or such Secured Party, as the case may be, when the same becomes due and payable and at the time and place and otherwise in the manner set forth in the applicable Secured Document, and the
right of each such Authorized Representative and each such Secured Party to institute proceedings for the enforcement of such payment on or after the date such payment becomes due and to assert (to the extent permitted by
Section 2.04(e)) its position as a secured creditor in a proceeding under any Debtor Relief Laws in which any Loan Party is a debtor, and the obligation of such Loan Party to pay all of the Secured Obligations owing to each of the
Authorized Representatives and each of the Secured Parties at the time and place expressed therein, shall not be impaired or affected without the consent of such Authorized Representative or such Secured Party. In addition, the right of any
Secured Party or any Authorized Representative, on behalf of itself or on behalf of any such Secured Party, to receive payment from sources other than the Collateral shall not be, and is not hereby, impaired or affected in any manner. Without
limiting the generality of the foregoing provisions of this Section 2.05, the Facility Agent’s and a Lender’s right to receive its ratable share of any amounts maintained in the Lock-Up Account, or any Authorized
Representative’s or Secured Party’s rights to receive its ratable share of proceeds of any of the Collateral, or any part thereof, under the terms of this Agreement and the Security Documents, shall not be diminished or affected in any way
by its right to receive proceeds of any right of setoff, or payment upon a guaranty or from any other source. 
 (b) At any
time prior to the Discharge of the Secured Obligations and after (i) the commencement of any Insolvency or Liquidation Proceeding in respect of any Loan Party or (ii) (A) the Credit Agreement Obligations, Additional Secured
Obligations or the Secured Hedge Obligations have become due and payable in full (whether at maturity, upon acceleration or otherwise) or any Secured Obligations in respect of the Credit Agreement Obligations, Additional Secured Obligations or the
Secured Hedge Obligations have not been paid when due and (B) a Remedy Instruction has been provided by the Required Voting Parties, no payment of money (or the equivalent of money) shall be made from the proceeds of Collateral to the
Collateral Agent for the benefit of any Secured Party or to any holder of any Secured Obligations, except as provided for in Section 4.05(a); provided, however, that nothing in this Section 2.05(b) shall
prohibit any cash or funds on deposit in the Lock-Up Account to be distributed to the Lenders in accordance with the applicable terms of the Financing Documents and no other Secured Party other than the Lenders shall be entitled to receive
distributions of any cash or funds on deposit in the Lock-Up Account. 

  
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 Section 2.06. Refinancings of Credit Agreement and Additional Credit
Documents. 
 (a) Subject to the limitations set forth in the applicable Credit Documents (if any), each Loan Party and
each Secured Party acknowledges and agrees that the Credit Agreement may be Refinanced in accordance with this Section 2.06(a). At any time concurrently with or after the Discharge of Secured Obligations (or the Discharge of Secured
Obligations other than Additional Secured Obligations), the Borrower thereafter enters into a Refinancing of the Credit Agreement (the “Replacement Credit Agreement”) and any related Financing Document (as defined in such
Replacement Credit Agreement), then such Discharge of Secured Obligations (or the Discharge of Secured Obligations other than Additional Secured Obligations), as applicable, shall automatically be deemed not to have occurred for purposes of this
Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Secured Obligations and (or Discharge of Secured Obligations other than Additional Secured Obligations), the Replacement Credit
Agreement and related Financing Documents and the obligations under such Replacement Credit Agreement and related Financing Documents shall automatically be treated as “Secured Obligations”, “Credit Agreement Obligations”,
“Credit Agreement”, and “Financing Documents”, as applicable, and the lenders and agents party thereto “Lenders”, “Secured Parties”, “Authorized Representatives” and “Agent Related
Persons”, as applicable, for all purposes of this Agreement, including the Lien priorities and rights with respect to the Collateral set forth herein, and the new facility agent thereunder (the “New Facility Agent”) shall
automatically be deemed to be the “Facility Agent” hereunder for all purposes of this Agreement. 
 (b) Upon
termination of the Credit Agreement, including in connection with any amendment and restatement or Refinancing, the Liens securing the Hedge Obligations and the Additional Secured Obligations shall survive. 

(c) Any Series of Additional Secured Obligations may be Refinanced without affecting the priorities set forth in
Section 4.05 or the provisions of this Agreement defining the relative rights of any Series of Secured Obligations; provided that the Authorized Representative of the holders of any such Refinanced Additional Secured Obligations
shall have executed a Joinder Agreement on behalf of the holders of such Refinanced Secured Obligations. 

Section 2.07. Release of Liens on Collateral. The Collateral Agent’s Liens upon the Collateral may be
released: 
 (a) in whole, upon the Discharge of the Secured Obligations; 

(b) as to any Collateral that is released, sold, transferred or otherwise disposed of by any Loan Person to a Person that is not
(either before or after such release, sale, transfer or disposition) the Borrower or any other Loan Party in a transaction or other circumstance that complies with the terms of the Credit Documents (for so long as any Credit Document is in effect)
and is permitted by all of the other Credit Documents, at the time of such release, sale, transfer or other disposition or to the extent of the interest released, sold, transferred or otherwise disposed of; 

(c) as to a release of less than all or a material portion of the Collateral, at any time prior to the Discharge of Secured
Obligations, if consent to the release of all Liens on such Collateral has been given by the Required Voting Parties; and 

(d) as to a release of all or any material portion of the Collateral (other than pursuant to clause (a) above), if consent to
release of that Collateral has been given by the Unanimous Voting Parties. 

  
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 Article 3. Decision Making; Voting; Notice and Procedures. 

Section 3.01. Decision Making. 
 (a) Subject to Section 4.02 and except for any action that may be taken unilaterally by a Secured Party as expressly provided in any Credit Document, no Secured Party may exercise or
enforce any right, remedy, power or discretion, give any consent or any waiver, or make any determination under or in respect of any provisions of any Credit Documents, except in accordance with this Agreement. In connection with any action
permitted to be taken unilaterally by the Collateral Agent pursuant to the express provisions of any Credit Document, nothing herein shall preclude the Collateral Agent from consulting such Secured Parties as the Collateral Agent may in its
discretion deem desirable. 
 (b) Each decision made in accordance with the terms of this Agreement shall be binding upon
each of the Secured Parties. 
 Section 3.02. Voting Generally. Where, in accordance with this Agreement
or any other Credit Document, the modification, approval or other direction of the Required Voting Parties is required, the determination of whether such modification, approval or direction should be granted or withheld shall be determined by an
Intercreditor Vote. 
 Section 3.03. Intercreditor Votes: Each Party’s Entitlement to Vote.

 (a) Except as otherwise provided in this Section 3.03, each Voting Party shall be entitled to vote in each
Intercreditor Vote under this Agreement. 
 (b) Unless and until any Interest Rate Hedge Bank shall have delivered to the
Collateral Agent and each Secured Party a Hedge Termination Certificate, such Interest Rate Hedge Bank shall not have (i) any voting rights with respect to Secured Obligations arising under any Interest Rate Hedging Agreement to which it
is a party or (ii) any voting rights with respect to any Intercreditor Vote; provided that any such Interest Rate Hedge Bank shall at all times (subject to Section 3.03(c) and 3.03(d)) be a Voting Party for purposes of
the definition of “Unanimous Voting Parties” in Section 1.01 hereof and for purposes of clauses (i) and (ii) of the proviso contained in Section 9.03. If, after the date of this
Agreement, any Person becomes an Interest Rate Hedge Bank and such Person has not previously executed a counterpart of this Agreement or a Joinder Agreement in its capacity as an Interest Rate Hedge Bank, such Person shall execute and deliver to the
Collateral Agent (x) a Joinder Agreement and (y) such other documentation as the Collateral Agent may reasonably request to evidence the due authorization, execution and delivery of this Agreement by such Person. By entering into or
joining this Agreement, each Interest Rate Hedge Bank shall be deemed to have agreed to be bound by the provisions set forth in the other Financing Documents to which the Interest Rate Hedge Banks or the Collateral Agent, on behalf of the Secured
Parties, is a party. 
 (c) None of (i) any Affiliate of the Borrower or any Member that from time to time holds any
Commitment, any Loan or any other interest in a Secured Obligation (other than, subject to Section 10.01 of the Credit Agreement and Section 9.03 hereunder, Macquarie Affiliates in their respective capacity as a Lender and
Macquarie Bank Limited in its capacity as an Interest Rate Hedge Bank) or (ii) any Lender that has agreed, directly or indirectly, to vote or otherwise act at the direction or subject to the approval or disapproval of any Person identified in
clause (i) (each a “Non-Voting Lender”) shall be entitled to participate in any Intercreditor Vote, and the Collateral Agent in determining the percentage of votes cast shall deem each Non-Voting Lender to have voted
proportionately in accordance with the votes of the Lenders thereunder entitled to vote. 
 (d) Notwithstanding any
provision of this Agreement to the contrary, Macquarie Bank Limited, solely in its capacity as an Interest Rate Hedge Bank, shall not be entitled to vote on any matter that is subject to the vote of the Unanimous Voting Parties or be entitled to
cast any “tie-breaker” vote on any matter. 
 Section 3.04. Intercreditor Votes: Votes Allocated to
Each Party. 
 (a) Each Voting Party, if entitled to cast a vote with respect to the matter being considered, shall
have the following number of votes in such Intercreditor Vote: 
 (i) with respect to each Lender, a number of votes equal
to the sum of the Total Outstandings represented by or owed to such Lender; 

  
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 (ii) from and after the delivery of a Hedge Termination Certificate, with respect to
each Interest Rate Hedge Bank, a number of votes equal to the Settlement Amount, if any, owing to such Interest Rate Hedge Bank set out in such Hedge Termination Certificate; and 

(iii) with respect to each Additional Secured Party with respect to any Series of Additional Secured Obligations, a number of votes
equal to the sum of the Total Outstandings represented by or owed to such Additional Secured Parties under such Series of Additional Secured Obligations. 
 (b) In calculating the Voting Party Percentage consenting to, approving, waiving or otherwise providing direction with respect to a decision, the number of votes cast in favor of the proposed
consent, approval, waiver, direction or other action shall be divided by the total number of votes entitled to be cast with respect to such matter. The Secured Parties (including any Secured Party that becomes a party hereto after the date
hereof) hereby waive any and all rights they may have to object to or seek relief from the decision of the Voting Parties voting with respect to any matter and agree to be bound by such decision. Nothing contained in this
Section 3.04(b) shall preclude any Voting Party from participating in any re-voting or further voting relating to such matter. 
 Section 3.05. [Reserved]. 
 Section 3.06. Exercise
of Discretion With Respect to Intercreditor Aspects of the Credit Documents. (a) Unless an Event of Default or Hedge Default has occurred and is continuing, and only to the extent in all cases that the discretion exercised by or the
actions taken by the Collateral Agent could not reasonably be expected to result in an Event of Default or Hedge Default or have a material adverse effect on the interests of any Secured Party (but, for the avoidance of doubt, with the consent of
the Borrower or Parent, as applicable to the extent such consent is required under the applicable Security Document), the Collateral Agent may, without obtaining the consent of the Required Voting Parties or any other Secured Party other than as set
forth in Section 3.07, modify any Security Document to which it is a party or this Agreement to (i) cure any ambiguity or to cure, correct or supplement any provision contained therein which is inconsistent with any other provisions
contained therein , (ii) make, complete or confirm any grant of Collateral permitted or required by this Agreement or the Security Documents or any release of any Collateral permitted under this Agreement or (iii) to make changes that
would provide additional benefits or rights to the Secured Parties. 
 (b) Notwithstanding the other provisions of
Section 9.03 or any other provision of the Security Documents, the Borrower, the Parent and the Collateral Agent (at the direction of the Facility Agent) and, following a Majority Non-Controlling Voting Party Enforcement Date, the
Authorized Representative for the Majority Non-Controlling Voting Parties at such time) may (but shall not be obligated to) amend or amend and restate this Agreement without the consent of any other Secured Party in order to provide for Additional
Secured Obligations of the Loan Parties and liens securing such Additional Secured Obligations on all or an portion of the Collateral with a priority junior to that of the Secured Parties, so long as the incurrence of such obligations and Liens is
not prohibited by the terms of any Credit Document. The Borrower, the Parent and the Collateral Agent may (but shall not be obligated to) amend, modify or supplement this Agreement and/or any Security Document without the consent of any Secured
Party, as may be necessary from time to time in the reasonable discretion of the Collateral Agent and the Borrower, to effect the provisions of Sections 2.06 and 9.09 of this Agreement. 

Section 3.07. Certain Modifications by the Secured Parties. The Secured Parties may at any time and from time to
time in accordance with the terms of the applicable Credit Documents to which they are a party, without any consent of or notice to any other Secured Party (but, for the avoidance of doubt, with the consent of the Borrower or Parent, as applicable
to the extent such consent is required under the applicable Credit Document) and without impairing or releasing the obligations of any Person under this Agreement: (i) amend the Credit Document to which such Person is a party in accordance with
the terms thereof, (ii) release anyone liable in any manner under or in respect of the Secured Obligations owing under the Credit Document to which such Person is a party (but only in respect of such Secured Obligations) and (iii) waive
any provisions of any Credit Document to which such Person is a party (in each case, provided such amendment or waiver shall not materially and adversely affect the rights of any other Person under this Agreement). 

  
 18 

 Section 3.08. Effect of Amendment on Collateral Agent. No party hereto
shall amend any provision of any Credit Document that materially affects the Collateral Agent without the written consent of the Collateral Agent. 
 Section 3.09. Notification of Matters. 
 (a) If at any time
(x) the Collateral Agent proposes to exercise any discretion conferred on it under any Credit Document, (y) any Secured Party, in accordance with this Agreement, notifies the Collateral Agent of a matter with respect to which it believes
the Collateral Agent should exercise its discretion or (z) the Collateral Agent becomes aware (whether on its own or as a consequence of any notification from a Secured Party) of any matter requiring a determination or vote by the Secured
Parties under this Agreement, then the Collateral Agent shall promptly notify each other Secured Party of the matter in question, specifying: 
 (i) if applicable, the manner in which the Collateral Agent proposes to exercise its discretion; 
 (ii) the Required Voting Parties (if any) required for such determination or vote; and 
 (iii) if applicable, the time period determined by the Collateral Agent within which each Secured Party must provide it with instructions in relation to such matter. 

(b) The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Hedge Default, unless the Collateral
Agent shall have received written notice from a Secured Party or the Borrower referring to this Agreement, describing such Default or Hedge Default and stating that such notice is a “notice of default.” The Collateral Agent will
notify the Secured Parties of its receipt of any such notice. The Collateral Agent shall take such action with respect to any Remedies Event of Default as may be directed by the Required Voting Parties in accordance with this Agreement;
provided that unless and until the Collateral Agent has received any such direction, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to a Event of Default or Hedge
Default as it shall deem advisable or in the best interest of the Secured Parties. 
 Section 3.10. Notice of
Amounts Owed. In the event that the Collateral Agent is instructed by the Required Voting Parties to proceed to foreclose upon, collect, sell or otherwise dispose of or take any other action with respect to any or all of the Collateral or
to enforce any remedy under any other Credit Document, then upon the request of the Collateral Agent, each Secured Party shall promptly notify the Collateral Agent in writing, as of any time that the Collateral Agent may reasonably specify in such
request, of (i) the aggregate amount of the respective Secured Obligations owing to such Secured Parties as of such date, (ii) the components of such Secured Obligations and (iii) such other information as the Collateral Agent may
reasonably request. 
 Article 4. Default; Remedies. 

Section 4.01. Notice of Defaults. Upon the occurrence of and at any time during the continuation of a Default or an
Event of Default or Hedge Default, if the Authorized Representative of the applicable Credit Document under which such Default, Event of Default or Hedge Default has occurred desires that the Collateral Agent take action with respect to the
Collateral, then such Authorized Representative shall give to the Collateral Agent, the Controlling Authorized Representative and each other Authorized Representative written notice of such Default, Event of Default or Hedge Default, as applicable
(a “Notice of Default”). Each such Notice of Default shall specifically refer to this Section 4.01 and shall describe such Default or Event of Default or Hedge Default in reasonable detail (including the date of
occurrence and a description of the nature of any remedies such Authorized Representative is entitled to seek as provided by the applicable Credit Document, the Security Documents, this Agreement or applicable Law. Upon receipt by the
Collateral Agent of any such notice, it shall promptly send copies thereof to each Authorized Representative. 

Section 4.02. Acceleration; Termination. Notwithstanding any provision to the contrary in this Agreement,
(a) the applicable Lenders may, at any time after the occurrence and during the continuance of an Event of Default under the Financing Documents, declare the unutilized Commitments terminated and accelerate the Credit Agreement Obligations in
accordance with the terms of the Credit Agreement, (b) the applicable Additional 

  
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Secured Parties under any Series of Additional Credit Obligations may, at any time after the occurrence and during the continuance of an Event of Default under the applicable Additional Credit
Document, terminate all commitments and accelerate such Additional Obligations under the applicable Additional Credit Documents, and (c) any applicable Interest Rate Hedge Bank may at any time after the occurrence and during the continuance of
a Hedge Default cause the early termination of the relevant Interest Hedging Agreement in accordance with the terms thereof. No Remedies Instruction will be required to be taken or delivered in respect of such Event of Default or Hedge Default,
as the case may be, prior to the applicable Lenders, any applicable Additional Secured Parties or any applicable Interest Rate Hedge Bank, as the case may be, taking such action. 

Section 4.03. Instructions Upon Event of Default. 

(a) At any time, if a Remedies Event of Default has occurred and is continuing and has not been rescinded or waived, the Controlling
Authorized Representative and the Required Voting Parties shall have the exclusive right to give the Collateral Agent a Remedies Instruction in respect of such Remedies Event of Default. The Collateral Agent shall follow the directions of the
Required Voting Parties with respect to the time, method and place of taking any action requested. The Collateral Agent shall be entitled to rely conclusively on, without independent verification, any written certification from any Authorized
Representative that from time to time certifies to the Collateral Agent that (i) it is the Controlling Authorized Representative and (ii) it has the exclusive right to deliver a Remedies Instruction. 

(b) If the Collateral Agent has received a copy of a Remedies Instruction from the Required Voting Parties and has not received
written notice from the Required Voting Parties that such Remedies Instruction has been withdrawn, the Collateral Agent shall have the right, on behalf of the Secured Parties, to take any and all actions and to exercise any and all rights, remedies
and options that it may have under any of the Security Documents (including any direction contained in the Remedies Instruction or in a separate instrument in writing executed and delivered to the Collateral Agent); provided, that, if
requested by the Collateral Agent, the Collateral Agent shall have received adequate security or indemnity as provided in Section 2.02(c). 
 (c) The Collateral Agent shall not be obligated to follow any Remedies Instruction received pursuant to Section 4.03(a) or otherwise under the Security Documents to the extent the
Collateral Agent has received an opinion of independent counsel addressed to it to the effect that such Remedies Instruction appear to be in conflict with any applicable Law or this Agreement or any other Credit Document or could result in the
Collateral Agent’s being subject to (i) criminal liability or (ii) civil liability or civil litigation for which it has not received adequate indemnity under Section 2.02(c) in any jurisdiction in question;
provided, however, under no circumstances shall the Collateral Agent be liable for acting or refraining from acting in accordance with the Remedies Instruction of the Required Voting Parties. 

Section 4.04. Remedies. 
 (a) No remedy conferred upon or reserved to the Collateral Agent in this Agreement or in the other Credit Documents is intended to be exclusive of any other remedy or remedies, but every such remedy
shall be cumulative and shall be in addition to every other remedy conferred in this Agreement or in the other Credit Documents or now or hereafter existing at law or in equity or by statute. 

(b) No delay or omission of the Collateral Agent to exercise any right, remedy or power accruing upon any Event of Default or Hedge
Default shall impair any such right, remedy or power or shall be construed to be a waiver of or acquiescence in any Event of Default or Hedge Default. Every right, power and remedy given by this Agreement, any Security Document or any other
Credit Document to the Collateral Agent may be exercised from time to time and as often as may be deemed expedient by the Collateral Agent. 
 (c) All suits or proceedings to assert claims upon or under this Agreement and the other Credit Documents to which the Collateral Agent is a party shall be brought by the Collateral Agent in its name
as Collateral Agent and any recovery of judgment shall be held as part of the Collateral. 

  
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 Section 4.05. Distribution of Collateral Proceeds. 

(a) Application of Proceeds. Except as otherwise herein expressly provided, the proceeds of any collection, sale or
other realization of all or any part of the Collateral pursuant hereto and the Security Documents, and any other cash at the time held by the Collateral Agent under this Article 4, shall be applied by the Collateral Agent: 

First, to the payment of the costs and expenses of such exercise of remedies, including reasonable out-of-pocket costs and expenses of the Agents,
the reasonable fees and expenses of their agents and counsel and all other reasonable expenses incurred and advances made by the Agents in that connection; 
 Next, to the payment in full of the remaining Secured Obligations equally and ratably in accordance with their respective amounts then due and owing in respect of the Credit Documents, or as the
Secured Parties holding the same may otherwise unanimously agree; and 
 Finally, subject to the rights of any other holder or holders of
any Lien on the relevant Collateral, to the payment to the Borrower, or its respective successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining. 

(b) Borrower Remains Obligated. No sale or other disposition of all or any part of the Collateral pursuant to the
Security Documents shall be deemed to relieve the Borrower of its obligations under any Credit Document to which it is a party except to the extent the proceeds thereof are applied to the payment of the Secured Obligations. 

(c) As used in this Section 4.05, “proceeds” of the Collateral means cash, securities and other property
realized in respect of, and distributions in kind of, the Collateral, including any securities entitlements and such proceeds of the Collateral received under any reorganization, liquidation or adjustment of debt of the Borrower on any of the
Collateral, it being understood and agreed by each of the parties hereto that any such “proceeds” in respect of funds or property credited to the Lock-Up Account shall be the sole and exclusive Collateral of the Lenders and shall be
applied solely toward payment of the Credit Agreement Obligations in accordance with the applicable provisions of the Finance Documents. 
 (d) If any Authorized Representative or any holder of any Secured Obligation collects or receives any proceeds of such foreclosure, collection or other enforcement that should have been applied to
the payment of the Secured Obligations in accordance with clause (a) of Section 4.05, whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise, such Authorized Representative or such Secured Party, as
the case may be, will forthwith deliver the same to the Collateral Agent, for the account of all Secured Parties, to be applied in accordance with clause (a) of Section 4.05. Until so delivered, such proceeds will be held by
that Authorized Representative or that Secured Party, as the case may be, for the benefit of all Secured Parties. 

(e) This Section 4.05 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each
present and future Secured Party, each present and future Authorized Representative and the Collateral Agent as holder of the Liens. 
 (f) In connection with the application of proceeds pursuant to clause (a) of Section 4.05, except as otherwise directed by the Required Voting Parties, the Collateral Agent may sell
any non-cash proceeds for cash prior to the application of the proceeds thereof. 
 (g) If, in any Insolvency or
Liquidation Proceeding, the Collateral Agent’s security interest under the Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Agent shall nonetheless apply the proceeds
of the Collateral for the benefit of each Secured Party in the proportions and subject to the priorities specified herein. To the extent that the Collateral Agent distributes proceeds collected with respect to Secured Obligations held by one
Secured Party or on behalf of Secured Obligations held by a second holder, the first holder shall be deemed to have purchased a participation in the Secured Obligations held by the second holder, or shall be subrogated to the rights of the second
holder to receive any subsequent payments and distributions made with respect to the portion thereof paid or to be paid by the application of such proceeds. 

  
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 Section 4.06. Sharing. The parties hereto expressly acknowledge and
agree that it is the intention of the Secured Parties, in committing to extend and in extending credit to the Borrower, that the proceeds of the Collateral and the proceeds of any action taken pursuant to a Remedies Instruction are to be distributed
equally among the Secured Parties pro rata according to the percentage of the aggregate Secured Obligations held by each such Secured Party and, in each case such proceeds shall be distributed, applied or disposed of in accordance with this
Article 4, and the Secured Parties, as among themselves, agree that, except as otherwise expressly provided herein, such proceeds shall be distributed on such basis. 
 Section 4.07. Insolvency or Liquidation Proceedings. (a) In any Insolvency or Liquidation Proceeding and prior to the Discharge of Obligations, the Collateral Agent (acting at
the direction of the Required Voting Parties) on behalf of all Secured Parties and Authorized Representatives, may consent to any order: 
 (i) for use of cash collateral; 
 (ii) approving a debtor-in-possession
financing secured by a Lien upon any property of the estate in such Insolvency or Liquidation Proceeding; 

(iii) granting any relief on account of Secured Obligations as adequate protection (or its equivalent) for the benefit of the
Secured Parties in the Collateral subject to Liens granted to the Collateral Agent, for the benefit of the Secured Parties (it being understood that payments or distributions comprised of any such adequate protection shall not constitute
“proceeds” of Collateral for purposes of Section 4.05(c) or otherwise); or 
 (iv) relating to a
sale of assets of any Loan Party that provides, to the extent the Collateral sold is to be free and clear of Liens, that all Liens granted to the Collateral Agent, for the benefit of the Secured Parties will attach to the proceeds of the sale;

 provided, however, that any Secured Party shall retain the right to object to any cash collateral, debtor-in-possession
financing or adequate protection order to the extent such order provides for priming of Liens over any Collateral if the terms thereof, including the terms of adequate protection (if any) granted to the Secured Parties in connection therewith, do
not provide for materially equal treatment to all Secured Parties. 
 (b) Unless at the direction of, or as consented to
by, the Required Voting Parties, the Secured Parties will not file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral under
the Liens granted to the Collateral Agent, for the benefit of the Secured Parties, except that, without any action by the Required Voting Parties, they may vote their claims in respect of the Series of Secured Obligations owed to them in connection
with, and have their right to object to, the confirmation of any plan of reorganization or similar dispositive restructuring plan to the extent any such action is not inconsistent with their obligations under this Agreement. 

(c) If any Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the
estate of the Borrower or any Loan Party for any reason, including without limitation, because it was found to be a fraudulent or preferential transfer, any amount paid in respect of the Secured Obligations, whether received as proceeds of security,
enforcement of any right of set-off or otherwise, then such Secured Party shall be entitled to a reinstatement of the Secured Obligations with respect to all such recovered amounts. In such event, (i) the Discharge of Secured Obligations
or Discharge of Credit Agreement Obligations, as applicable, shall be deemed not to have occurred and (ii) if this Agreement shall have been terminated prior to such recovery or avoidance action, this Agreement shall be reinstated in full force
and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

Article 5. Rights of Collateral Agent. 
 Section 5.01. (a) The Collateral Agent may execute any of its duties under any Security Document by or through agents, sub-agents or attorneys-in-fact and shall be entitled to rely
on the advice of counsel (including counsel to the Borrower) concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it
selects in the absence of gross negligence or willful misconduct (as determined in the final judgment of a court of competent jurisdiction). 

  
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 (b) Neither the Collateral Agent nor its Affiliates nor any of their respective
officers, directors, employees, agents or attorneys-in-fact shall be (i) liable to any of the Secured Parties for any action lawfully taken or omitted to be taken by it hereunder or under or in connection with any Security Document (except for
its gross negligence, willful misconduct or unlawful acts, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein), or (ii) responsible in any manner to any of the
Secured Parties for any recitals, statements, representations or warranties made by the Borrower or any other Loan Party or any representative of any thereof contained in any Credit Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Collateral Agent under or in connection with, any Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Credit Documents, or the perfection or
priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of the Borrower or any other Loan Party to perform their obligations thereunder. The Collateral Agent as such shall
not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, any Credit Document or to inspect the properties, books or records of the
Borrower or any other Loan Party. 
 (c) The Collateral Agent shall be entitled to rely conclusively, and shall be fully
protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, electronic mail message, telex or teletype message, statement, order or other document believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Collateral Agent. The Collateral
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Credit Document in accordance with a request or consent of the Required Voting Parties and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Secured Parties. 
 (d) The Borrower agrees to pay, within 15
days after written demand, to the Collateral Agent the amount of any and all reasonable and documented out-of-pocket expenses, including the reasonable and documented Attorney Costs of one New York counsel and one local state counsel in each other
applicable jurisdiction, and the reasonable costs of any experts and agents which the Collateral Agent may reasonably incur in connection with (i) the administration of the Security Documents, (ii) the custody or preservation of, or the
sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement (whether through negotiations, legal proceedings or otherwise) of any of the rights of the Collateral Agent or the Secured Parties
under any of the Security Documents or (iv) the failure by the Borrower, any other Loan Party or any Affiliate thereof to perform or observe any of the provisions of the Security Documents. 

(e) Whether or not the transactions contemplated hereby are consummated, the Secured Parties shall indemnify upon demand the
Collateral Agent (to the extent the Collateral Agent is required to be but is not reimbursed by or on behalf of the Loan Parties and without limiting the obligation of the Loan Parties to do so), pro rata (at the time such indemnity is
sought), and hold harmless the Collateral Agent from and against any and all Indemnified Liabilities incurred by it; provided that no Secured Party shall be liable for the payment to the Collateral Agent of any portion of such Indemnified
Liabilities resulting from the gross negligence or willful misconduct of the Collateral Agent as determined by the final judgment of a court of competent jurisdiction; provided further that no action taken in accordance with the
directions of the Controlling Authorized Representative or the Required Voting Parties shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 5.01(e). In the case of any investigation,
litigation or proceeding giving rise to any Indemnified Liabilities, this Section 5.01(e) applies whether any such investigation, litigation or proceeding is brought by any Secured Party or any other Person. The undertaking in this
Section 5.01(e) shall survive termination of the Secured Obligations, the payment of all other Obligations and the resignation of the Collateral Agent. 
 (f) Whether or not the transactions contemplated hereby are consummated, the Borrower shall indemnify and hold harmless the Collateral Agent (“Indemnified Secured Party”) from and
against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on,
incurred by or asserted against the Indemnified Secured Party in any way relating to or arising out of or in 

  
 23 

 
connection with (a) the execution, delivery, enforcement, performance or administration of any Credit Document or any other agreement, letter or instrument delivered in connection with the
transactions contemplated thereby, (b) any Commitment or Loan or the use or proposed use of the proceeds therefrom, or (c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned
or operated by the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for or defense of any pending or threatened claim, investigation, litigation or proceeding), in all cases, whether or not caused by or
arising, in whole or in part, out of the negligence of the Indemnified Secured Party; provided that such indemnity shall not, as to the Indemnified Secured Party, be available to the extent that such liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from the gross negligence, bad faith or willful misconduct of the Indemnified Secured Party. Neither the Indemnified Secured Party nor the Borrower
shall have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Financial
Closing Date). In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 5.01(f) applies, such indemnity shall be effective whether or not any of the transactions contemplated hereunder
or under any of the other Credit Documents is consummated. All amounts due under this Section 5.01(f) shall be paid within ten (10) Business Days after demand therefor. The agreements in this Section 5.01(f)
shall survive the resignation of the Collateral Agent, the replacement of any Secured Party, the termination of any Secured Obligation and the repayment, satisfaction or discharge of all the other Obligations. 

(g) Each Secured Party acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by
any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Secured Party as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Secured Party represents to each Agent that it has, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower
Group, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower under the Credit Documents. Each Secured Party
also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Secured Parties by any Agent herein, such Agent shall not have any duty or responsibility to provide any Secured Party
with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower or any of its Affiliates which may come into the possession of any Agent-Related Person.

 (h) Barclays Bank PLC and its Affiliates may make loans to, accept deposits from, acquire Equity Interests in and
generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its Affiliates as though Barclays Bank PLC were not the Collateral Agent hereunder and without notice to or consent of the
Secured Parties. The Secured Parties acknowledge that, pursuant to such activities, Barclays Bank PLC or its Affiliates may receive information regarding the Borrower or its Affiliates (including information that may be subject to
confidentiality obligations in favor of the Borrower or such Affiliates) and acknowledge that the Collateral Agent shall be under no obligation to provide such information to them. 

Article 6. Resignation or Removal of the Collateral Agent. 

The Collateral Agent may resign as Collateral Agent upon ten days’ notice to each of the Authorized Representatives and the Borrower
and may be removed at any time with or without cause by the Required Voting Parties, with any such resignation or removal to become effective only upon the appointment of a successor collateral agent under this Article 6. If the
Collateral Agent shall resign or be removed as Collateral 

  
 24 

 
Agent, then the Facility Agent and the Required Voting Parties shall (and if no such successor shall have been appointed within 30 days of the Collateral Agent’s notice of resignation or
removal, the Collateral Agent may) appoint a successor collateral agent for the Secured Parties, which successor collateral agent (so long as no Default or Hedge Default has occurred and is continuing) shall be reasonably acceptable to the Borrower,
whereupon such successor collateral agent shall succeed to the rights, powers and duties of the Collateral Agent, and the term “Collateral Agent” shall mean such successor collateral agent effective upon its appointment, and the former
Collateral Agent’s rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent (except that the former Collateral Agent shall deliver all Collateral
then in its possession to such successor collateral agent and execute such documents and instruments as may be necessary to transfer the Liens of record under the Security Documents in favor of the Collateral Agent to such successor collateral
agent) or any of the other Secured Parties. After resignation or removal hereunder as collateral agent, the provisions of this Agreement shall inure to the former Collateral Agent’s benefit, and continue to be binding upon the former
Collateral Agent, as to any actions taken or omitted to be taken by it while it was Collateral Agent. 
 Article
7. No Impairments of Other Rights. 
 Nothing in this Agreement is intended or shall be construed to impair,
diminish or otherwise adversely affect any other right the Secured Parties may have or may obtain against the Borrower or any other Loan Party. 
 Article 8. Termination. 
 This Agreement shall remain in full
force and effect until the Discharge of Secured Obligations has occurred. 
 Article 9. Miscellaneous.

 Section 9.01. Waiver. No failure on the part of the Collateral Agent or the other Secured Parties to
exercise and no delay in exercising, and no course of dealing with respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver of such right, remedy, power or privilege, nor shall any single or partial exercise
of any right, remedy, power or privilege under this Agreement preclude any other or further exercise of any such right, remedy, power or privilege or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges provided in this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 Section 9.02. Notices. All notices and communications to be given under this Agreement shall be given or made in writing to the intended recipient at the address specified below or,
as to any party hereto, at such other address as shall be designated by such party in a notice to each other party hereto. Except as otherwise provided in this Agreement, all such written notices shall be mailed, faxed or delivered to the
applicable address, facsimile number or electronic mail address. All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and
(ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage prepaid; (C) if delivered by
facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered and receipt has been confirmed by telephone: 
 To the Borrower: 
 Puget Energy Inc. 

Level 22, 125 West 55th Street 
 New York,
NY 10019 
 Attention: Christopher Leslie 
 Phone: (212) 231-1686 
 Facsimile: (212) 231-1828 

Email: Christopher.Leslie@macquarie.com 

  
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 To the Facility Agent: 
 Barclays Bank PLC 
 745 Seventh Avenue 
 New York, NY 10019 
 Phone: 212-412-3752 
 Fax: 212-412-7600 
 Attention: Ann Sutton 

To the Collateral Agent: 
 Barclays Bank
PLC 
 745 Seventh Avenue 
 New York, NY
10019 
 Phone: 212-526-1126 
 Fax:
212-526-5115 
 Attention: Ann Sutton 
 To each Interest Rate Hedge Bank: 
 As set forth on the signature page hereto or in the
Joinder Agreement to which such Interest Rate Hedge Bank is a party. 
 To each Additional Secured Party: 

As set forth in the Joinder Agreement to which such Additional Secured Party is a party. 

Section 9.03. Amendments, Etc. (a) Subject to Section 3.03(c) and Section 3.06, no
provision of this Agreement may be modified, supplemented or waived except by an instrument in writing duly executed by the Collateral Agent acting at the direction of the Required Voting Parties; provided, however, (i) no
amendment, waiver or consent shall become effective without the prior written consent of the Required Voting Parties and the Authorized Representative for the affected Series of Secured Obligations if such amendment, waiver or consent (w) has
the effect of changing the definition of “Required Voting Parties”, the percentage or composition of Secured Parties required to vote on a matter or this clause (a)(i)(w)), (x) adversely affects the relative priority of payment
due to any Secured Party under the Credit Documents, whether by way of enforcement or realization on Collateral or otherwise (including, without limitation, the priorities set forth in Section 4.05), (y) has the effect of changing
Section 4.06, or (z) materially adversely affects any Series of Secured Obligations disproportionately as compared to other Series of Secured Obligations, (ii) no amendment, waiver or consent that has the effect of changing the
definition of “Unanimous Voting Parties” or Section 2.07(d) may be effectuated without the prior written consent of the Unanimous Voting Parties and (iii) no amendment, waiver or consent that affects the material rights
and duties of the Borrower shall be effective without the prior written consent of the Borrower. 
 (b) No amendment waiver
or consent (including, without limitation, any Intercreditor Vote) of Macquarie Affiliates in such Person’s capacity as a Lender or Participant (each a “Creditor Side Person”), shall be effective (x) except, with respect
to Loans and Commitments not in excess of $50,000,000 in the aggregate at any time and (y) unless each such Person has in place a Wall between such Creditor Side Person and any Persons authorized to take action on behalf of the Borrower (such
Persons, “Borrower Side Persons”) such that information is not shared between a Creditor Side Person and Borrower Side Persons (other than on arm’s-length, third party terms) and decisions of Creditor Side Persons are made, and
actions taken, independent of considerations of Borrower Side Persons. Any such modification, supplement or waiver shall be for such period and subject to such conditions as shall be specified in the instrument effecting the same and shall be
binding upon the Collateral Agent and each of the other parties hereto, and any such waiver shall be effective only in the specific instance and for the 

  
 26 

 
purposes for which given. For purposes hereof, “Wall” shall mean with respect to any Creditor Side Person and Borrower Side Person, such Persons (1) do not have
interlocking officers, directors or employees, (2) have separate offices and information systems such that a Creditor Side Person does not have access to non-public information in the possession of a Borrower Side Person (and vice versa), and
(3) have a formalized process or procedure prohibiting the disclosure of non-public information to the other such Person. A Creditor Side Person shall provide reasonable evidence of the Wall upon the reasonable request of a Secured Party
or the Collateral Agent. 
 Section 9.04. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the Borrower, the Collateral Agent, the Secured Parties and their respective successors and permitted assigns. The Collateral Agent may assign or transfer its rights under this Agreement to any of its Affiliates without
the prior written consent of any party hereto; provided, that the Collateral Agent shall notify the Borrower in writing of such assignment or transfer promptly following the effectiveness thereof. Neither the Borrower nor the Parent may assign
or transfer its rights or obligations hereunder. 
 Section 9.05. Survival. All representations and
warranties made in this Agreement or in any certificate or other document delivered pursuant to or in connection with this Agreement shall survive the execution and delivery of this Agreement or such certificate or other document (as the case may
be) or any deemed repetition of any such representation or warranty. 
 Section 9.06. Severability. Any
provision of this Agreement that is prohibited or becomes unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction, and the parties hereto shall enter into good faith negotiations to replace such
prohibited or unenforceable provision. 
 Section 9.07. Counterparts. This Agreement may be executed in
any number of counterparts and by the different parties hereto on separate counterparts, each of which, when so executed and delivered, shall be effective for purposes of binding the parties hereto, but all of which together shall constitute one and
the same instrument. 
 Section 9.08. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS
AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND
BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER, EACH AGENT AND EACH SECURED PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH SECURED PARTY
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF THIS AGREEMENT OR OTHER DOCUMENT RELATED HERETO. 
 (c) EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY SECURITY DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS
AGREEMENT, THE SECURITY DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT

  
 27 

 
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION 9.08(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 9.09. Joinder. (a) Each Lender that becomes a “Lender” under the Credit Agreement (in accordance with the provisions of Section 10.07(b) of the Credit
Agreement) after the date hereof shall become a party to this Agreement upon its execution of an Assignment and Assumption Agreement contemplated by such Section 10.07. 

(b) The Borrower may designate additional obligations as Additional Secured Obligations from time to time only if the incurrence of
such obligations and the grant of Liens securing such obligations is permitted under each of the Credit Agreement and each other Additional Credit Document then in effect and this Agreement. If so permitted, the Borrower shall only effect such
designation by: 
 (i) delivering to the Collateral Agent and each Authorized Representative, written notice from an
Authorized Officer certifying: 
 (1) that the Borrower intends to incur additional obligations which shall constitute
Additional Secured Obligations, and specifying the agreement pursuant to which such obligations will be incurred and designating such agreement as an “Additional Credit Document” hereunder; and 

(2) as to the specific name and address of the Authorized Representative for such Series of Additional Secured Obligations; and

 (ii) causing the Authorized Representative to execute and deliver to the Collateral Agent and each other Authorized
Representative, a Joinder Agreement, which shall be acknowledged and approved by an Authorized Officer of the Borrower. 

(c) Each notice given by an Authorized Officer pursuant to Section 9.09(b) shall constitute a representation and
warranty by the Borrower that the incurrence of the Additional Secured Obligations and the grant of Liens securing such obligations are permitted under each of the Credit Agreement and each Additional Credit Document then in effect and this
Agreement. In signing a Joinder Agreement, the Collateral Agent and each Authorized Representative shall be entitled to rely, without inquiry or investigation, upon such representation and warranty. The Collateral Agent shall not execute
and deliver any Joinder Agreement unless and until such Joinder Agreement has been executed and delivered by the Borrower, the Parent and the Authorized Representative for such Additional Secured Obligations. 

Section 9.10. Specific Performance. Each Secured Party may demand specific performance of this Agreement. Each
party hereto irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by any other Secured Party. 

Section 9.11. Agreement for Benefit of Parties Hereto. Except for the Secured Parties and their respective
successors and permitted assigns, nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or to give to, any Person other than the parties hereto and their respective successors and permitted assigns, and
Persons for whom the parties hereto are acting as agents or representatives, any right, remedy or claim under or by reason of this Agreement or any covenant, condition or stipulation hereof; and the covenants, stipulations and agreements contained
in this Agreement are and shall be for the sole and exclusive benefit of the parties hereto and their respective successors and permitted assigns and Persons for whom the parties hereto are acting as agents or representatives. 

Section 9.12. Integration. This Agreement constitutes the entire agreement and understanding among the parties to
this Agreement with respect to the matters covered by this Agreement and supersedes any and all prior agreements and understandings, written or oral, with respect to such matters. 

  
 28 

 Section 9.13. Original Schedules and Exhibits. Except as otherwise
expressly modified by this Agreement, each of the Schedules, Exhibits and Appendices attached to the Collateral Agency Agreement, dated as of February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this
Agreement without any amendment, modification or supplement. 
 [Signature Pages Follow.] 

  
 29 

 APPENDIX A 
 FORM OF JOINDER AGREEMENT 
 Reference is made to that certain Amended and
Restated Collateral Agency Agreement, dated as of May 10, 2010 (the “Collateral Agency Agreement”), among PUGET ENERGY INC., a Washington corporation, BARCLAYS BANK PLC, as Facility Agent, BARCLAYS BANK PLC, as Collateral Agent
and the other parties thereto. 
 The undersigned is party to [DESCRIBE INTEREST HEDGING AGREEMENT/ADDITIONAL CREDIT
DOCUMENT]. 
 Pursuant to the terms of [Section 3.03(b)] / [Section 9.09(b)] of
the Collateral Agency Agreement, the undersigned hereby agrees to be bound by the Collateral Agency Agreement as an [“Interest Rate Hedge Bank”] / [Additional Secured Party] thereunder. 

 

	
	Dated:                     
	
	[Insert Name of Party to be Added]
	
	By:
	Name:
	Title:

  

	
	 Address for Notices:

	
	
Attn:        [                 
   ]

	 Tel
No.:  [                    ]

	 Fax
No.:    [                    ]

  
 30 

			
	PUGET ENERGY, INC.
		
	By:	 	
	Name:	 	Donald E. Gaines
	Title:	 	Vice President Finance & Treasurer
	
	PUGET EQUICO, LLC.
		
	By:	 	
	Name:	 	Donald E. Gaines
	Title:	 	Vice President Finance & Treasurer
	
	 BARCLAYS BANK PLC,
 as Facility Agent

		
	By:	 	
	Name:	 	Ann E. Sutton
	Title:	 	Director
	
	 BARCLAYS BANK PLC,
 as Collateral Agent

		
	By:	 	
	Name:	 	Ann E. Sutton
	Title:	 	Director
	
	 BARCLAYS BANK PLC,
 as Interest Rate Hedge Bank

		
	By:	 	
	Name:	 	Kevin Crealese
	Title:	 	Director

 
			
		
	Address for Notices	 	 745 Seventh Avenue
 New York, NY 10019

	Telephone No.:	 	(212) 526-1412
	Facsimile No.:	 	(917) 265-1183
	
	 COMMERZBANK AG (successor in interest to
 DRESDNER BANK AG),
 as Interest Rate Hedge
Bank

 
			
		
	By:	 	
	Name:	 	Mark Schindler
	Title:	 	Director
		
	By:	 	
	 Name:
	 	 Brian Smith

	 Title:
	 	 Managing Director

 
			
		
	 Address for Notices
	 	 Commerzbank AG
 2 World Financial Center
 New York, NY 10281-1050

	 Attention:
	 	Legal Department
	 Telephone No.:
	 	212.895.5269
	 Facsimile No.:
	 	212.208-6174

			
	 Macquarie Bank Limited,
 as Interest Rate Hedge Bank

		
	 By:
	 	
	 Name:
	 	 Amber Riley

	 Title:
	 	 Associate Director

	 Legal Risk Management

	 Fixed Income, Currencies and Commodities

		
	 By:
	 	
	 Name:
	 	 Russell Gripper

	 Title:
	 	 Division Director

 
			
		
	 Address for Notices
	 	 Macquarie Bank Limited
 1 Martin Place
 Sydney NSW 2000

Australia

	 Attention:
	 	 Executive Director, Legal Risk
 Management Division, Fixed
 Income, Currencies and

Commodities

	 Telephone No.:
	 	(+61 2) 8232 3333
	 Facsimile No.:
	 	(+61 2) 8232 4540
	 Email:
	 	‘ficc.notices@macquarie.com’ and ‘IRDAdvisory@macquarie.com’

  
 32 

 AMENDMENT NO. 1 
 TO 
 AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (this “Amendment”), is made as of
February 10, 2012, by JPMORGAN CHASE BANK, N.A. (“JPMorgan”), in its capacity as successor Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the
Amended and Restated Collateral Agency Agreement referred to below. 
 WHEREAS, Puget Energy, Inc., as successor to Puget
Merger Sub Inc. (the “Borrower”), is party to that certain Credit Agreement, dated as of May 16, 2008, among the financial institutions from time to time party thereto as lenders and Barclays Bank PLC, as facility agent (as
amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 
 WHEREAS, the Borrower, is party to that certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among Puget
Equico LLC, Barclays Bank PLC, as collateral agent and Barclays Bank PLC, as facility agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Agreement”); 

WHEREAS, on or about the date hereof, the Borrower repaid in full all of its Obligations (as defined therein) under the Existing
Credit Agreement; 
 WHEREAS, on the date hereof, the Borrower entered into that certain Credit Agreement among the
financial institutions from time to time party thereto as Lenders and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) (as amended, restated, supplemented or otherwise modified, the “Credit
Agreement”); 
 WHEREAS, pursuant to Section 2.06 of the Agreement, the Lenders signatory hereto and the
Administrative Agent became (i) parties to the Agreement and (ii) the Required Voting Parties upon the execution of the Credit Agreement; 
 WHEREAS, pursuant to Article 6 of the Agreement, Barclays Bank PLC resigned as Collateral Agent as of the date hereof; 
 WHEREAS, in accordance with Article 6 of the Agreement, the Lenders and the Administrative Agent, which constitute the Required Voting Parties, have (i) appointed JPMorgan Chase Bank, N.A., as
successor Collateral Agent and (ii) directed the Collateral Agent to enter into this Amendment in that certain Credit Agreement, dated as of the date hereof, by and among Borrower, the Lenders (as defined therein) from time to time party
thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as defined therein); and 
 NOW THEREFORE, in
consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to enter into this
Amendment. 
 SECTION 1. Amendments to Agreement. 

(a) The first whereas clause of the Agreement is amended and restated in its entirety to read as follows: 

WHEREAS, the Company (in such capacity, the “Borrower”) has entered into that certain Credit
Agreement, dated as of February 10, 2012, among the financial institutions from time to time parties thereto as lenders and JPMorgan Chase Bank, N.A., as the administrative agent (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”); 
 (b) Section 1.02 of the Agreement is amended to
add the following new definitions therein in the appropriate alphabetical order: 
 “Financing
Documents” shall have the meaning specified in the Credit Agreement or, if applicable, any Replacement Credit Agreement; provided, solely with respect to any Replacement Credit Agreement, shall mean, if necessary, any analogous
defined term used in place thereof in the Replacement Credit Agreement. 

 “Pledge Agreement” means the Amended and Restated Pledge
Agreement, dated as of February 6, 2009 and amended and restated as of May 10, 2010, from Puget Equico LLC, as pledgor to Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time) 

“Restricted Lender Affiliate” shall have the meaning specified in the Credit Agreement. 

“Security Agreement” means the Amended and Restated Borrower Security Agreement, dated as of
February 6, 2009 and as amended and restated as of May 10, 2010 and as further amended as of February 10, 2012, between the Borrower and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time)

 (c) The definitions of “Lock-up Account” and “Macquarie Affiliates” appearing in Section 1.02 of the
Agreement are deleted in their entirety. 
 (d) Clause (b) of Section 2.02 of the Agreement is amended and restated in
its entirety to read as follows: “[Reserved]”. 
 (e) Clause (a) of Section 2.05 of the Agreement is amended
to (i) delete the phrase “Secured Document” appearing therein and to replace such phrase with the phrase “Security Document” and (ii) delete in its entirety the phrase “, the Facility Agent’s and a
Lender’s right to receive its ratable share of any amounts maintained in the Lock-Up Account,” appearing therein. 

(f) Clause (b) of Section 2.05 of the Agreement is amended to delete in its entirety the proviso appearing therein. 

(g) Clause (a) of Section 2.06 of the Agreement is amended to insert the phrase “, which, for the avoidance of doubt,
shall include any analogous administrative capacity utilized in place thereof in any Replacement Credit Agreement,” immediately following the phrase “Collateral set forth herein, and the new facility agent” appearing therein.

 (h) Clause (a) of Section 3.01 of the Agreement is amended to delete the phrase “any provisions of any Credit
Documents” appearing therein and replace such phrase with the phrase “any provision of any Credit Document”. 

(i) Clause (c) of Section 3.03 of the Agreement is amended to (i) delete the section reference “Section
10.01” appearing therein and replace such section reference with the section reference “Section 9.02” and (ii) delete the phrase “Macquarie Affiliates” appearing therein and replace such phrase with the
phrase “Restricted Lender Affiliate”. 
 (j) Clause (c) of Section 4.05 of the Agreement is amended to
delete in its entirety the phrase “it being understood and agreed by each of the parties hereto that any such “proceeds” in respect of funds or property credited to the Lock-Up Account shall be the sole and exclusive Collateral of the
Lenders and shall be applied solely toward payment of the Credit Agreement Obligations in accordance with the applicable provisions of the Finance Documents” appearing therein. 

(k) Section 9.02 of the Agreement is amended to delete in its entirety the address appearing under the headings “To the
Borrower” and to replace such address with the following address: 
 Puget Energy, Inc. 

10885 NE 4th Street, Suite 1200 

Bellevue, WA 98004-5591 
 Phone: (425) 462-3870) 
 Facsimile: (424) 462-3300

 Attention: Vice President Finance and Treasurer 

  
 34 

 (l) Section 9.02 of the Agreement is amended to delete in their entirety the addresses
appearing under the headings “To the Facility Agent” and “To the Collateral Agent” and to replace such addresses with the following address: 

JPMorgan Chase Bank 

10 S. Dearborn Street, 7th Flood 
 Chicago, IL 60603 
 Phone: (312) 385-7025 

Facsimile: (888) 292-9533 

Attention: Nan Wilson 
 (m) Clause (b) of Section 9.03 of the Agreement is amended and restated in its entirety to read as follows: 

(b) Notwithstanding the foregoing, no waiver or consent of any Restricted Lender Affiliate shall be required for any
amendment, waiver or other modification to this Agreement pursuant to the terms of this Section 9.03. For the avoidance of doubt, the foregoing shall not apply to any assignee of, or Person that purchases participations from, a
Restricted Lender Affiliate, other than an assignee or Participant that constitutes a Restricted Lender Affiliate. The Borrower agrees that upon request by the Collateral Agent, the Borrower shall promptly (and in any case, not less than 3 Business
Days), prior to the effectiveness of any amendment, waiver or other modification pursuant to this Section 9.03, provide to the Collateral Agent a list of all Restricted Lender Affiliates who are, to the Borrower’s knowledge after
due inquiry, holding any Commitments at such time. 
 (n) The Agreement is amended to replace each reference to “Barclays
Bank PLC” with “JPMorgan Chase Bank, N.A.”. 
 (o) The Agreement is amended to replace each reference to
“Facility Agent” with “Administrative Agent”. 
 (p) Appendix A to the Agreement is deleted in its entirety
and replaced with Exhibit A hereto. 
 SECTION 2. Conditions of Effectiveness. This Amendment shall become
effective as of the date hereof (the “Effective Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the Collateral Agent, the Administrative Agent and each
Lender and (ii) the New Credit Agreement shall become effective in accordance with its terms and conditions. 
 SECTION 3.
Representations and Warranties. Each of the parties hereto represents and warrants that this Amendment and the Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such
party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 

SECTION 4. Reference to and the Effect on the Agreement. 
 (a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import
referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement as amended hereby. 

(b) Each of the parties hereto hereby agrees that, except as specifically amended above, the 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. 

  
 35 

 SECTION 5. Headings. Section headings in this Amendment are included herein for
convenience only and shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart
of this Amendment. 
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 36 

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

			
	 JPMORGAN CHASE BANK, N.A.,
 as successor Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 ACKNOWLEDGED AS OF THE DATE HEREOF: 

 

			
	 PUGET ENERGY, INC.,
 as the Borrower

		
	By:	 	  

		 	Name:
		 	Title:

 APPENDIX A 
 FORM OF JOINDER AGREEMENT 
 Reference is made to that certain Amended and
Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among PUGET ENERGY, INC., a Washington corporation, PUGET EQUICO LLC, the other parties from time to time party thereto
and JPMORGAN CHASE BANK, N.A., as successor Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral Agency Agreement”). 

The undersigned is party to [DESCRIBE INTEREST HEDGING AGREEMENT/ADDITIONAL CREDIT DOCUMENT]. 

Pursuant to the terms of [Section 3.03(b)] / [Section 9.09(b)] of the Collateral Agency
Agreement, the undersigned hereby agrees to be bound by the Collateral Agency Agreement as an [“Interest Rate Hedge Bank”] / [Additional Secured Party] thereunder. 

Dated:             , 20     

 

			
	[Insert Name of Party to be Added]
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	Address for Notices:
	Attn: [                    ]
	Tel No.: [                    ]
	Fax No.: [                    ]

 EXHIBIT I 
 [RESERVED] 

 EXHIBIT J 
 FORM OF SOLVENCY CERTIFICATE 
 I,
[                    ], the
[                    ] of Puget Energy, Inc., a Washington corporation, (the “Borrower”) with responsibility for financial
matters of the Borrower, hereby certify, in my capacity as such and not in my individual capacity, on behalf of the Borrower that I am the
[                    ] of the Borrower, that I am familiar with the properties, businesses, assets, finances and operations of the Borrower
Group and that I am duly authorized to execute this Solvency Certificate on behalf of the Borrower, which is being delivered pursuant to the Credit Agreement, dated as of February 10, 2012 (as amended, amended and restated, supplemented and/or
modified and in effect from time to time, the “Credit Agreement”), among the Borrower, the Lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used herein but not defined
herein shall have the meanings assigned thereto in the Credit Agreement. 
 In reaching the conclusions set forth in this
Solvency Certificate, I have carefully reviewed the Loan Documents and the contents of this Solvency Certificate and, in connection herewith, have taken into consideration all things necessary or material, and I have made appropriate inquiries and
investigation with responsible officers and employees of the members of the Borrower Group, in order to make the above and the following certifications. 
 I hereby further certify that: 
 l. To the best of my knowledge, on the date
hereof, immediately after giving effect to the consummation of the Permitted Acquisition, the fair value of the property of the Borrower and its Subsidiaries, taken as a whole, is greater than the total amount of liabilities (including contingent
liabilities) of the Borrower and its Subsidiaries. With respect to any contingent liabilities, the amount of contingent liabilities on the date hereof shall be computed as the amount that, in light of all of the facts and circumstances existing on
the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability. 
 2. To the
best of my knowledge, on the date hereof, immediately after giving effect to the consummation of the Permitted Acquisition, the present fair saleable value of the assets of the Borrower and its Subsidiaries, taken as a whole, is not less than the
amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries on their debts as they become absolute and matured. 
 3. As of the date hereof, neither the Borrower nor any of its Subsidiaries intends to incur, nor believes that it will incur, including after giving effect to the consummation of the Permitted
Acquisition, debts or liabilities beyond the ability of the Borrower and its Subsidiaries, taken as whole, to pay such debts or liabilities as they mature. 
 4. To the best of my knowledge, on the date hereof, immediately after giving effect to the consummation of the Permitted Acquisition, the Borrower and its Subsidiaries, taken as a whole, is neither
engaged in business or in a transaction, nor about to engage in business or in a transaction, for which the property of the Borrower and its Subsidiaries, taken as a whole, would constitute unreasonably small capital. 

5. As of the date hereof, after giving effect to the transactions contemplated by the Permitted Acquisition, the Group FFO Coverage Ratio
is at least [2.00] to 1.00, calculated on the basis of revised financial projections, prepared in accordance with the methodology of the financial projections delivered pursuant to Section 5.01(c) of the Credit Agreement, for the period of
twelve (12) months after the date of the Permitted Acquisition. 

 6. As of the date hereof, after giving effect to the transactions contemplated by the
Acquisition, the Leverage Ratio is greater than 0.65 to 1.00, calculated on the basis of revised financial projections, prepared in accordance with the methodology of the financial projections delivered pursuant to Section 5.01(c) of the Credit
Agreement, for the period of twelve (12) months after the date of the Permitted Acquisition. 
 7. As of the date hereof,
no Default or Event of Default shall exist immediately prior to such Permitted Acquisition or, after giving effect to such Permitted Acquisition, shall have occurred and be continuing, or would result from the consummation of the proposed Permitted
Acquisition. 
 [SIGNATURE PAGES FOLLOW] 

 Dated:             , 20    

  

			
	PUGET ENERGY, INC.
		
	By:	 	  

	Name:	 	
	  Title:	 	Chief Financial Officer

 EXHIBIT K 
 PLEDGE AGREEMENT 
 [ATTACHED] 

 AMENDED AND RESTATED PLEDGE AGREEMENT 

Dated as of February 6, 2009 
 as amended and restated as of May 10, 2010 
 From 

PUGET EQUICO LLC 

as Pledgor 

to 
 BARCLAYS
BANK PLC 
 as Collateral Agent 

 T A B L E   O F   C O N T E N T S 

Section Page 
  

			
	Section 1.	  	Grant of Security
		
	Section 2.	  	Security for Obligations
		
	Section 3.	  	Pledgor Remains Liable
		
	Section 4.	  	Delivery and Control of Security Collateral
		
	Section 5.	  	Representations and Warranties
		
	Section 6.	  	Further Assurances
		
	Section 7.	  	Post-Closing Changes; Certain Additional Covenants
		
	Section 8.	  	Voting Rights; Dividends; Etc.
		
	Section 9.	  	Transfers and Other Liens; Additional Shares
		
	Section 10.	  	Collateral Agent Appointed Attorney-in-Fact
		
	Section 11.	  	Collateral Agent May Perform
		
	Section 12.	  	The Collateral Agent’s Duties
		
	Section 13.	  	Remedies
		
	Section 14.	  	Indemnity and Expenses
		
	Section 15.	  	Amendments; Waivers; Etc.
		
	Section 16.	  	Notices, Etc.
		
	Section 17.	  	Continuing Security Interest; Assignments Under the Credit Agreement
		
	Section 18.	  	Termination
		
	Section 19.	  	Security Interest Absolute
		
	Section 20.	  	Collateral Agency Agreement Controls
		
	Section 21.	  	Execution in Counterparts
		
	Section 22.	  	Governing Law
		
	Section 23.	  	Waiver of Right to Trial by Jury

 SCHEDULES 
  

					
	Schedule I	  	–	    	Location, Chief Executive Office, Type Of Organization, Jurisdiction Of Organization, Organizational Identification Number and Trade Names
	Schedule II	  	–	    	Pledged Equity
	Schedule III	  	–	    	Changes in Name, Location, Etc.

 AMENDED AND RESTATED PLEDGE AGREEMENT 

AMENDED AND RESTATED PLEDGE AGREEMENT dated as of February 6, 2009, as amended and restated as of may 10, 2010 (as amended, amended
and restated, supplemented or otherwise modified from time to time, this “Agreement”), made by PUGET EQUICO LLC, a Washington limited liability company (the “Pledgor”), to BARCLAYS BANK PLC, as collateral agent (in
such capacity, together with any successor collateral agent appointed pursuant to the Collateral Agency Agreement), the “Collateral Agent”) for the Secured Parties. 

RECITALS. 

(1) Puget Merger Sub Inc. (“Merger Sub”) entered into a Credit Agreement dated as of May 16, 2008 (said
Agreement, as it may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the other parties thereto. 

(2) Upon the consummation of the Merger, Puget Energy Inc. assumed, pursuant to the Assumption Agreement, all of the obligations of
the Merger Sub under the Credit Agreement, this Agreement and all of the other Financing Documents to which the Merger Sub was a party. 
 (3) The Borrower may from time to time after the date hereof issue or enter into one or more notes, indentures, promissory notes, credit agreements or such other Additional Credit Documents to the
extent permitted under the Credit Documents, the obligations under which may be secured by a first priority lien on the Collateral. 
 (4) Pursuant to the Credit Agreement and the Additional Credit Documents, the Pledgor is entering into this Agreement in order to grant to the Collateral Agent for the ratable benefit of the Secured
Parties a security interest in the Collateral to secure the Secured Obligations. 
 (5) The Pledgor is the owner of the
shares of stock or other Equity Interests (the “Initial Pledged Equity”) set forth opposite the Pledgor’s name on and as otherwise described on Schedule II hereto and issued by the Borrower. 

(6) It is a condition precedent to the making of Loans by the Lenders under the Credit Agreement, the entry into Interest Hedging
Agreements by the Interest Rate Hedge Banks that the Pledgor shall have granted the security interest contemplated by this Agreement, and the Borrower desires to secure indebtedness under the Additional Credit Documents in order to induce the
providers of such indebtedness to execute the Additional Credit Documents. 
 (7) The Pledgor will derive substantial
direct and indirect benefit from the transactions contemplated by the Financing Documents and the Additional Credit Documents. 

(8) Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in that certain Amended
and Restated Collateral Agency Agreement, dated as of May 10, 2010, among the Borrower, the Collateral Agent, the Facility Agent, in its capacity as representative for the Lenders, and each other Authorized Representative from time to time
party thereto (as the same may be amended, restated or supplemented from time to time, the “Collateral Agency Agreement”). Further, unless otherwise defined in this Agreement, in the Credit Agreement or in the Collateral Agency
Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such terms are defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect, from time to time, in
the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or
priority. 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Loans under the Credit
Agreement, to induce the Interest Rate Hedge Banks to enter into Interest Hedging 

 
Agreements from time to time and to induce the Additional Secured Parties to extend credit under the Additional Credit Documents from time to time, the Pledgor hereby agrees with the Collateral
Agent for the equal and ratable benefit of the Secured Parties as follows: 
 Section 1. Grant of
Security. The Pledgor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Pledgor’s right, title and interest in and to the following, in each case, as to each type of
property described below, whether now owned or hereafter acquired by the Pledgor, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”): 

(a) the following (the “Security Collateral”): 

(i) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends,
distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all subscription warrants, rights or
options issued thereon or with respect thereto; 
 (ii) all additional shares of stock and other Equity Interests in the
Borrower from time to time acquired by the Pledgor in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such
additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of
such shares or other Equity Interests and all subscription warrants, rights or options issued thereon or with respect thereto; and 
 (b) all proceeds of, collateral for and supporting obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations that
constitute property of the types described in clause (a) of this Section 1 and this clause (b)) and, to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent
is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral and (B) cash. 

Section 2. Security for Obligations. This Agreement secures, in the case of the Pledgor, the payment of all Secured
Obligations. Without limiting the generality of the foregoing, this Agreement secures, as to the Pledgor, the payment of all amounts that constitute part of the Secured Obligations and would be owed to any Secured Party under the Financing
Documents and the Additional Credit Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 

Section 3. Pledgor Remains Liable. Anything herein to the contrary notwithstanding, (a) the Pledgor shall
remain liable under the contracts and agreements included in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise
by the Collateral Agent of any of the rights hereunder shall not release the Pledgor from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation or
liability under the contracts and agreements included in the Collateral by reason of this Agreement, any other Financing Document or any Additional Credit Documents, nor shall any Secured Party be obligated to perform any of the obligations or
duties of the Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 4. Delivery and Control of Security Collateral. (a) All certificates or instruments representing or
evidencing Security Collateral shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or
assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. In addition, upon the occurrence of an Event of Default, the Collateral Agent shall have the right at any time to exchange certificates or
instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 

 (b) With respect to any Security Collateral in which the Pledgor has any right, title
or interest and that constitutes an uncertificated security, the Pledgor will cause the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree in an authenticated record with
the Pledgor and the Collateral Agent that such issuer will comply with instructions with respect to such security originated by the Collateral Agent without further consent of the Pledgor, such authenticated record to be in form and substance
satisfactory to the Collateral Agent. 
 (c) With respect to any Security Collateral in which the Pledgor has any right,
title or interest and that is not an uncertificated security, upon the request of the Collateral Agent, the Pledgor will notify each such issuer of Pledged Equity that such Pledged Equity is subject to the security interest granted hereunder.

 Section 5. Representations and Warranties. The Pledgor represents and warrants as follows as of the
date hereof: 
 (a) The Pledgor’s exact legal name, as defined in Section 9-503(a) of the UCC, is correctly set
forth in Schedule I hereto. The Pledgor has not used any trade name. The Pledgor is located (within the meaning of Section 9-307 of the UCC) in the state or jurisdiction set forth in Schedule I hereto. The
information set forth in Schedule I hereto with respect to the Pledgor is true and accurate in all respects. The Pledgor has not previously changed its name, type of organization, jurisdiction of organization or organizational
identification number from those set forth in Schedule I hereto except as disclosed in Schedule III hereto. 
 (b) All Security Collateral consisting of certificated securities and instruments has been delivered to the Collateral Agent. 
 (c) The Pledgor is the legal and beneficial owner of the Collateral free and clear of any Lien, claim, option or right of others, except for the security interest created under this Agreement or
permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering all or any part of such Collateral or listing the Pledgor or any trade name of the Pledgor as debtor with respect to such
Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Financing Documents or as otherwise permitted under the Credit Agreement. 

(d) The Pledged Equity pledged by the Pledgor hereunder has been duly authorized and validly issued and is fully paid and
non-assessable. With respect to the Pledged Equity that is an uncertificated security, the Pledgor has caused the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree in
an authenticated record with the Pledgor and the Collateral Agent that such issuer will comply with instructions with respect to such security originated by the Collateral Agent without further consent of the Pledgor. 

(e) The Initial Pledged Equity pledged by the Pledgor constitutes the percentage of the issued and outstanding Equity Interests of
the issuers thereof indicated on Schedule II hereto. 
 (f) All filings and other actions (including without
limitation, actions necessary to obtain control of Collateral as provided in Section 9-106 of the UCC) necessary to perfect the security interest in the Collateral created under this Agreement have been duly made or taken and are in full force
and effect, and this Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such filings and other actions, perfected first priority security interest in the Collateral (other than
Permitted Collateral Liens), securing the payment of the Secured Obligations. 
 (g) No authorization or approval or other
action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for (i) the grant by the Pledgor of the security interest granted hereunder or for the execution, delivery or
performance of this Agreement by the Pledgor, (ii) the perfection or maintenance of the security interest created hereunder (including the first priority nature of such security interest), except for the filing of financing and continuation
statements under the UCC, which financing statements have been duly filed and are in full force and effect, and the actions described in Section 4 with respect to Security Collateral, which actions have been taken and are in full force
and effect or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the remedies in respect of the 

 
Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Security Collateral by laws affecting the offering and sale of securities
generally or as may be required in connection with the disposition of any portion of the Collateral under Section 203 of the Federal Power Act or chapter 80.12 of the Revised Code of Washington. 

Section 6. Further Assurances. (a) The Pledgor agrees that from time to time, at the expense of the Pledgor,
the Pledgor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action that may be necessary, or that the Collateral Agent may reasonably request, in order to perfect and protect
any pledge or security interest granted or purported to be granted by the Pledgor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the
generality of the foregoing, the Pledgor will promptly with respect to the Collateral: (i) if any such Collateral shall be evidenced by a promissory note or other instrument, deliver and pledge to the Collateral Agent hereunder such note
or instrument duly indorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Collateral Agent; (ii) file such financing or continuation statements, or amendments thereto, and
such other instruments or notices, as may be necessary, or as the Collateral Agent may request, in order to perfect and preserve the security interest granted or purported to be granted by the Pledgor hereunder; (iii) deliver and pledge to the
Collateral Agent for benefit of the Secured Parties certificates representing Security Collateral that constitutes certificated securities, accompanied by undated stock powers executed in blank; (iv) take all action necessary to ensure that the
Collateral Agent has control of Collateral consisting of investment property as provided in Section 9-106 of the UCC; and (v) deliver to the Collateral Agent evidence that all other action that the Collateral Agent may deem reasonably
necessary or desirable in order to perfect and protect the security interest created by the Pledgor under this Agreement has been taken. 
 (b) The Pledgor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, including, without limitation, one or more financing
statements indicating that such financing statements cover all Equity Interests in the Borrower owned by the Pledgor, in each case without the signature of the Pledgor, and regardless of whether any particular asset described in such financing
statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing
statement where permitted by law. The Pledgor ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments filed prior to the date hereof. 

(c) The Pledgor will furnish to the Collateral Agent from time to time statements and schedules further identifying and describing
the Collateral and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
 Section 7. Post-Closing Changes; Certain Additional Covenants. (a) The Pledgor will not change its name, type of organization, jurisdiction of organization or organizational
identification number or location from those set forth in Section 5(a) of this Agreement without first giving at least 20 days’ prior written notice to the Collateral Agent and taking all action reasonably required by the Collateral Agent
for the purpose of perfecting or protecting the security interest granted by this Agreement. The Pledgor will hold and preserve its records relating to the Collateral and will permit representatives of the Collateral Agent to inspect and make
abstracts from such records and other documents as set forth in Section 6.18 of the Credit Agreement or the applicable provisions of the Additional Credit Documents (as if such provisions were applicable to the Pledgor instead of the
Borrower). If the Pledgor does not have an organizational identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number. 

(b) The Pledgor will not: 
 (i) amend its Organizational Documents unless such amendment could not reasonably be expected to result in a Material Adverse Effect (with clauses (i) and (ii) of such
definition being applicable to the Pledgor as well as the Borrower and its Subsidiaries); 
 (ii) engage at any time in any
business or business activity (including, without limitation, any action or transaction that is required or restricted with respect to the Borrower and its Subsidiaries under Article VII of the Credit Agreement or the Additional Credit
Documents without regard to any of the enumerated exceptions to such 

 
covenants), other than (A) the ownership and acquisition of Equity Interests in the Borrower, together with activities reasonably related thereto, (B) the maintenance of its legal
existence, together with activities reasonably related thereto, (C) the performance of its obligations in connection with the Merger Agreement and the other agreements contemplated thereby and in the Financing Documents and the Additional
Credit Documents (subject to any limitations contained therein), (D) actions incidental to the consummation of the Merger and (E) activities incidental to its maintenance and continuance and to the foregoing activities (which shall
include, without limitation (1) entering into and incurring obligations under any insurance contract and employment agreements and benefit plans for management or employees of the Borrower or any of its Subsidiaries, (2) incurring
liabilities incidental to its existence, (3) entering into agreements with consultants, auditors and service providers to provide services to the Borrower or any of its Subsidiaries, (4) maintaining any Deposit Accounts, Securities
Accounts and Lock-Up Accounts permitted or required pursuant to the Security Agreement, (5) entering into confidentiality and similar agreements for the Borrower or any of its Subsidiaries and (6) incurring Indebtedness in the form of
Shareholder Funding); provided that (i) Shareholder Funding in the form of loans or indebtedness to the Pledgor shall only be permitted to be incurred on or prior to the Financial Closing Date and (ii) notwithstanding any other
provision of clauses (A) through (E) to the contrary, Indebtedness other than Shareholder Funding or referred to in clause (2) of the preceding parenthetical shall not be permitted to be incurred by the Pledgor;
or 
 (iii) permit or consent to any amendment or modification of any of the provisions of the documentation governing or
evidencing the Shareholder Funding, including, without limitation the Shareholder Loan Subordination Agreement (if applicable), without the consent of the Collateral Agent or unless such amendment is not adverse to the Required Voting Parties.

 Section 8. Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred
and be continuing: 
 (i) The Pledgor shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Security Collateral or any part thereof for any purpose; provided, however, that the Pledgor will not exercise or refrain from exercising any such right if such action would have a material adverse effect on the value
of the Security Collateral or any part thereof. 
 (ii) The Pledgor shall be entitled to receive and retain any and all
dividends, interest and other distributions paid in respect of the Security Collateral if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Financing Documents; provided, however, that any and
all: 
 (A) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments
and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, 

(B) dividends and other distributions paid or payable in cash in respect of any Security Collateral in connection with a partial or
total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, and 

(C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Security
Collateral 
 shall be, and shall be forthwith delivered to the Collateral Agent to hold as, Security Collateral and shall, if received by the
Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of the Pledgor and be forthwith delivered to the Collateral Agent as Security Collateral in the same form as so received (with any
necessary indorsement). 
 (iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to
the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to
receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 

(b) Upon the occurrence and during the continuance of an Event of Default: 

(i) All rights of the Pledgor (x) to exercise or refrain from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant to Section 8(a)(i) shall, upon notice to the Pledgor by the Collateral Agent, cease and (y) to receive the dividends, interest and other distributions that it would otherwise be authorized
to receive and retain pursuant to Section 8(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from exercising
such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 

 (ii) All dividends, interest and other distributions that are received by the Pledgor
contrary to the provisions of paragraph (i) of this Section 8(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the
Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 

Section 9. Transfers and Other Liens; Additional Shares. (a) The Pledgor agrees that it will not
(i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral, or (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral of the Pledgor except for the pledge, assignment
and security interest created under this Agreement and Liens permitted under the Credit Documents. 
 (b) The Pledgor
agrees that it will (i) cause the Borrower not to issue any Equity Interests in addition to or in substitution for the Pledged Equity issued by the Borrower, except to the Pledgor, and (ii) pledge hereunder, immediately upon its
acquisition (directly or indirectly) thereof, any and all additional Equity Interests issued to it. 

Section 10. Collateral Agent Appointed Attorney-in-Fact. The Pledgor hereby irrevocably appoints the Collateral
Agent the Pledgor’s attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the
Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation: 

(a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral, 
 (b) to receive, indorse and collect any drafts or other
instruments or documents, in connection with clause (a) above, and 
 (c) to file any claims or take any action
or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral. 

Section 11. Collateral Agent May Perform. If the Pledgor fails to perform any agreement contained herein, the
Collateral Agent may, as the Collateral Agent deems necessary to protect the security interest granted hereunder in the Collateral or to protect the value thereof, but without any obligation to do so and without notice, itself perform, or cause
performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor under Section 14. 
 Section 12. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the
Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no
duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of
such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and
preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

 (b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may
from time to time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that
the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Pledgor hereunder shall be deemed for purposes of this
Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations, (ii) such Subagent shall automatically be vested, in addition to the
Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights,
powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such
Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 

Section 13. Remedies. If any Event of Default shall have occurred and be continuing: 

(a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem
commercially reasonable; and (ii) exercise any and all rights and remedies of the Pledgor under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, those set forth in
Section 9-607 of the UCC. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten days’ prior written notice to the Pledgor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral Agent in
respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter applied
(after payment of any amounts payable to the Collateral Agent pursuant to Section 14) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in
accordance with the Collateral Agency Agreement. 
 (c) All payments received by the Pledgor in respect of the Collateral
shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement).

 Section 14. Indemnity and Expenses(a). The Pledgor agrees to indemnify, defend and save and hold harmless
each Secured Party, and to pay the expenses of the Collateral Agent, in each case in connection with this Agreement as set forth in Sections 10.04 and 10.05 of the Credit Agreement as if such Sections were set forth in this Agreement
mutatis mutandis and as if such Sections applied to the Pledgor instead of the Borrower. 

Section 15. Amendments; Waivers; Etc. No amendment or waiver of any provision of this Agreement, and no consent to
any departure by the Pledgor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent (and the Pledgor in the case of an amendment or waiver), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party 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 such right preclude any other or further exercise thereof or the exercise of any other right. 

 Section 16. Notices, Etc. All notices and other communications
provided for hereunder shall be provided in accordance with the Collateral Agency Agreement. 

Section 17. Continuing Security Interest; Assignments Under the Credit Documents. This Agreement shall create a
continuing security interest in the Collateral and shall (a) remain in full force and effect until the indefeasible payment in full in cash of the Secured Obligations (other than contingent indemnity obligations not then due), termination of
the Commitments and the termination or expiration of the Interest Hedging Agreements, (b) be binding upon the Pledgor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to
the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender or Additional Secured Party may assign or otherwise transfer all or any
portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes, if any, held by it) or the Additional Credit Documents, as the case
may be, to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender or the Additional Secured Parties, as the case may be, herein or otherwise, in each case as provided in
Section 10.07 of the Credit Agreement or the applicable provisions of the Additional Credit Documents, as applicable. 
 Section 18. Termination. Upon the indefeasible payment in full in cash of the Secured Obligations (other than contingent indemnity obligations not then due), termination of the
Commitments and the termination or expiration of the Interest Hedging Agreements, the security interest created by this Agreement shall terminate and all rights to the Collateral shall revert to the Pledgor, and the Collateral Agent shall (at the
written request and sole cost and expense of the Pledgor) promptly cause to be transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money received in respect
thereof, to or on the order of the Pledgor. The Collateral Agent shall also (at the written request and sole cost and expense of the Pledgor) promptly execute and deliver to the Pledgor upon such termination such Uniform Commercial Code
termination statements, and such other documentation as shall be reasonably requested by the Pledgor to effect the termination and release of the Liens on the Collateral. 
 Section 19. Security Interest Absolute. The obligations of the Pledgor under this Agreement are independent of the Secured Obligations or any other Obligations of any other Loan
Party under or in respect of the Credit Documents, and a separate action or actions may be brought and prosecuted against the Pledgor to enforce this Agreement, irrespective of whether any action is brought against the Pledgor or any other Loan
Party or whether the Pledgor or any other Loan Party is joined in any such action or actions. All rights of the Collateral Agent and the other Secured Parties and the pledge, assignment and security interest hereunder, and all obligations of
the Pledgor hereunder, shall be irrevocable, absolute and unconditional irrespective of, and the Pledgor hereby irrevocably waives (to the maximum extent permitted by applicable law) any defenses it may now have or may hereafter acquire in any way
relating to, any or all of the following: 
 (a) any lack of validity or enforceability of any Credit Document or any other
agreement or instrument relating thereto; 
 (b) any change in the time, manner or place of payment of, or in any other
term of, all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of any of the Credit Documents or any other amendment or waiver of or any consent to any departure from any Credit Document,
including, without limitation, any increase in the Secured Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 

(c) any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment
or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; 
 (d) any manner of
application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations, or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations or
any other Obligations of any other Loan Party under or in respect of the Financing Documents, the Additional Credit Documents or any other assets of any Loan Party or any of its Subsidiaries; 

 (e) any change, restructuring or termination of the corporate structure or existence of
any Loan Party or any of its Subsidiaries; 
 (f) any failure of any Secured Party to disclose to any Loan Party any
information relating to the business, condition (financial or otherwise), operations, performance, assets, nature of assets, liabilities or prospects of any other Loan Party now or hereafter known to such Secured Party (the Pledgor waiving any duty
on the part of the Secured Parties to disclose such information); 
 (g) the failure of any other Person to execute this
Agreement or any other Security Document, guaranty or agreement or the release or reduction of liability of the Pledgor or other grantor or surety with respect to the Secured Obligations; or 

(h) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense available to, or a discharge of, the Pledgor or any other Pledgor or a third party grantor of a security interest. 

This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations is
rescinded or must otherwise be returned by any Secured Party or by any other Person upon the insolvency, bankruptcy or reorganization of any Loan Party or otherwise, all as though such payment had not been made. 

Section 20. Collateral Agency Agreement Controls. Notwithstanding anything herein to the contrary, the lien and
security interest granted to the Collateral Agent, for the benefit of the Secured Parties pursuant to this Agreement and any other Security Document and related agreements (including any control agreements executed pursuant to the requirements of
this Agreement), and the exercise of any right or remedy by the Collateral Agent in respect of the Collateral are subject to the provisions of the Collateral Agency Agreement. In the event of any conflict or inconsistency between the provisions
of this Agreement, any other Security Documents and any such related document and the Collateral Agency Agreement, the provisions of the Collateral Agency Agreement shall govern and control. 

Section 21. 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 taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other means of electronic
delivery shall be effective as delivery of an original executed counterpart of this Agreement. 

Section 22. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 Any legal action or proceeding arising under this Agreement or in any way connected with or related or
incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now existing or hereafter arising, may be brought in the courts of the State of New York sitting in New York City or of the United
States for the Southern District of such state, and by execution and delivery of this Agreement, the Pledgor consents, for itself and in respect of its property, to the non-exclusive jurisdiction of those courts. The Pledgor waives any
objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement or any
Financing Document. 
 Section 23. Waiver of Right to Trial by Jury. Each party to this Agreement hereby
expressly waives any right to trial by jury of any claim, demand, action or cause of action arising under this Agreement, any Credit Document or in any way connected with or related or incidental to its dealings with respect to this Agreement, any
Credit Document or the transactions related thereto, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each party to this Agreement hereby agrees and consents that any such claim,
demand, action or cause of action shall be decided by court trial without a jury, and that each party to this Agreement may file an original counterpart or a copy of this Section 22 with any court as written evidence of the consent of
the signatories hereto to the waiver of its right to trial by jury. 

 Section 24. Original Schedules and Exhibits. Each of the Schedules and
Exhibits attached to the Pledge Agreement dated as of February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this Agreement without any amendment, modification or supplement. 

[Signature pages follow] 

			
	PUGET EQUICO, LLC
		
	By:	 	
	Name:	 	Donald E. Gaines
	Title:	 	Vice President Finance & Treasurer
	
	 BARCLAYS BANK PLC,
 as Collateral Agent

		
	By:	 	
	Name:	 	Ann E. Sutton
	Title:	 	Director

 AMENDMENT NO. 1 
 TO 
 AMENDED AND RESTATED PLEDGE AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED PLEDGE AGREEMENT (this “Amendment”), is made as of February 10, 2012,
by and between JPMORGAN CHASE BANK, N.A., in its capacity as successor Collateral Agent (as defined below) and PUGET EQUICO LLC, as pledgor (the “Pledgor”). Capitalized terms used but not otherwise defined herein shall have the
respective meanings given to them in the Amended and Restated Collateral Agency Agreement (described below). 
 WHEREAS, on the
date hereof, Barclays Bank PLC resigned as Collateral Agent under than certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among Puget Energy, Inc.,
Pledgor, Barclays Bank PLC, as collateral agent and Barclays Bank PLC, as facility agent; 
 WHEREAS, pursuant to Amendment
No. 1 to Amended and Restated Collateral Agency Agreement, dated as of the date hereof, JPMorgan Chase Bank, N.A. was appointed as successor Collateral Agent (in such capacity, the “Collateral Agent”); 

WHEREAS, the Collateral Agent and the Pledgor wish to amend that certain Amended and Restated Pledge Agreement, dated February 6,
2009 and as amended and restated as of March 31, 2010, between Collateral Agent, as successor collateral agent and the Pledgor (as amended, restated, supplemented or otherwise modified prior to the date hereof, the
“Agreement”); 
 NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to amend the Agreement as follows. 

SECTION 1. Amendments to Agreement. 
 (a) Recital (1) to the Agreement is amended and restated in its entirety to read as follows: 
 (1) Puget Energy, Inc. entered into that certain Credit Agreement dated as of February 10, 2012 among the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative
agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

(b) Recital (6) to the Agreement is amended to delete the punctuation mark “,” appearing immediately before the phrase
“the entry into Interest Hedging Agreements” appearing therein and to replace such punctuation mark with the word “and”. 
 (c) Recital (8) is amended to insert the phrase “the Pledgor,” immediately following the phrase “March 31, 2010, among the Borrower,” appearing therein. 

(d) Recital (2) to the Agreement is deleted in its entirety. 

(e) Recitals (3), (4), (5), (6) and (7) are renumbered as recitals (2), (3), (4), (5) and (6) respectively.

 (f) Clause (b)(ii) of Section 7 of the Agreement is amended to (i) delete the punctuation mark “,”
appearing immediately before the number “(5)” appearing therein and to replace such punctuation mark with the word “and” and (ii) to delete in its entirety the phrase “and (6) incurring Indebtedness in the form of
Shareholder Funding); provided that (i) Shareholder Funding in the form of loans or indebtedness to the Pledgor shall only be permitted to be incurred on or prior to the Financial Closing Date and (ii) notwithstanding any other
provision of clauses (A) through (E) to the contrary, Indebtedness other than Shareholder Funding or referred to in clause (2) of the preceding parenthetical shall not be permitted to be incurred by the Pledgor;
or” appearing therein. 
 (g) Clause (b)(iii) of Section 7 of the Agreement is deleted in its entirety. 

(h) Section 14 of the Agreement is amended to (i) delete the section reference “Sections 10.04 and 10.05”
appearing therein and to replace such section reference with the section reference 

 
“Section 9.03”, (ii) delete the phrase “Sections were” and to replace such phrase with the phrase “Section was” and (iii) to replace the word
“Sections” appearing immediately before the phrase “applied to the Pledgor” appearing therein with the word “Section”. 
 (i) Section 17 of the Agreement is amended to delete the section reference “Section 10.07” appearing therein and to replace such section reference with the section reference
“Section 9.04”. 
 (j) The Agreement is amended to replace each reference to “Barclays Bank PLC” with
“JPMorgan Chase Bank, N.A.”. 
 SECTION 2. Conditions of Effectiveness. This Amendment shall become effective
as of the date hereof (the “Effective Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the Collateral Agent and the Pledgor and (ii) the New Credit
Agreement shall become effective in accordance with its terms and conditions. 
 SECTION 3. Representations and
Warranties. Each of the parties hereto represents and warrants that this Amendment and the Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with
their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 

SECTION 4. Reference to and the Effect on the Agreement. 
 (a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import
referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement as amended hereby. 

(b) Each of the parties hereto hereby agrees that, except as specifically amended above, the 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. 
 SECTION 5. Headings. Section headings in this Amendment are included herein for
convenience only and shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart
of this Amendment. 
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	PUGET EQUICO LLC,
	as Pledgor
		
	By:	 	  

		 	Name:
		 	Title:

			
	 JPMORGAN CHASE BANK, N.A.,
 as successor Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT L 
 SECURITY AGREEMENT 
 [ATTACHED] 

 AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

Dated as of February 6, 2009 
 as amended and restated as of May 10, 2010 
 From 

PUGET ENERGY INC. 

as Borrower 
 to 
 BARCLAYS BANK PLC 

as Collateral Agent 

T A B L E  O F  C 
O N T E N T S 
  

	
	Section Page
	
	 Section 1. Grant of Security

	
	 Section 2. Security for Obligations

	
	 Section 3. Borrower Remain Liable

	
	 Section 4. Delivery and Control of Security Collateral

	
	 Section 5. Deposit Accounts

	
	 Section 6. Reserved

	
	 Section 7. Release of Amounts

	
	 Section 8. Representations and Warranties

	
	 Section 9. Further Assurances

	
	 Section 10. Reserved

	
	 Section 11. Reserved

	
	 Section 12. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related Contracts

	
	 Section 13. As to Intellectual Property Collateral

	
	 Section 14. Voting Rights; Dividends; Etc.

	
	 Section 15. Reserved

	
	 Section 16. As to Letter-of-Credit Rights

	
	 Section 17. Commercial Tort Claims

	
	 Section 18. Transfers and Other Liens; Additional Shares

	
	 Section 19. Collateral Agent Appointed Attorney in Fact

	
	 Section 20. Collateral Agent May Perform

	
	 Section 21. The Collateral Agent’s Duties

	
	 Section 22. Remedies

	
	 Section 23. Indemnity and Expenses

	
	 Section 24. Amendments; Waivers; Additional Borrower; Etc.

	
	 Section 25. Notices, Etc.

	
	 Section 26. Continuing Security Interest; Assignments under the Credit Agreement

  

	
	 Section 27. Termination

	
	 Section 28. Collateral Agency Agreement Controls

	
	 Section 29. Execution in Counterparts

	
	 Section 30. Governing Law

	
	 Section 31. Waiver of Right to Trial by Jury

 Schedules 
  

			
	Schedule I	  	 - Investment Property

	Schedule II	  	 - Pledged Deposit Accounts

	Schedule III	  	 - Assigned Agreements

	Schedule IV	  	 - Intellectual Property

	Schedule V	  	 - Commercial Tort Claims

	Schedule VI	  	 - Location, Chief Executive Office, Type of Organization, Jurisdiction of

		  	 - Organization and Organizational Identification Number

	Schedule VII	  	 - Changes in Name, Location, Etc.

	Schedule VIII	  	 - Letters of Credit

		
	Exhibits	  	
		
	Exhibit A	  	- Form of Withdrawal Certificate

 AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

AMENDED AND RESTATED BORROWER SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time,
this “Agreement”) dated as of February 6, 2009, as amended and restated as of May 10, 2010 made by Puget Energy Inc., a Washington corporation (successor in interest by merger to Puget Merger Sub Inc.) (the
“Company”) to Barclays Bank PLC, as collateral agent (together with any successor collateral agent appointed pursuant to the Collateral Agency Agreement referred to below, the “Collateral Agent”) for the Secured
Parties. 
 PRELIMINARY STATEMENTS. 
 (1) Puget Merger Sub Inc. (“Merger Sub”) entered into a Credit Agreement dated as of May 16, 2008 (said agreement, as it may hereafter be amended, amended and restated,
supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the other parties thereto. 
 (2) Upon the consummation of the Merger, the Company assumed, pursuant to the Assumption Agreement, all of the obligations of the Merger Sub under the Credit Agreement, this Agreement and all of the
other Financing Documents to which the Merger Sub was a party, and is the owner of the shares of stock or other Equity Interests (the “Initial Pledged Equity”) set forth opposite the Borrower’s name on and as otherwise
described in Part I of Schedule I hereto and issued by Puget Sound Energy, Inc. (“PSE”). The Merger Sub (prior to the Effective Time) and the Company (upon and after the Effective Time) are referred to herein as
the “Borrower”. 
 (3) The Borrower may from time to time after the date hereof issue or enter into one or
more notes, indentures, promissory notes, credit agreements or such other Additional Credit Documents to the extent permitted under the Credit Documents, the obligations under which may be secured by a first priority lien on the Collateral.

 (4) The Borrower is the owner of the deposit accounts (the “Pledged Deposit Accounts”) set forth
opposite its name on Schedule II hereto. 
 (5) The Borrower is the owner of Account No. 110789 (the
“Lock-Up Account”), with The Bank of New York Mellon at its office at 101 Barclay Street, Floor 8W, New York, NY 10286, Attention: Corporate Finance Group. 
 (6) It is a condition precedent to the making of Loans by the Lenders under the Credit Agreement, the entry into Interest Hedging Agreements by the Interest Rate Hedge Banks that the Borrower shall
have granted the to the Collateral Agent, for the ratable benefit of the Secured Parties, the security interest contemplated by this Agreement, and the Borrower desires to secure indebtedness under the Additional Credit Documents in order to induce
the providers of such indebtedness to execute the Additional Credit Documents. The Borrower will derive substantial direct and indirect benefit from the transactions contemplated by the Financing Documents and the Additional Credit Documents.

 (7) Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in that
certain Amended and Restated Collateral Agency Agreement, dated as of May 10, 2010, among the Borrower, the Collateral Agent, the Facility Agent, in its capacity as representative for the Lenders, and each other Authorized Representative from
time to time party thereto (as the same may be amended, restated or supplemented from time to time, the “Collateral Agency Agreement”). Further, unless otherwise defined in this Agreement, in the Credit Agreement or in the
Collateral Agency Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such terms are defined in such Article 8 or 9. The term “Withdrawal Certificate” shall mean a certificate
substantially in the form of Exhibit A, and the term “Withdrawal Date” shall mean any date on which a withdrawal is to be made from the Lock-Up Account. 

(8) “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York;
provided that, if perfection or the effect of perfection or non perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non perfection or priority. 

 NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make
Loans under the Credit Agreement, to induce the Interest Rate Hedge Banks to enter into Interest Hedging Agreements from time to time and to induce the Additional Secured Parties to extend credit under the Additional Credit Documents from time to
time, the Borrower hereby agrees with the Collateral Agent for the ratable benefit of the Secured Parties as follows: 

Section 1. Grant of Security. The Borrower hereby grants to the Collateral Agent, for the ratable benefit of the
Secured Parties, a security interest in the Borrower’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by the Borrower, wherever located, and
whether now or hereafter existing or arising (collectively, the “Collateral”): 
 (a) all equipment in all
of its forms, including, without limitation, all machinery, tools, motor vehicles, vessels, aircraft, furniture and fixtures, and all parts thereof and all accessions thereto, including, without limitation, computer programs and supporting
information that constitute equipment within the meaning of the UCC (any and all such property being the “Equipment”); 
 (b) all inventory in all of its forms, including, without limitation, (i) all raw materials, work in process, finished goods and materials used or consumed in the manufacture, production,
preparation or shipping thereof, (ii) goods in which the Borrower has an interest in mass or a joint or other interest or right of any kind (including, without limitation, goods in which the Borrower has an interest or right as consignee) and
(iii) goods that are returned to or repossessed or stopped in transit by the Borrower, and all accessions thereto and products thereof and documents therefor, including, without limitation, computer programs and supporting information that
constitute inventory within the meaning of the UCC (any and all such property being the “Inventory”); 

(c) all accounts (including, without limitation, health-care-insurance receivables), chattel paper (including, without limitation,
tangible chattel paper and electronic chattel paper), instruments (including, without limitation, promissory notes), letter-of-credit rights, general intangibles (including, without limitation, payment intangibles) and other obligations of any kind,
whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance, and all rights now or hereafter existing in and to all supporting obligations and in and to all
security agreements, mortgages, Liens, leases, letters of credit and other contracts securing or otherwise relating to the foregoing property (any and all of such accounts, chattel paper, instruments, letter-of-credit rights, general intangibles and
other obligations, to the extent not referred to in clause (d), (e), (f) or (g) below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages,
Liens, leases, letters of credit and other contracts being the “Related Contracts”); 
 (d) the following
(the “Security Collateral”): 
 (i) the Initial Pledged Equity and the certificates, if any, representing
the Initial Pledged Equity, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged
Equity and all warrants, rights or options issued thereon or with respect thereto; 
 (ii) all additional shares of stock
and other Equity Interests in PSE from time to time acquired by the Borrower in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any,
representing such additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or with respect thereto; 
 (iii) all indebtedness from time to time owed to the Borrower (such indebtedness being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all
interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness; 

 (iv) the Lock-Up Account, all security entitlements with respect to all financial
assets from time to time credited to the Lock-Up Account, and all financial assets, and all dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such security entitlements or financial assets and all warrants, rights or options issued thereon or with respect thereto; and 
 (v) all other investment property (including, without limitation, all (A) securities, whether certificated or uncertificated, (B) security entitlements, (C) securities accounts,
(D) commodity contracts and (E) commodity accounts) in which the Borrower has now, or acquires from time to time hereafter, any right, title or interest in any manner, and the certificates or instruments, if any, representing or evidencing
such investment property, and all dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such
investment property and all warrants, rights or options issued thereon or with respect thereto; 
 (e) each of the
agreements listed on Schedule III hereto and each Interest Hedging Agreement to which the Borrower is now or may hereafter become a party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise
modified from time to time (collectively, the “Assigned Agreements”), including, without limitation, (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Assigned Agreements,
(ii) all rights of the Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the
Assigned Agreements and (iv) the right of the Borrower to terminate the Assigned Agreements, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder (all such Collateral being the “Agreement
Collateral”); 
 (f) the following (collectively, the “Account Collateral”): 

(i) the Pledged Deposit Accounts, other deposit accounts and all funds from time to time credited thereto, and all certificates and
instruments, if any, from time to time representing or evidencing the Pledged Deposit Accounts; 
 (ii) all promissory
notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent for or on behalf of the Borrower in substitution for or in addition to any or all of the then existing Account
Collateral; and 
 (iii) all interest, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; 
 (g) the
following (collectively, the “Intellectual Property Collateral”): 
 (i) all patents, patent
applications, utility models and statutory invention registrations, all inventions claimed or disclosed therein and all improvements thereto (“Patents”); 
 (ii) all trademarks, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, corporate names and other source identifiers, whether registered or unregistered
(provided that no security interest shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or
enforceability of such intent-to-use trademark applications under applicable federal law), together, in each case, with the goodwill symbolized thereby (“Trademarks”); 

(iii) all copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web sites
and the content thereof, whether registered or unregistered (“Copyrights”); 
 (iv) all computer
software, programs and databases (including, without limitation, source code, object code and all related applications and data files), firmware and documentation and materials relating thereto, together with any and all maintenance rights, service
rights, programming rights, hosting rights, test rights, improvement rights, renewal rights and indemnification rights and any substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing
(“Computer Software”); 

 (v) all confidential and proprietary information, including, without limitation,
know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases and data, including, without limitation, technical data, financial, marketing and business data, pricing and
cost information, business and marketing plans and customer and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual, industrial and intangible property of any type, including, without
limitation, industrial designs and mask works (in each case, subject to the exclusion for intent to use applications set forth in clause (ii) above); 
 (vi) all registrations and applications for registration for any of the foregoing, including, without limitation, those registrations and applications for registration set forth in Schedule IV
hereto, together with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations thereof (in each case, subject to the exclusion for intent to use applications set forth in clause (ii) above);

 (vii) all tangible embodiments of the foregoing, all rights in the foregoing provided by international treaties or
conventions, all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of the Borrower accruing thereunder or pertaining thereto; 
 (viii) all agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of any of the foregoing to which the Borrower, now or hereafter, is a party or
a beneficiary, including, without limitation, the agreements set forth in Schedule IV hereto; and 
 (ix) any and
all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or
otherwise recover, such damages; 
 (h) the commercial tort claims described in Schedule V hereto (together with any
commercial tort claims as to which the Borrower have complied with the requirements of Section 17); 
 (i) all
books and records (including, without limitation, customer lists, credit files, printouts and other computer output materials and records) of the Borrower pertaining to any of the Collateral; and 

(j) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and
supporting obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (i) of this
Section 1) and, to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to
or otherwise with respect to any of the foregoing Collateral, and (B) cash. 
 Provided, however, that in no event
shall Collateral (or any of the sub-categories of Collateral defined above) include: (a) any lease, license, contract or agreement to which the Borrower is a party, and any of its rights or interest thereunder, if and to the extent that a
security interest is prohibited by or in violation of (i) any law, rule or regulation applicable to the Borrower, or (ii) a term, provision or condition of any such lease, license, contract, property right or agreement (unless such law,
rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of
any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity; provided further that in no event shall the Security Collateral be excluded by the first proviso in this paragraph, or
(b) in any of the outstanding capital stock of (i) a Controlled Foreign Corporation (within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended) in excess of 65% of the voting power of all classes of capital
stock of such Controlled Foreign Corporation entitled to vote and (ii) any subsidiary of any such Controlled Foreign Corporation. 
 Section 2. Security for Obligations. This Agreement secures, in the case of the Borrower, the payment of all Secured Obligations of the Borrower. Without limiting the generality
of the foregoing, this 

 
Agreement secures, as to the Borrower, the payment of all amounts that constitute part of the Secured Obligations and would be owed by the Borrower to any Secured Party under the Credit Documents
but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrower. 
 Section 3. Borrower Remain Liable. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the contracts and agreements included in the
Borrower’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent of any of the rights
hereunder shall not release the Borrower from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation or liability under the contracts and agreements
included in the Collateral by reason of this Agreement or any other Financing Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any
claim for payment assigned hereunder. 
 Section 4. Delivery and Control of Security Collateral. (a) All
certificated securities or instruments representing or evidencing Security Collateral shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right at any time to exchange certificates or instruments
representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 

(b) With respect to the Lock-Up Account and any Security Collateral that constitutes a security entitlement as to which the
financial institution acting as Collateral Agent hereunder is not the securities intermediary, the Borrower will cause the securities intermediary with respect to such Account or security entitlement either (i) to identify in its records the
Collateral Agent as the entitlement holder thereof or (ii) to agree with the Borrower and the Collateral Agent that such securities intermediary will comply with entitlement orders originated by the Collateral Agent without further consent of
the Borrower, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Securities Account Control Agreement” or “Securities/Deposit Account Control Agreement,” respectively)

 (c) With respect to any Security Collateral that constitutes an uncertificated security, the Borrower will cause the
issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree with the Borrower and the Collateral Agent that such issuer will comply with instructions with respect to such security
originated by the Collateral Agent without further consent of the Borrower, such agreement to be in form and substance satisfactory to the Collateral Agent (such agreement being an “Uncertificated Security Control Agreement”).

 (d) The Collateral Agent shall have the right at any time to convert Security Collateral consisting of financial assets
credited to the Securities Account to Security Collateral consisting of financial assets held directly by the Collateral Agent, and to convert Security Collateral consisting of financial assets held directly by the Collateral Agent to Security
Collateral consisting of financial assets credited to the Lock-Up Account. 
 (e) The balance from time to time in the
Lock-Up Account shall constitute part of the Collateral of the Lenders hereunder and, except as otherwise provided herein, shall not constitute payment of the Credit Agreement Obligations until the occurrence of a Cash Sweep Date, whereupon a
portion of such amounts standing to the credit of the Lock-Up Account shall be applied as provided in Section 2.03(b)(i)(B) of the Credit Agreement. 
 Section 5. Deposit Accounts. So long as any Secured Obligation shall remain unpaid, any Interest Hedging Agreement shall be in effect or any Lender shall have any Commitment:

 (a) The Borrower will maintain deposit accounts only with the financial institution acting as Collateral Agent hereunder
or with a bank (a “Pledged Account Bank”) that has agreed with the Borrower and the Collateral Agent to comply with instructions originated by the Collateral Agent directing the disposition of funds in such deposit account without
the further consent of the Borrower, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Deposit Account Control Agreement”); provided, however, this Section 5(a)
shall not apply to deposit accounts (i) with an aggregate balance of no more than $250,000 at any time or (ii) operated solely as a payroll account. 

 (b) The Borrower agrees to terminate any or all Pledged Deposit Accounts and related
Deposit Account Control Agreements upon request by the Collateral Agent. 
 (c) The Collateral Agent may, at any time and
without notice to, or consent from, the Borrower, transfer, or direct the transfer of, funds from the Pledged Deposit Accounts to satisfy the Borrower’s obligations under the Financing Documents if an Event of Default shall have occurred and be
continuing. In the event that such a transfer shall take place, the Collateral Agent agrees to provide notice to the Borrower thereafter as required by law, provided that the failure to provide such notice shall not result in any liability
under this Agreement. 
 Section 6. Reserved. 

Section 7. Release of Amounts. (a) So long as no Default under Section 8.01(a), (f) or
(k) of the Credit Agreement or an Event of Default shall have occurred and be continuing, the Collateral Agent will pay and release, or direct the applicable Pledged Account Bank to pay and release, to the Borrower or at its order such
amount, if any, as is then on deposit in the Pledged Deposit Accounts, in each case to the extent permitted to be released under the terms of the Credit Documents. 
 (b) The following provisions shall apply to withdrawals from the Lock-Up Account: 

(i) Withdrawal Certificate. 

(A) Upon the conclusion of a Lock-Up Period, the Borrower shall be entitled to withdraw monies from the Lock-Up Account by delivering to the
Collateral Agent a Withdrawal Certificate signed by the Borrower. 
 (B) The Borrower shall not be entitled to request any withdrawal from
the Lock-Up Account during the Lock-Up Period except withdrawals permitted pursuant to Section 7.05(d) of the Credit Agreement. Any Withdrawal Certificate provided to the Collateral Agent by the Borrower during a Lock-Up Period
shall be accompanied by a certification of an Authorized Officer of the Borrower in accordance with clause (C) below, (including a certification with respect to the Distributable Cash balance, if applicable); and 

(C) No later than three Business Days prior to the Withdrawal Date, the Borrower shall deliver to the Facility Agent, each other Authorized
Representative and the Collateral Agent, for purposes of any withdrawal, a Withdrawal Certificate signed by an Authorized Officer of the Borrower specifying: 
 (i) the amount requested to be withdrawn from the Lock-Up Account; 
 (ii) the
relevant Withdrawal Date on which such withdrawal is to be made; 
 (iii) the purpose for which the amount so withdrawn is to
be used; 
 (iv) for any withdrawal under clause (A) above, that the Borrower is not and will not be, after giving
effect to such withdrawal in Default and, no Default or Event of Default may reasonably be expected to occur as a result of such withdrawal or the application of the withdrawn amounts in the manner contemplated by such Withdrawal Certificate; and

 (v) a certificate with respect to the Distributable Cash Balance on the date of the Withdrawal Certificate. 

(ii) Agents’ Review of Certificates; Delivery to Collateral Agent. 
 (A) In the event that prior to the relevant Withdrawal Date, the Facility Agent shall reasonably determine that a Withdrawal Certificate is inconsistent with or otherwise fails to satisfy the
provisions of this Agreement and the other Financing Documents, the Facility Agent shall notify the Collateral Agent and the Borrower in writing promptly but in no case later than the third Business Day following the Facility Agent’s receipt of
such Withdrawal Certificate and may either (A) return such Withdrawal Certificate to the Borrower with its determinations noted thereon; or (B) in consultation with the Borrower, make such corrections as it reasonably deems necessary to
satisfy the requirements of this Agreement. The Facility Agent and the Borrower will endeavor to agree and complete the final form Withdrawal Certificate and deliver such certificate to the Collateral Agent, no later than the Business Day prior
to the Withdrawal Date to which such certificate relates. 

 (B) The Facility Agent and the Collateral Agent shall countersign any accepted Withdrawal Certificate
(which acceptance or counter-signature shall not be unreasonably withheld, conditioned or delayed), and the Collateral Agent shall implement such Withdrawal Certificate in accordance with Section 7(b)(iii). 

(iii) Implementation of Withdrawal. Except as otherwise provided in this Agreement, following receipt of an executed
Withdrawal Certificate, the Collateral Agent shall pay or transfer the amount(s) specified in such Withdrawal Certificate by requesting that the Account Bank initiate such payment or transfer not later than 12:00 Noon (New York City time) on the
Withdrawal Date set out in such Withdrawal Certificate for such payment or transfer (or if such certificate is not received by the Collateral Agent at least one Business Day prior to such Withdrawal Date, by 12:00 Noon (New York City time) on the
next succeeding Business Day following delivery of such Withdrawal Certificate to the Collateral Agent). 

Section 8. Representations and Warranties. The Borrower represents and warrants as follows as of the date hereof:

 (a) The Borrower’s exact legal name, type of organization, jurisdiction of organization and organizational
identification number is set forth in Schedule VI hereto. The Borrower has no trade names other than as listed on Schedule VI hereto. Within the five years preceding the date hereof, the Borrower has not changed its name,
type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule VI hereto except as set forth in Schedule VII hereto. 

(b) The Borrower is the legal and beneficial owner of the Collateral granted or purported to be granted by it free and clear of any
Lien, claim, option or right of others, except for the security interest created under this Agreement or permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering all or any part of
such Collateral or listing the Borrower or any trade name of the Borrower as debtor is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Financing Documents. 

(c) The Borrower has no material Equipment or Inventory. 
 (d) None of the Receivables or Agreement Collateral is evidenced by a promissory note or other instrument in excess of $250,000 that has not been delivered to the Collateral Agent. 

(e) PSE, as an issuer of Security Collateral, has received notice of the security interest granted hereunder. 

(f) The Pledged Equity pledged by the Borrower hereunder has been duly authorized and validly issued and is fully paid and non
assessable. The Pledged Debt pledged by the Borrower hereunder has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of the issuers thereof, is evidenced by one or more promissory notes
(which promissory notes have been delivered to the Collateral Agent) and is not in default. 
 (g) The Initial Pledged
Equity pledged by the Borrower constitutes 100% of the issued and outstanding Equity Interests of PSE. 
 (h) The Borrower
has no investment property, other than the investment property listed on Schedule I hereto and additional investment property as to which the Borrower has complied with the requirements of Section 4. 

(i) The Assigned Agreements to which the Borrower is a party, true and complete copies of which (other than the Interest Hedging
Agreements) have been furnished to the Collateral Agent, have been duly authorized, executed and delivered by all parties thereto, have not been amended, amended and restated, supplemented or otherwise modified, are in full force and effect and are
binding upon and enforceable against all parties thereto in accordance with their terms. The Borrower is not in default and, to the Borrower’s knowledge, there exists no default under any Assigned Agreement to which the Borrower is a party by
any other party thereto. 

 (j) The Borrower has no deposit accounts, other than the Pledged Deposit Accounts
listed on Schedule II hereto and additional Pledged Deposit Accounts as to which the Borrower has complied with the applicable requirements of Section 5. 
 (k) The Borrower is not a beneficiary or assignee under any letter of credit, other than the letter of credit described in Schedule VIII hereto and additional letters of credit as to which the
Borrower has complied with the requirements of Section 16. 
 (l) This Agreement creates in favor of the
Collateral Agent for the benefit of the Secured Parties a valid security interest in the Collateral granted by the Borrower, securing the payment of the Secured Obligations; all actions necessary to obtain control of Collateral as provided in
Sections 9-104, 9-106 and 9-107 of the UCC have been taken (other than deposit accounts described in Section 5(a)) and upon the filing with the Washington Department of Licensing of an appropriate UCC financing statement naming the
Borrower as debtor and the Collateral Agent as secured party and describing the collateral as “all assets” the security interest of the Collateral Agent in all collateral that can be perfected by the filing of a UCC financing statement
will be taken and such security interest will be perfected and will be first priority, subject to no other Liens other than Permitted Collateral Liens. 
 (m) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for (i) the grant by the
Borrower of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by the Borrower, (ii) the perfection or maintenance of the security interest created hereunder (including the first priority
nature of such security interest), except for the filing of financing and continuation statements under the UCC, which financing statements have been duly filed and are in full force and effect, the recordation of the Intellectual Property Security
Agreements referred to in Section 13(f) with the U.S. Patent and Trademark Office and the U.S. Copyright Office, and the actions described in Section 4 with respect to the Security Collateral, which actions have been taken
and are in full force and effect, or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in
connection with the disposition of any portion of the Security Collateral by laws affecting the offering and sale of securities generally or as may be required in connection with the disposition of any portion of the Collateral under
Section 203 of the Federal Power Act or chapter 80.12 of the Revised Code of Washington. 
 (n) The Borrower has no
material Intellectual Property Collateral. 
 (o) The Borrower has no commercial tort claims other than those listed in
Schedule V hereto and additional commercial tort claims as to which the Borrower has complied with the requirements of Section 17. 
 Section 9. Further Assurances. (a) The Borrower agrees that from time to time, at the expense of the Borrower, the Borrower will promptly execute and deliver, or otherwise
authenticate, all further instruments and documents, and take all further action that may be necessary or desirable, or that the Collateral Agent may reasonably request, in order to perfect and protect any pledge or security interest granted or
purported to be granted by the Borrower hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of the Borrower; provided, however, that in no event shall the Borrower be
required to cause the notation of any security interest on any certificate of title. 
 (b) The Borrower hereby authorizes
the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal
property (or words of similar effect) of the Borrower, regardless of whether any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other
reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. The Borrower ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments
filed prior to the date hereof. 

 (c) The Borrower will furnish to the Collateral Agent from time to time statements and
schedules further identifying and describing the Collateral of the Borrower and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 

Section 10. Reserved. 
 Section 11. Reserved. 
 Section 12. Post-Closing
Changes; Collections on Assigned Agreements, Receivables and Related Contracts. (a) The Borrower will not change its name, type of organization, jurisdiction of organization or organizational identification number from those set forth
in Section 8(a) of this Agreement (except in connection with the Merger) without first giving at least 20 days’ prior written notice to the Collateral Agent and taking all action reasonably required by the Collateral Agent for the
purpose of perfecting or protecting the security interest granted by this Agreement. The Borrower will hold and preserve its records relating to the Collateral, including, without limitation, the Assigned Agreements and Related Contracts, and
will permit representatives of the Collateral Agent to inspect and make abstracts from such records and other documents as set forth in Section 6.18 of the Credit Agreement and otherwise specified in the Additional Credit
Documents. If the Borrower does not have an organizational identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number. 

(b) Except as otherwise provided in this subsection (b), the Borrower will continue to collect, at its own expense, all
amounts due or to become due the Borrower under the Assigned Agreements, Receivables and Related Contracts. In connection with such collections, the Borrower may take such action as the Borrower or the Collateral Agent may deem necessary to
enforce collection of the Assigned Agreements, Receivables and Related Contracts; provided, however, that, subject to the terms of the Collateral Agency Agreement, the Collateral Agent shall have the right at any time, upon the
occurrence and during the continuance of an Event of Default and upon written notice to the Borrower of its intention to do so, to notify the Obligors under any Assigned Agreements, Receivables and Related Contracts of the assignment of such
Assigned Agreements, Receivables and Related Contracts to the Collateral Agent and to direct such Obligors to make payment of all amounts due or to become due to the Borrower thereunder directly to the Collateral Agent and, upon such notification
and at the expense of the Borrower, to enforce collection of any such Assigned Agreements, Receivables and Related Contracts, to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as the Borrower
might have done, and to otherwise exercise all rights with respect to such Assigned Agreements, Receivables and Related Contracts, including, without limitation, those set forth in Section 9-607 of the UCC. After receipt by the Borrower of
the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including, without limitation, instruments) received by the Borrower in respect of the Assigned Agreements, Receivables and
Related Contracts of the Borrower shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral Agent in the same form as so
received (with any necessary indorsement) to be deposited in an account secured for the benefit of the Collateral Agent on behalf of the Secured Parties and either (A) released to the Borrower on the terms set forth in Section 7 so
long as no Default under Section 8.01(a), (f) or (k) of the Credit Agreement, any substantially similar Default under any Additional Credit Document or any Event of Default shall have occurred and be continuing or
(B) if any such event shall have occurred and be continuing, applied as provided in Section 22(b) and (ii) the Borrower will not adjust, settle or compromise the amount or payment of any Receivable or amount due on any Assigned
Agreement or Related Contract, release wholly or partly any Obligor thereof or allow any credit or discount thereon. The Borrower will not permit or consent to the subordination of its right to payment under any of the Assigned Agreements,
Receivables and Related Contracts to any other Indebtedness or obligations of the Obligor thereof. 

Section 13. As to Intellectual Property Collateral. The Borrower agrees that should it obtain an ownership interest
in any item of the type set forth in Section 1(g), (a) the provisions of this Agreement shall automatically apply thereto and (b) the Borrower shall execute and deliver to the Collateral Agent any agreement, instrument or other
document reasonably requested by the Collateral Agent to perfect the security interest in such Collateral. 

 Section 14. Voting Rights; Dividends; Etc. (a) So long as no
Event of Default hall have occurred and be continuing: 
 (i) The Borrower shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Security Collateral of the Borrower or any part thereof for any purpose; provided however, that the Borrower will not exercise or refrain from exercising any such right if such action would have a
material adverse effect on the value of the Security Collateral or any part thereof. 
 (ii) The Borrower shall be entitled
to receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral of the Borrower if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Credit Documents;
provided, however, that any and all 
 (A) dividends, interest and other distributions paid or payable other
than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, 
 (B) dividends and other distributions paid or payable in cash in respect of any Security Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction
of capital, capital surplus or paid in surplus, and 
 (C) cash paid, payable or otherwise distributed in respect of
principal of, or in redemption of, or in exchange for, any Security Collateral shall be, and shall be forthwith delivered to the Collateral Agent to hold as, Security Collateral and shall, if received by the Borrower, be received in trust for the
benefit of the Collateral Agent, be segregated from the other property or funds of the Borrower and be forthwith delivered to the Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 

(iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to the Borrower all such proxies and
other instruments as the Borrower may reasonably request for the purpose of enabling the Borrower to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends or interest
payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 
 (b) Upon the occurrence and
during the continuance of an Event of Default: 
 (i) All rights of the Borrower (x) to exercise or refrain from
exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon notice to the Borrower by the Collateral Agent, cease and (y) to receive the dividends,
interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 14(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 

(ii) All dividends, interest and other distributions that are received by the Borrower contrary to the provisions of paragraph
(i) of this Section 14(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral Agent as Security Collateral in
the same form as so received (with any necessary indorsement). 
 Section 15. Reserved 

Section 16. As to Letter-of-Credit Rights. (a) The Borrower, by granting a security interest in its
Receivables consisting of letter-of-credit rights to the Collateral Agent, intends to (and hereby does) assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all Related Contracts consisting of letters of
credit of which it is or hereafter becomes a beneficiary or assignee. The Borrower will promptly use commercially reasonable efforts to cause the issuer of each letter of credit and each nominated person (if any) with respect thereto to consent
to such assignment of the proceeds thereof pursuant to a consent in form and substance reasonably satisfactory to the Collateral Agent and deliver written evidence of such consent to the Collateral Agent. 

 (b) Upon the occurrence of an Event of Default, the Borrower will, promptly upon
request by the Collateral Agent, (i) notify (and the Borrower hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds
thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (ii) with respect to any letters of credit that are
transferable, arrange for the Collateral Agent to become the transferee beneficiary of letter of credit. 

Section 17. Commercial Tort Claims. The Borrower will promptly give notice to the Collateral Agent of any
commercial tort claim that may arise after the date hereof and will immediately execute or otherwise authenticate a supplement to this Agreement, and otherwise take all necessary action, to subject such commercial tort claim to the first priority
security interest created under this Agreement. 
 Section 18. Transfers and Other Liens; Additional
Shares. (a) The Borrower agrees that it will not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral other than as permitted under the terms of the Credit Documents, or
(ii) create or suffer to exist any Lien upon or with respect to any of the Collateral of the Borrower except for the pledge, assignment and security interest created under this Agreement and Liens permitted under the Credit Documents.

 (b) The Borrower agrees that it will (i) cause PSE not to issue any Equity Interests in addition to or in
substitution for the Pledged Equity issued by such issuer, except to the Borrower, and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests issued to it. 

Section 19. Collateral Agent Appointed Attorney in Fact. The Borrower hereby irrevocably appoints the Collateral
Agent the Borrower’s attorney in fact, with full authority in the place and stead of the Borrower and in the name of the Borrower or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the
Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary to accomplish the purposes of this Agreement, including, without limitation: 

(a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral, 
 (b) to receive, indorse and collect any drafts or other
instruments, documents and chattel paper, in connection with clause (a) above, and 
 (c) to file any claims or take
any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement or the rights of
the Collateral Agent with respect to any of the Collateral. 
 Section 20. Collateral Agent May
Perform. If the Borrower fails to perform any agreement contained herein, the Collateral Agent may, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the
Collateral Agent incurred in connection therewith shall be payable by the Borrower under Section 23. 

Section 21. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder are
solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or
not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed
to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

 (b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may
from time to time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that
the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Borrower hereunder shall be deemed for purposes of this
Security Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations, (ii) such Subagent shall automatically be vested, in addition
to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights,
powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such
Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 

Section 22. Remedies. If any Event of Default shall have occurred and be continuing: 

(a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require the Borrower to, and the Borrower hereby agrees that it
will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral
Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by any of the Borrower where the Collateral or any part thereof
is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to the Borrower in respect of such occupation; and (iv) exercise any and all rights and remedies of the
Borrower under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of
any provision of, the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of all funds with respect to the Account Collateral and (C) exercise all other
rights and remedies with respect to the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, including, without limitation, those set forth in Section 9-607 of the UCC. The Borrower agrees that, to the
extent notice of sale shall be required by law, at least ten days’ prior written notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable
notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral Agent in respect of any sale of, collection from, or other realization upon
all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter applied (after payment of any amounts payable to the Collateral Agent pursuant
to Section 23) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in accordance with the Collateral Agency Agreement. 

(c) All payments received by the Borrower under or in connection with any Assigned Agreement or otherwise in respect of the
Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary
indorsement). 

 (d) The Collateral Agent may, without notice to the Borrower except as required by law
and at any time or from time to time, charge, set off and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or in any other deposit account of the Borrower. 

(e) The Collateral Agent may send to each bank, securities intermediary or issuer party to any Deposit Account Control Agreement,
Securities/Deposit Account Control Agreement, Securities Account Control Agreement or Uncertificated Security Control Agreement a “Notice of Exclusive Control” as defined in and under such Agreement. 

Section 23. Indemnity and Expenses. The Borrower agrees to indemnify, defend and save and hold harmless each
Secured Party, and to pay the expenses of the Collateral Agent, in each case in connection with this Agreement, as set forth in Sections 10.04 and 10.05 of the Credit Agreement as if such sections were set forth in this Agreement
mutatis mutandis. 
 Section 24. Amendments; Waivers; Additional Borrower; Etc. No amendment
or waiver of any provision of this Agreement, and no consent to any departure by the Borrower herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent (and the Borrower in the case of an
amendment or waiver), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party 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 such right preclude any other or further exercise thereof or the exercise of any other right. 

Section 25. Notices, Etc. All notices and other communications provided for hereunder shall be provided in
accordance with the Collateral Agency Agreement. 
 Section 26. Continuing Security Interest; Assignments under the
Credit Documents. This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the indefeasible payment in full in cash of the Secured Obligations (other than any
contingent indemnity obligations not then due), termination of the Commitments and the termination or expiration of the Interest Hedging Agreements, (b) be binding upon the Borrower, its successors and assigns and (c) inure, together with
the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender or
Additional Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes,
if any, held by it) or Additional Credit Document, as the case may be, to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender or Additional Secured Party, as the case
may be, herein or otherwise, in each case as provided in Section 10.07 of the Credit Agreement or in the Additional Credit Documents, as applicable. 
 Section 27. Termination. Upon the indefeasible payment in full in cash of the Secured Obligations (other than any contingent indemnity obligations not then due), termination of the
Commitments and the termination or expiration of the Interest Hedging Agreements, the security interest created by this Agreement shall terminate and all rights to the Collateral shall revert to the Borrower, and the Collateral Agent shall (at the
written request and sole cost and expense of the Borrower) promptly cause to be transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money received in respect
thereof, to or on the order of the Borrower. The Collateral Agent shall also (at the written request and sole cost and expense of the Borrower) promptly execute and deliver to the Borrower upon such termination such Uniform Commercial Code
termination statements, and such other documentation as shall be reasonably requested by the Borrower to effect the termination and release of the Liens on the Collateral. 
 Section 28. Collateral Agency Agreement Controls. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent, for the benefit of
the Secured Parties pursuant to this Agreement and any other Security Document and related agreements (including any control agreements executed pursuant to the requirements of this Agreement), and the exercise of any right or remedy by the
Collateral Agent in respect of the Collateral are subject to the provisions of the Collateral Agency Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement, any other Security Documents and any such

 
related document and the Collateral Agency Agreement, the provisions of the Collateral Agency Agreement shall govern and control. Notwithstanding anything herein to the contrary, in
accordance with the provisions of Sections 2.02(b), 2.05(b) and 4.05(c), the Lock-Up Account and any funds, cash, Securities Entitlements credited thereto and any proceeds thereof shall be held by the Collateral Agent solely for
the benefit of the Lenders until all Credit Agreement Obligations shall have been indefeasibly paid in full in cash. 

Section 29. 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 taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other means of electronic
delivery shall be effective as delivery of an original executed counterpart of this Agreement. 

Section 30. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 Any legal action or proceeding arising under this Agreement or in any way connected with or related or
incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now existing or hereafter arising, may be brought in the courts of the State of New York sitting in New York City or of the United
States for the Southern District of such state, and by execution and delivery of this Agreement, the Borrower consents, for itself and in respect of its property, to the non-exclusive jurisdiction of those courts. The Borrower waives any
objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement or any
Financing Document. 
 Section 31. Waiver of Right to Trial by Jury. Each party to this Agreement hereby
expressly waives any right to trial by jury of any claim, demand, action or cause of action arising under this Agreement or in any way connected with or related or incidental to its dealings with respect to this Agreement, or the transactions
related thereto, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each party to this Agreement hereby agrees and consents that any such claim, demand, action or cause of action shall
be decided by court trial without a jury, and that any party to this Agreement may file an original counterpart or a copy of this Section 31 with any court as written evidence of the consent of the signatories hereto to the waiver of its
right to trial by jury. 
 Section 32. Original Schedules and Exhibits. Each of the Schedules and Exhibits
attached to the Security Agreement, dated as of February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this Agreement without any amendment, modification or supplement. 

[Signature pages to follow.] 
  

			
	PUGET EQUICO, LLC
		
	By:	 	
	Name:	 	Donald E. Gaines
	Title:	 	Vice President Finance & Treasurer
	
	 BARCLAYS BANK PLC,
 as Collateral Agent

		
	By:	 	
	Name:	 	Ann E. Sutton
	Title:	 	Director

 AMENDMENT NO. 1 
 TO 
 AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED BORROWER SECURITY AGREEMENT (this “Amendment”), is made as of
February 10, 2012, by and between JPMORGAN CHASE BANK, N.A., in its capacity as successor Collateral Agent (as defined below) and PUGET ENERGY, INC., as borrower (the “Borrower”). Capitalized terms used but not otherwise
defined herein shall have the respective meanings given to them in the Amended and Restated Collateral Agency Agreement (described below). 
 WHEREAS, on the date hereof, Barclays Bank PLC resigned as Collateral Agent under than certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and
restated as of March 31, 2010, among the Borrower, Puget Equico LLC, Barclays Bank PLC, as collateral agent and Barclays Bank PLC, as facility agent; 
 WHEREAS, pursuant to Amendment No. 1 to Amended and Restated Collateral Agency Agreement, dated as of the date hereof, JPMorgan Chase Bank, N.A. was appointed as successor Collateral Agent (in such
capacity, the “Collateral Agent”); 
 WHEREAS, the Collateral Agent and the Borrower wish to amend that certain
Amended and Restated Borrower Security Agreement, dated February 6, 2009 and as amended and restated as of March 31, 2010, between Collateral Agent, as successor collateral agent and the Borrower (as amended, restated, supplemented or
otherwise modified prior to the date hereof, the “Agreement”); 
 NOW THEREFORE, in consideration of the
premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to amend the Agreement as follows.

 SECTION 1. Amendments to Agreement. 
 (a) The preamble of the Agreement is amended to replace the word “Company” appearing therein with the word “Borrower”. 

(b) Recital (1) to the Agreement is amended and restated in its entirety to read as follows: 

(1) The Borrower is party to that certain Credit Agreement, dated as of February 10, 2012, among the financial
institutions from time to time party thereto as lenders and JPMorgan Chase Bank, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

(c) Recital (6) to the Agreement is amended to (i) delete the punctuation mark “,” appearing immediately following
the phrase “under the Credit Agreement” appearing therein and to replace such punctuation mark with the word “and” and (ii) to delete the word “the” appearing immediately following the phrase “Borrower shall
have granted” appearing therein. 
 (d) Recital (7) to the Agreement is amended to (i) insert the phrase
“Puget Equico LLC,” immediately following the phrase “among the Borrower,” appearing therein and (ii) to delete the last sentence thereof in its entirety. 

(e) Recitals (2) and (5) to the Agreement are deleted in their entirety. 

(f) Recitals (3), (4), (6), (7) and (8) are renumbered as recitals (2), (3), (4), (5) and (6) respectively.

 (g) Clause (d) of Section 1 of the Agreement is amended to (x) insert the word “and” at the end of
clause (iii) thereof, (y) delete clause (iv) appearing therein in its entirety and (z) renumber clause (v) appearing therein as clause (iv). 
 (h) Section 4 of the Agreement is amended to (i) delete the phrase “the Lock-Up Account and” appearing in clause (a) thereof, (ii) delete the phrase “, and to convert
Security Collateral consisting of financial assets held directly by the Collateral Agent to Security Collateral consisting of financial assets credited to the Lock-Up Account” appearing in clause (c) thereof and (iii) to delete clause
(e) thereof in its entirety. 

 (i) Clause (b) of Section 4 of the Agreement is amended to insert at the end
thereof the following proviso “provided, the deadline for delivery of a Securities Account Control Agreement in respect of Account No. 13014261 maintained at Wells Fargo Securities, LLC shall be February 29, 2012 (or such
later date as may be agreed to by the Collateral Agent in its sole discretion). 
 (j) Clause (a) of Section 5 of the
Agreement is amended to (i) insert the sub-heading “(x)” immediately preceding the phrase “this Section 5(a) shall not” appearing therein and (ii) insert immediately following the phrase “(ii) operated
solely as a payroll account” the phrase “and (y) the deadline for delivery of a Deposit Account Control Agreement in respect of Account No. 1139127 maintained at The Bank of New York Mellon shall be February 29, 2012 (or
such later date as may be agreed to by the Collateral Agent in its sole discretion). 
 (k) Clause (a) of Section 7 of
the Agreement is amended to delete the section reference “Section 8.01(a), (f) or (k)” appearing therein and to replace such section reference with the section reference “clauses (a),
(h) or (i) of Article VII”. 
 (l) Clause (b), including all subsections thereof, of
Section 7 of the Agreement is deleted in its entirety. 
 (m) Clause (a) of Section 12 of the Agreement is
amended to (i) delete the section reference “Section 6.18” appearing therein and to replace such section reference with the section reference “Section 5.15” and (ii) delete in its entirety the
parenthetical “(except in connection with the Merger)” appearing therein. 
 (n) Clause (b) of Section 12 of
the Agreement is amended to delete the section reference “Section 8.01(a), (f) or (k)” appearing therein and to replace such section reference with the section reference “clauses (a),
(h) or (i) of Article VII”. 
 (o) Section 23 of the Agreement is amended to delete the
section reference “Sections 10.04 and 10.05” appearing therein and to replace such section reference with the section reference “Section 9.03”. 

(p) Section 26 of the Agreement is amended to delete the section reference “Section 10.07” appearing therein and to
replace such section reference with the section reference “Section 9.04”. 
 (q) Section 28 of the
Agreement is amended to delete the last sentence thereof in its entirety. 
 (r) The Agreement is amended to replace each
reference to “Barclays Bank PLC” with “JPMorgan Chase Bank, N.A.”. 
 SECTION 2. Conditions of
Effectiveness. This Amendment shall become effective as of the date hereof (the “Effective Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the
Collateral Agent and the Borrower and (ii) the New Credit Agreement shall become effective in accordance with its terms and conditions. 
 SECTION 3. Representations and Warranties. Each of the parties hereto represents and warrants that this Amendment and the Agreement, as amended by this Amendment, constitute legal, valid and
binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles. 
 SECTION 4. Reference to and the Effect on the Agreement. 

(a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement
as amended hereby. 
 (b) Each of the parties hereto hereby agrees that, except as specifically amended above, the 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. 
 SECTION 5. Headings. Section headings in this Amendment are included herein for
convenience only and shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart
of this Amendment. 
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	PUGET ENERGY, INC.,
	as Borrower
		
	By:	 	  

		 	Name:
		 	Title:

			
	 JPMORGAN CHASE BANK, N.A.,
 as successor Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT M 
 TERMS OF SUBORDINATION 
 [ATTACHED] 

 TERMS OF SUBORDINATION 

These terms refer to the Credit Agreement, dated as of February 10, 2012 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Puget Energy, Inc., a Washington corporation (the “Borrower”), the Lenders party thereto from time to time and JPMorgan Chase Bank, N.A., in its capacity as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms shall, unless otherwise defined in these terms, have the meaning given in the Credit Agreement or, if not defined therein, the
meaning given in the Collateral Agency Agreement. 
 All Management Fees payable by the Borrower and its Subsidiaries shall
include or be subject to the following terms: 
 1. General. To the extent and in the manner set forth herein, the
payment of any Management Fee is expressly made subordinate and subject in right of payment to the prior payment in full of all the Obligations. Except to the extent permitted pursuant to the last sentence of this paragraph, any Person entitled to
payment of Management Fees (each a “Payee”) agrees that it will not ask, demand, sue for, take or receive from the Borrower, by set-off or in any other manner, or retain payment (in whole or in part) of the Management Fees, or any
security therefor, unless and until all of the Obligations have been paid in full in cash and the Commitments terminated (other than contingent obligations not then due). Each Payee directs the Borrower to make, and the Borrower agrees to make, such
prior payment of the Obligations. Notwithstanding the foregoing, payment by the Borrower of or in respect of the Management Fees may be made, and the Payees may ask, demand, sue for, take or receive from the Borrower, by set-off or in any other
manner, or retain payment of (in whole or in part) the Management Fees. 
 2. Payment Upon Dissolution, Etc. In the event
of: 
 (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding in connection therewith, relative to the Borrower or any of its Subsidiaries or to any of their creditors as such, or to any of their assets; or 
 (b) any liquidation, dissolution or other winding up of the Parent or the Borrower or any of its Subsidiaries, whether partial or complete and whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or 
 (c) any assignment for the benefit of creditors or any other marshalling of all or any
substantial part of the assets and liabilities of the Parent or the Borrower or any of its Subsidiaries; 
 then and in any such event the
Secured Parties shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all the Obligations before the Payees shall be entitled to receive any payment on account of the Management Fees, and to that end,
any payment or distribution of any kind or character, whether in cash, property or securities which may be payable or deliverable in respect of the Management Fees, proceeding, dissolution, liquidation or other winding up or event shall instead be
paid or delivered directly to the Secured Parties for application to the Obligations, whether or not due, until the Obligations shall have first been fully paid and satisfied in cash (other than contingent obligations not then due). 

3. No Payment When Credit Agreement in Default. Except as may be permitted pursuant to the Credit Agreement, if any Default or
Event of Default has occurred and is continuing, then no payment shall be made by the Borrower on or in respect of the Management Fees. 

 4. Proceedings Against Borrower; No Collateral. The Payees shall not, without the
prior written consent of the Unanimous Voting Parties (as long as any Obligation is outstanding): 
 (a) commence any judicial
action or proceeding to collect payment of principal of or interest on the Management Fees; or 
 (b) commence any judicial
action or proceeding against the Borrower in bankruptcy, insolvency or receivership law; or 
 (c) take any collateral security
for the Management Fees. 
 5. Further Assurances. Each Payee agrees to execute and deliver to the Secured Parties all
such further instruments, proofs of claim, assignments of claim and other instruments, and take all such other action, as may be reasonably requested by the Secured Parties to enforce the Secured Parties rights hereunder. 

6. Notice; Disclosure. The Payees agree, for the benefit of each Secured Party, that they will give the Collateral Agent on behalf
of each Secured Party prompt notice of any default by the Borrower of which the Payees are aware in respect of the Management Fees. 
 7. No Waiver; Modification to Credit Agreement. (a) No failure on the part of the Secured Parties, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof by the Secured Parties, nor shall any single or partial exercise by the Secured Parties of any right, remedy or power hereunder shall preclude any other or future exercise of any other right remedy or power. Each and every right, remedy and
power hereby granted to the Secured Parties or allowed to the Secured Parties by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Secured Parties from time to time. All rights and interests of
the Secured Parties hereunder and all agreements and obligations of the Payees and the Borrower hereunder shall remain in full force and effect irrespective of: 
 (i) any lack of validity or enforceability of the Financing Documents; or 
 (ii)
any other circumstance that might otherwise constitute a defense available to, or discharge of, the Borrower. 
 (b) Without in
any way limiting the generality of the foregoing paragraph (a), the Secured Parties may, at any time and from time to time, without the consent of or notice to the Payees, without incurring responsibility to the Payees, and without impairing or
releasing the subordination provided herein or the obligations hereunder of the Payees, do anyone or more of the following: 

(i) change the manner, place or terms of payment of or extend the time of payment of, or renew or alter, the Obligations under the Credit
Agreement, or otherwise amend or supplement in any manner the Credit Agreement or any instruments evidencing the same or any agreement under which the Obligations are outstanding; 

(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing the Obligations; 

(iii) release any person liable in any manner for the Obligations; and 

 (iv) exercise or refrain from exercising any rights against the Borrower or any other
person. 
 8. Benefit of Subordination Provisions. These subordination provisions are intended to benefit the Secured
Parties. 
 9. Provisions Solely to Define Relative Rights. These subordination provisions are intended solely for the
purpose of defining the relative rights of the Payees and their successors and assigns, on the one hand, and the Secured Parties and their successors and assigns, on the other hand. 

10. Transfers of Subordinated Debt. The Payees shall not sell, assign, pledge, encumber or transfer the interests in the
Management Fees unless such sale, assignment, pledge, encumbrance or transfer is to a party that agrees to be bound by the terms hereof. The interests in the Management Fees shall remain expressly subject to the terms hereof, notwithstanding any
sale, assignment, pledge, encumbrance or transfer. 
 11. Further Assurances. The Payees, at their cost (to be reimbursed
by the Borrower on the same terms as payment of the Management Fees, other than nominal costs), shall take all further action as the Secured Parties may reasonably request in order more fully to carry out the intent and purpose of these
subordination provisions. 
 12. Governing Law. THESE SUBORDINATION PROVISIONS SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 13. Amendment. These subordination provisions may not be amended,
modified or supplemented without the prior written consent of each of the Secured Parties. 
 14. Successors and Assigns.
These subordination provisions shall be binding and inure to the benefit of the Payees, the Secured Parties and their respective successors and permitted assigns.

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