Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

$400,000,000 3.86% Senior Notes, Series A, due December 3, 2025 

and 
 $100,000,000 3.86% Senior
Notes, Series B, due January 14, 2026 
  

 

NOTE PURCHASE AGREEMENT 

 
  

Dated as of December 3, 2015 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
			
	 SECTION 1.
	 	 AUTHORIZATION OF NOTES
	  	 	1	  
			
	 SECTION 2.
	 	 SALE AND PURCHASE OF NOTES
	  	 	1	  
			
	 SECTION 3.
	 	 CLOSING
	  	 	2	  
			
	 SECTION 4.
	 	 CONDITIONS TO CLOSINGS
	  	 	2	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	  
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	  
	 Section 4.3.
	 	 Compliance Certificates
	  	 	3	  
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	  
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc.
	  	 	3	  
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	  
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	  
	 Section 4.8.
	 	 Private Placement Number
	  	 	4	  
	 Section 4.9.
	 	 Changes in Structure
	  	 	4	  
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	  
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	  
	 Section 4.12.
	 	 Joinder Agreement, Etc.
	  	 	5	  
	 Section 4.13.
	 	 UCC Searches; and Litigation Searches
	  	 	5	  
	 Section 4.14.
	 	 Insurance
	  	 	5	  
	 Section 4.15.
	 	 Financial Statements
	  	 	5	  
	 Section 4.16.
	 	 Consents and Approvals
	  	 	6	  
	 Section 4.17.
	 	 Rating on Notes
	  	 	6	  
	 Section 4.18.
	 	 Consummation of First Closing
	  	 	6	  
			
	 SECTION 5.
	 	 REPRESENTATIONS AND WARRANTIES OF THE
COMPANY
	  	 	6	  
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	6	  
	 Section 5.2.
	 	 Authorization, Etc.
	  	 	6	  
	 Section 5.3.
	 	 Disclosure
	  	 	6	  
	 Section 5.4.
	 	 Organization and Ownership of Shares of Subsidiaries
	  	 	7	  
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	7	  
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc.
	  	 	8	  
	 Section 5.7.
	 	 Governmental Authorizations, Etc.
	  	 	8	  
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	8	  
	 Section 5.9.
	 	 Taxes
	  	 	9	  
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	9	  
	 Section 5.11.
	 	 Licenses, Permits, Etc.
	  	 	9	  
	 Section 5.12.
	 	 Compliance with ERISA
	  	 	9	  

							
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	10	  
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	10	  
	 Section 5.15.
	 	 Existing Indebtedness
	  	 	11	  
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc.
	  	 	11	  
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	13	  
	 Section 5.18.
	 	 Environmental Matters
	  	 	14	  
	 Section 5.19.
	 	 Collateral
	  	 	14	  
	 Section 5.20.
	 	 Insurance
	  	 	14	  
	 Section 5.21.
	 	 Legal Name and Jurisdiction of Formation
	  	 	14	  
			
	 SECTION 6.
	 	 REPRESENTATIONS OF THE PURCHASERS
	  	 	15	  
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	15	  
	 Section 6.2.
	 	 Source of Funds
	  	 	15	  
	 Section 6.3.
	 	 Tax Documentation
	  	 	17	  
			
	 SECTION 7.
	 	 INFORMATION AS TO COMPANY
	  	 	19	  
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	19	  
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	21	  
	 Section 7.3.
	 	 Visitation
	  	 	22	  
	 Section 7.4.
	 	 Electronic Delivery
	  	 	22	  
			
	 SECTION 8.
	 	 PAYMENT AND PREPAYMENT OF THE
NOTES
	  	 	23	  
			
	 Section 8.1.
	 	 Maturity
	  	 	23	  
	 Section 8.2.
	 	 Optional Prepayments with Make-Whole Amount
	  	 	23	  
	 Section 8.3.
	 	 Allocation of Partial Prepayments
	  	 	24	  
	 Section 8.4.
	 	 Maturity; Surrender, Etc.
	  	 	24	  
	 Section 8.5.
	 	 Purchase of Notes
	  	 	24	  
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	25	  
	 Section 8.7.
	 	 Payments Due on Non-Business Days
	  	 	26	  
	 Section 8.8.
	 	 Change of Control
	  	 	27	  
	 Section 8.9.
	 	 Prepayment in Connection with Sales of Assets
	  	 	27	  
			
	 SECTION 9.
	 	 AFFIRMATIVE COVENANTS
	  	 	28	  
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	28	  
	 Section 9.2.
	 	 Insurance
	  	 	28	  
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	28	  
	 Section 9.4.
	 	 Payment of Taxes
	  	 	29	  
	 Section 9.5.
	 	 Limited Liability Company Existence, Etc.
	  	 	29	  
	 Section 9.6.
	 	 Books and Records
	  	 	29	  
	 Section 9.7.
	 	 Collateral; Further Assurances
	  	 	29	  
	 Section 9.8.
	 	 Material Project Documents
	  	 	31	  
	 Section 9.9.
	 	 Total Debt to Capitalization Ratio
	  	 	31	  
	 Section 9.10.
	 	 Optional Release of Collateral
	  	 	31	  
	 Section 9.11.
	 	 Maintenance of Rating on Notes
	  	 	33	  
	 Section 9.12
	 	 Post-Closing Matters
	  	 	33	  

  
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	 SECTION 10.
	 	 NEGATIVE COVENANTS
	  	 	34	  
			
	 Section 10.1.
	 	 Transactions with Affiliates
	  	 	34	  
	 Section 10.2.
	 	 Merger, Consolidation, Etc.
	  	 	34	  
	 Section 10.3.
	 	 Line of Business
	  	 	35	  
	 Section 10.4.
	 	 Terrorism Sanctions Regulations
	  	 	35	  
	 Section 10.5.
	 	 Liens
	  	 	35	  
	 Section 10.6.
	 	 Sale of Assets, Etc.
	  	 	37	  
	 Section 10.7.
	 	 Restricted Payments
	  	 	38	  
	 Section 10.8.
	 	 [Intentionally Omitted]
	  	 	38	  
	 Section 10.9.
	 	 Regulation
	  	 	38	  
	 Section 10.10.
	 	 Amendments to Organizational Documents
	  	 	39	  
	 Section 10.11.
	 	 Project Documents
	  	 	39	  
			
	 SECTION 11.
	 	 EVENTS OF DEFAULT
	  	 	39	  
			
	 SECTION 12.
	 	 REMEDIES ON DEFAULT, ETC.
	  	 	42	  
			
	 Section 12.1.
	 	 Acceleration
	  	 	42	  
	 Section 12.2.
	 	 Other Remedies
	  	 	43	  
	 Section 12.3.
	 	 Rescission
	  	 	43	  
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 	43	  
			
	 SECTION 13.
	 	 REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	  	 	44	  
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	44	  
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	44	  
	 Section 13.3.
	 	 Replacement of Notes
	  	 	45	  
			
	 SECTION 14.
	 	 PAYMENTS ON NOTES
	  	 	46	  
			
	 Section 14.1.
	 	 Place of Payment
	  	 	46	  
	 Section 14.2.
	 	 Home Office Payment
	  	 	46	  
			
	 SECTION 15.
	 	 EXPENSES, ETC.
	  	 	46	  
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	46	  
	 Section 15.2.
	 	 Survival
	  	 	47	  
			
	 SECTION 16.
	 	 SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT
	  	 	47	  
			
	 SECTION 17.
	 	 AMENDMENT AND WAIVER
	  	 	48	  
			
	 Section 17.1.
	 	 Requirements
	  	 	48	  
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	48	  

  
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	 Section 17.3.
	 	 Binding Effect, Etc.
	  	 	49	  
	 Section 17.4.
	 	 Notes Held by Company, Etc.
	  	 	49	  
			
	 SECTION 18.
	 	 NOTICES
	  	 	49	  
			
	 SECTION 19.
	 	 REPRODUCTION OF DOCUMENTS
	  	 	50	  
			
	 SECTION 20.
	 	 CONFIDENTIAL INFORMATION
	  	 	50	  
			
	 SECTION 21.
	 	 SUBSTITUTION OF PURCHASER
	  	 	51	  
			
	 SECTION 22.
	 	 MISCELLANEOUS
	  	 	52	  
			
	 Section 22.1.
	 	 Successors and Assigns
	  	 	52	  
	 Section 22.2.
	 	 Accounting Terms
	  	 	52	  
	 Section 22.3.
	 	 Severability
	  	 	52	  
	 Section 22.4.
	 	 Construction, Etc.
	  	 	52	  
	 Section 22.5.
	 	 Counterparts
	  	 	53	  
	 Section 22.6.
	 	 Governing Law
	  	 	53	  
	 Section 22.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	53	  
			
	 Signature
	 		  	 	54	  

  
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	SCHEDULE A 	 	—	 	DEFINED TERMS
			
	SCHEDULE 1(a)	 	—	 	FORM OF 3.86% SENIOR NOTE, SERIES A, DUE DECEMBER 3, 2025
			
	SCHEDULE 1(b)	 	—	 	FORM OF 3.86% SENIOR NOTE, SERIES B, DUE JANUARY 14, 2026
			
	SCHEDULE 4.4(a)	 	—	 	FORM OF OPINION OF SPECIAL COUNSEL FOR THE COMPANY
			
	SCHEDULE 4.4(b)	 	—	 	FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS
			
	SCHEDULE 5.3	 	—	 	DISCLOSURE MATERIALS
			
	SCHEDULE 5.4	 	—	 	SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK
			
	SCHEDULE 5.5	 	—	 	FINANCIAL STATEMENTS
			
	SCHEDULE 5.15	 	—	 	EXISTING INDEBTEDNESS
			
	SCHEDULE B	 	—	 	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE C	 	—	 	ADDITIONAL COVENANTS

  
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 SHARYLAND DISTRIBUTION & TRANSMISSION
SERVICES, L.L.C. 
 1807 ROSS AVENUE, 4TH FLOOR 

DALLAS, TEXAS 75201-2300 

3.86% SENIOR NOTES, SERIES A, DUE DECEMBER 3, 2025 

AND 
 3.86%
SENIOR NOTES, SERIES B, DUE JANUARY 14, 2026 
 Dated as
of December 3, 2015 
 TO EACH OF THE PURCHASERS LISTED
IN 
 SCHEDULE B HERETO: 

Ladies and Gentlemen: 
 Sharyland
Distribution & Transmission Services, L.L.C., a Texas limited liability company (together with any successor thereto that becomes a party hereto pursuant to Section 10.2, the “Company”), agrees with each of the
Purchasers as follows: 
  

	SECTION 1.	AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of (i) $400,000,000 aggregate principal amount of its 3.86% Senior Notes, Series A,
due December 3, 2025 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of its 3.86% Senior Notes, Series B, due January 14, 2026 (the “Series B Notes” and together with the
Series A Notes, as each may be amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13, the
“Notes”). The Notes shall be substantially in the forms set out in Schedule 1(a) and Schedule 1(b), respectively. Certain capitalized and other terms used in this Agreement are defined in Schedule A. References
to a “Schedule” are references to a Schedule attached to this Agreement unless otherwise specified. References to a “Section” are references to a Section of this Agreement unless otherwise specified. 

 

	SECTION 2.	SALE AND PURCHASE OF NOTES. 

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

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	SECTION 3.	CLOSING. 

 The sale and purchase of the Notes
to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 W. Monroe Street, Chicago, Illinois 60603, at 10:00 a.m., Chicago time, at two Closings (each a “Closing”). The Closing in relation to
the Series A Notes (the “First Closing”) shall occur on December 3, 2015 or on such other Business Day thereafter on or prior to December 8, 2015 as may be agreed upon by the Company and the Purchasers. The Closing in
relation to the Series B Notes (the “Second Closing”) shall occur on January 14, 2016 or on such other Business Day thereafter on or prior to January 19, 2016 as may be agreed upon by the Company and the Purchasers. At
each Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser at such Closing in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request)
dated the date of such Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor
by wire transfer of immediately available funds for the account of the Company to account number 4426868026 at Bank of America, 901 Main Street, Dallas, TX 75202, ABA: 026009593. If at the applicable Closing the Company shall fail to tender such
Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be
relieved of all further obligations under this Agreement with respect to such Closing, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in Section 4 not having been fulfilled to such
Purchaser’s satisfaction or such failure by the Company to tender such Notes. 
  

	SECTION 4.	CONDITIONS TO CLOSINGS. 

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

Section 4.1. Representations and Warranties. The representations and warranties of the Company in this Agreement and the other Note
Documents to which it is a party shall be correct when made and at such Closing. 
 Section 4.2. Performance; No Default. The
Company shall have performed and complied with all agreements and conditions contained in this Agreement and the other Note Documents to which it is a party required to be performed or complied with by it prior to or at such Closing. Before and
after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 Section 4.3. Compliance Certificates.  

(a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of such
Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s
Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of such Closing, certifying as to (i) the resolutions attached thereto and other proceedings relating to
the authorization, execution and delivery of the Notes, this Agreement and the other Note Documents to which it is a party and (ii) the Company’s organizational documents as then in effect. 

Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such
Purchaser, dated the date of such Closing (a) from Baker Botts L.L.P., counsel for the Company, covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such
Purchaser or its counsel may reasonably request, (b) from Sutherland, Asbill & Brennan LLP, special counsel for the Company, covering federal and Texas regulatory matters (and the Company hereby instructs its counsel to deliver such
opinions to the Purchasers) and (c) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident
to such transactions as such Purchaser may reasonably request. 
 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the
date of such Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

 Section 4.6. Sale of Other Notes. Contemporaneously with such Closing the Company shall sell to each other Purchaser and each
other Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in Schedule B. 
 Section 4.7.
Payment of Special Counsel Fees. Without limiting Section 15.1, the Company shall have paid on or before such Closing the fees, charges and disbursements of the Purchasers’ special counsel

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
Chapman and Cutler LLP and the Purchasers’ Texas counsel to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to such Closing. 

Section 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau
(in cooperation with the SVO) shall have been obtained for each series of the Notes prior to the date of the Closing with respect to such series of Notes. 

Section 4.9. Changes in Structure. The Company shall not have changed its jurisdiction of formation, or been a party to any merger or
consolidation or succeeded to all or any substantial part of the liabilities of any other entity (in each case, other than in connection with the CREZ Merger), at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.10. Funding Instructions. At least three Business Days prior to the date of such Closing, each
Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank,
(ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11. Proceedings and Documents. Each Purchaser shall have received executed copies of the following, each to be (i) dated
the date of such Closing unless otherwise indicated, and (ii) in form and substance satisfactory to the Purchasers: 

(a) the Notes to be purchased by such Purchaser; 

(b) this Agreement, dated as of the date of the First Closing; 

(c) the certificates of formation of the Company certified as of a recent date by the Secretary of State of the State of Texas
and by the Company’s secretary or other authorized officer; 
 (d) the organizational documents of the Company,
certified by the Company’s secretary or other authorized officer; 
 (e) an incumbency certificate signed by the
secretary and one other officer of the Company, certifying as to the names, titles and true signatures of the officers of the Company authorized to sign this Agreement, the Notes and the other Note Documents to be executed at such Closing; 

(f) a certificate of the secretary of the Company attaching resolutions of its management committee or other governing body
evidencing approval of the transactions contemplated by this Agreement and the other Note Documents and the issuance of the 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
Notes, and in each case, the execution, delivery and performance thereof, and authorizing certain officers to execute and deliver the same, and certifying that such resolutions were duly and
validly adopted and have not since been amended, revoked or rescinded; 
 (g) evidence of good standing as to the Company
from all relevant jurisdictions; and 
 (h) such additional documents or certificates with respect to such legal matters or
limited liability company, general partnership or other proceedings related to the transactions contemplated hereby or by the other Note Documents as may be reasonably requested by the Purchasers. 

Section 4.12. Joinder Agreement, Etc. The Obligations shall be secured by a perfected first priority security interest (subject to
Permitted Liens) in the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, and the Company will deliver or cause to be delivered to the Purchasers and the Collateral Agent on the date of such Closing: 

(a) a joinder agreement, substantially in the form of Exhibit A attached to the Collateral Agency Agreement, duly executed by
the Company, the Collateral Agent and each Purchaser as a “Joining Party” (the “2015 NPA Joinder Agreement”); 

(b) duly executed copies of each of the Security Documents; 

(c) evidence of the filing and acceptance of financing statements which name the Company, as debtor, and the Collateral Agent,
as secured party, in all applicable offices, together with copies of such financing statements; and 
 (c) such other
documents, instruments and agreements any Purchaser may reasonably request to grant to the Collateral Agent first priority (subject only to Permitted Liens) perfected Liens on the Collateral. 

Section 4.13. UCC Searches; and Litigation Searches. The Collateral Agent and the Purchasers shall have received UCC and litigation
searches of the Company, which searches shall (i) confirm that no Liens other than Permitted Liens exist on the Collateral and that such Persons are not subject to any litigation, and (ii) be otherwise in substance satisfactory to the
Collateral Agent and the Purchasers. 
 Section 4.14. Insurance. The Company shall have delivered to the Purchaser evidence of
insurance in effect that meets the requirements of Section 9.2. 
 Section 4.15. Financial Statements. The Purchasers shall
have received unaudited financial statements of the Company for the fiscal quarter ended September 30, 2015. 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 Section 4.16. Consents and Approvals. All Required Permits and all governmental and
third party permits and regulatory and other approvals required to be in effect in connection with the issuance of the Notes hereunder have been obtained and are in effect, all applicable waiting periods have expired without any materially adverse
action being taken by any applicable authority, and copies of the documentation thereof shall have been delivered to each Purchaser. 

Section 4.17. Rating on Notes. Each Purchaser shall have received a copy of the letter dated December 3, 2015, issued by
Moody’s assigning a rating to each series of Notes of “A3” or better. 
 Section 4.18. Consummation of First Closing.
The transactions contemplated herein with respect to the First Closing shall have been consummated in accordance with the terms and provisions hereof prior to the Second Closing. 

 

	SECTION 5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

The Company represents and warrants to each Purchaser that: 

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

Section 5.2. Authorization, Etc. This Agreement, the Notes and the other Note Documents have been duly authorized by all necessary
limited liability company action on the part of the Company, and this Agreement and each other Note Document (other than the Notes) constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Disclosure. The Company, through its agent, Wells Fargo Securities, LLC, has delivered to each Purchaser a copy of a
Private Placement Memorandum, dated October 2015 (the “Memorandum”), relating to the transactions contemplated hereby. This Agreement, the other Note Documents, the 

  
 -6- 

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company prior to
October 30, 2015 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Memorandum, the other Note Documents, and such documents, certificates or other writings and such financial
statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein not misleading in light of the circumstances under which they were made (it being understood that the projections and pro forma financial information contained in the materials referenced above are based upon good faith
estimates and assumptions believed by management of the Company to be reasonable at the time made and that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods
covered by such financial information may differ from the projected results set forth therein by a material amount). Except as disclosed in the Disclosure Documents, since December 31, 2014, there has been no change in the financial condition,
operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted
therein) complete and correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its Capital Stock outstanding
owned by the Company and each other Subsidiary and (ii) the Company’s senior officers. 
 (b) All of the outstanding shares of
Capital Stock of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the Company or
another Subsidiary free and clear of any Lien that is prohibited by this Agreement. 
 (c) Each Subsidiary is a corporation or other legal
entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in
each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each such Subsidiary has the corporate, limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to
transact. 
 Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the
financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial
position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations 

  
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and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto
(subject, in the case of any interim financial statements, to normal year-end adjustments). Other than borrowings under the RBC Agreement (as such agreement is in effect on the date of the First Closing),
after the First Closing, the Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents (it being understood that it is the intent of the Company to assume the CREZ Notes in connection with
the CREZ Merger). 
 Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the
Company of this Agreement, the Notes and the other Note Documents to which it is a party will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (except for the Lien granted
pursuant to the Security Documents) in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, limited liability company charter or by-laws, shareholders agreement or any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be
bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or
(iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 

Section 5.7. Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement, the Notes or any other Note Document to which it is a party, in each case other than (i) such as have been
obtained or made and are in full force and effect and (ii) routine tax filings. 
 Section 5.8. Litigation; Observance of Statutes
and Orders. (a) There are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in
any court or before any arbitrator of any kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Neither the Company nor any Subsidiary is (i) in default under any term of any Material Project Document, (ii) in violation of
any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation, Environmental Laws, the
USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) Each Material Project Document is in full force and effect and constitutes the legal, valid and binding obligation of each party thereto.
To the knowledge of the Company, after due inquiry, no counterparty to any Material Project Document is in breach or default under any term of any Material Project Document. 

  
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 Section 5.9. Taxes. The Company and its Subsidiaries have filed all Material tax
returns that are required to have been filed by them in any jurisdiction, and have paid all taxes shown to be due and payable by them on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have
become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The U.S. federal income tax liabilities of the
Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2011. 

Section 5.10. Title to Property; Leases. The Company has good and sufficient title to the System, and the Company, Sharyland and
their respective Subsidiaries have good and sufficient title to their respective Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been
acquired by the Company, Sharyland or any of their respective Subsidiaries after such date (except as sold or otherwise disposed of in a transaction permitted under this Agreement), in each case free and clear of Liens prohibited by this Agreement,
except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect. All Material leases and easements are valid and subsisting and are in full force and effect in all material respects. 

Section 5.11. Licenses, Permits, Etc. The Company and its Subsidiaries own or possess all licenses, permits, franchises,
authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts
that, individually or in the aggregate, would not have a Material Adverse Effect. 
 Section 5.12. Compliance with ERISA.
(a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit
plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any
ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any 

  
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ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068
of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such
Plan allocable to such benefit liabilities by an amount that could reasonably be expected to result in a Material Adverse Effect. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms
“current value” and “present value” have the meaning specified in section 3 of ERISA. 
 (c) The Company
and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

 (d) The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year
in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the
Code) of the Company and its Subsidiaries is not Material. 
 (e) The execution and delivery of this Agreement and the issuance and sale of
the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the
Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the
sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. 
 Section 5.13. Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or
negotiated in respect thereof with, any Person other than the Purchasers and not more than forty (40) other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone
acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws
of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale
of the Notes hereunder as set forth in the “Proposed Offering” section of the Memorandum. No 

  
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part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to
involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any
present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned
to them in said Regulation U. 
 Section 5.15. Existing Indebtedness. Except as described therein, Schedule 5.15 sets forth a
complete and correct list of all outstanding Material Indebtedness of the Company and its Subsidiaries as of June 30, 2015 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any
Guaranties thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Indebtedness of the Company or its Subsidiaries, other than the assumption of the CREZ
Notes by the Company in connection with the CREZ Merger and borrowings under the RBC Agreement (as such agreement is in effect on the date of the First Closing). Neither the Company nor any Subsidiary is in default and no waiver of default is
currently in effect, in the payment of any principal or interest on any Material Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Material Indebtedness of the Company or any Subsidiary that would
permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Material Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Material Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or otherwise imposes
restrictions on the incurring of, Indebtedness of the Company, except as disclosed in Schedule 5.15. 
 Section 5.16.
Foreign Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets
Control, United States Department of the Treasury (“OFAC”) (an “OFAC Listed Person”) (ii) an agent, department, or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf
of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii) otherwise blocked, subject to sanctions under or engaged
in any activity in violation of other United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment
Act (“CISADA”) or any similar law or regulation applicable to it with respect to Iran or any other country, the Sudan 

  
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Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or executive order
relating to any of the foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (i), clause (ii) or clause (iii), a
“Blocked Person”). Neither the Company nor any Controlled Entity has been notified that its name appears or may in the future appear on a state list of Persons that engage in investment or other commercial activities in Iran or any
other country that is subject to U.S. Economic Sanctions. 
 (b) No part of the proceeds from the sale of the Notes hereunder constitutes or
will constitute funds obtained by the Company or any Controlled Entity on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, in connection with any investment in, or any
transactions or dealings with, any Blocked Person in violation of U.S. Economic Sanctions. 
 (c) Neither the Company nor any Controlled
Entity (i) has been found in violation of, charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under the Currency and
Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively,
“Anti-Money Laundering Laws”) or any U.S. Economic Sanctions violations, (ii) to the Company’s actual knowledge after making due inquiry, is under investigation by any Governmental
Authority for possible violation of Anti-Money Laundering Laws or any U.S. Economic Sanctions violations, (iii) has been assessed civil penalties under any
Anti-Money Laundering Laws or any U.S. Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws.
The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all
applicable Anti-Money Laundering Laws and U.S. Economic Sanctions. 
 (d) (1) Neither the Company
nor any Controlled Entity (i) has been charged with, or convicted of bribery or any other anti-corruption related activity under any applicable law or regulation in a U.S. or any non-U.S. country or jurisdiction, including but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively, “Anti-Corruption
Laws”), (ii) to the Company’s actual knowledge after making due inquiry, is under investigation by any U.S. or non-U.S. Governmental Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed civil or criminal penalties under any Anti-Corruption Laws or (iv) has been or is the target of sanctions imposed by
the United Nations Security Council or the European Union; 
 (2) To the Company’s actual knowledge after making due inquiry, neither
the Company nor any Controlled Entity has, within the last five years, directly or indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a Governmental Official or a commercial
counterparty for the purposes of: (i) influencing any act, decision or failure to act by such Governmental Official in his or her official capacity or such commercial counterparty, (ii) inducing a Governmental Official to do or omit to do
any act in 

  
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violation of the Governmental Official’s lawful duty, or (iii) inducing a Governmental Official or a commercial counterparty to use his or her influence with a government or
instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct business or to otherwise secure an improper advantage in violation of any applicable law or regulation or which would cause
any holder to be in violation of any law or regulation applicable to such holder; and 
 (3) No part of the proceeds from the sale of the
Notes hereunder will be used, directly or indirectly, for any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage. The Company
has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable Anti-Corruption Laws. 
 Section 5.17. Status under Certain Statutes. (a) Neither the Company
nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, or the ICC Termination Act of 1995, as amended. 

(b) The Company is not a “public utility” under the FPA and the regulations of FERC thereunder. The execution, delivery and
performance of the Company’s obligations under the Note Documents requires no authorization of approval by, or notice to, and is not subject to the “public utility” jurisdiction of, FERC under the FPA. 

(c) Sharyland and the holding company system of which it is a part have obtained a waiver of the requirements of 18 C.F.R. §§
366.21, 366.22 and 366.23 (FERC Docket Nos. PH06-59-000 & PH10-18-000), but are subject to the FERC regulations relating to regulatory access to books and records. Sharyland and the holding company system of which it is a part have filed a
notice of holding company status under FERC Docket No. HC06-1-000 and a revised notice of holding company status under FERC Docket No. HC10-1-000. Under FERC’s currently effective regulations, the Company will be deemed not to be a
“public-utility company” and as a result TDC is not a “holding company” under PUHCA. 
 (d) The Company is subject to
regulation as an “electric utility” by the Public Utility Commission of Texas. The execution, delivery and performance of the Company’s obligations under the Note Documents requires no authorization or approval by, or notice to, the
Public Utility Commission of Texas or under the Public Utility Regulatory Act of Texas other than those that have been obtained. 
 (e)
Solely by virtue of the execution, delivery and performance of the Note Documents, no Purchaser will become subject to any of the provisions of the FPA, PUHCA (based on FERC’s currently effective definitions under PUHCA) or the Public Utility
Regulatory Act of Texas, or to regulation under any such statute. 

  
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 Section 5.18. Environmental Matters. 

(a) The Company has no knowledge of any claims, nor has it received any notice of any claim, and no proceeding has been instituted raising any
claim, against the Company or any of its real properties now or formerly owned, leased or operated by it, alleging any violation of any Environmental Law, except, in each case, such as would not reasonably be expected to result in a Material Adverse
Effect. 
 (b) The Company has no knowledge of any facts which would give rise to any claim of violation of Environmental Laws with respect
to real properties now or formerly owned, leased or operated by the Company, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 

(c) The Company has not stored any Hazardous Materials on real properties now or formerly owned, leased or operated by it or disposed of any
Hazardous Materials, in each case in a manner contrary to any Environmental Laws, except, in each case as would not reasonably be expected to result in a Material Adverse Effect; and 

(d) All buildings on all real properties now owned, leased or operated by the Company are in compliance with applicable Environmental Laws,
except where failure to comply would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.19. Collateral.
The Security Documents are effective to grant to the Collateral Agent for the equal and ratable benefit of the Secured Parties a legal, valid and enforceable first priority Lien on the Collateral (subject to Permitted Liens). As of the date hereof,
(i) the security interests in the UCC Collateral granted to the Collateral Agent (for the benefit of the Secured Parties) pursuant to the Security Documents: (a) constitute, as to such Collateral, a legal, valid and enforceable security
interest and Lien under the New York UCC, and (b) constitute first priority Liens on such Collateral described in the Security Documents, subject to no Liens other than Permitted Liens and the rights of holders of Permitted Secured Indebtedness
in compliance with the Collateral Agency Agreement, (ii) all action as is required pursuant to the Security Documents has been taken to establish and perfect the Collateral Agent’s rights in and to, and the first priority of its Lien
(subject to Permitted Liens) on, the Collateral as set forth in the immediately preceding clause (i), including any recording, filing, registration, delivery to the Collateral Agent, giving of notice or other similar action, and (iii) the Deeds
of Trust create in favor of the Trustee named therein, for the benefit of the Collateral Agent and the other Secured Parties, a valid security interest and first priority Lien in all the Company’s right, title and interest in and to the real
property subject thereto and the proceeds thereof, subject to no Liens other than Permitted Liens and the rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement. 

Section 5.20. Insurance. All insurance required to be obtained and maintained pursuant to Section 9.2 by the Company
is in full force and effect. All premiums due and payable on all such insurance have been paid. 
 Section 5.21. Legal Name and
Jurisdiction of Formation. As of the date of the First Closing, the exact legal name and jurisdiction of formation of the Company is Sharyland Distribution & Transmission Services, L.L.C., a limited liability company organized and
existing under the laws of the State of Texas, and the Company has not had any other legal names at any time during the period of five years immediately preceding the date of the First Closing. 

  
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	SECTION 6.	REPRESENTATIONS AND TAX DOCUMENTATION OF THE PURCHASERS. 

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

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

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

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

  
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 (c) the Source is either (i) an insurance company pooled separate
account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to
the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or
collective investment fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of
Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no
employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part
VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption
are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM
Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same
employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing
pursuant to this clause (d);or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part
IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of
the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of
the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing
pursuant to this clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 

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

Section 6.3. Tax Documentation. (a) Any Purchaser (which, for purposes of this Section 6.3, shall include any
holder of a Note) that is entitled to an exemption from or reduction of withholding tax with respect to payments made under the Notes or otherwise under any Note Document shall deliver to the Company, at the time or times reasonably requested by the
Company, such properly completed and executed documentation reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Purchaser, if reasonably requested by
the Company, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not such Purchaser is subject to backup withholding or information reporting
requirements. 
 (b) Without limiting the generality of the foregoing, 

(1) any Purchaser that is a “United States person” (as defined in Section 7701(a)(30) of the Code) shall deliver to the Company
on or prior to the date of this Agreement or, if later, the date on which such Purchaser becomes a Purchaser under this Agreement (and, in either case, from time to time thereafter upon the reasonable request of the Company), duly completed and
executed originals of IRS Form W-9 certifying that such Purchaser is exempt from U.S. federal backup withholding tax; 
 (2) any Non-U.S.
Purchaser shall, to the extent it is legally entitled to do so, deliver to the Company (in such number of copies as shall be requested by the Company) on or prior to the date of this Agreement or, if later, the date on which such Non-U.S. Purchaser
becomes a Purchaser under this Agreement (and, in either case, from time to time thereafter upon the reasonable request of the Company), whichever of the following is applicable: 

(A) in the case of a Non-U.S. Purchaser claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under the Notes, duly completed and executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article
of such tax treaty and (y) with respect to any other applicable payments under the Notes or otherwise under any Note Document, duly completed and executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E 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; 

(B) duly completed and executed originals of IRS Form W-8ECI; 

(C) in the case of a Non-U.S. Purchaser claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate reasonably satisfactory to the Company to the effect that such Non-U.S. Purchaser is not (i) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder”
of the Company (or, if the 

  
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Company is disregarded as an entity separate from its owner for U.S. federal income tax purposes, the Company’s tax owner for U.S. federal income tax purposes) within the meaning of
Section 881(c)(3)(B) of the Code, or (iii) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) duly completed and executed originals
of IRS Form W-8BEN or IRS Form W-8BEN-E; or 
 (D) to the extent a Non-U.S. Purchaser is not the beneficial owner, duly completed and
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate as adapted for use by the beneficial owner and reasonably satisfactory to the Company, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Purchaser is a partnership and one or more direct or indirect partners of such Non-U.S. Purchaser are claiming the portfolio interest
exemption, such Non-U.S. Purchaser may provide a U.S. Tax Compliance Certificate reasonably satisfactory to the Company on behalf of each such direct and indirect partner; 

(3) any Non-U.S. Purchaser shall, to the extent it is legally entitled to do so, deliver to the Company (in such number of copies as shall be
requested by the Company) on or prior to the date of this Agreement or, if later, the date on which such Non-U.S. Purchaser becomes a Purchaser under this Agreement (and, in either case, from time to time thereafter upon the reasonable request of
the Company), duly completed and executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax, together with such supplementary documentation as may be
prescribed by applicable law to permit the Company to determine the withholding or deduction required to be made; and 
 (4) if a payment
made to a Purchaser under the Notes or otherwise under any Note Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Purchaser 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 Purchaser shall deliver to the Company at the time or times prescribed by law and at such time or times reasonably requested by the Company 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 Company as may be necessary for the Company to comply with its obligations under FATCA and to
determine that such Purchaser has complied with such Purchaser’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. 

Each Purchaser agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Company in writing of its legal inability to do so. 

  
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	SECTION 7.	INFORMATION AS TO COMPANY. 

Section 7.1. Financial and Business Information. The Company shall deliver to each holder of a Note that is an Institutional
Investor: 
 (a) Quarterly Statements — within 45 days (or such shorter period as is the earlier of (x) 15
days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of
whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements
are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each
such fiscal year), duplicate copies of, 
 (i) a consolidated balance sheet of the Company and its Subsidiaries as at the
end of such quarter, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of
the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their
results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified above of copies of the Company’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); 

(b) Annual Statements — within 90 days (or such shorter period as is the earlier of (x) 15 days greater than
the period applicable to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Company is
subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any
Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate copies of 

(i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and 

(ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its
Subsidiaries for such year, 

  
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 setting forth in each case in comparative form the figures for the previous fiscal year, all
in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which
such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon
and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing
standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Form 10-K for
such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934) prepared in accordance with the requirements
therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b); 
 (c) SEC and
Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information
sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public Securities holders generally, and (ii) each regular or periodic report, each
registration statement that shall have become effective (without exhibits except as expressly requested by such Purchaser or holder), and each final prospectus and all amendments thereto filed by the Company or any Subsidiary with the SEC; 

(d) Notice of Default or Event of Default — promptly, and in any event within five Business Days after a
Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; 

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

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for
which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the taking
by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the 

  
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termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken
by the PBGC with respect to such Multiemployer Plan; or 
 (iii) any event, transaction or condition that could result in
the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would
reasonably be expected to have a Material Adverse Effect; 
 (f) Resignation or Replacement of Auditors — within
ten days following the date on which the Company’s auditors resign or the Company elects to change auditors, as the case may be, notification thereof, together with such supporting information as the Required Holders may request; and 

(g) Requested Information — with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries (including, but without limitation, actual copies of the Company’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of a Note. 

(h) Qualified Lessee Financial Statements — with reasonable promptness after receipt by the Company thereof,
financial statements of the type described in clauses (a) or (b) of this Section 7.1 with respect to any Qualified Lessee, to the extent any such financial statements would be required to be filed by the Company or InfraREIT
with the SEC (provided that no Default or Event of Default shall result from the failure of the Company to obtain any such financial statements or as a result of the form, content or accuracy thereof); provided that the delivery within the
time period specified above of the Company’s or InfraREIT’s Form 10-K for such fiscal year (together with the Company’s or InfraREIT’s annual report to shareholders, if any, prepared
pursuant to Rule 14a-3 under the Securities Exchange Act of 1934) or the Company’s or InfraREIT’s Form 10-Q, as applicable, in each case prepared in accordance
with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(h). 

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

(a) Covenant Compliance — setting forth the information from such financial statements that is required in order to
establish whether the Company was in compliance with the requirements of Section 9.9 and to the extent then effective, Section 10.12  

  
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during the quarterly or annual period covered by the statements then being furnished, (including with respect to each such provision that involves mathematical calculations, the information from
such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the
amount, ratio or percentage then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with
this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election;
and 
 (b) Event of Default — certifying that such Senior Financial Officer has reviewed the relevant terms
hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being
furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists,
specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 

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

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

(b) Default — if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any
of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts
with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as
may be requested. 
 Section 7.4. Electronic Delivery. Financial statements, opinions of independent certified public
accountants, other information and Officer’s Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b), (c) or (h) and Section 7.2 shall be deemed to have been delivered
if the Company satisfies any of the following requirements with respect thereto: 
 (i) such financial statements satisfying
the requirements of Section 7.1(a), (b) or (h) and related Officer’s Certificate satisfying the requirements of Section 7.2 are delivered to each holder of a Note by
e-mail; 

  
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 (ii) the Company or InfraREIT shall have timely filed such Form 10-Q or Form 10-K, satisfying the requirements of Section 7.1(a), Section 7.1(b) or Section 7.1(h), as the case may be, with the SEC on
EDGAR and shall have made such form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available on its home page on the internet, as provided to the holders of the Notes from time to time; 

(iii) such financial statements satisfying the requirements of Section 7.1(a), Section 7.1(b) or
Section 7.1(h) and related Officer’s Certificate(s) satisfying the requirements of Section 7.2 are timely posted by or on behalf of the Company on IntraLinks or on any other similar website to which each holder of Notes
has free access; or 
 (iv) the Company or InfraREIT shall have filed any of the items referred to in
Section 7.1(c) with the SEC on EDGAR and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has free access; 

provided however, that in the case of any of clauses (ii), (iii) or (iv), the Company shall have given each holder of a Note prior written notice,
which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery, provided further, that upon request of any holder to
receive paper copies of such forms, financial statements and Officer’s Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver
such paper copies, as the case may be, to such holder. 
  

	SECTION 8.	PAYMENT AND PREPAYMENT OF THE NOTES . 

Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Series A Note and each Series B Note shall
be due and payable on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments with
Make-Whole Amount. (a) The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, any series of Notes, in an amount not less than
$1,000,000 of the aggregate principal amount of any series of Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for
the prepayment date with respect to such principal amount; provided, however, notwithstanding the foregoing, no Make-Whole Amount shall be due with respect to a Note in connection with any
prepayment of 

  
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such Note pursuant to this Section 8.2 made during the three (3) month period prior to the Maturity Date of such Note. The Company will give each holder of Notes written notice
of each optional prepayment under this Section 8.2 not less than ten days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to
Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of such series of Notes to be prepaid on such date, the principal amount of each Note of such series held by such holder
to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as
to the estimated Make-Whole Amount (if any) for such series due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such
computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of
the specified prepayment date. 
 (b) Notwithstanding anything contained in this Section 8.2 to the contrary, if and so long as any
Default or Event of Default shall have occurred and be continuing, any partial prepayment of the Notes pursuant to the provisions of Section 8.2(a) shall be allocated among all of the Notes of all series of Notes at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. 
 Section 8.3. Allocation of Partial
Prepayments. In the case of each partial prepayment of a series of Notes pursuant to Section 8.2, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

Section 8.4. Maturity; Surrender, Etc. In the case of each optional prepayment of Notes of any series pursuant to this
Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued,
and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.5. Purchase of Notes. The Company
will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement and the
Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions (except to the extent necessary to reflect

  
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differences in interest rates and maturities of the Notes of different series). Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with
respect to such offer, and shall remain open for at least 10 Business Days. If the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact
and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer. The
Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6. Make-Whole Amount. 

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

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

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

“Reinvestment Yield” means, with respect to the Called Principal of any Note, .50% over the yield to maturity implied by the
yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1)
on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal to
the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by
(a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining
Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
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 If such yields are not Reported or the yields Reported as of such time are not ascertainable
(including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, .50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest
day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S.
Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied
yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so
reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called
Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date,
provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.4 or Section 12.1. 

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

Section 8.7. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding,
(x) subject to clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest
payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is
not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

  
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 Section 8.8. Change of Control. 

(a) Notice of Change of Control. The Company will, within five (5) days after the occurrence of any Change of Control, give
written notice (the “Change of Control Notice”) of such Change of Control to each holder of Notes. Such Change of Control Notice shall contain and constitute an offer to prepay the Notes as described in Section 8.8(b)
hereof and shall be accompanied by the certificate described in Section 8.8(e). 
 (b) Offer to Prepay Notes. The offer to
prepay Notes shall be an offer to prepay, in accordance with and subject to this Section 8.8, all, but not less than all, the Notes held by each holder on a date specified in such offer (the “Proposed Prepayment Date”).
Such Proposed Prepayment Date shall be not less than 15 days and not more than 30 days after the date of such offer. 
 (c)
Acceptance/Rejection. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such acceptance to be delivered to the Company not later than 15 days after receipt by such holder of
the most recent offer of prepayment. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a rejection of such offer by such holder. 

(d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.8 shall be at 100% of the principal amount
of such Notes, together with interest on such Notes accrued to the date of prepayment, but without Make-Whole Amount or other premium. The prepayment shall be made on the Proposed Prepayment Date. 

(e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.8 shall be accompanied by a
certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.8; (iii) the principal amount of
each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.8 have been fulfilled; and (vi) in
reasonable detail, the nature and date or proposed date of the Change of Control. 
 Section 8.9. Prepayment in Connection with
Sales of Assets. (a) If the Company wants to offer to prepay any series of Notes in connection with an Asset Disposition pursuant to Section 10.6, the Company will give written notice thereof to the holders of all outstanding
Notes of such series, which notice shall (i) refer specifically to this Section 8.9 and describe in reasonable detail the Asset Disposition giving rise to such offer to prepay the Notes, (ii) specify the principal amount of
each Note being offered to be prepaid, (iii) specify a date not less than 30 days and not more than 60 days after the date of such notice (the “Disposition Prepayment Date”) and specify the Disposition Response Date (as defined
below), and (iv) offer to prepay on the Disposition Prepayment Date the amount specified in (ii) above with respect to each Note together with interest accrued thereon to the Disposition Prepayment Date. Each Noteholder shall notify the
Company of such Noteholder’s acceptance or rejection of such offer by giving written notice of such acceptance or rejection to the Company (provided, however, that any Noteholder who fails 

  
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to so notify the Company shall be deemed to have rejected such offer) on a date at least 5 days prior to the Disposition Prepayment Date (such date 5 days prior to the Disposition Prepayment Date
being the “Disposition Response Date”), and the Company shall prepay on the Disposition Prepayment Date the amount specified in (ii) above plus interest accrued thereon to the Disposition Prepayment Date, but without Make-Whole
Amount or other premium, with respect to each Note of such series held by the Noteholders who have accepted such offer in accordance with this Section 8.9. 

(b) Notwithstanding anything contained in this Section 8.9 to the contrary, if and so long as any Default or Event of Default shall have
occurred and be continuing, any partial prepayment of the Notes pursuant to the provisions of Section 8.9(a) shall be allocated among all of the Notes of all series of Notes at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof. 
  

	SECTION 9.	AFFIRMATIVE COVENANTS. 

 The Company
covenants that so long as any of the Notes are outstanding: 
 Section 9.1. Compliance with Laws. Without limiting
Section 10.4, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws,
the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the
ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or
regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 Section 9.2. Insurance. (a) The Company will, and will cause each of its Subsidiaries to, maintain or cause to be
maintained on its behalf with respect to its assets, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in
such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities
of established reputations engaged in the same or a similar business and similarly situated. 
 (b) Evidence of Insurance: Promptly
upon request by a holder of the Notes or the Collateral Agent, the Company shall furnish such Person with such evidence of insurance as such Person may reasonably request. 

Section 9.3. Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, and will use commercially
reasonable efforts to cause the Qualified Lessees to, maintain and keep, or cause to be 

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

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

Section 9.5. Limited Liability Company Existence, Etc. Subject to Section 10.2, the Company will at all times preserve
and keep its limited liability company existence in full force and effect. Subject to Sections 10.2 and 10.6, the Company will at all times preserve and keep in full force and effect the corporate, limited liability company or limited
partnership existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith
judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate, limited liability company or limited partnership existence, right or franchise would not, individually or in the aggregate, have a
Material Adverse Effect. 
 Section 9.6. Books and Records. The Company will, and will cause each of its Subsidiaries to,
maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be. The Company will, and
will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and its Subsidiaries have devised a system of internal accounting
controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of its Subsidiaries to, continue to
maintain such system. 
 Section 9.7. Collateral; Further Assurances. (a) The Company shall take all actions necessary to
insure that the Collateral Agent, on behalf of the Secured Parties (or in the case of Real Property Collateral, the 

  
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Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties), has and continues to have in all relevant jurisdictions duly and validly created,
attached and enforceable first priority Liens on the Collateral, including perfected first-priority Liens (subject to Permitted Liens) on Collateral constituting Real Property Collateral to the extent required under the Security Documents
(including, in accordance with clauses (c) and (d) of this Section 9.7, after-acquired Collateral), subject to no Liens other than Permitted Liens. The Company shall cause the Obligations to constitute direct senior secured
obligations of the Company and to be senior in right of payment and to rank senior in right of security (other than Permitted Liens) with respect to Collateral granted in the Security Documents to all other Indebtedness of the Company (other than
Permitted Secured Indebtedness, with which it shall be pari passu in accordance with the terms of the Collateral Agency Agreement). 

(b) Upon completion of each New Project of a Project Finance Subsidiary, the Company may cause any such Project Finance Subsidiary to Transfer
the New Project to the Company and upon such Transfer, the Company shall take all actions necessary to ensure that the New Project becomes a part of the Collateral to the extent required under the Security Documents and Section 9.7(c),
subject to the first priority Lien of the Security Documents (subject to no Liens other than Permitted Liens and rights of holders of Permitted Secured Indebtedness in accordance with the Collateral Agency Agreement), so long as (x) no Default
or Event of Default occurs as a result of such Transfer, (y) the Indebtedness of the Project Finance Subsidiary is either repaid in full at the time of the Transfer or becomes Permitted Secured Indebtedness in accordance with the Collateral
Agency Agreement, and (z) the Project Finance Subsidiary is liquidated or merged with and into the Company. 
 (c) If, after the date
hereof, the Company acquires any Real Property Collateral, the Company shall forthwith (and in any event, within thirty Business Days of such acquisition or such longer period of time as reasonably agreed by the Required Holders) deliver to the
Collateral Agent a fully executed mortgage or deed of trust over the Company’s interests in such Real Property Collateral, in form and substance reasonably satisfactory to the Required Holders and the Collateral Agent, together with such
surveys, environmental reports and other documents and certificates with respect to such real estate as may be reasonably required by the Required Holders. The Company further agrees to take all other actions necessary to create in favor of the
Trustee named therein for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first priority Lien (subject to Permitted Liens) on the Company’s interests in such Real Property Collateral, free and clear of
all Liens except for Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement. The Company shall not create in favor of any Person a Lien on the Company’s interests in real
property acquired or leased after the date hereof other than Permitted Liens. 
 (d) If, after the date hereof, the Company acquires or
creates any new Subsidiary (other than any Subsidiary of the Company that is not organized under the laws of the United States, any state thereof or the District of Columbia, any Project Finance Subsidiary and any other Subsidiary that is prohibited
from providing a Guaranty of the Obligations by any Requirements of Law), the Company shall cause such Subsidiary forthwith (and in any event, within 30 Business Days of such creation or acquisition (or such longer time as the Required Holders may
agree) to: 
 (i) execute and deliver to the Collateral Agent a Subsidiary Guaranty (a “Subsidiary
Guaranty”); 

  
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 (ii) deliver to the Collateral Agent a certificate of such Subsidiary,
substantially consistent with those delivered on the date of each Closing pursuant to Section 4.3(b), with appropriate insertions and attachments; 

(iii) take such actions reasonably necessary or advisable to grant to the Collateral Agent for the benefit of the Secured
Parties (or, in the case of Real Property Collateral, the Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties) a perfected and enforceable first- priority Lien in the Collateral described in the
Security Documents with respect to such new Subsidiary, subject to no Liens other than Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement; and 

(iv) if reasonably requested by the Collateral Agent, to deliver to the Collateral Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance reasonably satisfactory to the Collateral Agent. 
 Section 9.8.
Material Project Documents. The Company shall at all times (i) perform and observe all of the covenants under the Material Project Documents to which it is a party and take reasonable actions to enforce all of its rights thereunder,
(ii) maintain the System Leases (other than Leases constituting System Leases only pursuant to clause (6) of the definition thereof) in full force and effect and (iii) maintain the Leases (other than the System Leases referred to in
the foregoing clause (ii) of this Section 9.8) to which it or any of its Subsidiaries is a party in full force and effect, in each case except (a) to the extent the same would not reasonably be expected to have a Material
Adverse Effect or (b) with respect to any Lease, to the extent permitted under Section 10.11. 
 Section 9.9. Total Debt
to Capitalization Ratio. The Company shall as of the end of each fiscal quarter maintain, on a consolidated basis, a Total Debt to Capitalization Ratio of not more than 0.65 to 1.00. 

Section 9.10. Optional Release of Collateral. (a) Notwithstanding any other provision herein or in any other Financing
Document, the Collateral Agent is hereby authorized and directed to, and shall, release all, but not less than all, of the Collateral from the Liens of the Security Documents (but not the Guaranties provided pursuant to Section 9.7) on a
Business Day specified by the Company (the “Optional Release Date”), upon the satisfaction of the following conditions precedent (the “Optional Release Conditions”): 

(i) the Company shall have given notice to the holders of the Notes and the Collateral Agent at least 30 days prior to the
Optional Release Date, specifying the proposed Optional Release Date; 

  
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 (ii) the Collateral Release Ratings Requirement shall have been satisfied as
of the date of such notice and shall remain satisfied as of the Optional Release Date; 
 (iii) no Default or Event of
Default hereunder shall have occurred and be continuing as of the date of such notice or as of the Optional Release Date; 

(iv) all Liens on the Collateral securing the Financing Documents shall have been released as of the Optional Release Date or
are released simultaneously with the release of the Collateral from the Liens of the Collateral Documents pursuant to this Section 9.10; 

(v) in the event that in connection with such release, the Company (a) pays any fees to any creditor under any Financing
Document (other than any fees (including make whole or other premium or breakage costs) payable in connection with the repayment or prepayment of Indebtedness owing to such creditor), the Company shall pay to the holders of the Notes, at the same
time and subject to the same conditions, an amount equal to the highest amount paid to any such creditor under any Financing Document, with such amount to be applied pro rata to the holders of the Notes, (b) provides compensation in the form of
collateral, guarantees or other structural changes to any such creditor, the Company will provide the same compensation to the holders of the Notes or (c) amends any such Financing Document to include one or more additional financial covenants
or events of default which are more restrictive on the Company and its Subsidiaries than the financial covenants contained in Section 9.9 of this Agreement or the Events of Default contained in Section 11 of this Agreement,
then such more restrictive financial covenants or events of default and any related definitions (the “Additional Provisions”) shall automatically be deemed to be incorporated into Section 9.9 or Section 11 of
this Agreement, as applicable, by reference from the time such other agreement becomes binding upon the Company and, upon written request of the Required Holders, the Company will enter into an amendment to this Agreement pursuant to which this
Agreement will be formally amended to incorporate the Additional Provisions on the terms set forth herein; and 
 (vi) on the
Optional Release Date, each holder of Notes shall have received (x) a certificate, dated the Optional Release Date and executed on behalf of the Company by a Senior Financial Officer thereof, confirming the satisfaction of the Optional Release
Conditions set forth in clauses (ii), (iii) and (iv) above and (y) such other evidence as it may reasonably require confirming the satisfaction of the Optional Release Condition set forth in clause (iv) above. 

Subject to the satisfaction of the conditions set forth in this paragraph (a), on and after the Optional Release Date, but not otherwise, the covenants
and related definitions set forth in Schedule C hereto shall be effective as if included in Section 10 of this Agreement and all representations and warranties and covenants contained in the Security Documents and any other
Financing Document related to the Collateral or the grant or perfection of Liens on the Collateral (including, without limitation, those set forth in Sections 5.19, 9.7 and 10.5) shall be deemed to be of no force or effect. Any
such release shall be without recourse to, or representation or 

  
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warranty by, the Collateral Agent and shall not require the consent of any holder of Notes. Subject to the satisfaction of the conditions set forth in this paragraph (a), on and after the
Optional Release Date, the Collateral Agent shall execute and deliver all such instruments, releases, financing statements or other agreements, and take all such further actions, at the request and expense of the Company, as shall be necessary to
effectuate the release of Collateral pursuant to the terms of this paragraph. 
 (b) Without limiting the provisions of
Section 15.1, the Company shall reimburse the Collateral Agent for all costs and expenses, including attorneys’ fees and disbursements, incurred by it in connection with any action contemplated by this Section 9.10. 

Section 9.11. Maintenance of Rating on Notes. The Company will at all times maintain a rating by a nationally recognized rating
agency on each series of Notes. Not less frequently than once every twelve calendar months during the term of each series of Notes, the Company shall cause such rating with respect to such Notes to be maintained by an Approved Rating Agency and
evidence of such rating shall be delivered to each holder of Notes. 
 Although it will not be a Default or an Event of Default with respect
to the Series B Notes if the Issuer fails to comply with any provision of Section 9 on or after the date of this Agreement and prior to the Second Closing, if such a failure occurs, then any of the Purchasers may elect not to
purchase such Series B Notes on the date of the Second Closing that is specified in Section 3. 
 Section 9.12
Post-Closing Matters. (i) Within two (2) Business Days following the First Closing, (A) the Company shall, or shall cause SP to, pay in full all of the Indebtedness of SP owed to the SP Lenders (hereinafter defined) (other
than the CREZ Notes owed to the Fixed Rate Note Holders (hereinafter defined)) under that certain Credit Agreement, dated as of June 20, 2011 (as amended by Amendment No. 1 and Omnibus Amendment, dated as of October 11, 2011,
Amendment No. 2, dated as of October 1, 2013, Amendment No. 3, dated as of May 29, 2014 and Amendment 4, dated as of December 11, 2014, the “SP Credit Agreement”) among SP, as the borrower, the several
lenders (the “SP Lenders”) and fixed rate note holders (the “Fixed Rate Note Holders”) from time to time parties thereto, Société Générale, as collateral agent and as administrative
agent, the Royal Bank of Canada and The Royal Bank of Scotland PLC, as co-syndication agents, The Bank of Nova Scotia, Mizuho Corporate Bank Ltd. and Sumitomo Mitsui Banking Corporation, as co-documentation agents, and Prudential Investment
Management, Inc., as structuring and documentation advisor, (B) the Company shall cause, or shall cause SP to cause, all Liens securing Indebtedness under the SP Credit Agreement (other than Liens under the Security Documents) to be released,
and (C) the CREZ Merger shall become effective and (ii) upon the effectiveness of the CREZ Merger, the Company shall execute and deliver to the Collateral Agent Deeds of Trust covering the Real Property Collateral acquired by it in the
CREZ Merger so as to create in favor of the Trustee named therein for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first priority Lien (subject only to Permitted Liens) on the Company’s interests in
such Real Property Collateral. 

  
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	SECTION 10.	NEGATIVE COVENANTS. 

 The Company
covenants that so long as any of the Notes are outstanding: 
 Section 10.1. Transactions with Affiliates. The Company will not
and will not permit any Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering
of any service) with any Affiliate (other than the Company or another Subsidiary), except pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the
Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate; provided that, the foregoing shall not prohibit (i) Leases with
Qualified Lessees and transactions relating thereto, (ii) any Qualified Lessee Affiliate Loan and any Indebtedness permitted under Section 10.6(d)(ii) of the Pru Note Purchase Agreement, (iii) payment of customary fees and reasonable
out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of the Company and its Subsidiaries in the ordinary course of business, and (iv) any transaction on terms approved by the majority of the board of
directors (or comparable governing body) of InfraREIT or an Affiliate thereof who are “independent” (as such term is defined pursuant to the rules of the primary exchange on which the Capital Stock of InfraREIT is listed for trading) or a
majority of the “independent” members of a committee of any such board of directors (or comparable governing body). 

Section 10.2. Merger, Consolidation, Etc. The Company will not nor will the Company permit any Subsidiary Guarantor to,
consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 

(a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance,
transfer or lease all or substantially all of the assets of the Company or a Subsidiary Guarantor as an entirety, as the case may be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United
States or any state thereof (including the District of Columbia), and, if the Company or such Subsidiary Guarantor (other than in a transaction involving the Company), respectively, is not such corporation or limited liability company, such
corporation or limited liability company shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes; 

(b) each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time such transaction or each
transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders; and 

(c) immediately before and immediately after giving effect to such transaction or each transaction in any such series of
transactions, no Default or Event of Default shall have occurred and be continuing; 

  
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 provided that, the foregoing shall not prohibit (i) any transaction permitted under
Section 10.6 or (ii) the lease of assets by the Company or any Subsidiary Guarantor pursuant to the System Leases or any other Lease. No such conveyance, transfer or lease of substantially all of the assets of the Company shall have
the effect of releasing the Company or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed in this Section 10.2 from its liability under this Agreement or the Notes.

 Section 10.3. Line of Business. The Company will not and will not permit any Subsidiary to engage in any business if, as a
result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the ownership of assets involved in the transportation or distribution of electricity,
natural gas or water, and activities ancillary or supplementary thereto. Notwithstanding anything to the contrary contained herein but subject to compliance with Section 9.7, the Company shall be permitted to own, purchase and acquire equity
interests in, and make capital contributions to, Project Finance Subsidiaries of the Company and Wholly-Owned Subsidiaries. 

Section 10.4. Terrorism Sanctions Regulations. The Company will not and will not permit any Controlled Entity (a) to become
(including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations Security Council or by the European Union, or (b) directly or
indirectly to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction
(i) would cause any holder to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by any U.S. Economic Sanctions, or (c) to engage, nor shall any Affiliate of either engage, in any activity that
could subject such Person or any holder to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions. 

Section 10.5. Liens. The Company will not, nor will it cause or permit any Subsidiary to, directly or indirectly create, incur,
assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to the Collateral or any other property of the Company or such Subsidiary, whether now owned or held or hereafter acquired, or any income or
profits therefrom, or assign or otherwise convey any right to receive income or profits, or on any other asset now owned or hereafter acquired by the Company or such Subsidiary, except (each, a “Permitted Lien”): 

(a) solely in the case of the Note Parties, Liens created or permitted by the Financing Documents on the assets of the Note
Parties; and 

  
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 (b) (i) solely in the case of a Project Finance Subsidiary, Liens on assets
owned by that Project Finance Subsidiary and (ii) Liens on the Capital Stock in that Project Finance Subsidiary, in each case to secure its Non-Recourse Debt; 

(c) Liens created or permitted pursuant to the terms of the Security Documents, including on Cash Collateral (as defined in the
Collateral Agency Agreement); 
 (d) Liens for Taxes which are not yet due and payable or the payment of which is not at the
time required by Section 9.4; 
 (e) any attachment or judgment Lien, unless such attachment or judgment Lien
constitutes an Event of Default under Section 11(l) hereof; 
 (f) Liens of a lessor of equipment to the Company
or any Subsidiary on such lessor’s leased equipment (but excluding equipment leased pursuant to a Capital Lease), including any of the foregoing which is evidenced by a protective UCC filing; 

(g) Mechanics’, warehousemen’s, carriers’, workers’, repairers’, landlords’, and other similar
liens arising or incurred in the ordinary course of business and (i) which do not in the aggregate materially detract from the value of property or assets subject to such Liens or materially impair the continued use thereof in the operation of
the business or (ii) which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such Liens, or other Liens incurred or deposits
made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, trade
contracts, leases, government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed money); 

(h) zoning, entitlement, restriction, and other land use and environmental regulations by Governmental Authorities and
encroachments, easements, rights of way, covenants, restrictions or agreements which do not materially interfere with the continued use of any asset as currently used in the conduct of the business; 

(i) any encumbrances set forth in any franchise or governing ordinance under which any portion of the business is conducted
which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (j) all
rights of condemnation, eminent domain, or other similar right of any Person; 
 (k) any interest of title of a lessor under
leases; 

  
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 (l) Liens securing Permitted Secured Indebtedness on a pari passu basis with
the Obligations in accordance with the terms of the Collateral Agency Agreement; 
 (m) Liens securing Indebtedness of a
Person on the date the Person becomes a Subsidiary of the Company or Liens on assets securing Indebtedness assumed by the Company or any Subsidiary when such assets are acquired by the Company or such Subsidiary including extensions, renewals or
replacements of any such Liens; provided that (i) such Liens were not created in contemplation of such Person becoming a Subsidiary or the acquisition of such assets and (ii) such Liens may not extend to any other property owned by
the Company or any of its Subsidiaries; 
 (n) Liens incurred after the date of the First Closing given to secure the payment
of the purchase price in connection with the acquisition, construction or improvement of property useful and intended to be used in carrying on the business of the Company and its Subsidiaries, including Liens existing on such property at the time
of acquisition or construction thereof or Liens incurred within 360 days of such acquisition or completion of such construction or improvement; provided that (i) the Liens shall attach solely to the property acquired, purchased,
constructed or improved; (ii) at the time of acquisition, construction or improvement of such property (or, in the case of any Lien incurred within 360 days of such acquisition or completion of such construction or improvement, at the time of
the incurrence of the Indebtedness secured by such Lien), the aggregate amount remaining unpaid on all Indebtedness secured by Liens on such property, whether or not assumed by the Company or a Subsidiary, shall not exceed the lesser of (x) the
cost of such acquisition, construction or improvement or (y) the Fair Market Value of such property (as determined in good faith by the Company); and (iii) at the time of such incurrence and after giving effect thereto, no Default or Event
of Default would exist; and 
 (o) from and after the Optional Release Date, and subject to satisfaction of the Optional
Release Conditions, Liens securing obligations under this Agreement, the Notes, any Subsidiary Guaranty or any Material Credit Facility; provided that the Notes shall concurrently be secured equally and ratably with any such Material Credit Facility
pursuant to documentation in form and substance reasonably acceptable to the Required Holders including, without limitation, an intercreditor agreement and opinions of counsel to the Company and/or any Subsidiary, as the case may be, from counsel
that is reasonably acceptable to the Required Holders. 
 Section 10.6. Sale of Assets, Etc. The Company will not, and will not
permit any of its Subsidiaries to, make any Asset Disposition unless: 
 (a) in the good faith opinion of the Company or such
Subsidiary making the Asset Disposition, the Asset Disposition is in exchange for consideration having a Fair Market Value at least equal to that of the property exchanged; 

  
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 (b) immediately after giving effect to the Asset Disposition, no Default or
Event of Default would exist; and 
 (c) the sum of the Disposition Value of the property subject to such Asset Disposition,
plus the aggregate Disposition Value of all other property that was the subject of an Asset Disposition during the fiscal year in which such Asset Disposition occurs would not exceed 10% of Consolidated Total Assets as of the last day of the most
recently ended fiscal quarter of the Company. 
 To the extent that the cash proceeds of any Asset Disposition are applied to an Indebtedness Prepayment
Application or a Property Reinvestment Application within one year after such Asset Disposition, then such Asset Disposition (or, if less than all such cash proceeds are applied as contemplated hereinabove, the pro rata percentage thereof which
corresponds to the cash proceeds so applied) shall be deemed not to be an Asset Disposition for the purpose of determining compliance with subsection (c) of this Section 10.6 as of any date. 

Section 10.7. Restricted Payments. The Company will not, directly or indirectly, make or declare any Distribution unless there
does not exist and, after giving effect to the proposed Distribution, there will not exist, a Default or an Event of Default; provided that, the Company shall be permitted to make any Distribution within 60 days after the date of declaration
thereof if, at the date of declaration, such Distribution would have complied with the provisions set forth in this Section 10.7. The Company shall deliver to the holders of the Notes and the Collateral Agent before a Distribution is
declared or made a certificate of a Responsible Officer of the Company stating that the foregoing condition has been satisfied and, if requested, providing supporting data and calculations. 

Section 10.8. [Intentionally Omitted]. 

Section 10.9. Regulation. (a) The Company shall not be or become subject to FERC jurisdiction as a “public utility”
under the FPA; provided, however, that the Company shall not be in default of the forgoing negative covenant if the Company becomes subject to FERC’s “public utility” jurisdiction under the FPA solely as a result of a change to
the FPA or in FERC’s interpretation thereof or regulations thereunder, if the Company takes all necessary actions to comply with applicable FERC requirements and the operation of the System is uninterrupted; and 

(b) The Company shall not, and shall use commercially reasonable efforts to cause any Specified Qualified Lessee not to violate in any
material respect any regulation or order of the Public Utility Commission of Texas applicable to it. 
 (c) The Company shall not own,
operate or control any electrical generating, transmitting or distribution facility, or effect or control any sale of electricity, outside of the ERCOT balancing area authority except (i) to the extent such ownership, operation, control or sale
may be undertaken without the Company becoming subject to FERC’s “public utility” jurisdiction or becoming an “electric utility company” or “holding company” as those terms are

  
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defined in PUHCA, or (ii) interconnected transmission or distribution assets or systems located substantially in the State of Texas or deriving a majority of their revenue from customers
within the State of Texas. 
 Section 10.10. Amendments to Organizational Documents. The Company will not nor will it cause or
permit any of its Subsidiaries to, amend, supplement, terminate, replace or waive any provision of its operating agreement or other organization documents if such amendment, supplement, termination, replacement or waiver could reasonably be expected
to have a Material Adverse Effect. 
 Section 10.11. Project Documents. The Company will not, and will not permit any Subsidiary
to, amend, modify, supplement, replace, renew, extend, terminate or waive any provision of any Lease to which the Company or such Subsidiary is party, or consent to any amendment, modification, supplement, replacement, renewal, extension,
termination or waiver of any such Lease except (i) to the extent the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) if the Company reasonably believes, after giving
effect thereto, the Company will generate sufficient revenue and hold sufficient assets to satisfy the requirements of Section 9.9. 

Although it will not be a Default or an Event of Default with respect to the Series B Notes if the Issuer fails to comply with any
provision of Section 10 on or after the date of this Agreement and prior to the Second Closing, if such a failure occurs, then any of the Purchasers may elect not to purchase such Series B Notes on the date of the Second Closing
that is specified in Section 3. 
  

	SECTION 11.	EVENTS OF DEFAULT. 

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

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

(b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
and payable; or 
 (c) the Company defaults in the performance of or compliance with any term contained in
Section 7.1(d), Section 9.9 or Section 10; or 
 (d) the Company or any Subsidiary
Guarantor defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a), (b) and (c)), in any Note Document or in any Subsidiary Guaranty and such default is not
remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from the Collateral Agent or any holder of a Note (any such
written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

  
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 (e) (i) any representation or warranty made in writing by or on behalf of the
Company or by any officer of the Company in this Agreement or any other Note Document or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of
which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with such Subsidiary
Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or 
 (f) with respect
to any Lease to which the Company or a Subsidiary thereof is a party (other than Leases pursuant to which the Company recognized revenue, in the aggregate, that constituted 10% or less of the total consolidated revenue of the Company and its
Subsidiaries (other than Project Finance Subsidiaries) as set forth on the face of the consolidated statements of operations for the four consecutive fiscal quarter period that ended on the date of the financial statements most recently delivered
pursuant to Section 7.1), (i) any such Lease is declared to be null and void or is otherwise unenforceable, or any party thereto claims that any such agreement is unenforceable (unless, within 90 days after such declaration or
claim, replaced by a Lease that complies with the provisions of Section 10.11), (ii) one or more payment defaults in an amount in excess of $10,000,000 in the aggregate occurs across all such Leases, after giving effect to any cure
periods specified therefor or (iii) any default or event of default (other than those referred to in clause (i) or (ii) of this Section 11(f)) occurs under any such Lease that could reasonably be expected to have a
Material Adverse Effect and such default or event of default continues for more than 90 days; or 
 (g) except as would not
reasonably be expected to result in a Material Adverse Effect, any Required Permit is terminated without being timely replaced (if the terminated Permit continues to be a Required Permit), revoked or otherwise is not in effect; provided,
however, that the termination without immediate renewal of any franchise agreement pursuant to which the Qualified Lessee operating the applicable portion of the System is authorized to operate the System and collect fees for services shall not
constitute an Event of Default if the parties to the franchise agreement continue to perform in accordance with the terms of such agreement notwithstanding the termination; or 

(h) any Security Document ceases to give the Collateral Agent perfected first priority Liens (subject to Permitted Liens) in a
material portion of the Collateral, taken as a whole, purported to be covered thereby for any reason; or any Note Document, at any time after its execution and delivery and for any reason, ceases to be in full force and effect; or any Note Party
contests in writing the validity or enforceability of any Note Document; or any Note Party denies in writing that it has any further liability or obligation under any Note Document or purports to revoke, terminate or rescind any Note Document, other
than, for each of the foregoing, as expressly permitted hereunder or thereunder (including by amendment, waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of the Obligations; or 

  
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 (i) (i) the Company or any Significant Subsidiary is in default (as principal
or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $10,000,000,
in each case beyond any period of grace provided with respect thereto, (ii) the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any agreement relating to Indebtedness in an aggregate
outstanding principal amount of at least $10,000,000, or any other condition exists, and as a consequence of such default or condition, such Indebtedness has become or has been declared due and payable before its stated maturity or before its
regularly scheduled dates of payment or (iii) a default or an event of default occurs under the Pru Note Purchase Agreement or the RBC Agreement, and such failure continues for more than any cure period specified therefore and has not otherwise
been waived; or 
 (j) the Company or any Significant Subsidiary or, to the extent the same would reasonably be expected to
result in a Material Adverse Effect, any Qualified Lessee, (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a
petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an
assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is
adjudicated as insolvent or to be liquidated, or (vi) takes limited liability company action for the purpose of any of the foregoing; or 

(k) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the
Company, any of its Significant Subsidiaries or, to the extent the same would reasonably be expected to result in a Material Adverse Effect, any Qualified Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it
or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or
insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of any such Person, or any such petition shall be filed against any such Person and such petition shall not be
dismissed within 60 days; or 
 (l) one or more final judgments or orders for the payment of money aggregating in excess of
$10,000,000, including, without limitation, any such final order enforcing a binding arbitration decision, are rendered against one or more of the Company or any Significant Subsidiary and which judgments are not, within 60 days after entry thereof,
bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

  
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 (m) if (i) any Plan shall fail to satisfy the minimum funding standards
of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is
reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a
Plan may become a subject of any such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA,
shall exceed an amount that could reasonably be expected to have a Material Adverse Effect, (iv) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the
penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or amends any employee welfare
benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses
(i) through (vi) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As used in this Section 11(j), the terms “employee benefit
plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in section 3 of ERISA. 
  

	SECTION 12.	REMEDIES ON DEFAULT, ETC. 

Section 12.1. Acceleration. (a) If an Event of Default with respect to the Company described in Section 11(j) or
(k) (other than an Event of Default described in clause (i) of Section 11(j) or described in clause (vi) of Section 11(j) by virtue of the fact that such clause encompasses clause (i) of
Section 11(j)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

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

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will
forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon in respect of any series (including, but not limited to, interest accrued thereon in respect of any series at the Default
Rate) and (y) the Make-Whole Amount determined in respect of such principal amount (to the 

  
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full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.
The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for
payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such
right under such circumstances. 
 Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such
holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, in any other Note Document or in any Note or Subsidiary Guaranty, or for an injunction against a
violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

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

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

  
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	SECTION 13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

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

Section 13.2. Transfer and Exchange of Notes. (a) Upon surrender of any Note to the Company at the address and to the
attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly
executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten
Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor, in an aggregate principal
amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1(a) or Schedule 1(b), as
appropriate. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may
require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the
registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have
made the representation set forth in Section 6.2. The transferee of any Note in accordance with Section 13.1 shall have all rights, benefits and obligations of the Purchaser of such Note under the Note Documents as if such
holder were an original signatory hereto without any further action being required under the Note Documents. 
 (b) If no Default or Event
of Default has occurred and is continuing, each holder of a Note hereby agrees that it will not offer for sale or sell any of its Notes, or parts thereof, other than to an Affiliate, or to another holder of a Note without first delivering written
notice to the 

  
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Company (a “Right of First Offer Notice”) of its intent to sell such Notes or part thereof. Such Right of First Offer Notice shall contain a reasonably detailed description of
the proposed terms of such sale, including, without limitation, the proposed purchase price (the “Proposed Purchase Price”), and the principal amount of Note(s) that such holder of Note(s) desires to sell, for such Notes. If the
Company so desires it may, within 3 Business Days of the receipt of such Right of First Offer Notice, inform such holder of a Note in writing via email or overnight delivery that it elects to purchase, or have an Affiliate or Institutional Investor
designated by the Company purchase, such Notes (a “Purchase Notice”) from the holder of Note delivering such Right of First Offer Notice at the Proposed Purchase Price, provided, however, that if at such time a Default or
Event of Default shall have occurred and be continuing, a holder of a Note shall have no obligation to deliver a Right of First Offer Notice to the Company and the Company shall not have the right to purchase, and no Affiliate or any other entity
designated by the Company shall have a right to purchase, the Notes of the holder. The aggregate principal amount of the Notes specified in such Purchase Notice shall be purchased by the Company, or such Affiliate or Institutional Investor, for the
Proposed Purchase Price, together with accrued interest on such Notes to the purchase date, on the date specified by the Company in such Purchase Notice, which shall be not more than 30 days following delivery of such Purchase Notice. If a holder of
a Note does not receive a Purchase Notice from the Company within 3 Business Days after the delivery of a Right of First Offer Notice to the Company, such holder of a Note shall have the right to sell its Notes identified in such Right of First
Offer Notice to a third party purchaser (other than a Disqualified Purchaser) for a price which is not less than 90% of the Proposed Purchase Price identified in such Right of First Offer Notice at any time during the period of 120 days from the
date of such Right of First Offer Notice. 
 Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and
to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the
case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

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

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

  
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	SECTION 14.	PAYMENTS ON NOTES. 

Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal,
Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Well Fargo Bank, N.A. in such jurisdiction. The Company may at any
time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such
jurisdiction. 
 Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and
all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule B, or by such other method or at such other address as such Purchaser shall have from time
to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly
after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently
designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon
and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any
Institutional Investor that is the direct or indirect transferee in accordance with Section 13.1 of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have
made in this Section 14.2. 
  

	SECTION 15.	EXPENSES, ETC. 

Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will
pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with
such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty, the Notes or any other Note Document (whether or not such amendment, waiver or consent becomes effective),
including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty, the Notes or any other Note Document or
in responding to any subpoena or other legal process or informal investigative demand issued (i) in connection with this Agreement, any Subsidiary Guaranty, the Notes or any other Note Document, or (ii) by reason of being a holder of any
Note, (b) the costs and expenses, including 

  
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financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out
or restructuring of the transactions contemplated hereby and by the Notes, any Subsidiary Guaranty and any other Note Document and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related
documents and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $3,500 per series of Notes. The Company will pay, and will save each Purchaser and each other holder of a Note
harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii) any and all
wire transfer fees that any bank deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note. 

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

 

	SECTION 16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

All representations and warranties contained herein shall survive the execution and delivery of this Agreement, the Notes and the other Note
Documents, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on
behalf of such Purchaser or any other holder of a Note; provided that, no representation or warranty shall be deemed to be made as of any time other than the date of execution and delivery of this Agreement, the Notes or the other Note
Documents, as applicable. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement or the other Note Documents shall be deemed representations and warranties of the Company
under this Agreement. Subject to the preceding sentence, this Agreement, the Notes, any Subsidiary Guaranties and any other Note Documents embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. 

  
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	SECTION 17.	AMENDMENT AND WAIVER.  

Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of the
Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used
therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b) no amendment or
waiver may, without the written consent of (A) prior to the Second Closing, each holder of a Series A Note at the time outstanding and each Purchaser of Series B Notes, and (B) any time on or after the Second Closing, each holder of each
Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of
computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any
amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8
(except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20. 

Section 17.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each holder of a Note with sufficient information, sufficiently far in advance of the date a
decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary Guaranty or any other Note
Document. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty or any other Note Document to each holder of a Note promptly
following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b)
Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a
Note as consideration for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Subsidiary Guaranty or any Note or any other Note Document unless such remuneration is
concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. 

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

  
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 Section 17.3. Binding Effect, Etc. Any amendment or waiver consented to as
provided in this Section 17 or any Subsidiary Guaranty or any other Note Document applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether
such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent
thereon. No course of dealing between the Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or Subsidiary Guaranty or any other Note Document shall operate as a waiver of any rights of any holder of
such Note. 
 Section 17.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the
requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes or any other Note Document, or have
directed the taking of any action provided herein or in any Subsidiary Guaranty or the Notes or any other Note Document to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then
outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
  

	SECTION 18.	NOTICES. 

 Except to the extent otherwise provided
in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by facsimile or telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized
overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (with charges prepaid). Any such
notice must be sent: 
 (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for
such communications in Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning hereof to the
attention of Kristin Boyd, or at such other address as the Company shall have specified to the holder of each Note in writing. 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

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

 

	SECTION 19.	REPRODUCTION OF DOCUMENTS. 

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

	SECTION 20.	CONFIDENTIAL INFORMATION. 

 For the
purposes of this Section 20, “Confidential Information” means Information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement, provided that such term does not include information that (a) other than as a result of disclosure by any other Purchaser or its employees or agents in violation of this Section 20, was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure, (b) other than as a result of disclosure by any other Purchaser or its employees or agents in violation of this Section 20, subsequently becomes publicly known
through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) other than as a result of disclosure by any other Purchaser or its employees or agents in violation of this Section 20, otherwise
becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.
“Information” means information concerning the Company or its Subsidiaries, irrespective of its source or form of communication, furnished by or on behalf of the Company or any of its Subsidiaries, including without limitation
notes, analyses, compilations, studies or other documents or records prepared by any Purchaser, which contain or reflect or were generated from information supplied by or on behalf of the Company or its Subsidiaries. Each Purchaser will use the
Confidential Information solely for purposes pertinent to such Purchaser’s evaluation, holding, monitoring, enforcement, permitted transfers and uses 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
ancillary to the foregoing, all in respect of the Notes, and will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good
faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and
affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any
participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such
Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the
SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may
be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such
Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such Purchaser’s Notes, this Agreement or any Subsidiary Guaranty or any other Note Document. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the
benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this
Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 20. 

In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the
transactions contemplated by or otherwise pursuant to this Agreement or any other Note Document, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure
virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede
any such other confidentiality undertaking. 
  

	SECTION 21.	SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s
Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall
contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to
such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser
hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference to such Substitute Purchaser as a
“Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the
rights of an original holder of the Notes under this Agreement. 
  

	SECTION 22.	MISCELLANEOUS. 

 Section 22.1. Successors
and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any
subsequent holder of a Note) whether so expressed or not. 
 Section 22.2. Accounting Terms. All accounting terms used herein
which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in
accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the
definition of “Indebtedness”), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be
disregarded and such determination shall be made as if such election had not been made. 
 Section 22.3. Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.4. Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 Section 22.5. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. 
 Section 22.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights
of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of
the laws of a jurisdiction other than such State. 
 Section 22.7. Jurisdiction and Process; Waiver of Jury Trial.
(a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to
the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. 
 (b) The Company consents to process being served by or on behalf of any holder of
Notes in any suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it
at its address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect
effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder
shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c) Nothing in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law,
or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (d) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or
any other document executed in connection herewith or therewith. 

*    *    *    *    * 

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

					
	Very truly yours,
	
	SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C.
		
	By	 	 /s/ Brant Meleski

		 	Title:	 	Senior Vice President and Chief
		 		 	Financial Officer

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	METROPOLITAN LIFE INSURANCE COMPANY
	
	METROPOLITAN INSURANCE COMPANY USA
	By	 	Metropolitan Life Insurance Company, its Investment Manager
		
	By:	 	 /s/ John Wills

		 	Name:	 	John Wills
		 	Title:	 	Managing Director
	
	EMPLOYERS REASSURANCE CORPORATION
	By	 	MetLife Investment Advisors, LLC, its Investment Adviser
		
	By:	 	 /s/ C. Scott Inglis

		 	Name:	 	C. Scott Inglis
		 	Title:	 	Managing Director
	
	LINCOLN BENEFIT LIFE COMPANY
	By	 	MetLife Investment Advisors, LLC, its Investment Manager
	
	SYMETRA LIFE INSURANCE COMPANY
	By	 	MetLife Investment Advisors, LLC, its Investment Manager
		
	By:	 	 /s/ C. Scott Inglis

		 	Name:	 	C. Scott Inglis
		 	Title:	 	Managing Director

  
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	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

 
					
	PENSIONSKASSE DES BUNDES PUBLICA
	By	 	MetLife Investment Management Limited, as Investment Manager
		
	By:	 	 /s/ John Tanyeri

		 	Name:	 	John Tanyeri
		 	Title:	 	Managing Director

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By:	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

		 	Name:	 	John B. Wheeler
		 	Title:	 	Managing Director
	
	C.M. LIFE INSURANCE COMPANY
	By:	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

		 	Name:	 	John B. Wheeler
		 	Title:	 	Managing Director
	
	MASSMUTUAL ASIA LIMITED
	By:	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

		 	Name:	 	John B. Wheeler
		 	Title:	 	Managing Director
	
	BANNER LIFE INSURANCE COMPANY
	By:	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

		 	Name:	 	John B. Wheeler
		 	Title:	 	Managing Director

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Michael W. Boyd

		 	Name:	 	Michael W. Boyd
		 	Title:	 	Vice President
	
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Michael W. Boyd

		 	Name:	 	Michael W. Boyd
		 	Title:	 	Managing Director

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	COBANK, ACB
		
	By:	 	 /s/ Dustin Zubke

		 	Name:	 	Dustin Zubke
		 	Title:	 	Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	VOYA INSURANCE AND ANNUITY COMPANY
	VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
	RELIASTAR LIFE INSURANCE COMPANY
	RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
	SECURITY LIFE OF DENVER INSURANCE COMPANY
	By: Voya Investment Management LLC, as Agent
		
	By:	 	 /s/ Paul Aronson

		 	Name:	 	Paul Aronson
		 	Title:	 	Senior Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management Japan Co., Ltd,., as Investment Manager
		
	By:	 	Prudential Investment Management, Inc., as Sub-Adviser
		
	By:	 	 /s/ Richard Carrell

		 	Name:	 	Richard Carrell
		 	Title:	 	Vice President
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Richard Carrell

		 	Name:	 	Richard Carrell
		 	Title:	 	Vice President
	
	PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY
		
	By:	 	Prudential Investment Management, Inc., as investment manager
		
	By:	 	 /s/ Richard Carrell

		 	Name:	 	Richard Carrell
		 	Title:	 	Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	AXA EQUITABLE LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Amy Judd

		 	Name:	 	Amy Judd
		 	Title:	 	Investment Officer

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY
		
	By:	 	AllianceBenrstein, LP, its Investment Advisor
		
	By:	 	 /s/ Amy Judd

		 	Name:	 	Amy Judd
		 	Title:	 	Senior Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	GERBER LIFE INSURANCE COMPANY
		
	By:	 	AllianceBernstein LP, its Investment Advisor
		
	By:	 	 /s/ Amy Judd

		 	Name:	 	Amy Judd
		 	Title:	 	Senior Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Thomas M. Donohue

		 	Name:	 	Thomas M. Donohue
		 	Title:	 	Manager Director

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact
		
	By:	 	 /s/ Nicole Tullo

		 	Name:	 	Nicole Tullo
		 	Title:	 	Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	USAA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ James F. Jackson, Jr.

		 	Name:	 	James F. Jackson, Jr.
		 	Title:	 	Executive Director
	
	USAA LIFE INSURANCE COMPANY OF NEW YORK
		
	By:	 	 /s/ James F. Jackson, Jr.

		 	Name:	 	James F. Jackson, Jr.
		 	Title:	 	Executive Director
	
	USAA CASUALTY INSURANCE COMPANY
		
	By:	 	 /s/ R. Neal Graves

		 	Name:	 	R. Neal Graves
		 	Title:	 	Executive Director
	
	USAA GENERAL INDEMNITY COMPANY
		
	By:	 	 /s/ R. Neal Graves

		 	Name:	 	R. Neal Graves
		 	Title:	 	Executive Director

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	DEARBORN NATIONAL LIFE INSURANCE COMPANY
	AMERICAN REPUBLIC INSURANCE COMPANY
	CATHOLIC FINANCIAL LIFE
	CATHOLIC UNITED FINANCIAL
	ROYAL NEIGHBORS OF AMERICA
	POLISH NATIONAL ALLIANCE OF THE U.S. OF N.A.
	MINNESOTA LIFE INSURANCE COMPANY
	
	By: Advantus Capital Management, Inc.
		
	By:	 	 /s/ Lowell Bolken

		 	Name:	 	Lowell Bolken
		 	Title:	 	Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	TRANSAMERICA PREMIER LIFE INSURANCE COMPANY
		
	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By:	 	 /s/ Frederick B. Howard

		 	Name:	 	Frederick B. Howard
		 	Title:	 	Vice President

  

			
	Sharyland Distribution & Transmission Services, L.L.C.	  	Note Purchase Agreement

  

	
	 This Agreement is hereby accepted and agreed to as of the date hereof.

  

					
	GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	 /s/ Stuart Shepetin

		 	Name:	 	Stuart Shepetin
		 	Title:	 	Investment Officer

  

 DEFINED TERMS 

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

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to
an Affiliate of the Company. 
 “Agreement” means this Agreement, including all Schedules attached to this Agreement, as it
may be amended, restated, supplemented or otherwise modified from time to time. 

“Anti-Corruption Laws” is defined in Section 5.16(d)(1). 

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

“Approved Rating Agency” shall mean any one of Moody’s, S&P, Fitch Ratings, Ltd., DBRS Limited and Kroll Bond Rating
Agency, Inc. 
 “Asset Disposition” means any Transfer except: 

(a) any Transfer (x) from any Subsidiary to the Company or any Subsidiary Guarantor (y) solely between or among the
Company and the Subsidiary Guarantors or (z) from a Subsidiary (which is not a Subsidiary Guarantor) to another Subsidiary; 

(b) any Transfer made in the ordinary course of business and involving only inventory or any other property that is either
(1) held for lease or sale or (2) worn-out, obsolete, surplus or no longer required in the operation of the business of the Company or any of its Subsidiaries; 

(c) any Transfer or series of related Transfers involving property or assets having a Disposition Value of less than
$1,000,000; 
 (d) Dispositions permitted by Section 10.2, Liens permitted by Section 10.5,
Distributions permitted by Section 10.7 and capital contributions to Project Finance Subsidiaries and Wholly-Owned Subsidiaries permitted by Section 10.3; 

(e) any lease of the System or any other transmission and distribution assets and related assets pursuant to a Lease to which
the Company or a Subsidiary is a party; 
 (f) any Transfer of the Capital Stock of a Project Finance Subsidiary or the
assets of any Project Finance Subsidiary in connection with and pursuant to the exercise of remedies under the documentation governing Non-Recourse Debt incurred by such Project Finance Subsidiary; 

  

SCHEDULE A 
 (to Note
Purchase Agreement) 

 (g) any Transfer consisting of goods and inventory from the Company or any
Subsidiary to a Qualified Lessee at cost or on such other terms as may be approved by a majority of the board of directors (or comparable governing body) of InfraREIT or an Affiliate thereof who are “independent” (as such term is defined
pursuant to the rules of the primary exchange on which the Capital Stock of InfraREIT or such Affiliate is listed for trading), or a majority of the “independent” members of a committee of any such board of directors (or comparable
governing body); and 
 (h) in connection with any acquisition after the date of Closing that is not prohibited under this
Agreement, (i) Transfers of operating assets and related assets to a Qualified Lessee and (ii) Transfers of property that is not electric transmission or distribution assets, in each case (x) which are, in the aggregate, not material
in relation to the assets acquired and (y) upon fair and reasonable terms no less favorable to such Person than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate. 

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

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a
day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York,
New York or Dallas, Texas are required or authorized to be closed. 
 “Capital Lease” means, at any time, a lease with
respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participation,
patronage capital or other equivalents of or interest in (however designated) equity of such Person, including any preferred stock, any limited or general partnership interest and any limited liability company membership interest. 

“Change of Control” means 

(a) Hunt Family Members cease to Control Sharyland, or any Person other than a Qualified Lessee shall be the lessee under any
lease with respect to the System; or 
 (b) InfraREIT Partners shall cease to own or control, directly or indirectly, more
than 50% of the outstanding voting equity interest of the Company. 
 “CISADA” means the Comprehensive Iran Sanctions,
Accountability and Divestment Act. 

  
 A-2- 

 “Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Collateral” means, collectively, the collateral described in each of the Security
Documents. 
 “Collateral Agency Agreement” means the Second Amended and Restated Collateral Agency Agreement, dated as of
December 10, 2014, among the Collateral Agent, the Company, the holders of the Notes and the holders of the other Permitted Secured Indebtedness from time to time party thereto (as the same may be amended, restated, amended and restated,
supplemented, joined or otherwise modified from time to time). 
 “Collateral Agent” means The Bank of New York Mellon
Trust Company, N.A., a national association, acting in its capacity as collateral agent for itself and the other Secured Parties, or its successors in such capacity appointed pursuant to the terms of the Collateral Agency Agreement. 

“Collateral Release Ratings Requirement” means the requirement that the Company’s senior unsecured non-credit enhanced
indebtedness for borrowed money be rated BBB (with at least a stable outlook) or higher by S&P and Baa2 (with at least a stable outlook) or higher by Moody’s; provided that if at any time either Moody’s or S&P, or both,
shall no longer maintain a rating for the Company’s senior unsecured non-credit enhanced indebtedness for borrowed money, the Required Holders and the Company may agree to determine the Collateral Release Ratings Requirement using the
corresponding ratings level of one or more ‘nationally recognized statistical rating organizations’ (as such phrase is used in Rule 436 under the Securities Act). 

“Company” means Sharyland Distribution & Transmission Services, L.L.C., a Texas limited liability company, or any
successor that becomes such in the manner prescribed in Section 10.2. 
 “Competitor” means a Person (other than the
Company or any of its Affiliates) whose primary business is substantially similar to or in competition with that carried out by the Company or any of its Affiliates; provided that the foregoing shall not include (a) commercial or
corporate banks, (b) insurance companies and (c) any funds which principally hold passive investments in commercial loans or debt securities for investment purposes in the ordinary course of business. 

“Confidential Information” is defined in Section 20. 

“Consolidated Net Worth” shall mean at any date, the sum of all amounts that would, in conformity with GAAP, be included on a
consolidated balance sheet of the Company and its consolidated Subsidiaries (and, if positive, of Sharyland and its consolidated Subsidiaries) under stockholders’ equity at such date, plus minority interests, as determined in accordance with
GAAP minus any stockholders equity attributable to any Project Finance Subsidiary, provided, however, that any effects resulting from SFAS 158 shall be excluded for purposes of the calculation of Consolidated Net Worth. 

  
 A-3- 

 “Consolidated Total Assets” means, at any time, the total assets of the Company
and its Subsidiaries which would be shown on a consolidated balance sheet of the Company and its Subsidiaries as of such time prepared in accordance with GAAP. 

“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. 
 “Controlled
Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates. As
used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “CREZ Lease” shall mean the Second Amended and Restated Lease Agreement (CREZ Assets) dated as of
December 1, 2014, between the Company (or, prior to the consummation of the CREZ Merger, SP), as lessor, and Sharyland, as lessee, as such lease may be amended, restated, supplemented or otherwise modified from time to time, or any new lease
entered into in replacement thereof, in accordance with Section 9.8 of this Agreement. 
 “CREZ Merger” shall
mean the merger between the Company and SP, with the Company surviving. 
 “CREZ Notes” means SP’s 5.04% Fixed Rate
Notes due June 20, 2018 issued under that certain Credit Agreement dated June 20, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time) in an aggregate principal amount of $60,000,000, which
Fixed Rate Notes are intended to be assumed by the Company in connection with the CREZ Merger. 
 “CREZ Project” shall mean
the five transmission lines, four substations and other facilities in Texas identified and awarded to Sharyland by the Public Utility Commission of Texas (the “PUCT”) in Docket Number 37902. 

“Deeds of Trust” means (i) the Amended and Restated First Lien Deed of Trust, Security Agreement and Fixture Filing
(Texas) and each First Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Texas) by and from the Company, as grantor, to Linda Daugherty, as trustee, for the benefit of the Collateral Agent and the other
Secured Parties, dated as of December 10, 2014, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time and (ii) each other deed of trust by and from the Company, as grantor, for the benefit
of the Collateral Agent and the other Secured Parties entered into from time to time. 

  
 A-4- 

 “Default” means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means that
rate of interest that is the greater of (i) 2.00% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.00% over the rate of interest publicly announced by Wells Fargo Bank, N.A.
in New York, New York as its “base” or “prime” rate. 
 “Deposit Agreement” means the Amended and
Restated Deposit Account Control Agreement, dated as of December 10, 2014, among the Company, the Collateral Agent and Bank of America, N.A. 

“Development Agreement” means that certain Development Agreement to be entered into among Hunt Transmission Services, L.L.C.,
Sharyland, InfraREIT and/or InfraREIT Partners in connection with one or more New Projects, pursuant to which Hunt Transmission Services, L.L.C. has granted InfraREIT a right of first offer related to the New Projects identified therein, as amended
from time to time in accordance with its terms. 
 “Disclosure Documents” is defined in Section 5.3. 

“Disposition Prepayment Date” is defined in Section 8.9. 

“Disposition Response Date” is defined in Section 8.9. 

“Disposition Value” means, at any time, with respect to any property 

(a) in the case of property that does not constitute Subsidiary Stock, the book value thereof, valued at the time of such
disposition in good faith by the Company, and 
 (b) in the case of property that constitutes Subsidiary Stock, an amount
equal to (x) the book value of all assets of the Subsidiary that issued such Subsidiary Stock multiplied by (y) the percentage of all of the outstanding Capital Stock of such Subsidiary represented by such Subsidiary Stock
(assuming, in making such calculations, that all Securities convertible into such Capital Stock are so converted and giving full effect to all transactions that would occur or be required in connection with such conversion), determined at the time
of the disposition thereof, in good faith by the Company. 
 “Disqualified Purchaser” shall mean, on any date, (a) any
Competitor and (b) any Affiliate of any Person identified in clause (a) above; provided that the foregoing shall not include any Person of the type listed in clause (c) of the definition of “Institutional Investor”
that would otherwise be deemed to be an Affiliate of a Competitor solely because it holds a passive investment in a Competitor. 

“Distributions” means, with respect to any Person, any dividend or other distribution (whether in cash, securities or other
property) with respect to any Capital Stock of such Person, or any payment (whether in cash, securities or other property), including any sinking fund or 

  
 A-5- 

 
similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Capital Stock or on account of any return of capital to such
Person’s stockholders, partners or members (or the equivalent Person thereof) as such, or any option, warrant or other right to acquire any such dividend or other distribution or payment. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing
system for such purposes. 
 “Environmental Laws” means any and all federal, state, local, and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into
the environment, including but not limited to those related to Hazardous Materials. 
 “ERCOT” means the Electric
Reliability Council of Texas or any successor hereto. 
 “ERCOT Transmission Lease” shall mean the Lease Agreement (ERCOT
Transmission Assets), dated as of December 1, 2014, between the Company, as lessor, and Sharyland, as lessee, as such lease may be amended restated, supplemented or otherwise modified from time to time, or any new lease entered into in
replacement thereof, in accordance with Section 9.8 of this Agreement. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together
with the Company under section 414 of the Code. 
 “Event of Default” is defined in Section 11. 

“Fair Market Value” means, at any time and with respect to any property, the sale value of such property that would be
realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell). 

“FATCA” means Sections 1471 through 1474 of the Code, as amended, any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory
legislation, rules or practices adopted pursuant to such intergovernmental agreement. 
 “FERC” means the Federal Energy
Regulatory Commission, or any successor agency to its duties and responsibilities. 

  
 A-6- 

 “Financing Documents” means, collectively, this Agreement, the Notes, the RBC
Agreement, the Pru Note Purchase Agreement, the Pru Notes, the Security Documents, any other documents, agreements or instruments entered into in connection with any of the foregoing and any other documents, agreements or instruments from time to
time constituting “Financing Agreements” under the Collateral Agency Agreement. 
 “First Closing” is
defined in Section 3. 
 “Fixed Rate Note Holders” is defined in Section 9.12. 

“Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

“FPA” means the Federal Power Act, 16 U.S.C. §§791 et seq., as amended, and the regulations of the FERC thereunder.

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

 “Governmental Authority” means 

(a) the government of 

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

(ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative,
judicial, regulatory or administrative functions of, or pertaining to, any such government, or 
 (c) ERCOT, or 

(d) the Texas Regional Entity. 

“Governmental Official” means any governmental official or employee, employee of any
government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 

  
 A-7- 

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

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

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

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such
indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 
 (d)
otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof. 
 The amount of any Guaranty shall be deemed to be an
amount equal to the stated or determinable amount of the related primary obligation (or, if less, the maximum amount for which such Guaranty 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. In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be
direct obligations of such obligor. 
 “Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or
other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “holder” means, with
respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7,
12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Hunt Family Members” means (i) Ray L. Hunt; (ii) the spouse of Ray L. Hunt and each of his children and siblings;
(iii) the spouse and lineal descendants of any Person identified in the foregoing clause (ii); (iv) any trust or account primarily for the benefit of any Person or Persons identified in the foregoing clauses (i), (ii) or (iii);
(v) any corporation, partnership or other entity in which any of the Persons identified in the foregoing clauses (i), (ii), (iii) or (iv) are 

  
 A-8- 

 
the beneficial owners of substantially all of the shares of Capital Stock, membership interests, partnership interests or other equity interests and options or warrants to acquire, or securities
convertible into, Capital Stock, membership interests, partnership interests, or other equity securities of an entity; and (vi) the personal representative or guardian of any of the Persons identified in the foregoing clauses (i), (ii) and
(iii) upon such Person’s death for purposes of the administration of such Person’s estate or upon such Person’s disability or incompetency for purposes of protection and management of the assets of such Person. 

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

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

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

(c) (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all
liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; provided, however, that for purposes of this definition
(including with respect to clauses (i) and (ii) hereof), the System Leases, any other Lease and any similar lease (including with respect to assets leased by such Person, as lessee, where such Person in turn subleases such assets, as
lessor, and receives lease payments under such sublease representing all or a substantial portion of the lease payments under the primary lease) shall not be treated as a Capital Lease; 

(d) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it
has assumed or otherwise become liable for such liabilities); 
 (e) all its liabilities in respect of letters of credit or
instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); provided, however, that for purposes of this definition, any
surety bonds or indemnification agreements entered into by Sharyland (with respect to which the Company or a Subsidiary has a reimbursement or backstop obligation) in connection with condemnation proceedings shall be excluded; 

(f) the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

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

  
 A-9- 

 “Indebtedness Prepayment Application” means, with respect to any Transfer of
property constituting an Asset Disposition, the application by the Company or any Subsidiary of cash in an amount equal to the Net Proceeds Amount (or portion thereof) with respect to such Transfer to repay or retire Senior Indebtedness;
provided, that in the event such Senior Indebtedness would otherwise permit the reborrowing of such Senior Indebtedness by the Company or such Subsidiary, the commitment to relend such Senior Indebtedness shall be permanently reduced by the
amount of such Indebtedness Prepayment Application; provided further that in the course of making such application the Company shall offer to prepay each outstanding Note in accordance with Section 8.9 in a principal amount which
equals the Ratable Portion for such Note. If any holder of a Note fails to accept such offer of prepayment, then the Company shall use the amount of the offered prepayment not accepted to pay down other Senior Indebtedness which constitutes
Indebtedness as set forth hereinabove. “Ratable Portion” for any Note means an amount equal to the product of (x) the Net Proceeds Amount being so applied to the payment of Senior Indebtedness multiplied by (y) a fraction
the numerator of which is the outstanding principal amount of such Note and the denominator of which is the aggregate principal amount of Senior Indebtedness of the Company and its Subsidiaries. 

“InfraREIT” means InfraREIT, Inc., a Maryland corporation, and its successors. 

“InfraREIT Partners” means InfraREIT Partners, LP, a Delaware limited partnership. 

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

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Investment Grade Credit Rating” means with respect to any Person, a rating of the
long-term unsecured debt securities of such Person (or if such rating is unavailable, issuer rating) equal to or higher than (1) “BBB-” (or the equivalent) with a stable or better outlook by
Standard& Poor’s Financial Services LLC, or (2) “Baa3” (or the equivalent) with a stable or better outlook by Moody’s Corporation; provided, that if such Person has a rating from both Standard &
Poor’s Financing Services LLC and Moody’s Corporation, then the applicable rating shall be deemed to be the lower of the two. 

“Leases” means the System Leases and any other leases of transmission and distribution and related assets to a Qualified
Lessee under which the Company or any Subsidiary of the Company is a party as a lessor. 
 “Lien” means, with respect to
any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement
or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 

  
 A-10- 

 “Make-Whole Amount” is defined in
Section 8.6. 
 “Material” means material in relation to the business, operations, affairs, financial condition,
assets or properties of the Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material
adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Note Parties to perform their respective obligations under this
Agreement and the Notes, (c) the ability of any Subsidiary Guarantor to perform its obligations under its Subsidiary Guaranty, (d) the validity or enforceability of this Agreement or any other the Note Document, or (e) the validity,
perfection or priority of the Collateral Agent’s Liens on any Material Collateral. 
 “Material Credit Facility”
means, as to the Company and its Subsidiaries (other than any Project Finance Subsidiary): 
 (a) the RBC Agreement, including any renewals,
extensions, amendments, supplements, restatements, replacements or refinancings thereof; 
 (b) the Pru Note Purchase Agreement; and 

(c) any other agreements creating or evidencing indebtedness for borrowed money (other than intercompany indebtedness) entered into on or
after the date of Closing by the Company or any Subsidiary (other than a Project Finance Subsidiary), or in respect of which the Company or any such Subsidiary is an obligor or otherwise provides a guarantee or other credit support (“Credit
Facility”), in a principal amount outstanding (individually or in the aggregate with respect to a related series of agreements) or available for borrowing equal to or greater than the greater of (i) $30,000,000 or (ii) 10% of the
aggregate commitments under the Company’s primary working capital facility (or, in each case, the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange
rate of such other currency at such time). 
 “Material Indebtedness” means any Indebtedness of the Company or its
Subsidiaries (other than Indebtedness under the Notes) (i) exceeding $10,000,000 or (ii) issued under, or pursuant to, any Material Credit Facility. 

“Material Project Document” means (i) any contract or agreement that is related to the ownership, operation,
maintenance, management service, repair or use of the System entered into by the Company or any Subsidiary that involves full payments or obligations of the Company or any Subsidiary in excess of $5,000,000 in any calendar year, and
(ii) Leases, but shall exclude any documents subject to Section 10.10 herein. 
 “Maturity Date” is
defined in the first paragraph of each Note. 

  
 A-11- 

 “McAllen Lease” shall mean the Third Amended and Restated Lease Agreement
(McAllen System), dated as of December 1, 2014, between the Company, as lessor, and Sharyland, as lessee, as such lease may be amended restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement
thereof, in accordance with Section 9.8 of this Agreement. 
 “Memorandum” is defined in Section 5.3.

 “Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section
4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Net Proceeds Amount” means, with respect to any Transfer of any property by any Person, an amount equal to the
difference of 
 (a) the aggregate amount of the consideration (if not cash, valued at the Fair Market Value of such
consideration at the time of the consummation of such Transfer) allocated to such Person in respect of such Transfer, net of any applicable taxes incurred in connection with such Transfer, minus 

(b) all ordinary and reasonable out-of-pocket
costs and expenses actually incurred by such Person in connection with such Transfer. 
 “New Project” shall mean any
transmission or distribution project, including any such project acquired or built by a Project Finance Subsidiary, any “Footprint Project” (as defined in the Leases) that the Company or a Subsidiary of the Company funds pursuant to a
Lease and any such project that InfraREIT or a Subsidiary thereof acquires pursuant to the Development Agreement. 
 “Non-Recourse
Debt” means Indebtedness of a Project Finance Subsidiary or a Subsidiary of Sharyland, as the case may be, that, if secured, is secured solely by a pledge of collateral owned by such Project Finance Subsidiary or such Subsidiary of
Sharyland, as the case may be, and the Capital Stock in such Project Finance Subsidiary or such Subsidiary of Sharyland, as the case may be, and for which no Person other than such Project Finance Subsidiary or such Subsidiary of Sharyland, as the
case may be, is personally liable. 
 “Non-U.S. Purchaser” means a Purchaser (or holder of a Note) that is not a
“United States person” (as defined in Section 7701(a)(30) of the Code). 
 “Note Documents” means this
Agreement, the Notes, the Security Documents, the Subsidiary Guaranties, all documents evidencing or securing the Obligations and all documents, instruments and agreements executed from time to time in connection with any of the foregoing, together
with any amendment, waiver, supplement or other modification to any of the foregoing. 

  
 A-12- 

 “Note Parties” means the Company and each Subsidiary that is a party to a Note
Document, as applicable. 
 “Notes” is defined in Section 1. 

“Obligation” means any loan, advance, debt, liability, and obligation of performance, howsoever arising, owed by the Note
Parties to the Collateral Agent or the to holders of the Notes of any kind or description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, pursuant to the terms of this Agreement, any Note or any of the other Note Documents, including all principal, interest, Make-Whole Amounts, fees, charges, expenses, attorneys’ fees and accountants fees
payable or reimbursable by the Company under this Agreement or any of the other Note Documents. 
 “OFAC” is defined in
Section 5.16(a). 
 “OFAC Listed Person” is defined in Section 5.16(a). 

“OFAC Sanctions Program” means any comprehensive economic sanctions or embargoes that OFAC administers and enforces against
certain countries or territories (currently, Crimea, Cuba, Iran, North Korea, Sudan, and Syria). 
 “Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. 

“Optional Release Conditions” is defined in Section 9.10. 

“Optional Release Date” is defined in Section 9.10. 

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

“Permit” means any action, approval, consent, waiver, exemption, variance, franchise, order, permit, authorization, right or
license of or from a Governmental Authority, provided that interests or estates in real property shall not be considered Permits. 

“Permitted Lien” is defined in Section 10.5. 

“Permitted Secured Indebtedness” has the meaning given to it in the Collateral Agency Agreement. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as defined
in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or 

  
 A-13- 

 
maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or
any ERISA Affiliate may have any liability. 
 “Pledge Agreement” means the Amended and Restated Assignment of Membership
Interests and Pledge Agreement, dated as of December 10, 2014, by TDC, with respect to its membership interests in the Company, to the Collateral Agent. 

“Preferred Stock” means any class of Capital Stock of a Person that is preferred over any other class of Capital Stock of
such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 
 “Project
Finance Subsidiary” means a special purpose Subsidiary of a Person created to develop a New Project and to finance such New Project solely with Non-Recourse Debt and equity. 

“Property Reinvestment Application” means, with respect to any Transfer of property constituting an Asset Disposition, the
application of an amount equal to the Net Proceeds Amount with respect to such Transfer to the acquisition by the Company or any of its Subsidiaries of assets to be used in the principal business of the Company or any of its Subsidiaries. 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. 
 “Pru Note Purchase Agreement” means collectively and individually
(i) that certain Amended and Restated Note Purchase Agreement dated September 14, 2010 and (ii) that certain Amended and Restated Note Purchase Agreement dated July 13, 2010, in each case as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Pru Notes” means collectively and individually the Company’s
7.25% Senior Notes due December 30, 2029 and the Company’s 6.47% Senior Notes due September 30, 2030 issued under the applicable Pru Note Purchase Agreement. 

“PTE” is defined in Section 6.2(a). 

“Public Utility Holding Company Act” or “PUHCA” means the Public Utility Holding Company Act of 2005, and
FERC’s implementing regulations related thereto. 
 “Purchaser” or “Purchasers” means each of the
purchasers that has executed and delivered this Agreement to the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note
that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such
Note for the purposes of this Agreement upon such transfer. 

  
 A-14- 

 “Qualified Lessee” means Sharyland and/or any other utility that is
(x) approved or authorized by the applicable public utility commission or similar regulatory authority to operate and/or lease the transmission and/or distribution assets of the Company or any Subsidiary and (y) a party to a then-effective
lease agreement with the Company or a Subsidiary thereof pursuant to which such utility leases and operates such entity’s transmission and/or distribution assets. 

“Qualified Lessee Affiliate Loan” means loans made by InfaREIT Partners or a Subsidiary thereof to Qualified Lessees from
time to time in an aggregate principal amount not to exceed $10,000,000 at any time outstanding as long as the use of proceeds of such loans is limited to the acquisition or financing of equipment or other assets used in the Qualified Lessee’s
operation or lease of transmission or distribution assets from the Company or a Subsidiary thereof pursuant to a Lease. 
 “QPAM
Exemption” is defined in Section 6.2(d). 
 “RBC” means Royal Bank of Canada, a Canadian banking
institution. 
 “RBC Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of
December 10, 2014, among the Company, as borrower, the lenders from time to time party thereto and RBC, administrative agent, which as of the date hereof constitutes the Company’s principal revolving credit agreement as the same may be
amended, restated, supplemented and otherwise modified from time to time. 
 “Real Property Collateral” means any fee owned
real property (other than easements and rights of way) with a fair market value in excess of $3,000,000. 
 “Related Fund”
means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or
such investment advisor. 
 “Required Holders” means at any time (a) after the First Closing but before the Second
Closing, the holders of more than 50% of the Notes outstanding, provided that only for the purposes of this clause (a), the Notes scheduled to be issued at the Second Closing shall be deemed to be outstanding (exclusive of Notes then owned by any
Note Party or any of their Affiliates), and (b) at any time on or after the Second Closing, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its
Affiliates). 
 “Required Permit” means all governmental and third party Permits, patents, copyright, proprietary software,
service marks, trademarks and trade names, or rights thereto, that are material to the ownership, leasing, operating and maintenance of the System. 

“Requirements of Law” means as to any Person, the certificate of incorporation or formation and by-laws or partnership or
operating agreement or other organizational or governing documents of such Person, and any local, state or Federal law, regulation, rule, ordinances or determination, interpretation or order of an arbitrator or a court or other

  
 A-15- 

 
Governmental Authority, and any Required Permit, in each case applicable to or binding upon such Person or any of its properties or its business or to which such Person or any of its properties
or its business is subject. 
 “Responsible Officer” means any Senior Financial Officer and any other officer of the
Company with responsibility for the administration of the relevant portion of this Agreement. 
 “SEC” means the Securities
and Exchange Commission of the United States, or any successor thereto. 
 “Second Closing” is defined in Section 3.

 “Secured Parties” means the Collateral Agent, the holders of the Notes and the other Secured Parties (as defined in the
Collateral Agency Agreement) from time to time. 
 “Securities” or “Security” shall have the meaning
specified in section 2(1) of the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time
to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Security Agreement” means
the Amended and Restated Security Agreement, dated as of September 29, 2015, among the Company and the Collateral Agent. 

“Security Documents” means (i) the Collateral Agency Agreement, Security Agreement, the Deeds of Trust, the Pledge
Agreement and the Deposit Agreement, and (ii) other security documents entered into pursuant to Section 9.7 and any other security documents, financing statements and the like filed or recorded in connection with the foregoing. 

“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the
Company. 
 “Senior Indebtedness” means and includes any Indebtedness of the Company (other than Indebtedness owing to any
Affiliate) which is not expressed to be junior or subordinate in right of payment to any other Indebtedness of the Company. 

“series” means any series of Notes issued pursuant to this Agreement. 

“Series A Notes” is defined in Section 1. 

“Series B Notes” is defined in Section 1. 

“Sharyland” means Sharyland Utilities, L.P., a Texas limited partnership. 

  
 A-16- 

 “Significant Subsidiary” means at any time any Subsidiary that would at such
time constitute a “significant subsidiary” (as such term is defined in Regulation S-X of the SEC as in effect on the date of the First Closing) of the Company. 

“Source” is defined in Section 6.2. 

“SP” means Sharyland Projects, L.L.C., a Project Finance Subsidiary. 

“Specified Qualified Lessee” means Sharyland and any Qualified Lessee (a) (i) without an Investment Grade Credit
Rating or (ii) whose obligations under the applicable Leases are not guaranteed by an entity with an Investment Grade Credit Rating and (b) whose business is limited to the leasing of transmission and/or distribution assets from the
Company or any of its Subsidiaries or Affiliates. 
 “Stanton/Brady/Celeste Lease” shall mean (A) prior to the
effectiveness of the Stanton/Brady/Celeste Lease Amendment and Restatement, the Second Amended and Restated Lease Agreement (Stanton/Brady/Celeste Assets), dated as of December 1, 2014, between the Company, as lessor, and Sharyland, as lessee,
and (B) upon the effectiveness of the Stanton/Brady/Celeste Lease Amendment and Restatement, the Stanton/Brady/Celeste Lease Amendment and Restatement, as such lease may be amended restated, supplemented or otherwise modified from time to time,
or any new lease entered into in replacement thereof, in accordance with Section 9.8 of this Agreement. 

“Stanton/Brady/Celeste Lease Amendment and Restatement” shall mean the Third Amended and Restated Lease Agreement
(Stanton/Brady/Celeste Assets), between the Company, as lessor, and Sharyland, as lessee. 
 “STL Lease” shall mean the
Third Amended and Restated Lease Agreement (Stanton Transmission Loop Assets, dated as of December 1, 2014, between the Company (as the successor in interest to SDTS FERC, L.L.C.), as lessor, and Sharyland (as the successor in interest to SU
FERC, L.L.C.), as lessee, as such lease may be amended, restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement thereof, in accordance with Section 9.8 and 10.11 of this
Agreement, as applicable. 
 “SP Credit Agreement” is defined in Section 9.12. 

“SP Lenders” is defined in Section 9.12. 

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

  
 A-17- 

 “Subsidiary Guarantor” means each Subsidiary that has executed and delivered a
Subsidiary Guaranty. 
 “Subsidiary Guaranty” is defined in Section 9.7(d). 

“Substitute Purchaser” is defined in Section 21. 

“Subsidiary Stock” means, with respect to any Person, the Capital Stock of any Subsidiary of such Person. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Swap Contract” means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward foreign exchange transactions,
cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including, without limitation, any options to enter into any of the foregoing), and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International Foreign Exchange
Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into
account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any
property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which
such Person is the lessor. 
 “System” means the Company’s and/or any Subsidiary’s (other than a Project Finance
Subsidiary’s) integrated electrical transmission and distribution facilities located primarily in the State of Texas and the systems and other property necessary to operate the transmission and distribution facilities, and all improvements to
and expansions of such facilities, and each New 

  
 A-18- 

 
Project (upon its completion) owned by the Company or a Subsidiary (other than a Project Finance Subsidiary) thereof; provided that, for the purposes hereof, “System” shall not
be deemed to include any easements held by the Company or any Subsidiary. 
 “System Leases” means (1) the
McAllen Lease, (2) the Stanton/Brady/Celeste Lease, (3) the ERCOT Transmission Lease, (4) the STL Lease, (5) the CREZ Lease and (6) any and all other Leases and supplements thereto in connection with the System and the
transmission and distribution facilities ancillary thereto and any easements associated therewith, in the case of each of the foregoing clauses (1) through (6) as amended, restated, supplemented or otherwise modified from time to time, or
any new lease entered into in replacement thereof, in accordance with Sections 9.8 and 10.11 of this Agreement, as applicable. 

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

“TDC” means Transmission and Distribution Company, L.L.C., a Texas limited liability company. 

“Total Debt” means, with respect to the Company, all Indebtedness of the Company on a consolidated
basis; provided, however, that for purposes of calculating the Company’s Total Debt to Capitalization Ratio, the Company’s Total Debt shall exclude Non-Recourse Debt of a Project Finance Subsidiary of the Company and that portion of
the Swap Termination Value defined in clause (b) of the definition of “Swap Termination Value” and shall include Indebtedness of Sharyland on a consolidated basis (excluding Non-Recourse Debt of a Project Finance Subsidiary of
Sharyland). 
 “Total Debt to Capitalization Ratio” means, as of any date, (a) the Company’s Total
Debt as of such date divided by (b) the sum of (i) the Company’s Total Debt as of such date plus (ii) the Company’s Consolidated Net Worth as of such date. In connection with any transaction or series of related transactions
not prohibited by this Agreement (including by waiver, consent or amendment given or made in accordance with Section 17) pursuant to which the Company or any Subsidiary makes any acquisition or disposition of assets with a fair market
value greater than $1,000,000, the Total Debt to Capitalization Ratio shall be calculated on a pro forma basis after giving effect to such transaction or series of related transactions as a whole (including any related incurrence, repayment or
assumption of Indebtedness). 
 “Transfer” means, with respect to any Person, any transaction (including by merger,
consolidation or disposition of all or substantially all the assets of such Person) in which such Person sells, conveys, transfers or leases (as lessor) any of its property, including, without limitation, Subsidiary Stock.
“Transfer” shall also include the creation of minority interests in connection with any merger or consolidation involving a Subsidiary if the resulting entity is owned, directly or indirectly, by the Company in the proportion less
than the proportion of ownership of such Subsidiary by the Company immediately preceding such merger or consolidation. 

  
 A-19- 

 “UCC” shall mean, with respect to any jurisdiction, the Uniform Commercial Code
as in effect in such jurisdiction. 
 “UCC Collateral” means the Collateral that is of a type in which a valid security
interest can be created under Article 8 or Article 9 of the UCC as in effect in New York. 
 “USA PATRIOT Act” means
United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and
the rules and regulations promulgated thereunder from time to time in effect. 
 “U.S. Economic Sanctions” is
defined in Section 5.16(a). 
 “Wholly-Owned Subsidiary” means, at any time,
any Subsidiary all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned
Subsidiaries at such time. 

  
 A-20- 

 [FORM OF SERIES A NOTE] 

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

3.86% SENIOR NOTE, SERIES A, DUE DECEMBER 3, 2025 

 

			
	No. RA -[            ]	  	[Date]
	$[        ]	  	PPN 82011@ AC7

 FOR VALUE RECEIVED, the undersigned, SHARYLAND
DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. (herein called the “Company”), a Texas limited liability company, hereby promises to pay to
[                            ], or registered assigns, the principal sum of
[                            ] DOLLARS (or so much thereof as shall not have been prepaid) on
December 3, 2025 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid
balance hereof at the rate of 3.86% per annum from the date hereof, payable semiannually, on the third day of June and December in each year, commencing with the June 3 or December 3 next succeeding the date hereof, and on the
Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance
and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.86% or (ii) 2.00% over the rate of interest publicly announced by Wells Fargo
Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at the principal office of Wells Fargo Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the
Note Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement, dated as of December 3, 2015 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase
Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the 

  

SCHEDULE 1(a) 
 (to
Note Purchase Agreement) 

 
person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the
contrary. 
 The Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase
Agreement. This Note is also subject to optional and mandatory prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

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

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

			
	SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C.
		
	By	 	  

		 	[Title]

  
 1(a)-2- 

 [FORM OF SERIES B NOTE] 

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

3.86% SENIOR NOTE , SERIES B, DUE JANUARY 14, 2026 

 

			
	No. RB-[            ]	  	[Date]
	$[        ]	  	PPN 82011@ AD5

 FOR VALUE RECEIVED, the undersigned, SHARYLAND
DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. (herein called the “Company”), a Texas limited liability company, hereby promises to pay to
[                            ], or registered assigns, the principal sum of
[                            ] DOLLARS (or so much thereof as shall not have been prepaid) on
January 14, 2026 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid
balance hereof at the rate of 3.86% per annum from the date hereof, payable semiannually, on the fourteenth day of January and July in each year, commencing with the January 14 or July 14 next succeeding the date hereof, and on the
Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance
and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.86% or (ii) 2.00% over the rate of interest publicly announced by Wells Fargo
Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at the principal office of Wells Fargo Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the
Note Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement, dated as of December 3, 2015 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase
Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the 

  

SCHEDULE 1(b) 
 (to
Note Purchase Agreement) 

 
person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the
contrary. 
 The Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase
Agreement. This Note is also subject to optional and mandatory prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

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

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

			
	SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C.
		
	By	 	  

		 	[Title]

  
 1(b)-2- 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE COMPANY 

Matters To Be Covered in 

Opinion of Special Counsel to the Company 

  

SCHEDULE 4.4(a) 
 (to
Note Purchase Agreement) 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

  

SCHEDULE 4.4(b) 
 (to
Note Purchase Agreement) 

 SHARYLAND DISTRIBUTION & TRANSMISSION
SERVICES, L.L.C. 
 1807 ROSS AVENUE 

DALLAS, TEXAS 75201 

INFORMATION RELATING TO PURCHASERS 

 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 METROPOLITAN LIFE INSURANCE COMPANY

1095 Avenue of the Americas

New York, New York 10036
	  	$	21,300,000	  	  	$	10,100,000	  

 (Securities to be registered in the name of Metropolitan Life Insurance Company) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	002-2-410591
	Account Name:	  	Metropolitan Life Insurance Company
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% due 12/2015 & 01/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Metropolitan Life Insurance Company 

Investments, Private Placements 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 

Emails: PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 SCHEDULE B

 (to Note Purchase Agreement) 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Metropolitan Life Insurance Company 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
 (3) Original
notes delivered to: 
 Metropolitan Life Insurance Company 

Investments Law 
 P.O. Box 1902

 10 Park Avenue 
 Morristown,
New Jersey 07962-1902 
 Attention: Stephanie Doncov, Esq. 

(4) Taxpayer I.D. Number: 13-5581829 
 (5) UK Passport Treaty
Number (if applicable): 13/M/61303/DTTP 

  
 B-2- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE
PURCHASED	 
			
	 METLIFE INSURANCE COMPANY USA

c/o Metropolitan Life Insurance Company

1095 Avenue of the Americas

New York, New York 10036
	  	$	8,700,000	  	 	$	4,100,000	  

 (Securities to be registered in the name of MetLife Insurance Company USA) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	910-2-587434
	Account Name:	  	MetLife Insurance Company USA
	Ref:	  	Sharyland Distribution & Transmission Services, LLC

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

MetLife Insurance Company USA 

c/o Metropolitan Life Insurance Company 

Investments, Private Placements 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 

Emails: PPUCompliance@metlife.com and ndoyle@metlife.com 

With a copy OTHER than with respect to deliveries of financial statements to: 

MetLife Insurance Company USA 

c/o Metropolitan Life Insurance Company 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 B-3- 

 (3) Original notes delivered to: 

MetLife Insurance Company USA 

c/o Metropolitan Life Insurance Company 

Investments Law 
 P.O. Box 1902

 10 Park Avenue 
 Morristown,
New Jersey 07962-1902 
 Attention: Stephanie Doncov, Esq. 

(4) Taxpayer I.D. Number: 06-0566090 
 (5) UK Passport Treaty
Number (if applicable): 13/M/61653/DTTP 

  
 B-4- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 EMPLOYERS REASSURANCE CORPORATION

c/o Jane Kipper

7101 College Boulevard, Suite 1400

Overland Park, KS 66210
	  	$	10,600,000	  	  	$	5,100,000	  

 (Securities to be registered in the name of Cudd & Co.) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	9009002859
	Account Name:	  	Private Placement Income
	Ref:	  	G10190 Employers Reassurance Corporation - Sharyland Distribution & Transmission Services

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Employers Reassurance Corporation 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 

Emails: PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-5- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Employers Reassurance Corporation 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 JPMorgan Chase Bank 

Attn: Private Placements 

Account: Employers Reassurance Corp 

14201 Dallas Parkway - 13th Floor 

Dallas, TX 75254 
 FAX
(469) 477-1904 
 (3) Original notes delivered to: 

The Depository Trust Company 

570 Washington Blvd - 5th Floor 

Jersey City, NJ 07310 
 ATTN: BNY
Mellon/Branch Deposit Department 
 (FFC No. G10190, PP Income, Employers Reassurance Corp.) 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 481024691 

  
 B-6- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 LINCOLN BENEFIT LIFE COMPANY

5600 N. River Road

Columbia Centre 1, Suite 300

Rosemont, IL 60018
	  	$	2,600,000	  	  	$	3,100,000	  

 (Securities to be registered in the name of Lincoln Benefit Life Company) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	Citibank, N.A.
	Location:	  	New York, NY
	ABA:	  	021000089
	A/C#:	  	36858201
	A/C:	  	Insurance Concentration Account
	FFC:	  	LBL Other Life – Other (MetL) AC#: 234077
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% DUE 12/2025 & 1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-7- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 Lincoln Benefit Life Company

 Attention: Karl Chappell 

5600 N. River Road 
 Columbia
Centre 1, Suite 300 
 Rosemont, IL 60018 
 (3)
Original notes delivered to: (Physical Note) 
 Citibank 908 

DTC NY Window 
 55 Water Street,
3rd Floor 
 New York, NY 10041 

A/c Number: LBL Other Life – Other (MetL) AC#: 234077 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 47-0221457 
 (5) UK Passport Treaty
Number (if applicable): N/A 

  
 B-8- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 LINCOLN BENEFIT LIFE COMPANY

5600 N. River Road

Columbia Centre 1, Suite 300

Rosemont, IL 60018
	  	$	8,000,000	  	  	$	0	  

 (Securities to be registered in the name of Lincoln Benefit Life Company) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	Citibank, N.A.
	Location:	  	New York, NY
	ABA:	  	021000089
	A/C#:	  	36858201
	A/C:	  	Insurance Concentration Account
	FFC:	  	LBL Lancaster Funds Withheld – Other (MetL) AC#: 234073
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% DUE 12/2025

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-9- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 Lincoln Benefit Life Company

 Attention: Karl Chappell 

5600 N. River Road 
 Columbia
Centre 1, Suite 300 
 Rosemont, IL 60018 
 (3)
Original notes delivered to: (Physical Note) 
 Citibank 908 

DTC NY Window 
 55 Water Street,
3rd Floor 
 New York, NY 10041 

A/c Number: LBL Other Life – Other (MetL) AC#: 234073 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 47-0221457 
 (5) UK Passport Treaty
Number (if applicable): N/A 

  
 B-10- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 LINCOLN BENEFIT LIFE COMPANY

5600 N. River Road

Columbia Centre 1, Suite 300

Rosemont, IL 60018
	  	$	0	  	  	$	2,000,000	  

 (Securities to be registered in the name of Lincoln Benefit Life Company) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Bank Name:	  	Citibank, N.A.
	Location:	  	New York, NY
	ABA:	  	021000089
	A/C#:	  	36858201
	A/C:	  	Insurance Concentration Account
	FFC:	  	LBL ModCo Life – Other (MetL) AC#: 234075
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% DUE 1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-11- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 Lincoln Benefit Life Company

 Attention: Karl Chappell 

5600 N. River Road 
 Columbia
Centre 1, Suite 300 
 Rosemont, IL 60018 
 (3)
Original notes delivered to: (Physical Note) 
 Citibank 908 

DTC NY Window 
 55 Water Street,
3rd Floor 
 New York, NY 10041 

A/c Number: LBL ModCo Life – Other (MetL) AC#: 234075 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 47-0221457 
 (5) UK Passport Treaty
Number (if applicable): N/A 

  
 B-12- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 SYMETRA LIFE INSURANCE COMPANY

777 108th Avenue NE, Suite 1200

Bellevue, WA 98004-5135
	  	$	6,800,000	  	  	$	3,200,000	  

 (Securities to be registered in the name of CUDD and CO) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

U.S. (USD) 
  

			
	Bank Name:	  	JPMorgan Chase
	ABA:	  	021-000-021
	Account No.:	  	9009000200
	FFC:	  	P89526, Symetra Life Indexed Annuity 170 – Met Private
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% DUE 12/2025 & 1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Symetra Life Insurance Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-13- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Symetra Life Insurance Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 Symetra Life Insurance
Company 
 Attn: Nate Zaientz 

200 Hubbard Road 
 Guilford, CT
06437 
 (3) Original notes delivered to: 

Symetra Life Insurance Company 

Attn: Nate Zaientz 
 200 Hubbard
Road 
 Guilford, CT 06437 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 91-0742147 
 (5) UK Passport Treaty
Number (if applicable): 13/S/307814/DTTP 

  
 B-14- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 SYMETRA LIFE INSURANCE COMPANY

777 108th Avenue NE, Suite 1200

Bellevue, WA 98004-5135
	  	$	3,800,000	  	  	$	1,900,000	  

 (Securities to be registered in the name of CUDD and CO) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

U.S. (USD) 
  

			
	Bank Name:	  	JPMorgan Chase
	ABA:	  	021-000-021
	Account No.:	  	9009000200
	FFC:	  	P89536, Symetra Life Deferred Annuity 196 – Met Private
	Ref:	  	Sharyland Distribution & Transmission Services, LLC 3.86% DUE 12/2025 & 1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Symetra Life Insurance Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-15- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Symetra Life Insurance Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 
 Symetra Life Insurance
Company 
 Attn: Nate Zaientz 

200 Hubbard Road 
 Guilford, CT
06437 
 (3) Original notes delivered to: 

Symetra Life Insurance Company 

Attn: Nate Zaientz 
 200 Hubbard
Road 
 Guilford, CT 06437 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: 91-0742147 
 (5) UK Passport Treaty
Number (if applicable): 13/S/307814/DTTP 

  
 B-16- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 SWISS FEDERAL PENSION FUND PUBLICA

Attn: Asset Management

Eigerstrasse 57, P.O. Box, 3000 Berne 23

Switzerland
	  	$	3,200,000	  	  	$	1,500,000	  

 (Securities to be registered in the name of Pensionskasse des Bundes PUBLICA) 

(1) All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

 

			
	Currency:	  	USD
	Bank Name:	  	JPMORGAN CHASE BANK, NEW YORK
	SWIFT:	  	CHASUS33
	Account No.:	  	001 0 962009
	Name:	  	CHASGB2L
	FFC:	  	GB63CHAS60924241360786
	NAME:	  	PUBLICA - PRIVATE PLACEMENT METLIFE
	Ref:	  	Sharyland Distribution & Transmission Services, LLC

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence
of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
 (2) All notices and communications: 

Publica 
 c/o MetLife
Investment Advisors, LLC 
 Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle 
 Emails:
PPUCompliance@metlife.com and ndoyle@metlife.com 

  
 B-17- 

 With a copy OTHER than with respect to deliveries of financial statements to: 

Swiss Federal Pension Fund PUBLICA 

Attn: Asset Management 

Eigerstrasse 57, P. O. Box, 3000, Berne 23, Switzerland 

Facsimile: +41 31 378 81 15 
 and

 Publica 
 c/o MetLife
Investment Advisors, LLC 
 P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
 (3) Original
notes delivered to: 
 JPMorgan Chase Bank, N.A. 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, New York 11245-0001 

Attention: Physical Receive Department 

Reference Account: # 001 0 962009 (FFC GB63CHAS60924241360786) 

Reference: Account Name - PUBLICA - PRIVATE PLACEMENT METLIFE 

with COPIES OF THE NOTES emailed to lhill@metlife.com 

(4) Taxpayer I.D. Number: ZPV 230’763’575 
 (5) UK
Passport Treaty Number (if applicable): N/A 

  
 B-18- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

c/o Babson Capital Management LLC

1500 Main Street - Suite 2200

PO Box 15189

Springfield, MA 01555-5189
	  	$	29,500,000	  	  	$	17,700,000	  

 Payments 
 All
payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as Sharyland Distribution & Transmission Services, LLC, 3.86% Senior
Secured Notes due December 3, 2025 (as to Series A) or January 14, 2026 (as to Series B) interest and principal), to: 
 MassMutual 

Citibank 
 New York, New York 

ABA # 021000089 
 Acct # 30510685 

RE: Description of security, cusip, principal and interest split 

With advice of payment to the Treasury Operations Liquidity Management Department at Massachusetts Mutual Life Insurance Company at
mmincometeam@massmutual.com or (413) 226-4295 (facsimile). 
 Registration of Securities 

All securities should be registered to Massachusetts Mutual Life Insurance Company and sent via overnight mail to: 

Tina Waterman, Paralegal 
 Babson
Capital Management LLC 
 1500 Main Street, Suite 2800 

Springfield, MA 01115-5189 

Telephone: 413-226-1060 

Facsimile: 413-226-2060 
 E-mail:
twaterman@babsoncapital.com 

  
 B-19- 

			
	 Notices
  

Send Communications and Notices to
  

Massachusetts Mutual Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
  
 Electronic Delivery of Financials and other
information to:
  
 Massachusetts Mutual Life Insurance
Company
 c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
  
 With notification to:

 

1.      privateplacements@babsoncapital.com

 

2.      jwheeler@babsoncapital.com
	  	 Send Notices on Payments to
  

Massachusetts Mutual Life Insurance Company

Treasury Operations Liquidity Management

1295 State Street

Springfield, MA 01111

Attn: Janelle Tarantino
  

With a copy to:
  

Massachusetts Mutual Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115
  
 Tax Identification No. 04-1590850

DTTP No.: 13/M/63867/DTTP

  
 B-20- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 C.M. LIFE INSURANCE COMPANY

c/o Babson Capital Management LLC

1500 Main Street - Suite 2200

PO Box 15189

Springfield, MA 01555-5189
	  	$	2,400,000	  	  	$	1,400,000	  

 Payments 
 All
payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as Sharyland Distribution & Transmission Services, LLC, 3.86% Senior
Secured Notes due December 3, 2025 (as to Series A) or January 14, 2026 (as to Series B) interest and principal), to: 
 JP Morgan Chase Bank 

New York, NY 
 ABA # 021000021 

Account Name: CM Life Insurance Company 
 Account Number:
771061371 
 RE: Description of security, cusip, principal and interest split 

With advice of payment to the Treasury Operations Liquidity Management Department at Massachusetts Mutual Life Insurance Company at
mmincometeam@massmutual.com or (413) 226-4295 (facsimile). 
 Registration of Securities 

All securities should be registered to C.M. Life Insurance Company and sent via overnight mail to: 

Tina Waterman, Paralegal 
 Babson
Capital Management LLC 
 1500 Main Street, Suite 2800 

Springfield, MA 01115-5189 

Telephone: 413-226-1060 

Facsimile: 413-226-2060 
 E-mail:
twaterman@babsoncapital.com 

  
 B-21- 

			
	 Notices
  

Send Communications and Notices to
  

C.M. Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
  
 Electronic Delivery of Financials and other
information to:
  
 C.M. Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
  
 With notification to:

 

1.      privateplacements@babsoncapital.com

 

2.      jwheeler@babsoncapital.com
	  	 Send Notices on Payments to
  

C.M. Life Insurance Company

Treasury Operations Liquidity Management

1295 State Street

Springfield, MA 01111

Attn: Janelle Tarantino
  

With a copy to:
  

C.M. Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115
  
 Tax Identification No. 06-1041383

DTTP No.: 13/C/65904/DTTP

  
 B-22- 

									
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT
OF SERIES A NOTES 
TO
 BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 MASSMUTUAL ASIA
LIMITED
 c/o Babson Capital Management LLC

1500 Main Street - Suite 2200

PO Box 15189

Springfield, MA 01555-5189
	  	$	5,300,000	  	  	$	3,200,000	  

 Payments 
 All
payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as Sharyland Distribution & Transmission Services, LLC, 3.86% Senior
Secured Notes due December 3, 2025 (as to Series A) or January 14, 2026 (as to Series B) interest and principal), to: 

Gerlach & Co. 
 Citibank,
N.A. 
 ABA Number 021000089 

Concentration Account 36112805 

FFC: MassMutual Asia 849195 
 Name
of Security/CUSIP Number 
 With advice of payment to the Treasury Operations Liquidity Management Department at Massachusetts Mutual Life Insurance Company
at mmincometeam@massmutual.com or (413) 226-4295 (facsimile). 
 Registration of Securities 

All securities should be registered in Citibank’s nominee name of Gerlach & Co. and to the following address: 

Citibank NA 
 399 Park Avenue 

Level B Vault 
 New York, NY 10022

 Acct. #849195 
  

			
	 Notices
  

Send Communications and Notices to
  

MassMutual Asia Limited

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
	  	 Send Notices on Payments to
  

MassMutual Asia Limited
 Treasury Operations Liquidity
Management
 1295 State Street
 Springfield, MA 01111

Attn: Janelle Tarantino

  
 B-23- 

			
	 Electronic Delivery of Financials and other information to:
  

MassMutual Asia Limited
 c/o Babson Capital Management LLC

1500 Main Street – Suite 2200
 PO Box 15189

Springfield, MA 01115-5189
  

With notification to:
  

1.      privateplacements@babsoncapital.com

 

2.      jwheeler@babsoncapital.com
	  	 With a copy to:
  

MassMutual Asia Limited
 c/o Babson Capital Management LLC

1500 Main Street – Suite 2200
 PO Box 15189

Springfield, MA 01115
  

Send Corporate Action Notification to:
  

Citigroup Global Securities Services
 Attn: Corporate Action
Dept
 3800 Citibank Center Tampa
 Building B Floor 3

Tampa, FL 33610-9122

  
 B-24- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO
BE
PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 BANNER LIFE INSURANCE
COMPANY
 c/o Babson Capital Management LLC

1500 Main Street - Suite 2200

PO Box 15189

Springfield, MA 01555-5189
	  	$	2,800,000	  	  	$	1,700,000	  

 Payments 
 All
payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as Sharyland Distribution & Transmission Services, LLC, 3.86% Senior
Secured Notes due December 3, 2025 (as to Series A) or January 14, 2026 (as to Series B) interest and principal), to: 
 BANNER
LIFE INSURANCE COMPANY 
 The Bank of New York/Mellon 

New York, New York 
 ABA #
021000018 
 Acct Name: Banner Life Insurance Company 

Account # GLA 111566 
 Attention:
P&I Department 
 RE: Description of security, cusip, principal and interest split 

Registration of Securities 
 All securities should
be registered to Hare & Co., LLC and sent via overnight mail to: 
 The Depository Trust Company 

570 Washington Blvd - 5th Floor 

Jersey City, NJ 07310 
 Attn: BNY
Mellon/Branch Deposit Department 
 Reference # 117612 US Bank NA 
  

			
	 With a copy of Notes to:
  

Tina Waterman, Paralegal
 Babson Capital Management LLC

1500 Main Street – Suite 2800
 Springfield, MA 01115-5189

Telephone: 413-226-1060
 Facsimile: 413-226-2060

Email: twaterman@babsoncapital.com
	  	 Electronic Delivery of Financials and other information to:
  

Banner Life Insurance Company
 c/o Babson Capital Management
LLC
 1500 Main Street – Suite 2200
 PO Box 15189

Springfield, MA 01115-5189

  
 B-25- 

			
	 Notices
  

Send Communications and Notices, including notices on payments, to

 
 Banner Life Insurance Company

c/o Babson Capital Management LLC

1500 Main Street – Suite 2200

PO Box 15189
 Springfield,
MA 01115-5189
  
 With notification to:

 

1.      privateplacements@babsoncapital.com

 

2.      jwheeler@babsoncapital.com
	  	 Tax Identification No. 52-1236145

DTTP No.: 13/B/363911/DTTP

  
 B-26- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 NEW YORK LIFE INSURANCE
COMPANY
 c/o NYL Investors LLC

51 Madison Avenue

2nd Floor, Room 208

New York, New York 10010
	  	$	16,200,000	  	  	$	9,600,000	  

 [See attached] 

  
 B-27- 

 NEW YORK LIFE INSURANCE COMPANY 

(Tax I.D. No. 13-5582869) 
  

	(1)	All payments by wire or intrabank transfer of immediately available funds to: 

 JPMorgan Chase
Bank 
 New York, New York 10019 

ABA No. 021-000-021 
 Credit:
New York Life Insurance Company 
 General Account No. 008-9-00687 

with sufficient information (including issuer, PPN number, interest rate, maturity and whether payment is of principal, premium, or interest)
to identify the source and application of such funds. 
 All notices of payments, written confirmations of such wire transfers and any audit
confirmation: 
 New York Life Insurance Company 

c/o NYL Investors LLC 
 51 Madison
Avenue 
 2nd Floor, Room 208 

New York, New York 10010-1603 
  

			
	Attention:	  	Investment Services
		  	Private Group
		  	2nd Floor
		  	Fax #: 908-840-3385

 with a copy sent electronically to: 

FIIGLibrary@nylim.com 

TraditionalPVtOps@nylim.com 
 Any
changes in the foregoing payment instructions shall be confirmed by e-mail to NYLIMWireConfirmation@nylim.com prior to becoming effective. 
  

	(2)	All other communications: 

 New York Life Insurance Company 

c/o NYL Investors LLC 
 51 Madison
Avenue 
 2nd Floor, Room 208 

New York, New York 10010 
  

			
	Attention:	  	Private Capital Investors
		  	2nd Floor
		  	Fax #: 908-840-3385

 with a copy sent electronically to: 

FIIGLibrary@nylim.com 

TraditionalPVtOps@nylim.com 
 and
with a copy of any notices regarding defaults or Events of Default under the operative documents to: 
  

			
	Attention:	  	Office of General Counsel
		  	Investment Section, Room 1016
		  	Fax #: (212) 576-8340

  

	(3)	Note(s) to be registered in the name of: New York Life Insurance Company 

 NYL Locked 2.26.2015 

  
 B-28- 

									
	NAME AND ADDRESS OF PURCHASER	 	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO
BE
PURCHASED
	 	 	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION
 c/o NYL Investors LLC

51 Madison Avenue

2nd Floor, Room 208

New York, New York 10010-1603
	 	$	23,800,000	  	 	$	14,400,000	  

 [See attached] 

  
 B-29- 

 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION 

(Tax I.D. No. 13-3044743) 
  

	(1)	All payments by wire or intrabank transfer of immediately available funds to: 

 JPMorgan Chase
Bank 
 New York, New York 
 ABA
No. 021-000-021 
 Credit: New York Life Insurance and Annuity Corporation 

General Account No. 323-8-47382 

with sufficient information (including issuer, PPN number, interest rate, maturity and whether payment is of principal, premium, or interest)
to identify the source and application of such funds, 
 All notices of payments, written confirmations of such wire transfers and any audit
confirmation: 
 New York Life Insurance and Annuity Corporation 

c/o NYL Investors LLC 
 51 Madison
Avenue 
 2nd Floor, Room 208 

New York, New York 10010-1603 
  

			
	Attention:	  	Investment Services
		  	Private Group
		  	2nd Floor
		  	Fax #: 908-840-3385

 with a copy sent electronically to: 

FIIGLibrary@nylim.com 

TraditionalPVtOps@nylim.com 
 Any
changes in the foregoing payment instructions shall be confirmed by e-mail to NYLIMWireConfirmation@nylim.com prior to becoming effective. 
  

	(2)	All other communications: 

 New York Life Insurance and Annuity Corporation 

c/o NYL Investors LLC 
 51 Madison
Avenue 
 2nd Floor, Room 208 

New York, New York 10010-1603 
  

			
	Attention:	  	Private Capital Investors
		  	2nd Floor
		  	Fax #: 908-840-3385

 with a copy sent electronically to: 

FIIGLibrary@nylim.com 

TraditionalPVtOps@nylim.com 
 and
with a copy of any notices regarding defaults or Events of Default under the operative documents to: 
  

			
	Attention:	  	Office of General Counsel
		  	Investment Section, Room 1016
		  	Fax #: (212) 576-8340

  

	(3)	Note(s) to be registered in the name of: New York Life Insurance and Annuity Corporation 

 NYL Locked 2.26.2015

  
 B-30- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 COBANK, ACB

6340 S. Fiddlers Green Circle

Greenwood Village, Colorado 80111

Telephone: 303-740-4000

Fax: 303-740-4002
	  	$	60,000,000	  	  	$	0	  

  

					
	 CoBank Wire Instructions:
  

	Name of Bank:	 	CoBank, ACB	 	
	Location of Bank:	 	Greenwood Village, Colorado	 	
	Swift BIC:	 	NBFCUS55	 	
	ABA Routing No:	 	307088754	 	
	Account Name	 	Sharyland Distribution and Transmission Services LLC
	Account Number	 	00099901	 	
	  
 CoBank General Information:

 

	Legal Name:	 	CoBank, ACB	 	
	Street Address:	 	6340 S. Fiddlers Green Circle	 	
	City, State and Zip:	 	Greenwood Village, Colorado 80111	 	
	Telephone:	 	303-740-4000	 	
	Fax:	 	303-740-4002	 	
	  
 Operations Contact (Bank
Agency/Operations)

	 (Draws/Repayments/Funding Matters)
  

	 	 	Primary Contact	 	Secondary Contact
	Name:	 	Beth Johnson	 	Sonya Moran
	Title:	 	Loan Accounting Analyst	 	Supervisor, Loan Accounting
	Street Address:	 	6340 S. Fiddlers Green Circle	 	6340 S. Fiddlers Green Circle
	City, State and Zip:	 	Greenwood Village, CO 80111	 	Greenwood Village, CO 80111
	Telephone:	 	(303) 740-4347	 	(303) 740-4028
	E-mail:	 	Cobankloanaccounting@cobank.com	 	Cobankloanaccounting@cobank.com
	  
 Credit Contact

 

	 	 	Primary Contact	 	Secondary Contact
	Name:	 	Dustin Zubke	 	Brianna Springer
	Title:	 	Vice President	 	Credit Analyst
	Street Address:	 	6340 S. Fiddlers Green Circle	 	6340 S. Fiddlers Green Circle
	City, State and Zip:	 	Greenwood Village, CO 80111	 	Greenwood Village, CO 80111
	Telephone:	 	(303)740-6458	 	(303) 694-5990
	E-mail:	 	dzubke@cobank.com	 	BSpringer@cobank.com

  
 B-31- 

					
	 Loan Documentation and Closing Matters

 

	 	 	Primary Contact	 	Secondary Contact
	Name:	 	Laura Laff	 	Tonya Halvorson
	Title:	 	Corporate Finance Closer	 	Supervisor, Closing
	Street Address:	 	6340 S. Fiddlers Green Circle	 	6340 S. Fiddlers Green Circle
	City, State and Zip:	 	Greenwood Village, CO 80111	 	Greenwood Village, CO 80111
	Telephone:	 	(303) 740-4099	 	(303) 740-6504
	E-mail:	 	closing@cobank.com	 	closing@cobank.com
	  
 Reporting Contact

	 (Compliance Matters & Financial Statements)

 

	Name:	 	Brianna Springer	 	
	Title:	 	Credit Analyst	 	
	Street Address:	 	6340 S. Fiddlers Green Circle	 	
	City, State and Zip:	 	Greenwood Village, CO 80111	 	
	Telephone:	 	(303) 694-5990	 	
	E-mail:	 	BSpringer@cobank.com	 	

  
 B-32- 

									
	NAME AND ADDRESS OF PURCHASER	 	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO
BE
PURCHASED
	 	 	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 VOYA INSURANCE AND ANNUITY
COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	 	$	26,700,000	  	 	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: Voya Ins and Ann Co GEN AC/Acct. 136373, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1363738400 
 Account Name: Voya Ins and Ann Co GEN AC 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-33- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 41-0991508 

  
 B-34- 

									
	NAME AND ADDRESS OF PURCHASER	 	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	 	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 VOYA INSURANCE AND ANNUITY
COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	 	$	6,700,000	  	 	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: Voya Ins and Ann Co - SLDI/Acct. 179369, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
179398400 
 Account Name: Voya Ins and Ann Co - SLDI 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-35- 

 with a copy to: 

The Bank of New York 
 Insurance
Trust Dept. 
 101 Barclay 8 West 

New York, NY 10286 
 Attn:.:
Bailey Eng 
 Baileyeng@bankofny.com 
 (3)
Address for all other communications and notices: 
 Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 41-0991508 

  
 B-36- 

									
	NAME AND ADDRESS OF PURCHASER	 	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	 	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 VOYA INSURANCE AND ANNUITY
COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	 	$	5,800,000	  	 	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: Voya Ins and Ann Co MVA/Acct. 136374, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1363748400 
 Account Name: Voya Ins and Ann Co MVA 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-37- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 41-0991508 

  
 B-38- 

									
	NAME AND ADDRESS OF PURCHASER	 	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	 	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 VOYA RETIREMENT INSURANCE AND
ANNUITY COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	 	$	11,100,000	  	 	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: VRIAC/Acct. 216101, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
2161018400 
 Account Name: VRIAC 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-39- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 71-0294708 

  
 B-40- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 RELIASTAR LIFE INSURANCE
COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	  	$	1,100,000	  	  	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: RLIC/Acct. 187035, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1870358400 
 Account Name: RLIC 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-41- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 41-0451140 

  
 B-42- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO
BE
PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 RELIASTAR LIFE INSURANCE COMPANY
OF NEW YORK
 5780 Powers Ferry Road NW, Suite
300
 Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	  	$	500,000	  	  	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: RLNY/Acct. 187038, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1870388400 
 Account Name: RLNY 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-43- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 53-0242530 

  
 B-44- 

									
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT

OF SERIES A NOTES TO
BE
PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF SERIES B NOTES

TO BE PURCHASED
	 
			
	 SECURITY LIFE OF DENVER
INSURANCE COMPANY
 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	  	$	2,800,000	  	  	$	0	  

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: SLD/Acct. 178157, 82011@ AC7 

For all payments other than scheduled principal and interest: 

The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1781578400 
 Account Name: SLD 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-45- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 84-0499703 

  
 B-46- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 SECURITY LIFE OF DENVER INSURANCE COMPANY

	 	$	300,000	  	 	$	0	  
	 5780 Powers Ferry Road NW, Suite 300

Atlanta, GA 30327-4347

Attn: Private Placements

Fax: (770) 690-4887

Email: Private.placements@voya.com
	 				 			

 (1) All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for
credit to: 
 For scheduled principal and interest payments: 

The Bank of New York Mellon 

ABA#: 021000018 
 BNF: GLA111566

 Attention: Income Collection Dept 

Reference: A/C#: 1781658400 

Account Name: Security Life of Denver Ins — SSA 

82011@ AC7 
 For all payments
other than scheduled principal and interest: 
 The Bank of New York Mellon 

ABA#: 021000018 or via SWIFT IRVTUS3NAMS 

BNF: GLA111566 
 Account No.:
1781658400 
 Account Name: Security Life of Denver Ins — SSA 

Reference: 82011@ AC7 
 Each
such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among
principal, premium and interest) of the payment being made. 
 (2) Address for all notices relating to payments: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 VoyaIMCashOperations@Voya.com 

  
 B-47- 

 (3) Address for all other communications and notices: 

Voya Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-4887 

Email: private.placements@voya.com 
 (4) Tax
Identification No.: 84-0499703 

  
 B-48- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES TO
BE
PURCHASED	 
			
	 THE GIBRALTAR LIFE INSURANCE CO.,
LTD.
	 	$	7,500,000	  	 	$	0	  
	 Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group

2200 Ross Avenue, Suite 4300

Dallas, TX 75201
	 	  
 $
	  
 7,500,000
	  
   
	 			

  

	(1)	All principal, interest and Make-Whole Amount payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No.: 021-000-021 

Account Name: GIBPRVHFR1 
 Account
No.: P30782 (please do not include spaces) (in the case of payments on account of Note No. RA-24) 
 Account Name: GIBPRVHFR2 

Account No.: P86406 (please do not include spaces) (in the case of payments on account of Note No. RA-25) 

Each such wire transfer shall set forth the name of the Company, a reference to “3.86% Senior Notes, Series A, due 2025, Security No.
INV10794, PPN 82011@ AC7” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. 
  

	(2)	All payments, other than principal, interest or Make-Whole Amount, on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No. 021-000-021 

Account No. 304199036 

Account Name: Prudential International Insurance Service Co. 

Each such wire transfer shall set forth the name of the Company, a reference to “3.86% Senior Notes, Series A, due 2025, Security No.
INV10794, PPN 82011@ AC7” and the due date and application (e.g., type of fee) of the payment being made. 

  
 B-49- 

	(3)	Address for all communications and notices: 

 Prudential Private Placement Investors, L.P. 

c/o Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
Managing Director, Energy Finance Group - Power 
 and for all notices relating solely to scheduled principal and interest payments
to: 
 The Gibraltar Life Insurance Co., Ltd. 

2-13-10, Nagata-cho 
 Chiyoda-ku,
Tokyo 100-8953, Japan 
  

			
	Attention:	  	Osamu Egi, Team Leader of Investment
		  	Administration Team
		  	E-mail: osamu.egi@gib-life.co.jp
	
	and e-mail copy to:
		
	Attention:	  	Tetsuya Sawazaki, Manager of Investment
		  	Administration Team
		  	E-mail:tetsuya.sawazaki@gib-life.co.jp

  

	(4)	Address for Delivery of Notes: 

 Send physical security by nationwide overnight delivery service
to: 
 Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
William H. Bulmer 
 Telephone: (214) 720-6204 
  

	(5)	Tax Identification No.: 98-0408643 

  
 B-50- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES TO
BE
PURCHASED	 
			
	 THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA
	 	$	9,600,000	  	 	$	0	  
	 c/o Prudential Capital Group

2200 Ross Avenue, Suite 4300

Dallas, TX 75201
	 				 			

  

	(1)	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No.: 021-000-021 

Account Name: Prudential Managed Portfolio 

Account No.: P86188 (please do not include spaces) 

Each such wire transfer shall set forth the name of the Company, a reference to “3.86% Senior Notes, Series A, due 2025, Security No.
INV10794, PPN 82011@ AC7” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. 
  

	(2)	Address for all communications and notices: 

 The Prudential Insurance Company of America 

c/o Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
Managing Director, Energy Finance Group - Power 
 and for all notices relating solely to scheduled principal and interest payments
to: 
 The Prudential Insurance Company of America 

c/o Prudential Investment Management, Inc. 

Prudential Tower 
 655 Broad
Street 
 14th Floor - South Tower 

Newark, NJ 07102 
 Attention: PIM
Private Accounting Processing Team 
 Email: Pim.Private.Accounting.Processing.Team@prudential.com 

  
 B-51- 

	(3)	Address for Delivery of Notes: 

 Send physical security by nationwide overnight delivery service
to: 
 Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
William H. Bulmer 
 Telephone: (214) 720-6204 
  

	(4)	Tax Identification No.: 22-1211670 

  
 B-52- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES TO
BE
PURCHASED	 
			
	 PRUDENTIAL ARIZONA REINSURANCE CAPTIVE
COMPANY
	 	$	6,400,000	  	 	$	0	  
	 c/o Prudential Capital Group

2200 Ross Avenue, Suite 4300

Dallas, TX 75201
	 				 			

  

	(1)	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

Citibank/NYC 
 ABA No.:
021-000-089 
 Account Name: Citibank N.A. NY Trust and Custody 

Account No.: 36859933 
 SWIFT:
CITIUS33 
 FFC Account Name: PARCC PLAZ Trust 1 

FFC Account No.: 240212 
 Each
such wire transfer shall set forth the name of the Company, a reference to “3.86% Senior Notes, Series A, due 2025, Security No. INV10794, PPN 82011@ AC7” and the due date and application (as among principal, interest and Make-Whole
Amount) of the payment being made. 
  

	(2)	Address for all communications and notices: 

 Prudential Arizona Reinsurance Captive Company

 c/o Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
Managing Director, Energy Finance Group - Power 
 and for all notices relating solely to scheduled principal and interest payments
to: 
 Prudential Arizona Reinsurance Captive Company 

c/o Prudential Investment Management, Inc. 

Prudential Tower 
 655 Broad
Street 
 14th Floor - South Tower 

Newark, NJ 07102 
 Attention: PIM
Private Accounting Processing Team 
 Email: Pim.Private.Accounting.Processing.Team@prudential.com 

  
 B-53- 

	(3)	Address for Delivery of Notes: 

 Send physical security by nationwide overnight delivery service
to: 
 Prudential Capital Group 

2200 Ross Avenue, Suite 4300 

Dallas, TX 75201 
 Attention:
William H. Bulmer 
 Telephone: (214) 720-6204 
  

	(4)	Tax Identification No.: 33-1095301 

  
 B-54- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 AXA EQUITABLE LIFE INSURANCE COMPANY
	 	$	24,000,000	  	 	$	0	  
	 525 Washington Blvd., 34th Floor

Jersey City, NJ 07310

Attn: Lynn Garofalo

Telephone Number: (201) 743-6634
	 				 			

  

					
	Account (s):	  	AXA Equitable Life Insurance Company	  	
		  	IRS Employer Identification Number:	  	13-557-0651

 Delivery Instructions 

for direct private placement purchases notes issued in the name of AXA Equitable Life Insurance Company: 

Name and Address of Purchaser 
 AXA Equitable Life
Insurance Company 
 525 Washington Blvd., 34th Floor 
 Jersey
City, New Jersey 07310 

			
	Attention:	 	Lynn Garofalo
		 	Telephone Number: (201) 743-6634

 Manner of Payments and Notices: 

All payments shall be made by wire transfer of immediately available funds to: 

JP Morgan Chase 
 Account (s): AXA
Equitable Life Insurance Company 
 4 Chase Metrotech Center 

Brooklyn, New York 11245 
 ABA
No.: 021-000021 
 Bank Account: 037-2-413336 

Custody Account: G04657 
 Face
Amount: $24,000,000.00 
 Each such wire shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if
such payment is a final payment. 

  
 B-55- 

 Notices of Payments and Written Confirmations and W-9 Forms if Needed: 

All notices of payments and written confirmations of wire transfers should be sent to: 

AXA Equitable Life Insurance Company 

C/O AB Global 
 1345 Avenue of the
America 
 37th Floor 

New York, New York 10105 

Attention: Cosmo Valente / Mike Maher / Mei Wong 

Telephone: 212/969-6384 / 212-823-2873 / 212-969-2112 

			
	Email:	 	cosmo.valente@abglobal.com
		 	michael.maher@abglobal.com
		 	mei.wong@abglobal.com

 Address for all other communications: 

AXA Equitable Life Insurance Company 

C/O AB Global 
 1345 Avenue of the
Americas, 37th Floor 
 New York, NY 10105 

Attention: Terry McCarthy 

Telephone #: 212-969-1350 
 Email:
terry.mccarthy@abglobal.com 

  
 B-56- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 AXA EQUITABLE LIFE INSURANCE COMPANY
	 	$	2,000,000	  	 	$	0	  
	 525 Washington Blvd., 34th Floor

Jersey City, NJ 07310

Attn: Lynn Garofalo

Telephone Number: (201) 743-6634
	 				 			

  

					
	Account (s):	  	AXA Equitable Life Insurance Company	  	
		  	IRS Employer Identification Number:	  	13-557-0651

 Delivery Instructions 

for direct private placement purchases notes issued in the name of AXA Equitable Life Insurance Company: 

Name and Address of Purchaser 
 AXA Equitable Life
Insurance Company 
 525 Washington Blvd., 34th Floor 
 Jersey
City, New Jersey 07310 

			
	Attention:	 	Lynn Garofalo
		 	Telephone Number: (201) 743-6634

 Manner of Payments and Notices: 

All payments shall be made by wire transfer of immediately available funds to: 

JP Morgan Chase 
 Account (s): AXA
Equitable Life Insurance Company 
 4 Chase Metrotech Center 

Brooklyn, New York 11245 
 ABA
No.: 021-000021 
 Bank Account: 910-2-785251 

Custody Account: G07126 
 Face
Amount: $2,000,000.00 
 Each such wire shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if
such payment is a final payment. 

  
 B-57- 

 Notices of Payments and Written Confirmations and W-9 Forms if Needed: 

All notices of payments and written confirmations of wire transfers should be sent to: 

AXA Equitable Life Insurance Company 

C/O AB Global 
 1345 Avenue of the
America 
 37th Floor 

New York, New York 10105 

Attention: Cosmo Valente / Mike Maher / Mei Wong 

Telephone: 212/969-6384 / 212-823-2873 / 212-969-2112 

			
	Email:	 	cosmo.valente@abglobal.com
		 	michael.maher@abglobal.com
		 	mei.wong@abglobal.com

 Address for all other communications: 

AXA Equitable Life Insurance Company 

C/O AB Global 
 1345 Avenue of the
Americas, 37th Floor 
 New York, NY 10105 

Attention: Terry McCarthy 

Telephone #: 212-969-1350 
 Email:
terry.mccarthy@abglobal.com 

  
 B-58- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 HORIZON BLUE CROSS BLUE
SHIELD OF NEW JERSEY
 c/o AB
Global
 1345 Avenue of the Americas - 38th Floor

New York, NY 10105

Attention: Amy Judd, Sr VP
	 	$	2,000,000	  	 	$	0	  

  

					
	Account (s):	  	Horizon Blue Cross Blue Shield of New Jersey	  	
		  	IRS Employer Identification Number:	  	22-0999690

 Delivery Instructions 

for direct private placement purchases notes issued in the name of CUDD & Co.: 

Name and Address of Investment Advisor 
 Alliance Capital
Management 
 1345 Avenue of the Americas 
 New York, NY 10105

			
	Attention:	 	Angel Salazar/Cosmo Valente
		 	 Insurance Operations
 Telephone Number:
212-969-2491 or 212-969-6384

 Manner of Payments and Notices: 

All payments shall be made by wire transfer of immediately available funds to: 

JP Morgan/Chase 
 ABA No.:
021-000021 
 For credit to the Private Income Processing Group 

Account Number: 900-9000-200 

Account: Horizon Blue Cross Blue Shield of New Jersey-P60748 

Face Amount of $2,000,000.00 
 Each such wire
shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if such payment is a final payment. 

  
 B-59- 

 Notices of Payments and Written Confirmations: 

All notices of payments and written confirmations of wire transfers should be sent to: 

JPMorgan Chase Manhattan Bank 

14201 N. Dallas Parkway 
 13th
Floor 
 Dallas, Texas 75254-2917 

Fax: 469-477-1904 
 Second Copy of Payments
and Written Confirmations: 
 Horizon Blue Cross Blue Shield of New Jersey 

c/o AB Global 
 1345 Avenue of the
Americas 
 New York, NY 10105 

					
	Attention:	  	Mei Wong / Mike Maher
		  	Telephone:	  	212/969-2112 / 212-823-2873
		  	Fax:	  	212-969-6298

 Third Copy of Payments and Written Confirmations: 

Horizon Blue Cross Blue Shield of New Jersey 

Three Penn Plaza 
 PP-15K 

Newark, NJ 07105-2200 

			
	Attention:	  	Rongbiao Fu, CFA
		  	Phone: 973-466-5261
		  	Fax: 973-466-7110

 Address for all other communications: 

AB Global 
 1345 Avenue of the
Americas, 38th Floor 
 New York, NY 10105 

			
	Attention:	  	Amy Judd, Sr VP
		  	Phone: 212-823-2775
		  	Fax: 212-969-6089

  
 B-60- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES
TO BE PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 GERBER LIFE INSURANCE
COMPANY
 c/o AB Global

1345 Avenue of the Americas - 38th Floor

New York, NY 10105

Attention: Amy Judd
	  	$	2,000,000	  	  	$	0	  

  

					
	Account (s):	  	Gerber Life Insurance Company	  	
		  	IRS Employer Identification Number:	  	13-2611847

 Delivery Instructions 

for direct private placement purchases notes issued in the name of Band & Co.: 

Name and Address of Investment Advisor 
 AB Global 

1345 Avenue of the Americas 
 New York, NY 10105 

			
	Attention:	  	Angel Salazar/Cosmo Valente 37th Floor
		  	Insurance Operations
		  	Telephone Number: 212-969-2491 or 212-969-6384

 Manner of Payments and Notices: 

All payments shall be made by wire transfer of immediately available funds to: 

U.S. Bank N.A. 
 60 Livingston
Avenue 
 St. Paul, MN 55107-2292 

ABA No. 091 000 022 
 Account
Number: 180183083765 
 Account: Gerber Life Insurance Company Attn: Income 

Face Amount of $2,000,000.00 
 Each such wire
shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if such payment is a final payment. 

  
 B-61- 

 Notices of Payments and Written Confirmations: 

All notices of payments and written confirmations of wire transfers should be sent to: 

U.S. Bank Institutional Trust & Custody 

Attn: Angela Upchurch & Gene Iucci V.P. & Account Mgr. 

50 South 16th Street Suite 2000 

Philadelphia, PA 19102 
 Phone:
215-761-9338 
 Fax: 866-739-0809 

Second Copy of Payments and Written Confirmations: 

Gerber Life Insurance Company 

c/o AB Global - 37th Floor 
 1345
Avenue of the Americas 
 New York, NY 10105 

			
	Attention:	  	Mei Wong / Mike Maher / Cosmo Valente
		  	Telephone: 212/969-2112 / 212-823-2873 / 212-969-6384
		  	Fax: 212-969-6298

 Address for all other communications: 

AB Global 
 1345 Avenue of the
Americas-38th Floor 
 New York, NY 10105 

			
	Attention:	  	Amy Judd
		  	Phone: 212-969-1145
		  	Fax: 212-969-6089

  
 B-62- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA
 7 Hanover Square

New York, NY 10004-2616

Attn: Thomas Donohue

Investment Department 9-A

FAX # (212) 919-2658

Email address: Thomas_donohue@glic.com
	 	$	16,000,000	  	 	$	9,000,000	  

 Notes to be registered in the name of: 

The Guardian Life Insurance Company of America 
 TAX ID NO.
13-5123390 
 And deliver to: 
 JP Morgan Chase
Bank, N.A. 
 4 Chase Metrotech Center – 3rd Floor 

Brooklyn, NY 11245-0001 

Reference A/C #G05978, Guardian Life 
 Payment by
wire to: 
 JP Morgan Chase 

FED ABA #021000021 

Chase/NYC/CTR/BNF 
 A/C
900-9-000200 
 Reference A/C #G05978, Guardian Life, CUSIP # 82011@ AC7, Sharyland Distribution and Transmission Services, LLC (as to
Series A Notes) 
 Reference A/C #G05978, Guardian Life, CUSIP # 82011@ AD5, Sharyland Distribution and Transmission Services, LLC (as
to Series B Notes) 
 Address for all communications and notices: 

The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Thomas Donohue 

Investment Department 9-A 
 FAX #
(212) 919-2658 
 Email address: Thomas_donohue@glic.com 

  
 B-63- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT OF
SERIES A NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
SERIES B NOTES TO 
BE
PURCHASED	 
			
	 THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
 c/o Delaware Investment Advisers

2005 Market Street, Mail Stop 41-104

Philadelphia, PA 19103
	 	$	15,000,000	  	  	$	0	  

  
  

REGISTER SECURITIES IN THE NAME OF: THE LINCOLN NATIONAL LIFE INSURANCE COMPANY 

(Note: a separate security will be needed for each breakdown listed below) 

 
  

SECURITY: Sharyland Distribution & Transmission Svcs 3.86% Series A Sec Nt due 12/3/25 

 

							
	 NOTE
AMOUNT
	 	  	 LINCOLN ACCOUNT NAME
	  	BANK CUSTODY ACCT #
	 	15,000,000	  	  	 The Lincoln National Life Insurance Company – Seg 76
	  	215736

  
  

TAX ID for THE LINCOLN NATIONAL LIFE INSURANCE COMPANY: 35-0472300 

 
  

							
	SIGNATURE BLOCK:	 	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		 		  	By:	  	Delaware Investment Advisers,
		 		  		  	a series of Delaware Management Business Trust, Attorney in Fact

  
  

PRINCIPAL & INTEREST PAYMENTS: 
  

					
		  	The Bank of New York Mellon
	(via Fed Wire)	  	One Wall Street, New York, NY 10286
		  	ABA #: 021000018
		  	BENEFICIARY/Account #: GLA 111566
		  	Acct Name:  The Bank of New York Mellon Private Placement Income Collection
		  	Bank to Bank Information Ref:	 	insert Custody Account# listed above;
		  		 	PPN #/Sec Desc/ P&I Details
		  	Reference Registered Holder:   The Lincoln National Life Insurance Company

  
  

  
 B-64- 

  
  

					
	 INVESTMENT ADVISER ADDRESS

—ALL COMMUNICATIONS:
	  	 TREASURY OPERATIONS

—NOTICE OF PAYMENT ONLY:
	  	 BANK ADDRESS

—NOTICE OF PAYMENT ONLY:

			
	Delaware Investment Advisers	  	Lincoln Financial Group	  	The Bank of New York Mellon
	2005 Market Street, Mail Stop 41-104	  	1300 South Clinton St.	  	P. O. Box 392003
	Philadelphia, PA 19103	  	Fort Wayne, IN 46802	  	Pittsburgh, PA 15251-9003
	Attn: Fixed Income Private Placements	  	Attn: Inv Acctg–Treasury Operations	  	Attn: Private Placement P & I Dept
	Private Placement Fax: 215-255-1654	  	Email: securities_data_rese@lfg.com	  	Ref: Registered Holder/Sec
		  		  	Desc/PPN#
		  		  	Email: ppservicing@bnymellon.com

  
  

 

			
	FORWARD SECURITIES TO:	  	The Depository Trust Company
	(via Express Delivery)	  	570 Washington Blvd – 5th Floor
		  	Jersey City, New Jersey 07310
		  	ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT
		  	(in cover letter reference note amt, acct name, and bank custody account #)

  

					
		 	Please fax copy of cover letter to:	  	Karen Costa – The Bank of New York Mellon
		 		  	Fax #: 1-844-601-7769
		 		  	with a copy to: christopher.tucker@lfg.com

  
 B-65- 

									
	NAME AND ADDRESS OF PURCHASER	 	PRINCIPAL AMOUNT OF
SERIES A NOTES TO
BE
PURCHASED	 	 	PRINCIPAL AMOUNT OF
SERIES B NOTES TO 
BE
PURCHASED	 
			
	 THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY
 c/o Delaware Investment Advisers
	 	$	0	  	 	$	5,000,000	  
	 2005 Market Street, Mail Stop 41-104

Philadelphia, PA 19103
	 				 	$	2,000,000	  

  
  

REGISTER SECURITIES IN THE NAME OF: THE LINCOLN NATIONAL LIFE INSURANCE COMPANY 

(Note: a separate security will be needed for each breakdown listed below) 

 
  

SECURITY: Sharyland Distribution & Transmission Svcs 3.86% Series B Sec Nt due 1/14/26 

 

							
	NOTE
AMOUNT	 	  	 LINCOLN ACCOUNT NAME
	  	BANK CUSTODY ACCT #
	 	5,000,000	  	  	 The Lincoln National Life Insurance Company – Seg 71
	  	215734
	 	2,000,000	  	  	 The Lincoln National Life Insurance Company – Seg 201
	  	186228

  
  

TAX ID for THE LINCOLN NATIONAL LIFE INSURANCE COMPANY: 35-0472300 

 
  

			
	SIGNATURE BLOCK:	  	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		  	By: Delaware Investment Advisers,
		  	       a series of Delaware Management Business Trust, Attorney in Fact

  
  

PRINCIPAL & INTEREST PAYMENTS: 
  

			
		  	The Bank of New York Mellon
	(via Fed Wire)	  	One Wall Street, New York, NY 10286
		  	ABA #: 021000018
		  	BENEFICIARY/Account #: GLA 111566
		  	Acct Name:   The Bank of New York Mellon Private Placement Income Collection
		  	Bank to Bank Information Ref: insert Custody Account# listed above;
		  	                                      
             PPN #/Sec Desc/ P&I Details
		  	Reference Registered Holder:   The Lincoln National Life Insurance Company

  
  

  
 B-66- 

  
  

					
	 INVESTMENT ADVISER ADDRESS

—ALL COMMUNICATIONS:
	  	 TREASURY OPERATIONS

—NOTICE OF PAYMENT ONLY:
	  	 BANK ADDRESS

—NOTICE OF PAYMENT ONLY:

			
	Delaware Investment Advisers	  	Lincoln Financial Group	  	The Bank of New York Mellon
	2005 Market Street, Mail Stop 41-104	  	1300 South Clinton St.	  	P. O. Box 392003
	Philadelphia, PA 19103	  	Fort Wayne, IN 46802	  	Pittsburgh, PA 15251-9003
	Attn: Fixed Income Private Placements	  	Attn: Inv Acctg–Treasury Operations	  	Attn: Private Placement P & I Dept
	Private Placement Fax: 215-255-1654	  	Email: securities_data_rese@lfg.com	  	Ref: Registered Holder/Sec
		  		  	Desc/PPN#
		  		  	Email: ppservicing@bnymellon.com

  
  

 

			
	FORWARD SECURITIES TO:	  	The Depository Trust Company
	(via Express Delivery)	  	570 Washington Blvd – 5th Floor
		  	Jersey City, New Jersey 07310
		  	ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT
		  	(in cover letter reference note amt, acct name, and bank custody account #)

  

					
		 	Please fax copy of cover letter to:	  	Karen Costa – The Bank of New York Mellon
		 		  	Fax #: 1-844-601-7769
		 		  	with a copy to: christopher.tucker@lfg.com

  
  

  
 B-67- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 USAA LIFE INSURANCE COMPANY

9800 Fredericksburg Road

San Antonio, TX 78288
	  	$	9,000,000	  	  	$	0	  

 (Notes to be registered in the name of: ELL & CO.) 

(1) All payments on account of Notes held by such purchaser shall bemade by wire transfer of immediately available funds for credit to: 

Northern Chgo/Trust 

ABA#071000152 
 Credit Wire
Account # 5186061000 
 26-11042/ Life Company 

With sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal and premium amount. 
 (2) Address for notices relating to payments: 

Ell & Co 
 c/o Northern
Trust Company 
 PO Box 92395 

Chicago, IL 60675-92395 
 Attn:
Income Collections 
 Please include the cusip and shares/par for the dividend/interest payment 

(3) Address for all other communications: 
 John
Spear 
 VP Insurance Portfolios 

9800 Fredericksburg Road 
 San
Antonio, TX 78288 
 (210) 498-8661 

Email: privates@usaa.com 

  
 B-68- 

 (4) Physical Delivery of Notes: 

Depository Trust & Clearing Corporation 

Newport Office Center 
 570
Washington Blvd. 
 5th Floor 

Jersey City, NJ 07310 
 Attn:
Tanya Stackhouse-Bowen or Robert Mendez 
 Reference: Northern Trust Account # 26-11042/ Life Company 

212-855-2484 
 (5) Tax Identification Number:
74-1472662 

  
 B-69- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 USAA LIFE INSURANCE COMPANY OF NEW
YORK
	  	$	1,000,000	  	  	$	0	  
	 9800 Fredericksburg Road

San Antonio, TX 78288
	  				  			

 (Notes to be registered in the name of: ELL & CO.) 

(1) All payments on account of Notes held by such purchaser shall bemade by wire transfer of immediately available funds for credit to: 

Northern Chgo/Trust 

ABA#071000152 
 Credit Wire
Account # 5186061000 
 26-11044/ Life NY Company 

With sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal and premium amount. 
 (2) Address for notices relating to payments: 

Ell & Co 
 c/o Northern
Trust Company 
 PO Box 92395 

Chicago, IL 60675-92395 
 Attn:
Income Collections 
 Please include the cusip and shares/par for the dividend/interest payment 

(3) Address for all other communications: 
 John
Spear 
 VP Insurance Portfolios 

9800 Fredericksburg Road 
 San
Antonio, TX 78288 
 (210) 498-8661 

Email: privates@usaa.com 

  
 B-70- 

 (4) Physical Delivery of Notes: 

Depository Trust & Clearing Corporation 

Newport Office Center 
 570
Washington Blvd. 
 5th Floor 

Jersey City, NJ 07310 
 Attn:
Tanya Stackhouse-Bowen or Robert Mendez 
 Reference: Northern Trust Account # 26-11044/ Life NY Company 

212-855-2484 
 (5) Tax Identification Number:
16-1530706 

  
 B-71- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 USAA CASUALTY INSURANCE COMPANY
	  	$	4,000,000	  	  	$	0	  
	 9800 Fredericksburg Road

San Antonio, TX 78288
	  				  			

 (Notes to be registered in the name of: ELL & CO.) 

(1) All payments on account of Notes held by such purchaser shall bemade by wire transfer of immediately available funds for credit to: 

Northern Chgo/Trust 

ABA#071000152 
 Credit Wire
Account # 5186061000 
 26-11038/CIC 

With sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal and premium amount. 
 (2) Address for notices relating to payments: 

Ell & Co 
 c/o Northern
Trust Company 
 PO Box 92395 

Chicago, IL 60675-92395 
 Attn:
Income Collections 
 Please include the cusip and shares/par for the dividend/interest payment 

(3) Address for all other communications: 
 Donna
Baggerly 
 VP Insurance Portfolios 

9800 Fredericksburg Road 
 San
Antonio, TX 78288 
 (210) 498-5195 

Email: privates@usaa.com 

  
 B-72- 

 (4) Physical Delivery of Notes: 

Depository Trust & Clearing Corporation 

Newport Office Center 
 570
Washington Blvd. 
 5th Floor 

Jersey City, NJ 07310 
 Attn:
Tanya Stackhouse-Bowen or Robert Mendez 
 Reference: Northern Trust Account # 26-11038/CIC 

212-855-2484 
 (5) Tax Identification Number:
59-3019540 

  
 B-73- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 USAA GENERAL INDEMNITY COMPANY
	  	$	3,000,000	  	  	$	0	  
	 9800 Fredericksburg Road

San Antonio, TX 78288
	  				  			

 (Notes to be registered in the name of: ELL & CO.) 

(1) All payments on account of Notes held by such purchaser shall bemade by wire transfer of immediately available funds for credit to: 

Northern Chgo/Trust 

ABA#071000152 
 Credit Wire
Account # 5186061000 
 26-11039/GIC 

With sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal and premium amount. 
 (2) Address for notices relating to payments: 

Ell & Co 
 c/o Northern
Trust Company 
 PO Box 92395 

Chicago, IL 60675-92395 
 Attn:
Income Collections 
 Please include the cusip and shares/par for the dividend/interest payment 

(3) Address for all other communications: 
 Donna
Baggerly 
 VP Insurance Portfolios 

9800 Fredericksburg Road 
 San
Antonio, TX 78288 
 (210) 498-5195 

Email: privates@usaa.com 

  
 B-74- 

 (4) Physical Delivery of Notes: 

Depository Trust & Clearing Corporation 

Newport Office Center 
 570
Washington Blvd. 
 5th Floor 

Jersey City, NJ 07310 
 Attn:
Tanya Stackhouse-Bowen or Robert Mendez 
 Reference: Northern Trust Account # 26-11039/GIC 

212-855-2484 
 (5) Tax Identification Number:
74-1718283 

  
 B-75- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 DEARBORN NATIONAL LIFE INSURANCE COMPANY
	  	$	2,000,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Dearborn National Life Insurance Company should be registered in the name of
“ELL & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All
notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such
notice and statements should be sent to the following address: 
 Dearborn National Life Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-76- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 DEARBORN NATIONAL LIFE INSURANCE COMPANY
	  	$	2,000,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Dearborn National Life Insurance Company should be registered in the name of
“ELL & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All
notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such
notice and statements should be sent to the following address: 
 Dearborn National Life Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-77- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 DEARBORN NATIONAL LIFE INSURANCE COMPANY
	  	$	2,000,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Dearborn National Life Insurance Company should be registered in the name of
“ELL & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All
notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such
notice and statements should be sent to the following address: 
 Dearborn National Life Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-78- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 AMERICAN REPUBLIC INSURANCE COMPANY
	  	$	1,325,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for American Republic Insurance Company should be registered in the name of “Wells Fargo Bank
N.A. FBO American Republic Insurance Company”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

American Republic Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-79- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 CATHOLIC FINANCIAL LIFE
	  	$	1,000,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Catholic Financial Life should be registered in the name of “US Bank FBO Catholic Financial
Life”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All notices and statements
should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should
be sent to the following address: 
 Catholic Financial Life 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-80- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 CATHOLIC UNITED FINANCIAL
	  	$	350,000	  	  	$	0	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Catholic United Financial should be registered in the name of “Wells Fargo Bank N.A. FBO
Catholic United Financial”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All
notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such
notice and statements should be sent to the following address: 
 Catholic United Financial 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-81- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 ROYAL NEIGHBORS OF AMERICA
	  	$	1,000,000	  	  	$	1,000,000	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Royal Neighbors of America should be registered in the name of “ELL & Co.”.
The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All notices and statements should be
sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent
to the following address: 
 Royal Neighbors of America 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-82- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 POLISH NATIONAL ALLIANCE OF THE U.S. OF
N.A.
	  	$	325,000	  	  	$	1,000,000	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

Attn: Client Administrator

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Polish National Alliance of the U.S. of N.A. should be registered in the name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Polish National Alliance of the U.S. of N.A. 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-83- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 MINNESOTA LIFE INSURANCE COMPANY
	  	$	0	  	  	$	3,000,000	  
	 c/o Advantus Capital Management, Inc.

400 Robert Street North

St. Paul, MN 55101

privateplacements@advantuscapital.com
	  				  			

 The Notes being purchased for Minnesota Life Insurance Company should be registered in the name of “Minnesota Life
Insurance Company”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 
 All notices
and statements should be sent electronically via Email to: privateplacements@advantuscapital.com. If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and
statements should be sent to the following address: 
 Minnesota Life Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. 

  
 B-84- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 TRANSAMERICA PREMIER LIFE INSURANCE COMPANY
	  	$	12,000,000	  	  	$	0	  
	 4333 Edgewood Road N.E.

Cedar Rapids, IA 52499-5335
	  				  			

 Tax ID #52-0419790 
  

 
 ORIGINAL NOTE 

 

	A)	A signed copy of the Note MUST be sent to Custody Operations-Privates for verification via fax 888-652-8024 or email INVCustodyTeam@AEGONUSA.com 

 

	B)	Once the note has been verified, the Custody Bank Instructions will then be relayed to you via fax or email, which will contain the Custody Vault address where the original certificate needs to be sent.

  
  

PAYMENTS 
  

	A)	Wire of payment due 

 All payments on account of the TRANSAMERICA PREMIER LIFE INSURANCE
COMPANY shall be made by wire transfer to: 
 Bank of New York 

1 Wall Street 
 New York, NY 10286

 ABA #021000018 
 GLA111-566

 FFC ACCT# : TPLIC LPG0 26 5 – 1578378400 

REFERENCE: CUSIP/PPN, PRINCIPAL & INTEREST ALLOCATION 
  

	B)	Payment notice 

 All notices/confirmation of PAYMENT information should
INCLUDE CUSIP/PPN in the Subject line and be sent to: 
 Email: paymentnotifications@aegonusa.com 

AEGON USA Investment Management, LLC 

Attn: Custody Operations-Privates MS 5335 

4333 Edgewood Road NE 
 Cedar
Rapids, IA 52499-5335 

  
 B-85- 

  

FINANCIALS, LEGAL, PRE-PAYMENT AND OTHER NOTIFICATIONS 
  

	A)	Routine correspondence and reporting: 

  

			
	AEGON USA Investment Management, LLC	  	AEGON USA Investment Management, LLC
	Attn: Director of Private Placements MS 5335	  	Attn: Director of Private Placements, MS 3341
	4333 Edgewood Road N.E.	  	100 Light Street, B1
	Cedar Rapids, IA 52499-5335	  	Baltimore, MD 21202-2559
	T (319) 355-2432 | F (319) 355-2666	  	T (443) 475-3130 F (443) 475-3095
	privateplacements@aegonusa.com	  	privateplacements@aegonusa.com

  

	B)	Legal / Closing Documents: 

  

			
	AEGON USA Investment Management, LLC	  	AEGON USA Investment Management, LLC
	Attn: Director of Private Placements MS 5335	  	Attn: Director of Private Placements, MS 3341
	4333 Edgewood Road N.E.	  	100 Light Street, B1
	Cedar Rapids, IA 52499-5335	  	Baltimore, MD 21202-2559
	T (319) 355-2432 | F (319) 355-2666	  	T (443) 475-3130 F (443) 475-3095
	privateplacements@aegonusa.com	  	privateplacements@aegonusa.com

  
 B-86- 

									
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT
OF SERIES A NOTES TO
BE
PURCHASED	 	  	PRINCIPAL AMOUNT
OF SERIES B NOTES
TO BE PURCHASED	 
			
	 GENWORTH LIFE AND ANNUITY INSURANCE
COMPANY
	  	$	5,000,000	  	  	$	0	  
	 3001 Summer Street, 4th Floor

Stamford, CT 06905

Attn: Private Placements

GNW.privateplacements@genworth.com
	  	$	4,000,000	  	  			

  

			
	Name of Purchaser:	  	Genworth Life and Annuity Insurance Company
	Tax ID Number:	  	54-0283385
	Register In Nominee Name:	  	HARE & CO., LLC

 Notices: 

All notices and communications including original note agreement, conformed copy of the note agreement, amendment requests, financial
statements and other general information to be addressed as follows: 
 Genworth Financial, Inc. 

Account:            Genworth Life and Annuity Insurance Company 

3001 Summer Street, 4th Floor 

Stamford, CT 06905 
 Attn:
Private Placements 
 Telephone No: (203)708-3300 

Fax No: (203)708-3308 
 If
available, an electronic copy is additionally requested. Please send to the following e-mail address: GNW.privateplacements@genworth.com 

All corporate actions, including payments and prepayments, should be sent to the above address with copies to: 

Genworth Financial, Inc. 

Account:        Genworth Life and Annuity Insurance Company 

3001 Summer Street 
 Stamford, CT
06905 
 Attn: Trade Operations 

Telephone No: (203)708-3300 
 Fax
No: (203)708-3308 
 If available, an electronic copy is additionally requested. Please send to the following e-mail address: GNWInvestmentsOperations@genworth.com 

  
 B-87- 

 Notices with respect to payments and written confirmation of each such payment, including
interest payments, redemptions, premiums, make wholes, and fees should also be addressed as above with additional copies addressed to the following: 
  

			
	The Depository Trust Co
	Income Collection Department
	P.O. Box 19266
	Newark, NJ 07195
	Attn:	  	Income Collection Department
	Ref:	  	GLAIC LADAFIA Account 148820 CUSIP/PPN & Security Description
	P&I Contact:	  	Purisima Teylan - (718) 315-3035

 Payments: 

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds to: 

 

			
	The Depository Trust Co
	ABA #:	  	021000018
	Account #:	  	GLA111566
	SWIFT Code:	  	IRVTUS3N
	Acct Name:	  	Income Collection Dept.
	Attn:	  	Income Collection Department
	Reference:	  	GLAIC / LADAFIA
	Account #:	  	148820
		  	CUSIP/PPN & Security Description, and Identify Principal & Interest Amounts

			
	And By Email:	  	   treasppbkoffice@genworth.com
	Fax:	  	   (804) 662-7777

 Physical Delivery of the Notes: 

The Depository Trust Co 
 570
Washington Blvd 
 BNY Mellon /Branch Deposit Dept 5th FLR 

Jersey City, NJ 07310 
 Ref: GLAIC
/ LADAFIA Account # 148820 
 DTC Securities: 
  

			
	DTC #:	  	901
	Agent ID #:	  	26500
	Institutional ID #:	  	26662
	Account Name:	  	GLAIC / LADAFIA
	Account #:	  	148820

  
 B-88- 

 ADDITIONAL COVENANTS AND RELATED
DEFINITIONS 
 Section 10.12. Limitation on Priority Indebtedness. The Company will not at any time permit Priority
Indebtedness to exceed 15% of the Company’s capitalization, as shown on the Company’s balance sheet most recently delivered pursuant to Section 7.1(a) or Section 7.1(b). 

“Priority Indebtedness” means the sum, without duplication, of (a) Indebtedness of the Company or any Subsidiary (other
than a Project Finance Subsidiary) secured by Liens other than Permitted Liens, plus (b) all unsecured Indebtedness of Subsidiaries (excluding (i) Indebtedness of any Subsidiary owing to the Company or any other
Subsidiary, (ii) Indebtedness of any Subsidiary Guarantor, (iii) Indebtedness of any Project Finance Subsidiary, (iv) any Guaranty by a Subsidiary of Indebtedness of the Company or any Subsidiary of the type described in clause
(a) of this definition, and (v) Indebtedness of a Subsidiary existing at the time of acquisition of such Subsidiary and not created in contemplation thereof, and renewals and refinancings thereof so long as the principal amount thereof
shall not be increased). 

  

SCHEDULE C 
 (to Note
Purchase Agreement)EX-10.2

 Exhibit 10.2 
  

 
  

AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 SHARYLAND PROJECTS L.L.C.

 (predecessor in interest to Sharyland Distribution & Transmission Services, L.L.C.) 

as Borrower, 
 and 

Fixed Rate Note Holders party hereto 

Dated as of December 3, 2015 

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS
	  	 	1	  
			
	     1.1.
	 	 Definitions
	  	 	1	  
	     1.2.
	 	 Rules of Interpretation
	  	 	20	  
		
	 ARTICLE 2. THE FIXED RATE NOTES
	  	 	21	  
			
	     2.1.
	 	 Fixed Rate Notes
	  	 	21	  
	     2.2.
	 	 Sale and Purchase of Fixed Rate Notes
	  	 	21	  
	     2.3.
	 	 Repayment of Fixed Rate Note
	  	 	22	  
	     2.4.
	 	 [RESERVED]
	  	 	22	  
	     2.5.
	 	 Optional Prepayments
	  	 	22	  
	     2.6.
	 	 Terms of All Prepayments
	  	 	22	  
	     2.7.
	 	 Interest Rates and Payment Dates
	  	 	23	  
	     2.8.
	 	 Computation of Interest and Fees
	  	 	23	  
	     2.9.
	 	 Payments
	  	 	23	  
		
	 ARTICLE 3. [RESERVED]
	  	 	24	  
		
	 ARTICLE 4. [RESERVED.]
	  	 	24	  
		
	 ARTICLE 5. REPRESENTATIONS AND WARRANTIES
	  	 	24	  
			
	     5.1.
	 	 No Default or Event of Default
	  	 	24	  
		
	 ARTICLE 6. AFFIRMATIVE COVENANTS OF BORROWER
	  	 	24	  
			
	     6.1.
	 	 Financial and Business Information
	  	 	24	  
	     6.2.
	 	 Certificates; Other Information
	  	 	26	  
	     6.3.
	 	 Compliance with Law
	  	 	27	  
	     6.4.
	 	 Insurance
	  	 	27	  
	     6.5.
	 	 Maintenance of Properties
	  	 	28	  
	     6.6.
	 	 Payment of Taxes and Claims
	  	 	28	  
	     6.7.
	 	 Existence, Etc.
	  	 	28	  
	     6.8.
	 	 Books and Records; Inspection Rights
	  	 	28	  
	     6.9.
	 	 Collateral; Further Assurances
	  	 	29	  
	     6.10.
	 	 Material Project Documents
	  	 	30	  
	     6.11.
	 	 Financial Ratios
	  	 	31	  
		
	 ARTICLE 7. NEGATIVE COVENANTS OF BORROWER
	  	 	31	  
			
	     7.1.
	 	 Transactions with Affiliates
	  	 	31	  
	     7.2.
	 	 Merger, Consolidation, Etc.
	  	 	32	  
	     7.3.
	 	 Line of Business
	  	 	32	  
	     7.4.
	 	 Terrorism Sanctions Regulations
	  	 	32	  
	     7.5.
	 	 Liens
	  	 	32	  
	     7.6.
	 	 Indebtedness
	  	 	34	  
	     7.7.
	 	 Loans, Advances, Investments and Contingent Liabilities
	  	 	35	  
	     7.8.
	 	 No Subsidiaries
	  	 	36	  

							
	     7.9.
	 	 Restricted Payments
	  	 	36	  
	     7.10.
	 	 Sale of Assets, Etc.
	  	 	36	  
	     7.11.
	 	 Sale or Discount of Receivables
	  	 	37	  
	     7.12.
	 	 Amendments to Organizational Documents
	  	 	37	  
	     7.13.
	 	 Sale and Lease-Back
	  	 	38	  
	     7.14.
	 	 ERISA Compliance
	  	 	38	  
	     7.15.
	 	 No Margin Stock
	  	 	38	  
	     7.16.
	 	 Project Documents
	  	 	38	  
	     7.17.
	 	 Regulation
	  	 	39	  
	     7.18.
	 	 Swaps
	  	 	39	  
	     7.19.
	 	 Additional Financial Covenants.
	  	 	39	  
	     7.20.
	 	 Burdensome Agreements
	  	 	40	  
		
	 ARTICLE 8. EVENTS OF DEFAULT; REMEDIES
	  	 	41	  
			
	     8.1.
	 	 Events of Default
	  	 	41	  
	     8.2.
	 	 Acceleration
	  	 	44	  
	     8.3.
	 	 Other Remedies
	  	 	44	  
	     8.4.
	 	 Rescission
	  	 	45	  
	     8.5.
	 	 No Waivers or Election of Remedies, Expense, Etc.
	  	 	45	  
		
	 ARTICLE 9. [RESERVED]
	  	 	45	  
		
	 ARTICLE 10. MISCELLANEOUS
	  	 	45	  
			
	     10.1.
	 	 Amendments
	  	 	45	  
	     10.2.
	 	 Addresses
	  	 	46	  
	     10.3.
	 	 No Waiver; Cumulative Remedies
	  	 	47	  
	     10.4.
	 	 Survival of Representations and Warranties
	  	 	47	  
	     10.5.
	 	 Payment of Expenses and Taxes
	  	 	47	  
	     10.6.
	 	 Successors and Assigns; Participations and Assignments
	  	 	48	  
	     10.7.
	 	 Representations and Warranties of the Fixed Rate Note Holder; Registration and Exchange of Fixed Rate Notes
	  	 	49	  
	     10.8.
	 	 Adjustments; Set-off
	  	 	50	  
	     10.9.
	 	 Entire Agreement
	  	 	50	  
	     10.10.
	 	 APPLICABLE LAW
	  	 	51	  
	     10.11.
	 	 Submission To Jurisdiction; Waivers
	  	 	51	  
	     10.12.
	 	 Severability
	  	 	51	  
	     10.13.
	 	 Interpretation
	  	 	51	  
	     10.14.
	 	 Acknowledgements
	  	 	51	  
	     10.15.
	 	 Limitation on Liability
	  	 	51	  
	     10.16.
	 	 Waiver of Jury Trial
	  	 	52	  
	     10.17.
	 	 Confidentiality
	  	 	52	  
	     10.18.
	 	 Counterparts
	  	 	53	  
	     10.19.
	 	 Third Party Beneficiaries
	  	 	53	  
	     10.20.
	 	 Patriot Act Compliance
	  	 	53	  
	     10.21.
	 	 Amendment and Restatement
	  	 	53	  

							
		
	 SECTION 1. DEFINED TERMS
	  	 	3	  
			
	     1.1
	 	 Definitions
	  	 	3	  
	     1.2
	 	 Other Definitional Provisions
	  	 	4	  
		
	 SECTION 2. GUARANTEE
	  	 	4	  
			
	     2.1
	 	 Guarantee
	  	 	4	  
	     2.2
	 	 Right of Contribution
	  	 	5	  
	     2.3
	 	 No Subrogation
	  	 	5	  
	     2.4
	 	 Amendments, etc. with respect to the Guaranteed Obligations
	  	 	5	  
	     2.5
	 	 Guarantee Absolute and Unconditional
	  	 	6	  
	     2.6
	 	 Reinstatement
	  	 	6	  
	     2.7
	 	 Payments
	  	 	7	  
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	7	  
			
	     3.1
	 	 Credit Agreement Representations and Warranties
	  	 	7	  
	     3.2
	 	 Financial Condition, etc.
	  	 	7	  
	     3.3
	 	 Best Interests
	  	 	7	  
		
	 SECTION 4. COVENANTS, ETC.
	  	 	7	  
		
	 SECTION 5. MISCELLANEOUS
	  	 	8	  
			
	     5.1
	 	 Amendments in Writing
	  	 	8	  
	     5.2
	 	 Notices
	  	 	8	  
	     5.3
	 	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	8	  
	     5.4
	 	 Enforcement Expenses; Indemnification
	  	 	8	  
	     5.5
	 	 Successors and Assigns
	  	 	9	  
	     5.6
	 	 Set-Off
	  	 	9	  
	     5.7
	 	 Counterparts
	  	 	9	  
	     5.8
	 	 Severability
	  	 	9	  
	     5.9
	 	 Section Headings
	  	 	9	  
	     5.10
	 	 Integration/Conflict
	  	 	9	  
	     5.11
	 	 GOVERNING LAW
	  	 	10	  
	     5.12
	 	 Submission To Jurisdiction; Waivers
	  	 	10	  
	     5.13
	 	 Acknowledgements
	  	 	10	  
	     5.14
	 	 Additional Subsidiary Guarantors
	  	 	11	  
	     5.15
	 	 WAIVER OF JURY TRIAL
	  	 	11	  
	     5.16
	 	 Release
	  	 	11	  

 INDEX OF EXHIBITS AND SCHEDULE 

 

			
	Exhibit A	  	Form of Fixed Rate Note
	Exhibit B	  	Form of Subsidiary Guaranty
		
	Schedule A	  	Purchaser Schedule

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of December 3, 2015, by and among Borrower (as
hereinafter defined) and the Fixed Rate Note Holders (as hereinafter defined). 
 WHEREAS, Sharyland Projects, L.L.C., a Texas limited
liability company (“Sharyland Projects”), the several banks and other financial institutions or entities from time to time party thereto as “Lenders”, Société Générale, as administrative agent
and collateral agent, Royal Bank of Canada and The Royal Bank of Scotland PLC, as co-syndication agents, The Royal Bank of Scotland PLC, as Issuing Bank (in such capacity ,the “Issuing Bank”), The Bank of Nova Scotia, Mizuho
Corporate Bank Ltd. and Sumitomo Mitsui Banking Corporation, as co-documentation agents, the Fixed Rate Note Holders and Prudential Investment Management, Inc. as structuring and documentation advisor entered into that certain Credit Agreement,
dated as of June 20, 2011 (as amended by Amendment No. 1 and Omnibus Amendment, dated as of October 11 2011, Amendment No. 2, dated as of October 1, 2013, Amendment No. 3, dated as of May 29, 2014 and Amendment 4,
dated as of December 11, 2014, the “Original Credit Agreement”); 
 WHEREAS, immediately prior to the effectiveness of
this Agreement, Sharyland Projects paid in full all outstanding Obligations (as defined in the Original Credit Agreement) owed to the Lenders, the Issuing Bank and the Agents (as defined in the Original Credit Agreement), including but not limited
to all outstanding principal and accrued but unpaid interest on the Loans and Letters of Credit and the unpaid interest on the Fixed Rate Notes, and any outstanding Commitments (as defined in the Original Credit Agreement), together with all liens
and security interests granted by Sharyland Projects to secure the Obligations, were terminated and released; 
 WHEREAS, substantially
concurrently with, but immediately after, the effectiveness of this Agreement, Sharyland Projects will merge into Sharyland Distribution & Transmission Services, L.L.C. (“SDTS”) with SDTS as the surviving entity of such
merger (the “Merger”), and, immediately upon the effectiveness of the Merger, SDTS automatically shall be the Borrower under this Agreement; and 

WHEREAS, the parties hereto, being the only remaining parties to the Original Credit Agreement, desire to amend and restate the Original
Credit Agreement in its entirety; 
 NOW THEREFORE, for good and valuable consideration, the parties hereto hereby agree as follows: 

ARTICLE 1. 
 DEFINITIONS

 1.1. Definitions. Except as otherwise expressly provided, capitalized terms used in this Agreement (including in the preamble
hereto) and its exhibits shall have the meanings given in this Section 1.1. 

 “2009 NPA” means the Amended and Restated Note Purchase Agreement, dated
September 14, 2010, among the Borrower and the holders of the 2029 Notes. 
 “2010 NPA” means the Note Purchase
Agreement, dated July 13, 2010, among the Borrower and the holders of the 2030 Notes. 
 “2029 Notes” means the
Borrower’s 7.25% Senior Notes due December 30, 2029, issued under the 2009 SDTS Note Agreement. 
 “2030 Notes”
means the Borrower’s 6.47% Senior Notes due September 30, 2030, issued under the 2010 SDTS Note Agreement. 
 “Additional
Financial Covenants” shall have the meaning given to it in Section 7.19 hereof. 
 “Affiliate” means,
at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and, with respect to the
Borrower, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interest of the Borrower or any corporation of which the Borrower beneficially owns or holds, in the aggregate,
directly or indirectly, 10% or more of any class of voting or equity interests; provided, however, that this definition shall at all times exclude owners or investors in the Operating Partnership, except for Hunt Family Members. Unless the context
otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Borrower. 
 “Affiliated
Fixed Rate Note Holder” shall mean a Fixed Rate Note Holder that is the Borrower or an Affiliate of the Borrower. 

“Agreement” has the meaning given to such term in the preamble hereto. 

“Approved Accountant” has the meaning given to such term in Section 6.1(b). 

“Asset Sale” has the meaning given such term in Section 7.10. 

“Benefited Fixed Rate Note Holder” has the meaning given to such term in Section 10.8(a). 

“Blocked Person” means (i) an OFAC Listed Person, (ii) an agent, department, or instrumentality of, or a Person
otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or
(iii) a Person otherwise blocked, subject to sanctions under or engaged in any activity in violation of U.S. Economic Sanctions. 

“Board” means the Board of Governors of the Federal Reserve System of the United States (or any successor). 

 “Borrower” means, prior to the effectiveness of the Merger, Sharyland Projects
and, upon and after the effectiveness of the Merger, SDTS, as successor by merger to Sharyland Projects. 
 “Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Capital Stock” of any Person shall
mean any and all shares, interests, rights to purchase, warrants, options, participation, patronage capital or other equivalents of or interest in (however designated) equity of such Person, including any preferred stock, any limited or general
partnership interest and any limited liability company membership interest. 
 “Cash Flow” means, for any period, the sum
of the following (without duplication): (i) all cash paid to the Borrower during such period under the Leases, (ii) all cash distributions received by the Borrower from Project Finance Subsidiaries of the Borrower during such period,
(iii) all interest and investment earnings, if any, paid to the Borrower during such period on amounts on deposit in the amount created under the Deposit Agreement, (iv) revenues, if any, received by or on behalf of the Borrower during
such period under any insurance policy as business interruption insurance proceeds, (v) direct cash equity investments made by TDC in the Borrower during such period (excluding equity contributed to a Project Finance Subsidiary) in an amount
not greater than the amount necessary to cause the Borrower to be in compliance with the financial covenants set forth in Section 6.11 (each such investment, an “Equity Cure”); provided, however, that during any period of four
consecutive fiscal quarters, “Cash Flow” shall include an Equity Cure in no more than two of such quarters and (vi) proceeds of any borrowing made after the date hereof to the extent used to finance the payment of bullet or balloon
installments of Indebtedness for borrowed money. 
 “Cash Flow Available for Debt Service” for any period, means
(i) Cash Flow received during such period minus (ii) (A) all O&M Costs paid during such period and (B) if an Equity Cure has been made in any fiscal quarter during the period for which Cash Flow Available for Debt Service is
calculated, the lesser of the aggregate amount of (x) such Equity Cure during such period and (y) the aggregate amount of cash distributions paid by the Borrower during such period. 

“CCN” means a Certificate of Convenience and Necessity or amendment thereto issued by the PUCT in respect of the Project.

 “CISADA” means the Comprehensive Iran Sanctions, Accountability and Divestment Act. 

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

 “Consent” means the Consent and Agreement of Fixed Rate Note Holders dated as of
the date hereof by and among the Fixed Rate Note Holders and Sharyland Projects, L.L.C. 
 “Collateral” means,
collectively, the collateral described in each of the Security Documents. 
 “Collateral Agency Agreement” means the Second
Amended and Restated Collateral Agency Agreement, dated as of December 10, 2014, among the Collateral Agent, the Borrower, the Fixed Rate Note Holders (pursuant to the Joinder to the Collateral Agency Agreement) and the holders of other
Permitted Secured Indebtedness from time to time party thereto. 
 “Collateral Agent” means The Bank of New York Mellon
Trust Company, N.A., a national association, acting in its capacity as collateral agent for itself and the other Secured Parties, or its successors in such capacity appointed pursuant to the terms of the Collateral Agency Agreement. 

“Consolidated Net Plant” means, with respect to any Person, as of the date of determination, the net plant set forth on the
face of the consolidated balance sheet of such Person or absent such amount on the consolidated balance sheet, the total plant of such Person on a consolidated basis minus accumulated depreciation set forth in the footnotes of the consolidated
financial statements, in each case for the fiscal quarter ended on the date of the last financial statements delivered pursuant to Section 6.1. 

“Consolidated Qualified Lessee” shall mean any Qualified Lessee that is consolidated into the financial statements of another
Qualified Lessee. 
 “Contractual Obligation” shall mean 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. 
 “Controlled
Entity” means (i) any of the Subsidiaries of the Borrower and any of their or the Borrower’s respective Controlled Affiliates and (ii) if the Borrower has a parent company, such parent company and its Controlled Affiliates.

 “CREZ Lease” means the Second Amended and Restated Lease Agreement (CREZ Assets), between the Borrower, as lessor, and
SU, as lessee, with respect to the CREZ Project. 
 “CREZ Project” shall mean the five transmission lines, four substations
and other facilities in Texas identified and awarded to SU by the Public Utility Commission of Texas (the “PUCT”) in Docket Number 37902. 

 “Cross Valley Project” means the approximately 49 mile transmission line in
South Texas near the Mexican border, known as the “North Edinburg to Loma Alta 345 kV single-circuit transmission line” project, subsequently, renamed as the “North Edinburg to Palmito 345 kV double-circuit transmission line”
project, which is built on double-circuit capable structures and the Palmito substation located on the eastern terminus of the Cross Valley Project. The Cross Valley Project is part of a 100 mile transmission line, which is jointly developed and
permitted by SU and Electric Transmission Texas. 
 “Cross Valley Project Transfer” shall mean the sale and Transfer of all
of the Capital Stock of CV Project Entity, L.L.C., a Project Finance Subsidiary of the Borrower, to Cross Valley Partnership, L.P., a Person Controlled by one or more Hunt Family Members, for a purchase price at least equal to the Cross Valley
Project’s rate base cost at such time. 
 “Debt Service” for any period, the aggregate (without duplication) of
(i) all amounts of interest on the Fixed Rate Notes and in respect of other Indebtedness of the Borrower required to be paid during such period, plus (ii) all amounts of principal on the Fixed Rate Notes and in respect of other
Indebtedness of the Borrower or required to be paid during such period, excluding any optional prepayments of principal during such period, plus (iii) all other premiums, fees, costs, charges, expenses and indemnities due and payable to the
Fixed Rate Note Holders or the other Secured Parties and holders of other Indebtedness of the Borrower and agents acting on their behalf during such period. 

“Debt Service Coverage Ratio” means, for each period of four consecutive fiscal quarters, the quotient of (i) Cash Flow
Available for Debt Service for such period to (ii) Debt Service for such period. If, during any period, the Borrower and/or any Subsidiary enters into a transaction or series of related transactions not prohibited by this Agreement (including
by waiver, consent or amendment given or made in accordance with Section 10.1) pursuant to which the Borrower and/or any Subsidiary acquires or disposes of any assets with a fair market value greater than $1,000,000, the Debt Service Coverage
Ratio shall be calculated on a pro forma basis after giving effect to such transaction or series of related transactions as a whole (including any related incurrence, repayment or assumption of Indebtedness), and such transaction or series of
related transactions (including any related incurrence, repayment or assumption of Indebtedness) shall be deemed to have occurred as of the first day of the applicable period. 

“Deeds of Trust” means (i) the Amended and Restated First Lien Deed of Trust, Security Agreement and Fixture Filing
(Texas) and each First Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Texas) by and from the Borrower, as grantor, to Peter M. Oxman, as trustee, for the benefit of the Collateral Agent and the other
Secured Parties, dated as of July 13, 2010, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time and (ii) each other deed of trust by and from the Borrower, as grantor, for the benefit of
the Collateral Agent and the other Secured Parties entered into from time to time. 
 “Default” means an event or condition
the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

 “Default Rate” has the meaning given to such term in Section 2.7(b).

 “Deposit Agreement” means the Amended and Restated Deposit Account Control Agreement, dated as of December 20,
2014, among the Borrower, the Collateral Agent and Bank of America, N.A. 
 “Development Agreement” means that
certain Development Agreement entered into or to be entered into among Hunt Transmission Services, L.L.C., SU, the General Partner and/or the Operating Partnership in connection with one or more New Projects, pursuant to which Hunt Transmission
Services, L.L.C. has granted the General Partner a right of first offer related to the New Projects identified therein, as amended from time to time in accordance with its terms. 

“Distributions” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Capital Stock of any Person, 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 Capital Stock or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other right to acquire any such dividend or other distribution or
payment. 
 “Dollars” and “$” means United States dollars or such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts in the United States of America. 

“Environmental Claim” means any and all actions, suits, demands, demand letters, claims, Liens, notices of non-compliance or
violation, notices of liability or potential liability, investigations, or proceedings, under or relating to any Environmental Law, or regarding the investigation or remediation or release of, or human exposure to, any Materials of Environmental
Concern. 
 “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the
environment, including but not limited to those related to Hazardous Materials. 
 “ERCOT” means the Electric Reliability
Council of Texas or any other succeeding entity thereof. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414 of the Code. 

“Event of Default” is defined in Section 8.1. 

 “FERC” means the Federal Energy Regulatory Commission, or its successor. 

“FERC Lease” means the Third Amended and Restated Lease Agreement (Stanton Transmission Loop Assets) between the Borrower, as
lessor, and SU, as lessee. 
 “Financing Documents” means this Agreement, each Fixed Rate Note, the 2009 NPA, the 2029
Notes, the 2010 NPA, the 2030 Notes, the RBC Agreement, the Security Documents, any other documents, agreements or instruments entered into in connection with any of the foregoing and any other documents, agreements or instruments from time to time
constituting “Financing Agreements” under the Collateral Agency Agreement. 
 “Fixed Rate Note” means either an
Initial Fixed Rate Note or a Replacement Fixed Rate Note, as applicable. 
 “Fixed Rate Note Holder” means a financial
institution or other Person that holds a Fixed Rate Note pursuant to this Agreement. 
 “Fixed Rate Note Maturity Date”
means June 20, 2018. 
 “FPA” means the Federal Power Act, 16 U.S.C. §§791 et seq., as amended, and the
regulations of the FERC thereunder. 
 “GAAP” means generally accepted accounting principles as in effect in the United
States of America. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, ratios, standards or terms in this Agreement, then the
Borrower and the Fixed Rate Note Holders agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the financial
condition of the Borrower and SU shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower and the Fixed Rate Note
Holders, all financial covenants, ratios, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles
required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 

“General Partner” means InfraREIT, L.L.C., a Delaware limited liability company, and its successors. 

“Golden Spread Project” shall mean a new 345 kilovolt transmission line that will be approximately 55 miles long and will
connect the Golden Spread Electric Cooperative, Inc. Antelope-Elk Energy Center in Hale County, approximately 1.6 miles north of the City of Abernathy on County Road P, to the proposed White River Station that will be built by SU in Floyd County,
approximately 9 miles northwest of the City of Floydada and 1.1 miles east of the intersection of County Road 231 and County Road 200 and the Abernathy substation that is located in the western portion of the transmission line. 

 “Golden Spread Project Transfer” shall mean the sale and Transfer of all of the
Capital Stock of GS Project Entity to a Person Controlled by one or more Hunt Family Members for a purchase price at least equal to the Golden Spread Project’s rate base cost at such time. 

“Governmental Authority” means: 

(a) the government of: 
 (i)
the United States of America or any State or other political subdivision thereof, or 
 (ii) any other jurisdiction in which the Borrower
conducts all or any part of its business, or which asserts jurisdiction over any properties of the Borrower, or 
 (b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government, or 
 (c) ERCOT, or 

(d) the Texas Regional Entity. 

“GS Project Entity” means a Project Finance Subsidiary of the Borrower created to finance and develop the Golden Spread
Project. 
 “Guaranty” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of
business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations
incurred through an agreement, contingent or otherwise, by such Person: 
 (a) to purchase such Indebtedness or any property constituting
security therefor; 
 (b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or
(ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Indebtedness; 

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Indebtedness of the
ability of any other Person to make payment of the Indebtedness; or 
 (d) otherwise to assure the owner of such Indebtedness against loss
in respect thereof. 
 The amount of any Guaranty shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation (or, if less, the maximum amount for which such Guaranty 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. In

 
any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be
direct obligations of such obligor. 
 “Hazardous Material” means any and all pollutants, toxic or hazardous wastes or
other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “Hunt Family Members”
means (i) Ray L. Hunt; (ii) the spouse of Ray L. Hunt and each of his children and siblings; (iii) the spouse and lineal descendants of any Person identified in the foregoing clause (ii); (iv) any trust or account primarily for
the benefit of any Person or Persons identified in the foregoing clauses (i), (ii) or (iii); (v) any corporation, partnership or other entity in which any of the Persons identified in the foregoing clauses (i), (ii), (iii) or
(iv) are the beneficial owners of substantially all of the shares of capital stock, membership interests, partnership interests or other equity interests and options or warrants to acquire, or securities convertible into, capital stock,
membership interests, partnership interests or other equity securities of an entity; and (vi) the personal representative or guardian of any of the Persons identified in the foregoing clauses (i), (ii) and (iii) upon such
Person’s death for purposes of the administration of such Person’s estate or upon such Person’s disability or incompetency for purposes of the protection and management of the assets of such Person. 

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

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

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

(c) (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all liabilities
which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; provided, however, that for purposes of this definition (including with respect to
clauses (i) and (ii) hereof), the System Leases, any other Lease and any similar lease shall not be treated as a capital lease; 

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

 (e) all its liabilities in respect of letters of credit or instruments serving a similar function
issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); provided, however, that for purposes of this definition, any surety bonds or indemnification agreements
entered into by SU (with respect to which the Borrower or a subsidiary thereof has a reimbursement or backstop obligation) in connection with condemnation proceedings shall be excluded; 

(f) the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

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

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

“Indemnified Liabilities” has the meaning given such term in Section 10.5. 

“Indemnitee” has the meaning given such term in Section 10.5. 

“Initial Fixed Rate Notes” has the meaning given to such term in Section 2.1 (a). 

“Interest Payment Date” means (a) the thirtieth (30th) day of
each March, June, September and December and the Fixed Note Maturity Date and (b) the date of any repayment or prepayment made in respect of the Fixed Rate Notes. 

“Investment Grade Credit Rating” means with respect to any Person, a rating of the long-term unsecured debt securities of
such Person (or if such rating is unavailable, issuer rating) equal to or higher than (1) “BBB-” (or the equivalent) with a stable or better outlook by Standard & Poor’s Financial Services LLC, or
(2) “Baa3” (or the equivalent) with a stable or better outlook by Moody’s Corporation; provided, that if such Person has a rating from both Standard & Poor’s Financing Services LLC and Moody’s Corporation, then
the applicable rating shall be deemed to be the lower of the two. 
 “Investments” has the meaning given to such term in
Section 7.7. 
 “Joinder to Collateral Agency Agreement” means the Joinder Agreement dated as of the date
hereof, by and among the Collateral Agent, the Borrower, the Fixed Rate Note Holders, and the other Secured Parties, pursuant to which the Fixed Rate Note Holders joined the Collateral Agency Agreement as secured parties thereunder. 

“Leased Consolidated Net Plant” shall mean that portion of the Consolidated Net Plant of the lessor of a Lease between such
lessor and a Qualified Lessee that is the subject of such Lease. 

 “Leases” means (i) the System Leases and any other leases of transmission
and distribution and related assets to a Qualified Lessee under which the Borrower or any Subsidiary of the Borrower is a party as a lessor and (ii) any lease of transmission and distribution and related assets pursuant to which SU is the
lessee and a Subsidiary of SU or another Person Controlled by one or more Hunt Family Members is the lessor; provided, no such lease will qualify as a “Lease” hereunder if each of the three following criteria apply; (x) SU is the
lessee, (y) cash rental payments have become due and payable pursuant thereto and (z) none of the Borrower, a Subsidiary of the Borrower or a Subsidiary of SU is the lessor. 

“Lenders” has the meaning given to such term in the Recitals. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person, in each case,
in the nature of a security interest of any kind or nature whatsoever. 
 “Make-Whole Amount” means, with respect to any
Fixed Rate Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Fixed Rate Note over the amount of such Called Principal, provided that the
Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

A. “Called Principal” means, with respect to any Fixed Rate Note, the principal of such Fixed Rate Note that
is to be prepaid pursuant to Section 2.5 or has become or is declared to be immediately due and payable pursuant to Section 8.2, as the context requires. 

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

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

 
issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such
Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Fixed Rate Note. 

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

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

E. “Remaining Scheduled Payments” means, with respect to the Called Principal of any Fixed Rate Note, all
payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such
Settlement Date is not a date on which interest payments are due to be made under the terms of the Fixed Rate Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date. 
 F. “Settlement Date” means, with respect
to the Called Principal of any Fixed Rate Note, the date on which such Called Principal is to be prepaid pursuant to Section 2.5 or has become or is declared to be immediately due and payable pursuant to Section 8.2, as the context
requires. 
 “Material Adverse Effect” means a material adverse effect upon and/or material adverse developments with
respect to (a) the operations, business, assets, properties, liabilities or financial condition of the Borrower and its Subsidiaries (taken as a whole); (b) the ability of the Note Parties (taken as a whole) to perform their obligations
under the Note Documents; (c) the legality, validity or enforceability of this Agreement or any other Note Document or the rights or remedies of the Collateral Agent or the Fixed Rate Note Holders hereunder or thereunder or (d) the
validity, perfection or priority of the Collateral Agent’s Liens on any material Collateral. 

 “Material Project Documents” means (i) any contract or agreement that is
related to the ownership, operation, maintenance, management service, repair or use of the System entered into by the Borrower or any Subsidiary subsequent to December 10, 2014 that involves full payments or obligations of the Borrower or any
Subsidiary in excess of $5,000,000 in any calendar year, and (ii) System Leases, but shall exclude any documents subject to Section 7.12 herein. 

“Materials of Environmental Concern” means all pollutants, contaminants, wastes, chemicals, explosive or radioactive
substances, petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas or electromagnetic fields, to the extent subject to regulation or which can give rise to liability under any
Environmental Law. 
 “McAllen Lease” shall mean the Third Amended and Restated Master System Lease Agreement (McAllen
System), between the Borrower, as lessor, and SU, as lessee. 
 “Merger” has the meaning given to such term in the
Recitals. 
 “Moody’s” means Moody’s Investors Service, Inc. 

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

“New Project” shall mean any transmission or distribution project, including any such project acquired or built by a
Project Finance Subsidiary, any “Footprint Project” (as defined in the Leases) that the Borrower or a Subsidiary of the Borrower funds pursuant to a Lease and any such project that the General Partner or a Subsidiary thereof acquires
pursuant to the Development Agreement, including, for the avoidance of doubt, the Cross Valley Project and the Golden Spread Project. 

“Non-Recourse Debt” means Indebtedness of a Project Finance Subsidiary or a Subsidiary of SU, as the case may be, that, if
secured, is secured solely by a pledge of collateral owned by such Project Finance Subsidiary or such Subsidiary of SU, as the case may be, and the Capital Stock in such Project Finance Subsidiary or such Subsidiary of SU, as the case may be, and
for which no Person other than such Project Finance Subsidiary or such Subsidiary of SU, as the case may be, is personally liable. 

“Note Documents” means this Agreement, the Fixed Rate Notes, the Security Documents, the Subsidiary Guaranties and any
amendment, waiver, supplement or other modification to any of the foregoing. 
 “Note Parties” means the Borrower and each
Subsidiary that is a party to a Note Document, as applicable. 

 “O&M Costs” means actual cash management and operation costs of the
Borrower, taxes payable by the Borrower, insurance premiums, consumables, fees and expenses of, and other amounts owing to, the Collateral Agent and the depositary under the Depositary Agreement, and other costs and expenses in connection with the
management or operation of the Borrower, but exclusive in all cases of (a) non-cash charges, including depreciation or obsolescence charges or reserves therefor, amortization of intangibles or other bookkeeping entries of a similar nature,
(b) all other payments of Debt Service and Make-Whole Amounts, if any, (c) costs of repair or replacement paid with insurance proceeds and (d) development costs related to any Project Finance Subsidiary. 

“Obligations” means the unpaid principal of and interest on (including interest accruing after the maturity of the Fixed Rate
Notes and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding) the Fixed Rate Notes and all other obligations and liabilities of the Borrower to any Fixed Rate Note Holder, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under, out of, or in connection with, this Agreement, any other Note Document or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, Make Whole Amount,
indemnities, costs, expenses (including all fees, charges and disbursements of counsel to any Fixed Rate Note Holder that are required to be paid by the Borrower pursuant hereto) or otherwise (whether or not evidenced by any note or instrument and
whether or not for the payment of money). 
 “OFAC” means the Office of Foreign Assets Control, United States Department of
the Treasury. 
 “OFAC Listed Person” means a Person whose name appears on the list of Specially Designated Nationals and
Blocked Persons published by OFAC. 
 “OFAC Sanctions Program” shall mean any economic or trade sanction that OFAC is
responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Operating Partnership” means InfraREIT Partners, LP, a Delaware limited partnership. 

“Original Credit Agreement” has the meaning given to such term in the Recitals. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permit” means any action, approval, consent, waiver, exemption, variance, franchise, order, permit,
authorization, right or license of or from a Governmental Authority, provided that interests or estates in real property, shall not be considered Permits. 

“Permitted Investments” means any (a) marketable direct obligation of the United States of America, (b) marketable
obligation directly and fully guaranteed as to interest and 

 
principal by the United States of America, (c) demand deposit with Bank of America, N.A., or time deposit, certificate of deposit and banker’s acceptance issued by any member bank of
the Federal Reserve System which is organized under the laws of the United States of America or any state thereof or any United States branch of a foreign bank, in each case whose equity capital is in excess of $500,000,000 and whose long-term debt
securities are rated “A” or better by S&P and “A2” or better by Moody’s, (d) commercial paper or tax exempt obligations given the highest rating by Moody’s and S&P, (e) obligations of a commercial bank
described in clause (c) above, in respect of the repurchase of obligations of the type as described in clauses (a) and (b) hereof, provided that such repurchase obligation shall be fully secured by obligations of the type described in
said clauses (a) and (b) and the possession of such obligation shall be transferred to, and segregated from other obligations owned by, any such bank, (f) instrument rated “AAA” by S&P and “Aaa” by Moody’s
issued by investment companies and having an original maturity of 180 days or less, (g) eurodollar certificates of deposit issued by any bank described in clause (c) above, and (h) marketable security rated not less than
“A-1” by S&P or not less than “Prime-1” by Moody’s. In no event shall Permitted Investments include any obligation, certificate of deposit, acceptance, commercial paper or instrument which by its terms matures
(A) more than 180 days after the date of investment, unless a bank meeting the requirements of clause (c) above shall have agreed to repurchase such obligation, certificate of deposit, acceptance, commercial paper or instrument at its
purchase price plus earned interest within no more than 90 days after its purchase thereunder or (B) after the next Payment Date. 

“Permitted Lien” is defined in Section 7.5. 

“Permitted Secured Indebtedness” has the meaning given to it in the Collateral Agency Agreement. 

“Person” means an individual, partnership, corporation, cooperative corporation, limited liability company, association,
trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit
plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or
required to be made, by the Borrower or any ERISA Affiliate or with respect to which the Borrower or any ERISA Affiliate may have any liability. 

“Pledge Agreement” means the Amended and Restated Assignment of Membership Interests and Pledge Agreement, dated as of
December 20, 2014, by TDC with respect to its membership interests in the Borrower, to the Collateral Agent. 

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

“Project Finance Subsidiary” means a special purpose Subsidiary of a Person created to develop a New Project and to finance
such New Project solely with Non-Recourse Debt and equity (including, for the avoidance of doubt, CV Project Entity, L.L.C.). 

 “property” or “properties” means, unless otherwise specifically limited, real
or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PUCT” means Public Utility Commission of
Texas. 
 “Qualified Lessee” means SU and/or any other utility that is (x) approved or authorized by the applicable
public utility commission or similar regulatory authority to operate and/or lease the transmission and/or distribution assets of the Borrower or any Subsidiary and (y) a party to a then-effective lease agreement with the Borrower or a
Subsidiary thereof pursuant to which such utility leases and operates such entity’s transmission and/or distribution assets. 

“Qualified Lessee Affiliate Loan” means loans made by the Operating Partnership or a Subsidiary thereof to Qualified Lessees
from time to time in an aggregate principal amount not to exceed $10,000,000 at any time outstanding as long as the use of proceeds of such loans is limited to the acquisition or financing of equipment or other assets used in the Qualified
Lessee’s operation or lease of transmission or distribution assets from the Borrower or a Subsidiary thereof pursuant to a Lease. 

“RBC” means Royal Bank of Canada, a Canadian banking institution. 

“RBC Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of December 10, 2014, among the
Borrower, as borrower, the lenders from time to time party thereto and RBC, administrative agent, as the same may be amended, restated, supplemented and otherwise modified from time to time. 

“Real Property Collateral” means any fee owned real property (other than easements and rights of way) with a fair
market value in excess of $3,000,000. 
 “Regulation D” means Regulation D of the Board as in effect from time to time.

 “Regulation U” means Regulation U of the Board as in effect from time to time. 

“Replacement Fixed Rate Note” has the meaning given to such term in Section 2.1(b) 

“Required Fixed Rate Note Holders” means at any time, and at all times excluding any portion of the Fixed Rate Notes held by
Affiliated Fixed Rate Note Holders, the holders of more than 50% of the aggregate principal amount of the Fixed Rate Notes. 

“Required Permit” means all governmental and third party licenses, permits, franchises, authorizations, patents, copyright,
proprietary software, service marks, trademarks and trade names, or rights thereto, that are material to the ownership, leasing, operating and maintenance of the System. 

“Requirements of Law” means as to any Person, the certificate of incorporation or formation and by-laws or partnership or
operating agreement or other organizational or governing documents of such Person, and any local, state or Federal law, regulation, rule, ordinances or determination, interpretation or order of an arbitrator or a court or other

 
Governmental Authority, and any Required Permit, in each case applicable to or binding upon such Person or any of its properties or its business or to which such Person or any of its properties
or its business is subject. 
 “Responsible Officer” means any Senior Financial Officer and any other officer of the
Borrower with responsibility for the administration of the relevant portion of this Agreement. 
 “ROFO Transfer” shall
mean the sale and Transfer to Persons Controlled by one or more Hunt Family Members of any assets located in the Texas Panhandle related to the CREZ Project that are categorized as ROFO Projects under the Development Agreement with an aggregate fair
market value not to exceed $5,000,000. 
 “S&P” means Standard and Poor’s Rating Services. 

“SDTS” has the meaning given to such term in the Recitals. 

“SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto. 

“Secured Parties” means the Collateral Agent, the Fixed Rate Note Holders and the other “Secured Parties” (as
defined in the Collateral Agency Agreement) from time to time. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Security
Agreement” means the Amended and Restated Security Agreement, dated as of September 29, 2015, between SDTS and the Collateral Agent. 

“Security Documents” means, to the extent such document has not been terminated, (i) the Collateral Agency Agreement, as
joined by the Joinder to the Collateral Agency Agreement, the Security Agreement, the Deeds of Trust, the Pledge Agreement and the Deposit Agreement and (ii) other security documents entered into pursuant to Section 6.9 and any
other security documents, financing statements and the like filed or recorded in connection with the foregoing. 
 “Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Borrower or a Qualified Lessee, as applicable. 

“Sharyland Projects” has the meaning given to such term in the Recitals. 

“Specified Qualified Lessee” shall mean SU and any Qualified Lessee (a) (i) without an Investment Grade Credit
Rating or (ii) whose obligations under the applicable Leases are not guaranteed by an entity with an Investment Grade Rating and (b) whose business is limited to the leasing of transmission and/or distribution assets from the Borrower or
any of its Subsidiaries or Affiliates. 

 “Stanton/Brady/Celeste Lease” shall mean the Second Amended and Restated Lease
Agreement (Stanton/Brady/Celeste Assets), between the Borrower, as lessor, and SU, as lessee. 
 “SU” means Sharyland
Utilities, L.P. 
 “Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such second Person and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or
more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a “Subsidiary” is a reference to a Subsidiary of the Borrower. 
 “Subsidiary Guaranty” means each
Guaranty provided by the Subsidiary Guarantors pursuant to Section 6.9(d), if any, substantially in the form of Exhibit B to the Agreement. 

“Subsidiary Guarantor” means any Subsidiary of the Borrower that is a guarantor under a Guaranty pursuant to
Section 6.9(d). 
 “SVO” means the Securities Valuation Office of the National Association of Insurance
Commissioners or any successor to such Office. 
 “Swap Contract” means (a) any and all interest rate swap
transactions, basis swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including, but without limitation, any options to enter into
any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., or any International Foreign Exchange Master Agreement. 
 “Swap Termination Value” means,
in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

 “Synthetic Lease” means, at any time, any lease (including leases that may be
terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax
purposes, other than any such lease under which such Person is the lessor. 
 “System” means the Borrower’s and/or any
Subsidiary’s (other than a Project Finance Subsidiary’s) integrated electrical transmission and distribution facilities located primarily in the State of Texas and the systems and other property necessary to operate the transmission and
distribution facilities, and all improvements to and expansions of such facilities, and each New Project (upon its completion) owned by the Borrower or a Subsidiary thereof; provided that, for the purposes hereof, “System” shall not
be deemed to include any easements held by the Borrower or any Subsidiary. 
 “System Leases” means (1) the McAllen
Lease, (2) the Stanton/Brady/Celeste Lease, (3) the Lease Agreement (ERCOT Transmission Assets), between the Borrower, as lessor, and SU, as lessee, (4) the FERC Lease, (5) the CREZ Lease and (6) any and all other Leases and
supplements thereto in connection with the System and the transmission and distribution facilities ancillary thereto and any easements associated therewith, or, in each of the foregoing clauses (1) through (6), any new lease entered into in
replacement thereof, in accordance with Section 6.10 of this Agreement. 
 “Taxes” shall mean all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“TDC” means Transmission and Distribution Company, L.L.C. 

“Total Debt” means, with respect to the Borrower, all Indebtedness of the Borrower on a consolidated basis; provided,
however, that for purposes of calculating the Borrower’s Total Debt to Capitalization Ratio, the Borrower’s Total Debt shall exclude Non-Recourse Debt of a Project Finance Subsidiary of the Borrower and that portion of the Swap
Termination Value defined in clause (b) of the definition of “Swap Termination Value” and shall include Indebtedness of SU on a consolidated basis (excluding Non-Recourse Debt of a Project Finance Subsidiary of SU). 

“Total Debt to Capitalization Ratio” means (a) the Borrower’s Total Debt, divided by (b) the sum of
(i) Total Debt plus (ii) the Borrower’s capitalization, as shown on the Borrower’s balance sheet plus (iii) if positive, SU’s capitalization, as shown on its balance sheet. In connection with any transaction or series
of related transactions not prohibited by this Agreement (including by waiver, consent or amendment given or made in accordance with Section 10.1) pursuant to which the Borrower or any Subsidiary makes any acquisition or disposition of assets
with a fair market value greater than $1,000,000, the Total Debt to Capitalization Ratio shall be calculated on a pro forma basis after giving effect to such transaction or series of related transactions as a whole (including any related incurrence,
repayment or assumption of Indebtedness). 

 “UCC” means the Uniform Commercial Code as in effect in the applicable state of
jurisdiction. 
 “UCC Collateral” means the Collateral that is of a type in which a valid security interest can be created
under Article 8 or Article 9 of the UCC as in effect in New York. 
 “USA Patriot Act” means United States Public Law
107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time
in effect. 
 “U.S. Economic Sanctions” shall mean United States economic sanctions, including but not limited to, the
Trading with the Enemy Act, the International Emergency Economic Powers Act, CISADA or any similar law or regulation with respect to Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic
sanctions regulations administered and enforced by the United States or any enabling legislation or executive order relating to any of the foregoing. 

“Wholly-Owned Subsidiary” means, at any time, any Subsidiary one hundred percent of all of the voting interests of which are
owned by any one or more of the Borrower and the Borrower’s other Wholly-Owned Subsidiaries at such time. 
 1.2. Rules of
Interpretation. Except as otherwise expressly provided, the following rules of interpretation shall apply to this Agreement and the other Note Documents: 

(a) The singular includes the plural and the plural includes the singular; and words in the masculine, neuter or feminine
gender shall be read and construed as though in either of the other genders where the context so requires. 
 (b) The word
“or” is not exclusive. 
 (c) A reference to any law includes any amendment or modification to such law, and all
regulations, rulings and other laws and regulations promulgated under such law. 
 (d) A reference to a Person includes its
successors and permitted assigns. 
 (e) Accounting terms have the meanings assigned to them by GAAP (as defined in the
applicable Financing Agreement), as applied by the accounting entity to which they refer. 
 (f) The words
“include,” “includes” and “including” are not limiting. 
 (g) A reference in a document to an
Article, Section, Exhibit, Schedule, Annex or Appendix is to the Article, Section, Exhibit, Schedule, Annex or Appendix of such document unless otherwise indicated. Exhibits, Schedules, Annexes or Appendices to any document shall be deemed
incorporated by reference in such document. 

 (h) References to “knowledge” or words of similar import refer to the
actual knowledge of the current officers of the relevant Person, without any duty of investigation unless otherwise indicated. 

(i) References to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments
thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and
supplemented from time to time and in effect at any given time 
 (j) The words “hereof,” “herein” and
“hereunder” and words of similar import when used in any document shall refer to such document as a whole and not to any particular provision of such document. 

(k) References to “days” means calendar days, unless the term “Business Days” shall be used. References to
a time of day means such time in New York, New York, unless otherwise specified. 
 (l) The section and subsection headings
in a document are for convenience of reference only and shall neither be deemed to be a part of such document nor modify, define, expand or limit any of the terms or provisions thereof. 

(m) References to agreements or other contractual obligations shall, unless otherwise specified, be deemed to refer to such
agreements or contractual obligations as amended, supplemented, restated or otherwise modified from time to time. 
 ARTICLE 2. 

THE FIXED RATE NOTES 

2.1. Fixed Rate Notes. (a) On the date of the Original Credit Agreement, the Borrower authorized the issuance and sale of
$60,000,000 aggregate principal amount of its 5.04% Fixed Rate Notes (the “Initial Fixed Rate Notes”). 
 (b) Upon the
effectiveness of the Merger and at the request of any Fixed Rate Note Holder, SDTS shall promptly execute and deliver to such Fixed Rate Note Holder a replacement Fixed Rate Note in amount equal to the then outstanding principal amount of such Fixed
Rate Note Holder’s Initial Fixed Rate Note provided that such Fixed Rate Note Holder returns it’s Initial Fixed Rate Note to SDTS marked cancelled (any such replacement note, a “Replacement Fixed Rate Note”). 

2.2. Sale and Purchase of Fixed Rate Notes. Subject to the terms and conditions of this Agreement, the Borrower issued and sold to each
Fixed Rate Note Holder and each Fixed Rate Note Holder purchased from the Borrower, on the date of the Original Credit Agreement, its share of the Fixed Rate Notes at the purchase price of 100% of the principal amount thereof. The Fixed Rate Note
Holders’ obligations hereunder are several and not joint, and no Fixed Rate Holder shall have any liability to any Person for the performance or non-performance of any obligation by any other Fixed Rate Note Holder hereunder. 

 2.3. Repayment of Fixed Rate Note. The Borrower shall repay the full principal amount of
the Fixed Rate Notes to each Fixed Rate Note Holder on the earlier to occur of the date of acceleration of the Fixed Rate Notes under Section 8.2 and the Fixed Rate Note Maturity Date. 

2.4. [RESERVED]. 
 2.5.
Optional Prepayments. (a) The Borrower may prepay the Fixed Rate Notes in accordance with this Section 2.5(a). At any time the Borrower may, at its option, upon notice as provided below, prepay at any time all, or from time to time
any part of, the Fixed Rate Notes, in an amount not less than $5,000,000 of the aggregate principal amount of the Fixed Rate Notes then outstanding, or any amount in multiples of $1,000,000 in excess thereof, at 100% of the principal amount so
prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Borrower will give each Fixed Rate Note Holder written notice of each optional prepayment under this Section 2.5(a) not less than
30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such prepayment date (which shall be a Business Day), the aggregate principal amount of the Fixed Rate Notes to be prepaid on such date,
the principal amount of each Fixed Rate Note held by such Fixed Rate Note Holder to be prepaid, and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a
Responsible Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to
such prepayment, the Borrower shall deliver to each Fixed Rates Note Holder a certificate of a Responsible Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

(b) The Borrower will not and will not permit any of its Affiliates to purchase, redeem, prepay or otherwise acquire, directly or indirectly,
any of the outstanding Fixed Rate Notes except upon the payment or prepayment of the Fixed Rate Notes in accordance with the terms of this Agreement and the Fixed Rate Notes and except as provided pursuant to Section 10.6(b) hereunder. The
Borrower will promptly cancel all Fixed Rate Notes acquired by it or by any of its Affiliates pursuant to any payment or prepayment of Fixed Rate Notes pursuant to any provision of this Agreement (other than pursuant to Section 10.6(b)
hereunder) and no Fixed Rate Notes may be issued in substitution or exchange for any such Fixed Rate Notes. 
 2.6. Terms of All
Prepayments. 
 (a) Amounts to be applied in connection with prepayments made pursuant to Section 2.5 shall be applied as the
Borrower shall direct, subject to Section 2.6(b). 
 (b) All prepayments of the Fixed Rate Notes shall be applied among the Fixed Rate
Note Holders according to the pro rata portion of the Fixed Rate Notes held by each Fixed Rate Note Holder at the time of the applicable prepayment. 

(c) In the case of each prepayment of Fixed Rate Notes pursuant to this Agreement, the principal amount of each Fixed Rate Note to be prepaid
shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal 

 
amount accrued to such date and the applicable Make-Whole Amount, if any, which shall be paid to each Fixed Rate Note Holder. From and after such date, unless the Borrower shall fail to pay such
principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Fixed Rate Note paid or prepaid in full shall be surrendered to the
Borrower and cancelled and shall not be reissued, and no Fixed Rate Note shall be issued in lieu of any prepaid principal amount of any Fixed Rate Note. 

2.7. Interest Rates and Payment Dates. (a) The Fixed Rate Notes shall bear interest at a fixed rate per annum of 5.04%. 

(b) Upon the occurrence and during the continuance of an Event of Default, all amounts outstanding under the Fixed Rate Notes (whether or not
overdue) shall bear interest at a rate per annum of 7.04% (the “Default Rate”). 
 (c) Interest shall be payable in arrears
on each Interest Payment Date; provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand. 

2.8. Computation of Interest and Fees. Interest and fees payable pursuant hereto in respect of the Fixed Rate Notes shall be computed
on the basis of a 360-day year of twelve 30-day months. 
 2.9. Payments. All payments (including prepayments) to be made by the
Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 12:00 Noon, New York time, on the due date thereof to each Fixed Rate Note Holder by the
method and at the address specified for such purpose below such Fixed Rate Note Holder’s name in Schedule A or by such other method or at such other address as such Fixed Rate Note Holder shall have from time to time specified to the
Borrower in writing in accordance with Section 10.2. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day without including the additional days
elapsed in the calculation of amounts owed on such next succeeding Business Day; provided that if the Fixed Rate Note Maturity Date is on a day other than a Business Day, the payment due on the next succeeding Business Day shall include the
additional days elapsed for purposes of calculating the amounts owed on such day. 

 ARTICLE 3. 

[RESERVED] 
 ARTICLE 4.

 [RESERVED.] 
 ARTICLE
5. 
 REPRESENTATIONS AND WARRANTIES 

5.1. No Default or Event of Default. In order to induce the Fixed Rate Note Holders to enter into this Agreement, the Borrower hereby
represents and warrants that no Default or Event of Default has occurred and is continuing on the date hereof both before and immediately after giving effect to this Agreement, the transactions contemplated herein and the Merger. 

ARTICLE 6. 
 AFFIRMATIVE
COVENANTS OF BORROWER 
 The Borrower hereby agrees that, so long as the Fixed Rate Notes remain outstanding or any other amount is
owing to any Fixed Rate Note Holder hereunder: 
 6.1. Financial and Business Information. The Borrower shall deliver, and shall
cause SU to deliver, and shall use commercially reasonable efforts to cause each other Qualified Lessee (other than any Consolidated Qualified Lessee) to deliver, to each Fixed Rate Note Holder (provided, that no default shall arise under this
Section 6.1 as a result of the failure by a Qualified Lessee other than SU to deliver financial statements and other documents in accordance with the requirements of an applicable Lease and such Lease is terminated in accordance with
Section 7.16 hereunder): 
 (a) Within 45 days after the end of each quarterly fiscal period in each calendar year of such Person and
its Subsidiaries (excluding the last quarterly fiscal period of each such calendar year), duplicate copies of 
 (i) balance
sheets of such Person and its Subsidiaries on a consolidated basis as at the end of such quarter, and 
 (ii) profit and loss
statements and cash flows statements for such Person and its Subsidiaries on a consolidated basis for such quarter and (in the case of the second and third quarters) for the portion of the calendar year ending with such quarter, 

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

 (b) Within 90 days after the end of each calendar year of the Borrower and each Qualified Lessee
(other than a Consolidated Qualified Lessee), as applicable, duplicate copies of 
 (i) balance sheets of such Person and its
Subsidiaries on a consolidated basis as at the end of such year; and 
 (ii) statements of income, profit and loss statements
and cash flow statements for such Person and its Subsidiaries on a consolidated basis for such year, 
 setting forth in each case in
comparative form the figures for the previous calendar year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by 

(A) an opinion thereon of Ernst & Young LLP or another independent public accounting firm of nationally recognized
standing selected by the Borrower or such Qualified Lessee (herein, the “Approved Accountant”), which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the
companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of the Approved Accountants in connection with such financial statements has been made in
accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, and 

(B) a certificate of the Approved Accountants stating that they have reviewed this Agreement and stating further whether, in
making their audit, they have become aware of any condition or event that then constitutes a Default or an Event of Default (or, in the case of a Qualified Lessee, any default or event of default under any Leases under which such Qualified Lessee is
a lessee), and, if they are aware that any such condition or event then exists, specifying the nature and period of the existence thereof (it being understood that the Approved Accountants shall not be liable, directly or indirectly, for any failure
to obtain knowledge of any Default or Event of Default (or, in the case of a Qualified Lessee, any default or event of default under the applicable Lease) unless the Approved Accountants should have obtained knowledge thereof in making an audit in
accordance with generally accepted auditing standards or did not make such an audit); 
 (c) Promptly upon their becoming available, and to
the extent not otherwise required to be delivered pursuant to another provision of this Agreement, one copy of (i) each financial statement and budget and such other reports and notices as the Fixed Rate Note Holders may reasonably request sent
by the Borrower or any Qualified Lessee to its Subsidiaries, (ii) each report or filing (without exhibits except as expressly requested by the Fixed Rate Note 

 
Holders) other than regular and periodic reports and filings made by the Borrower, any Subsidiary, or any Qualified Lessee to any state or Federal regulatory body and (iii) each report and
filing made by the Borrower to its lenders; 
 (d) Promptly, and in any event within 5 Business Days after (i) a Responsible Officer of
the Borrower becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with
respect to a claimed default of the type referred to in Section 8.1(i), a written notice specifying the nature and period of existence thereof and what action the Borrower or any Subsidiary is taking or proposes to take with respect thereto and
(ii) the Borrower receives a written notice of default under a System Lease from the applicable Qualified Lessee, a copy of such notice of default or a written notice specifying the nature and period of existence of such default and what action
the Borrower is taking or proposes to take with respect thereto; 
 (e) Promptly, and in any event within 5 Business Days of receipt (or
knowledge thereof by a Responsible Officer of the Borrower) of copies of any notice to the Borrower, any Subsidiary, or any Qualified Lessee from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or
regulation that could reasonably be expected to have a Material Adverse Effect; 
 (f) Promptly, and in any event within 5 Business Days of
receipt (or knowledge by a Responsible Officer of the Borrower) thereof: 
 (i) any pending or threatened adversarial or
contested proceeding of or before a Governmental Authority relating to the System or the System Leases that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

(ii) any litigation or proceeding taken or threatened in writing against the Borrower, any Subsidiary, or any Qualified Lessee,
that, if successful, could reasonably be expected to result in a Material Adverse Effect; 
 (g) As soon as available and in any event
within 30 days after the close of each calendar year of the Borrower and each Qualified Lessee (other than a Consolidated Qualified Lessee), as the case may be, the annual budget of the Borrower and its Subsidiaries and each Qualified Lessee, as
applicable; and 
 (h) With reasonable promptness, such other data and information relating to the business, operations, affairs, financial
condition, assets or properties of the Borrower or relating to the ability of the Borrower to perform its obligations hereunder and under the Fixed Rate Notes as from time to time may be reasonably requested by any the Fixed Rate Note Holders. 

6.2. Certificates; Other Information. Each set of financial statements delivered pursuant to Section 6.1(a) or Section 6.1(b)
shall be accompanied by a certificate of a Senior Financial Officer of each Qualified Lessee (other than a Consolidated Qualified Lessee) or the Borrower, as applicable, setting forth: 

(a) the information (including detailed calculations) required in order to establish whether the Borrower was in compliance with the
requirements of Sections 6.11, 7.6 and 7.9, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio
or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 

 (b) a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has
made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Borrower from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate
and that no Default or an Event of Default has occurred and is continuing (or in the case of any Qualified Lessee, any default or event of default has occurred and is continuing under any Leases to which it is a party, which default or event of
default constitutes an Event of Default pursuant to Section 8.1(f)) or, if any such condition or event has occurred and is continuing (including, without limitation, any such event or condition resulting from the failure of the Borrower to
comply with any Environmental Law), (or in the case of any Qualified Lessee, any default or event of default has occurred and is continuing under any Leases to which it is a party, which default or event of default constitutes an Event of Default
pursuant to Section 8.1(f)), specifying the nature and period of existence thereof and what action the Borrower shall have taken or proposes to take with respect thereto. 

6.3. Compliance with Law. Without limiting Section 7.4, the Borrower will, and will cause its Subsidiaries to, comply with all
laws, ordinances or governmental rules or regulations to which it is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises
and other governmental authorizations necessary to the ownership of its properties or to the conduct of its businesses to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures
to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.4. Insurance. 
 (a) The
Borrower will maintain or cause to be maintained, and will cause its Subsidiaries to maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and
contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations
engaged in the same or a similar business and similarly situated. 
 (b) Promptly upon request by the Fixed Rate Note Holders or the
Collateral Agent, the Borrower shall furnish the Fixed Rate Note Holders and the Collateral Agent with approved certification of all required insurance. Such certification shall be executed by each insurer or by an authorized representative of each
insurer where it is not practical for such insurer to execute the certificate itself. Such certification shall identify underwriters, the type of 

 
insurance, the insurance limits, and the policy term, and shall specifically list the special provisions enumerated for such insurance required by this Section 6.4. Upon request, the
Borrower will promptly furnish the Fixed Rate Note Holders and the Collateral Agent with copies of all insurance certificates, binders, and cover notes or other evidence of such insurance relating to the Collateral. 

(c) No provision of this Section 6.4 or any other provision of this Agreement, any other Financing Document or any Lease shall impose on
the Fixed Rate Note Holders or the Collateral Agent any duty or obligation to verify the existence or adequacy of the insurance coverage maintained by the Borrower, nor shall the Fixed Rate Note Holders or the Collateral Agent be responsible for any
representations or warranties made by or on behalf of the Borrower to any insurance company or underwriter. 
 6.5. Maintenance of
Properties. The Borrower will, and will cause its Subsidiaries, SU and Qualified Lessees that are Affiliates of the Borrower to, and will use commercially reasonable efforts to cause the other Qualified Lessees to, (a) maintain, preserve
and protect in all material respects all of its respective material properties (including any such properties comprising any material portion of the System) and equipment necessary in the operation of its respective business (taken as a whole) in
good, working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof. 

6.6. Payment of Taxes and Claims. The Borrower will, and will cause each of its Subsidiaries to, file all tax returns required to be
filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to
the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Borrower or any Subsidiary, provided
that none of the Borrower or any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by such Person on a timely basis in good faith and in appropriate
proceedings, and such Person has established adequate reserves therefor in accordance with GAAP on its books or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate could not reasonably be expected to
have a Material Adverse Effect. 
 6.7. Existence, Etc. Except as permitted under Section 7.2, the Borrower will, and will cause
each of its Subsidiaries, at all times preserve and keep in full force and effect its respective limited liability company, corporate or limited partnership existence and all rights and franchises of the Borrower unless (other than with respect to
the Borrower’s existence), in the good faith judgment of the Borrower, the termination of or failure to preserve and keep in full force and effect such limited liability company, corporate or limited partnership existence, right or franchise
could not, individually or in the aggregate, have a Material Adverse Effect. 
 6.8. Books and Records; Inspection Rights. The
Borrower will, and will cause each of its Subsidiaries and SU to, and will use commercially reasonable efforts to cause other Qualified Lessees to, maintain proper books of record and account in conformity with GAAP and all applicable requirements
of any Governmental Authority having legal or regulatory jurisdiction 

 
over such Person. The Borrower will permit representatives and independent contractors of the Fixed Rate Note Holders to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such
reasonable times during normal business hours no more than once per calendar year, upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default has occurred and is continuing, the Fixed Rate Note Holders (or any
of its respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and as often as reasonably desired. 

6.9. Collateral; Further Assurances. Upon the effectiveness of the Merger, 

(a) The Borrower shall take all actions necessary to insure that the Collateral Agent, on its behalf and on behalf of the Secured Parties (or
in the case of Real Property Collateral, the Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties), has and continues to have in all relevant jurisdictions duly and validly created, attached and
enforceable Liens on the Collateral, including perfected first-priority Liens on Collateral constituting UCC Collateral or Real Property Collateral, in each case, to the extent required under the Security Documents (including, in accordance with
clauses (c) and (d) of this Section 6.9, after-acquired Collateral), subject to no Liens other than Permitted Liens. The Borrower shall cause the Obligations to constitute direct senior secured obligations of the Borrower and to be
senior in right of payment and to rank senior in right of security (other than Permitted Liens) with respect to Collateral granted in the Security Documents to all other Indebtedness of the Borrower (other than other Permitted Secured Indebtedness,
with which it shall be pari passu in accordance with the terms of the Collateral Agency Agreement). 
 (b) Upon completion of each New
Project of a Project Finance Subsidiary, the Borrower may cause any such Project Finance Subsidiary to Transfer the New Project to the Borrower and upon such Transfer, the Borrower shall take all actions necessary to insure that (w) the New
Project becomes a part of the Collateral to the extent required under the Security Documents and Section 6.9(c), subject to the first priority Lien of the Security Documents (subject to no Liens other than Permitted Liens and rights of holders
of Permitted Secured Indebtedness in accordance with the Collateral Agency Agreement), (x) no Default or Event of Default occurs as a result of such Transfer, (y) the Indebtedness of the Project Finance Subsidiary is either repaid in full
at the time of the Transfer or becomes Permitted Secured Indebtedness in accordance with the Collateral Agency Agreement, and (z) the Project Finance Subsidiary is liquidated or merged with and into the Borrower. 

(c) If, after December 10, 2014 Borrower acquires any Real Property Collateral, the Borrower shall forthwith (and in any event, within
five Business Days of such acquisition or such longer period of time as reasonably agreed by the Required Fixed Rate Note Holders) deliver to the Collateral Agent a fully executed mortgage or deed of trust over the Borrower’s interests in such
Real Property Collateral, in form and substance satisfactory to the Required Fixed Rate Note Holders and the Collateral Agent, together with such surveys, environmental reports and other documents and certificates with respect to such real estate as
may be reasonably required by the Required Fixed Rate Note Holders. The Borrower further 

 
agrees to take all other actions necessary to create in favor of the Trustee named therein for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first
priority Lien on the Borrower’s interests in such Real Property Collateral, free and clear of all Liens except for Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement. 

(d) If, after December 10, 2014, the Borrower acquires or creates any new Subsidiary (other than any Subsidiary of the Borrower that is
not organized under the laws of the United States, any state thereof or the District of Columbia, any Project Finance Subsidiary and any other Subsidiary that is prohibited from providing a Guaranty of the Obligations by any Requirement of Law), the
Borrower shall or cause such Subsidiary forthwith (and in any event, within 30 days of such creation or acquisition (or such longer time as the Required Fixed Rate Note Holders may agree): 

(i) to execute and deliver to the Collateral Agent a Subsidiary Guaranty; 

(ii) to deliver to the Collateral Agent a certificate of such Subsidiary, certifying as to the resolutions attached thereto and
other corporate proceedings by the such Subsidiary relating to the authorization, execution and delivery of the Subsidiary Guaranty, with appropriate insertions and attachments; 

(iii) to take such actions reasonably necessary or advisable to grant to the Collateral Agent for the benefit of the Secured
Parties (or, in the case of Real Property Collateral, the Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties), a perfected and enforceable first-priority Lien in the Collateral described in the
Security Documents with respect to such new Subsidiary, subject to no Liens other than Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement; and 

(iv) if reasonably requested by the Collateral Agent, to deliver to the Collateral Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance reasonably satisfactory to the Collateral Agent. 
 6.10. Material Project
Documents. 
 (a) The Borrower shall at all times (i) perform and observe all of the covenants under the Material Project Documents
to which it is a party and take reasonable actions to enforce all of its rights thereunder, other than to the extent the same could not reasonably be expected to have a Material Adverse Effect, (ii) subject to the provisions of clause
(b) of this Section 6.10, maintain the System Leases (other than Leases constituting System Leases only pursuant to clause (5) of the definition thereof) in full force and effect, and (iii) maintain the Leases (other than the
System Leases referred to in the foregoing clause (ii) of this Section 6.10(a)) to which it or any of its Subsidiaries is a party in full force and effect, except to the extent the same could not reasonably be expected to have a Material
Adverse Effect. 

 (b) If the term of a Lease with the Borrower or one of its Subsidiaries expires and the Qualified
Lessee under such Lease has either ceased operating the related assets or has ceased paying rent as required under the applicable Lease, the Borrower shall, or shall cause a Subsidiary, as applicable, to enter into a supplement or a new Lease with
respect to the related leasehold assets with a Qualified Lessee that provides for rent that, when combined with all other expected revenue, will, in the reasonable judgment of the Borrower, as of the commencement date of such supplement or new
Lease, generate sufficient revenue to satisfy the requirements of Section 6.11 and will not otherwise result in a materially worse position for the Borrower as compared to the terms of the applicable expired Lease. Each such new Lease shall
have a term of at least five years. Notwithstanding the foregoing, if (i) such expired Lease relates to transmission and/or distribution assets that are not generating significant revenue, (ii) the failure to renew such Lease would not
constitute a Material Adverse Effect and (iii) the Borrower reasonably believes it will generate sufficient revenue and hold sufficient assets (without giving effect to the leasehold assets with respect to such Lease) to satisfy the
requirements of Section 6.11, then this Section 6.10(b) will not require a supplement or new lease with respect to such leasehold assets. 

6.11. Financial Ratios. 

(a) The Borrower shall at all times maintain, on a consolidated basis, a Total Debt to Capitalization Ratio of not more than 0.65 to 1.00.

 (b) The Borrower shall maintain, for each period of four consecutive fiscal quarters, a Debt Service Coverage Ratio of at least 1.40 to
1.00. 
 ARTICLE 7. 

NEGATIVE COVENANTS OF BORROWER 

The Borrower hereby agrees that, so long as the Fixed Rate Notes remain outstanding or other amount is owing to any Fixed Rate Note Holder
hereunder: 
 7.1. Transactions with Affiliates. The Borrower will not and will not permit any Subsidiary to enter into directly or
indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate other than (i) transactions with
Project Finance Subsidiaries, as permitted by Section 6.9(b) and other transactions between or among the Borrower and one or more Subsidiaries, or any subset thereof, to the extent permitted under Sections 7.2, 7.6, 7.7, 7.10 and 7.14,
(ii) Leases with Qualified Lessees and transactions relating thereto, (iii) any Qualified Lessee Affiliate Loan and any Indebtedness permitted under Section 7.6(d)(ii), (iv) payment of customary fees and reasonable out of pocket
costs to, and indemnities for the benefit of, directors, officers and employees of the Borrower and its Subsidiaries in the ordinary course of business, (v) Investments permitted pursuant to Section 7.7, (vi) transactions entered into
in connection with the Cross Valley Project on or prior to the Cross Valley Project Transfer and the Golden Spread Project on or prior to the Golden Spread Project Transfer, (vii) ROFO Transfers, and (viii) upon fair and reasonable terms
no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arms-length transaction with a Person 

 
not an Affiliate; provided that any transaction will be deemed to meet the requirements of this clause (viii) if such transaction is on terms approved by a majority of the board of directors
(or comparable governing body) of the General Partner or an Affiliate thereof who are “independent”(as such term is defined pursuant to the rules of the primary exchange on which the Capital Stock is listed for trading), or a majority of
the “independent” members of a committee of any such board of directors (or comparable governing body). 
 7.2. Merger,
Consolidation, Etc. The Borrower will not nor will it cause or permit any of its Subsidiaries to consolidate with or merge with any other Person or Transfer all or substantially all of its assets in a single transaction or series of transactions
to any Person, except (i) pursuant to the System Leases or any other Lease, (ii) as permitted pursuant to Section 6.9(b), or (iii) that so long as both before and after giving effect to such merger or consolidation or Transfer of
all or substantially all of its assets to another Person no Default or Event of Default exists, the Borrower or any Subsidiary may merge or consolidate with another Person, and the Borrower or any Subsidiary may Transfer all or substantially all of
its assets to another Person, so long as, after giving effect to such merger or consolidation, or such Transfer of all or substantially all of its assets, (A) with respect to any merger or consolidation to which the Borrower is a party, the
Borrower shall be the surviving entity, (B) with respect to any merger or consolidation to which a Subsidiary is a party but the Borrower is not, a Subsidiary (other than a Project Finance Subsidiary) shall be the surviving entity and
(C) with respect to any Transfer of all or substantially all of its assets by the Borrower or a Subsidiary, the Borrower or another Subsidiary (other than a Project Finance Subsidiary) shall be the transferee or lessee of such assets (except to
the extent permitted by clauses (i) and (ii) of this Section 7.2. 
 7.3. Line of Business. The Borrower will not and
will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Borrower and its Subsidiaries taken as a whole, would then be engaged would be substantially changed from the transmission and
distribution of electric power and the provision of ancillary services. 
 7.4. Terrorism Sanctions Regulations. The Borrower will
not and will not permit any Controlled Entity (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or
by the European Union, or (b) directly or indirectly to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Fixed Rate Notes) with
any Person if such investment, dealing or transaction (i) would cause any holder to be in violation of any applicable United States (federal or state) anti-terrorism law or regulation applicable to such holder, or (ii) is prohibited by or
subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor shall any Affiliate of either engage, in any activity that could subject such Person or any holder to sanctions under CISADA or any similar law or regulation with
respect to Iran or any other country that is subject to U.S. Economic Sanctions. 
 7.5. Liens. The Borrower will not, nor will it
cause or permit any Subsidiary to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to the Collateral or any other property of the Borrower or such
Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, or on any other asset now owned or hereafter acquired by the Borrower or such
Subsidiary, except (each, a “Permitted Lien”): 
 (a) solely in the case of the Note Parties, Liens created or permitted by the
Financing Documents on the assets of the Note Parties; and 

 (b) (i) solely in the case of a Project Finance Subsidiary, Liens on assets owned by that
Project Finance Subsidiary, (ii) Liens on the Capital Stock in that Project Finance Subsidiary, in each case to secure its Non-Recourse Debt and (iii) Liens in respect of Guaranties permitted under Section 7.6(c)(iii); 

(c) Liens created or permitted pursuant to the terms of the Security Documents, including Cash Collateral (as defined in the Collateral Agency
Agreement); 
 (d) Liens for Taxes which are not yet due and payable or the payment of which is not at the time required by
Section 6.6; 
 (e) any attachment or judgment Lien, unless such attachment or judgment Lien constitutes an Event of Default under
Section 8.1(l) hereof; 
 (f) Liens of a lessor of equipment to the Borrower or any Subsidiary on such lessor’s leased equipment
(but excluding equipment leased pursuant to a Capital Lease), including any of the foregoing which is evidenced by a protective UCC filing; 

(g) Mechanics’, warehousemen’s, carriers’, workers’, repairers’, landlords’, and other similar liens arising or
incurred in the ordinary course of business and (i) which do not in the aggregate materially detract from the value of property or assets subject to such Liens or materially impair the continued use thereof in the operation of the business or
(ii) which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such Liens, or other Liens incurred or deposits made in the
ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, trade contracts,
leases, government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed money); 

(h) zoning, entitlement, restriction, and other land use and environmental regulations by Governmental Authorities and encroachments,
easements, rights of way, covenants, restrictions or agreements which do not materially interfere with the continued use of any asset as currently used in the conduct of the business; 

(i) any encumbrances set forth in any franchise or governing ordinance under which any portion of the business is conducted which could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (j) all rights of condemnation, eminent
domain, or other similar right of any Person; 

 (k) any interest of title of a lessor under leases; and 

(l) Liens securing Permitted Secured Indebtedness on a pari passu basis with the Obligations in accordance with the terms of the Collateral
Agency Agreement. 
 Notwithstanding the foregoing, the Borrower shall not, and shall not permit any Subsidiary to, grant any Liens securing
Indebtedness for borrowed money (other than Non-Recourse Debt incurred by a Project Finance Subsidiary) unless such Indebtedness for borrowed money is secured by Liens securing Permitted Secured Indebtedness on a pari passu basis with the
Obligations in accordance with the terms of the Collateral Agency Agreement. 
 7.6. Indebtedness. The Borrower will not, and will
not cause or permit any Subsidiary or SU to incur any Indebtedness, and will use commercially reasonable efforts not to permit any Qualified Lessee or Subsidiaries of Specified Qualified Lessees to incur Indebtedness for borrowed money, in each case
except the following Indebtedness, which may be incurred subject to the requirements of the last paragraph of this section: 
 (a)
Indebtedness evidenced by the Financing Documents; 
 (b) Indebtedness of the Borrower (i) that is not related to, and does not
support, Non-Recourse Debt of a Project Finance Subsidiary and (ii) if incurred, would not result in a breach of Section 6.11; provided that if the Indebtedness is proposed to be secured by any of the Collateral, then at least five
Business Days (or such shorter period reasonably agreed by the Required Fixed Rate Note Holders) prior to the incurrence of such Indebtedness, the Borrower shall (x) notify the Fixed Rate Note Holders of its intent to incur such Indebtedness,
which notice shall set forth in reasonable detail (A) the amount and proposed economic terms of such Indebtedness, (B) by type of lender or purchaser and (C) the proposed collateral for such Indebtedness (which proposed collateral may
include any or all of the Collateral) and (y) deliver to the Collateral Agent and the other Secured Parties an executed joinder agreement substantially in the form of Exhibit A to the Collateral Agency Agreement pursuant to which all the
proposed holders of such Indebtedness have become party to the Collateral Agency Agreement; 
 (c) (i) Non-Recourse Debt incurred by a
Project Finance Subsidiary of the Borrower (including Non-Recourse Debt incurred by such Project Finance Subsidiary prior to being acquired by the Borrower or a Subsidiary) to fund a New Project, (ii) any Indebtedness in the form of a pledge of
Capital Stock in a Project Finance Subsidiary as security for Non-Recourse Debt of such Project Finance Subsidiary and (iii) Indebtedness in the form of Guaranties by the Borrower or any Subsidiary of Indebtedness of any Project Finance
Subsidiary, the aggregate amount of which Guaranties shall not exceed $25,000,000 outstanding at any given time; 
 (d) Indebtedness of any
such Qualified Lessee (i) in an aggregate principal amount for such Qualified Lessee of up to the greater of (A) $5,000,000 and (B) an amount equal to 1% of the sum of, without duplication, (x) the total amount of the
Consolidated Net Plant of such Qualified Lessee, plus (y) the total amount of the Consolidated Net Plant of any guarantor(s) of such Qualified Lessee’s obligations under the applicable Leases, plus (z) the total amount of Leased
Consolidated Net Plant, in each case on a senior secured basis and (ii) in an 

 
aggregate principal amount for such Qualified Lessee of up to the greater of (A) $10,000,000 and (B) an amount equal to 1.5% of the sum of, without duplication, (x) the total
amount of the Consolidated Net Plant of such Qualified Lessee, plus (y) the total amount of the Consolidated Net Plant of any guarantor(s) of such Qualified Lessee’s obligations under the applicable Leases, plus (z) the total amount
of Leased Consolidated Net Plant, in each case on an unsecured subordinated basis on terms substantially similar to the terms set forth on Exhibit D, to the extent allowed under the Leases to which such Qualified Lessee is a party as a lessee or
tenant thereunder; provided, that for purposes of this clause (d), all Consolidated Qualified Lessees will be treated as one Qualified Lessee; 

(e) Indebtedness of the Borrower to any of its Subsidiaries, which by its terms is expressly subordinated to the Obligations, and Indebtedness
of any Subsidiary to the Borrower or any other Subsidiary of the Borrower not to exceed $5,000,000 at any one time outstanding and in each case to have a maturity date of less than one year; 

(f) any Qualified Lessee Affiliate Loan and other Indebtedness of Qualified Lessees otherwise acceptable to the Required Fixed Rate Note
Holders; and 
 (g) Indebtedness of Subsidiaries of Specified Qualified Lessees incurred in an aggregate principal amount for each such
Specified Qualified Lessee of up to the product of (x) such Specified Qualified Lessee’s Consolidated Net Plant (derived from its most recently prepared consolidated balance sheet, prepared in accordance with GAAP but adjusted to reverse
the effects of failed sale-leaseback accounting in a manner reasonably determined by such Specified Qualified Lessee in good faith) multiplied by (y) the lesser of (A) the sum of such Specified Qualified Lessee’s then-current
PUCT-regulated debt-to-equity ratio (expressed as a percentage) and 5% or (B) 65%; provided that such Indebtedness must be Non-Recourse Debt to such Specified Qualified Lessee. 

Indebtedness of the Borrower or any of its Subsidiaries may be incurred under this Section 7.6 only if no Default or Event of Default is,
or as a result of such incurrence would be, existing. 
 7.7. Loans, Advances, Investments and Contingent Liabilities. The Borrower
will not make or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the ordinary course of business to any Person, or own, purchase or acquire any stock, obligations or securities of, or any other
interest in, or make any capital contribution to, any Person (collectively, “Investments”), or commit to do any of the foregoing, except (a) Permitted Investments, (b) ownership, purchase and acquisition of equity interests in
and capital contributions to Project Finance Subsidiaries of the Borrower and Wholly-Owned Subsidiaries, (c) loans, advances and extensions of credit (i) to Subsidiary Guarantors and other Wholly-Owned Subsidiaries (other than Project
Finance Subsidiaries) not required to provide a Guaranty pursuant to Section 6.9(d) and (ii) to Project Finance Subsidiaries in the form of Guaranties by the Borrower or any Subsidiary of Indebtedness of any Project Finance Subsidiary, the
aggregate amount of which Guaranties shall not exceed $25,000,000 outstanding at any given time, (d) any Qualified Lessee Affiliate Loan or (e) Investments made in connection with the Cross Valley Project and the Golden Spread Project
prior to the Cross Valley Project Transfer and the Golden Spread Project Transfer and (f) the ROFO Transfers. 

 7.8. No Subsidiaries. The Borrower shall have no subsidiaries other than Project Finance
Subsidiaries and Wholly-Owned Subsidiaries. 
 7.9. Restricted Payments. The Borrower will not, directly or indirectly, make or
declare any Distribution unless there does not exist and, after giving effect to the proposed Distribution, there will not exist, a Default or an Event of Default. The Borrower shall deliver to the Fixed Rate Note Holders and the Collateral Agent
before a Distribution is made a certificate of a Responsible Officer of the Borrower stating that the foregoing condition has been satisfied and, if requested, providing supporting data and calculations. 

7.10. Sale of Assets, Etc. The Borrower will not, nor will it cause or permit any Subsidiary, to Transfer, or agree or otherwise commit
to Transfer, any of its assets with a fair market value of greater than $15,000,000, in the aggregate during the term of this Agreement (“Asset Sale”) except: 

(a) the Borrower or a Subsidiary shall lease the System or other transmission and distribution assets and related assets pursuant to a Lease
to which the Borrower or a Subsidiary thereof is a party; 
 (b) (i) each Project Finance Subsidiary of the Borrower may Transfer its
assets to the Borrower or its Wholly-Owned Subsidiaries in accordance with Section 6.9(b); and (ii) the Borrower may Transfer, or suffer the Transfer of, its ownership interests in a Project Finance Subsidiary and such Project Finance
Subsidiary may Transfer, or suffer the Transfer of its assets, in each case in connection with and pursuant to the exercise of remedies under the documentation governing Non-Recourse Debt incurred by such Project Finance Subsidiary; 

(c) Asset Sales (i) among the Borrower and the Subsidiary Guarantors (or a subset thereof), (ii) among Subsidiaries that are not
Subsidiary Guarantors and (iii) from Subsidiaries to the Borrower or a Subsidiary Guarantor; 
 (d) in connection with an acquisition
that is not prohibited under this Agreement, (i) Asset Sales of operating assets and related assets to a Qualified Lessee and (ii) Asset Sales of property acquired after the date of this Agreement that are not electric transmission or
distribution assets, in each case (x) which are, in the aggregate, not material in relation to the assets acquired and (y) upon fair and reasonable terms no less favorable to such Person than would be obtained in a comparable arms-length
transaction with a Person not an Affiliate; 
 (e) Permitted Liens; 

(f) Investments permitted by Section 7.7, transactions permitted by Section 7.2 and Distributions permitted by Section 7.9;

 (g) Asset Sales made in connection with the Cross Valley Project Transfer and the Golden Spread Project Transfer; 

(h) Asset Sales consisting of goods and inventory from the Borrower or any Subsidiary to a Qualified Lessee at cost or on such other terms as
may be approved by a majority 

 
of the board of directors (or comparable governing body) of the General Partner or an Affiliate thereof who are “independent” (as such term is defined pursuant to the rules of the
primary exchange on which the Capital Stock of the General Partner or such Affiliate is listed for trading), or a majority of the “independent” members of a committee of any such board of directors (or comparable governing body); 

(i) ROFO Transfers; and 
 (j)
Asset Sales of assets that are obsolete or no longer used or useful in such Person’s business. 
 7.11. Sale or Discount of
Receivables. The Borrower will not nor will it cause or permit any Subsidiary to sell with recourse, or discount or otherwise sell for less than the face value thereof, any of its notes or accounts receivable. 

7.12. Amendments to Organizational Documents. The Borrower will not, nor will it cause or permit any of its Subsidiaries to, and shall
use commercially reasonable efforts not to permit any Qualified Lessee or any of its Subsidiaries to, amend, supplement, terminate, replace or waive any provision of its operating agreement or other organization documents after the date of this
Agreement after December 10, 2014. Notwithstanding this Section 7.12, the Borrower, its Subsidiaries, any Qualified Lessee and its Subsidiaries may, without the consent of the Fixed Rate Note Holders, amend their respective operating
agreement or similar organizational documents as may be required to facilitate or implement any of the following: 
 (a) to reflect
(i) the contribution of any new capital or additional capital by new or existing members or partners of such Person, (ii) the addition of new members or partners of such Person, or (iii) any adjustment, termination, reduction or
redemption of equity interests of its members, partners or other holders of equity interests or the issuance of additional equity interests in such Person; provided, that after giving effect to any such changes, no Event of Default would exist under
Sections 7.8, or 8.1(n); 
 (b) to reflect a change that does not adversely affect the Fixed Rate Note Holders in any material respect, or
to cure any ambiguity, or correct or supplement any provision, not inconsistent with law or with the provisions of this Agreement; 
 (c) to
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 

(d) to take actions to avoid any material adverse consequences to such Person as a result of any change in law or interpretation of law
applicable to Persons subject to regulation by the PUCT and FERC; and 
 (e) to effect the dissolution, liquidation, merger or consolidation
of any Person that is not otherwise prohibited under this Agreement. 
 The Borrower will provide prompt notice to the Fixed Rate Note
Holders upon taking any such action under the foregoing sentence of this Section 7.12. 

 7.13. Sale and Lease-Back. Except for the System Leases, the CREZ Lease and any other
Lease, the Borrower will not, nor will it cause or permit any Subsidiary to, enter into any arrangement providing for the leasing by the Borrower or any Subsidiary of real or personal property which has been or is to be Transferred by the Borrower
or such Subsidiary to a lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such property or rental obligations of the Borrower or any Subsidiary. 

7.14. ERISA Compliance. 

(a) The Borrower will not as of the last day of any calendar year permit any Plan to be “at risk” within the meaning of
Section 303 of ERISA to the extent such action could reasonably be expected to result in a Material Adverse Effect. The Borrower and its ERISA Affiliates will not incur withdrawal liabilities (and will not become subject to contingent
withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect. 

(b) For the purposes of clause (a) above, all assumptions and methods used to determine the actuarial valuation of vested and unvested
employee benefits under any Plan at any time maintained by the Borrower and the present value of assets of any such Plan shall be reasonably consistent with those determinations made for purposes of Section 5.13 of the 2010 NPA. 

(c) The Borrower will not, nor, as applicable, will any Plan at any time maintained by the Borrower: 

(i) engage in any action that could reasonably be expected to cause the execution and delivery of this Agreement and the
issuance and sale of the Fixed Rate Notes to result in a non-exempt “prohibited transaction” (as such term is defined in Section 406 of ERISA and Section 4975(c) of the Code); 

(ii) fail to meet the minimum funding standards of Section 302 of ERISA or Sections 412 and 430 of the Code, or seek or
obtain a waiver thereof or fail to make any required contribution to a Multiemployer Plan; or 
 (iii) terminate any such
Plan in a manner which could result in the imposition of a Lien on the Property of the Borrower pursuant to Section 4068 of ERISA that could reasonably be expected to result in a Material Adverse Effect. 

7.15. No Margin Stock. Anything herein contained to the contrary notwithstanding, the Borrower will not, nor will it permit any
Subsidiary to, make or authorize any investment in, or otherwise purchase or carry, any margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States) that violates the
provisions, or for any purpose that violates the provisions, of Regulation U of the Board of Governors of the Federal Reserve System of the United States. 

 7.16. Project Documents. 

(a) The Borrower will not, and will not permit any Subsidiary to, amend, modify, supplement, replace, renew, extend, terminate or waive any
provision of any Lease to which the Borrower or such Subsidiary is party, or consent to any amendment, modification, supplement, replacement, renewal, extension, termination or waiver of any such Lease except (i) to the extent the same could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) if the Borrower reasonably believes, after giving effect thereto, the Borrower will generate sufficient revenue and hold sufficient assets
to satisfy the requirements of Section 6.11. 
 (b) The Borrower shall use commercially reasonable efforts to ensure that no Specified
Qualified Lessee enters into any lease of transmission or distribution facilities other than (i) the Leases (including maintaining or entering into new Leases or replacement Leases and amending or modifying Leases to the extent not prohibited
under this Agreement) and (ii) any other leases consented to by the Fixed Rate Note Holders. 
 7.17. Regulation. 

(a) The Borrower shall not be or become, and shall use commercially reasonable efforts not to permit any Specified Qualified Lessee to be or
become, subject to FERC jurisdiction as a public utility under the FPA; provided, however, that the Borrower shall not be in default of the forgoing negative covenant if the Borrower or any Specified Qualified Lessee becomes subject to FERC
jurisdiction under the FPA solely as a result of a change to the FPA or in FERC’s interpretation thereof or regulations thereunder, if the Borrower or such Specified Qualified Lessee takes all necessary actions to comply with applicable FERC
requirements and the operation of the System is uninterrupted; and 
 (b) The Borrower shall not, and shall use commercially reasonable
efforts to cause any Specified Qualified Lessee not to violate in any material respect any regulation or order of the PUCT applicable to it. 

(c) None of the Borrower nor any Specified Qualified Lessee shall own, operate or control any electrical generating, transmitting or
distribution facility, nor effect or control any sale of electricity, outside of the ERCOT balancing area authority except (i) as permitted by FERC, as set forth in its declaratory order issued in Docket no. EL07-93-000 or
(ii) interconnected transmission or distribution assets or systems located substantially in the State of Texas or deriving a majority of their revenue from customers within the State of Texas. 

7.18. Swaps. The Borrower will not, nor will it permit any Subsidiary to, enter into any Swap Contracts, except that the Borrower and
its Project Finance Subsidiaries may enter into Swap Contracts solely to hedge interest rate risk and not for speculative purposes. 
 7.19.
Additional Financial Covenants. If the Borrower shall at any time enter into one or more agreements pursuant to which Indebtedness in an aggregate principal amount greater than $25,000,000 shall be outstanding and such agreement contains one
or more financial covenants which are more restrictive on the Borrower and its Subsidiaries than the financial covenants contained in Section 6.11 of this Agreement, then such more restrictive financial covenants and any related definitions
(the “Additional Financial Covenants”) shall automatically 

 
be deemed to be incorporated into Section 6.11 of this Agreement by reference from the time such other agreement becomes binding upon the Borrower until such time as such other Indebtedness
is repaid in full and all commitments related thereto are terminated; provided, that if at the time of any such repayment or the termination of any such commitment a Default or Event of Default shall exist under this Agreement, then such Additional
Financial Covenants shall continue in full force and effect under this Agreement so long as such Default or Event of Default continues to exist. So long as such Additional Financial Covenants shall be in effect, no modification or waiver of such
Additional Financial Covenants shall be effective unless the Required Fixed Rate Note Holders shall have consented thereto pursuant to Section 10.1 hereof. Promptly but in no event more than 5 Business Days following the execution of any
agreement providing for Additional Financial Covenants, the Borrower shall furnish each Fixed Rate Note Holder with a copy of such agreement. Upon written request of the Required Fixed Rate Note Holders, the Borrower will enter into an amendment to
this Agreement pursuant to which this Agreement will be formally amended to incorporate the Additional Financial Covenants on the terms set forth herein. 

7.20. Burdensome Agreements. The Borrower will not enter into or permit any Subsidiary Guarantor or Subsidiary of a Subsidiary
Guarantor to enter into any Contractual Obligation that limits the right (a) of such Subsidiary to make Distributions to the Borrower or any Subsidiary Guarantor or to otherwise transfer property to the Borrower or any Subsidiary Guarantor,
(b) of any Subsidiary of the Borrower to guarantee the Indebtedness of the Borrower or (c) of the Borrower or any Subsidiary Guarantor to create, incur, assume or suffer to exist Liens on property of such Person, in each case except for
(i) restrictions arising under any Requirement of Law, (ii) customary restrictions and conditions contained in any agreement relating to the sale or other disposition of assets not prohibited under this Agreement pending the consummation
of such sale or other disposition, (iii) this Agreement, the other Note Documents, Permitted Liens (other than Liens permitted under Section 7.5(k)), and any document or instrument evidencing or granting any such Permitted Liens;
(iv) any Contractual Obligation relating to Indebtedness permitted pursuant to Section 7.6 (including Liens permitted pursuant to Section 7.5) to the extent, in the good faith judgment of the Borrower, such limitations and
requirements described in clauses (a), (b) or (c) above (x) are on customary market terms for Indebtedness of such type at the time entered into, so long as the Borrower has determined in good faith that such restrictions would not
reasonably be expected to impair in any material respect the ability of the Note Parties to meet their ongoing payment obligations under the Note Documents, or (y) are not materially more restrictive, taken as a whole with respect to the
Borrower and the Subsidiaries than the restrictions in the Note Documents, (v) with respect to clause (c), any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.6(c) solely to the extent
any such negative pledge relates to the property financed by or the subject of such Indebtedness, (vi) non-assignment provisions in franchise agreements, licenses, easements, leases, indemnities or other agreements and (vii) restrictions
on any property or any Person contained in any asset or stock sale agreement or other similar agreements entered into with respect to such property or Person to the extent (x) the sale or other disposition of such property or Person is not
prohibited by this Agreement and (y) such restrictions relate only to the property or Person to be sold or otherwise disposed of. 

 ARTICLE 8. 

EVENTS OF DEFAULT; REMEDIES 

8.1. Events of Default. An “Event of Default” shall exist if any of the following conditions or events shall occur and be
continuing: 
 (a) the Borrower defaults in the payment of any principal or Make-Whole Amount, if any, on any Fixed Rate Note when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Borrower
defaults in the payment of any interest on any Fixed Rate Note, fees or other amounts for more than five days after the same becomes due and payable; or 

(c) the Borrower defaults in the performance of or compliance with any term contained in Section 6.1(d), Section 6.11 or
Section 7; or 
 (d) the Borrower defaults in the performance of or compliance with any term contained herein (other than those
referred to in Sections 8.1(a), (b) and (c)) or in any other Note Document (other than those referred to in another paragraph of this Section 8) and such default is not remedied within 30 days after the earlier of (i) a Responsible
Officer obtaining actual knowledge of such default and (ii) the Borrower receiving written notice of such default from the Collateral Agent or Fixed Rate Note Holder (any such written notice to be identified as a “notice of default”
and to refer specifically to this Section 8.1(d)); or 
 (e) any representation or warranty made in writing by or on behalf of the
Borrower or by any officer of the Borrower in this Agreement or any other Note Document or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as
of which made; or 
 (f) with respect to any Lease to which the Borrower or a Subsidiary thereof is a party (other than Leases pursuant to
which the Borrower recognized revenue, in the aggregate, that constituted 10% or less of the total consolidated revenue of the Borrower and its Subsidiaries (other than Project Finance Subsidiaries) as set forth on the face of the consolidated
statements of operations for the four consecutive fiscal quarter period that ended on the date of the financial statements most recently delivered pursuant to Section 6.1), (i) any such Lease is declared to be null and void or is otherwise
unenforceable, or any party thereto claims that any such agreement is unenforceable (unless, within 90 days after such declaration or claim, replaced by a Lease that complies with the provisions of Section 7.16), (ii) one or more payment
defaults in an amount in excess of $10,000,000 in the aggregate occurs across all such Leases, after giving effect to any cure periods specified therefor or (iii) any default or event of default (other than those referred to in clause
(i) or (ii) of this Section 8.1(f)) occurs under any such Lease that could reasonably be expected to have a Material Adverse Effect and such failure continues for more than 90 days; or 

(g) (i) the Certificate of Conveniences and Necessity (#30192, #30026, #30114 and #30191) issued or transferred by the PUCT to SU is
terminated without being timely replaced, revoked or otherwise is not in effect; or (ii) except as could not reasonably be expected 

 
to result in a Material Adverse Effect, any other Required Permit is terminated without being timely replaced (if the terminated Permit continues to be a Required Permit), revoked or otherwise is
not in effect; provided, however, that the termination without immediate renewal of any franchise agreement pursuant to which the Qualified Lessee operating the applicable portion of the System is authorized to operate the System and collect fees
for services shall not constitute an Event of Default if the parties to the franchise agreement continue to perform in accordance with the terms of such agreement notwithstanding the termination; or 

(h) any Security Document or any other security document entered into pursuant to Section 6.9 ceases to give the Collateral Agent
perfected first priority Liens (subject to Permitted Liens) purported to be created thereby in a material portion of the Collateral, taken as a whole, for any reason other than as expressly permitted hereunder or thereunder (including by amendment,
waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of the Obligations; or any Note Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder (including by amendment, waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Note Party contests in
any manner the validity or enforceability of any Note Document; or any Note Party denies that it has any further liability or obligation under any Note Document or purports to revoke, terminate or rescind any Note Document, other than, for each of
the foregoing, as expressly permitted hereunder or thereunder (including by amendment, waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of the Obligations; or 

(i) without limiting clause (h), (i) the Borrower or any Specified Qualified Lessee is in default (as principal or as guarantor or other
surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least, in the case of the Borrower or SU, $10,000,000 or, in the case of any other
Specified Qualified Lessee, $2,000,000, in each case beyond any period of grace provided with respect thereto, or (ii) the Borrower or any Specified Qualified Lessee is in default in the performance of or compliance with any term of any
evidence of any Indebtedness (including any mortgage, indenture or other agreement relating thereto), which Indebtedness, in the case of the Borrower or SU, is in an aggregate outstanding principal amount of at least $10,000,000 (for each such
Person individually) or, in the case of any other Specified Qualified Lessee, is an amount that could reasonably be expected to result in a Material Adverse Effect, and as a consequence of such default or condition one or more Persons are entitled
to declare such Indebtedness to be due and payable before its stated maturity or before its regularly scheduled dates of payment, (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time
or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), Indebtedness of the Borrower or SU in an aggregate outstanding principal amount of at least $10,000,000 (for each such Person individually) has become or
has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iv) a default or an event of default occurs under the 2009 NPA, the 2010 NPA or the RBC Agreement, and such failure continues
for more than any cure period specified therefor and has not otherwise been waived; or 

 (j) the Borrower or SU or, to the extent the same could reasonably be expected to result in a
Material Adverse Effect, any other Qualified Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it or, a
petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an
assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is
adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (k) a court
or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Borrower, any Subsidiary, SU or, to the extent the same could reasonably be expected to result in a Material Adverse Effect, any other Qualified
Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any
other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of any such Person or any such petition shall be filed against any
such Person and such petition shall not be dismissed within 60 days; or 
 (l) a final judgment or judgments for the payment of money is
rendered against the Borrower or a Qualified Lessee, in the case of the Borrower or SU, aggregating in excess of $10,000,000 or $2,000,000, respectively, or, in the case of any other Qualified Lessee, to the extent the same could reasonably be
expected to result in a Material Adverse Effect, other than, in each case, judgments payable by the Borrower or such Qualified Lessee, rendered in connection with the condemnations in favor thereof, and which judgments are not, within 60 days after
entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

(m) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the
PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Borrower or any ERISA Affiliate that a Plan may become a subject of any such proceedings,
(iii) any Plan shall be “at-risk” within the meaning of Section 303 of ERISA as of the last day of any calendar year, (iv) the Borrower or any ERISA Affiliate shall have incurred or is reasonably expected to incur any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Borrower or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Borrower
establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Borrower thereunder; and any such event or events described in clauses (i) through
(vi) above, either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect; or 

 (n) Hunt Family Members cease to Control SU, or any Person other than a Qualified Lessee shall be
the lessee under any lease with respect to the System; or 
 (o) (i) the Operating Partnership shall cease to own or control, directly
or indirectly, 90% of the outstanding equity interest of the Borrower; or (ii) Hunt Family Members cease to own and control, directly or indirectly, at least 5% of the outstanding equity interests of the Operating Partnership, unless in the
case of clause (ii), (x) the General Partner has become a publicly held company, or (y) the Borrower has total assets on its balance sheet valued at $1,000,000,000 or greater. 

As used in Section 8.1(m), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings
assigned to such terms in section 3 of ERISA. 
 8.2. Acceleration. 

(a) If an Event of Default with respect to the Borrower described in Section 8.1(j) or (k) (other than an Event of Default described
in clause (i) of Section 8.1(j) or described in clause (vi) of Section 8.1(j) by virtue of the fact that such clause encompasses clause (i) of Section 8.1(j)) has occurred, all the Fixed Rate Notes then outstanding
shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is continuing, the Required
Fixed Rate Note Holders may at any time at its or their option, by notice or notices to the Borrower, declare all the Fixed Rate Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 8.1(a) or (b) has occurred and is continuing, the Fixed Rate Note Holders affected
by such Event of Default may at any time, at their option, by notice or notices to the Borrower, declare all the Fixed Rate Notes held by them to be immediately due and payable. 

Upon any Fixed Rate Notes becoming due and payable under this Section 8.2, whether automatically or by declaration, such Notes will
forthwith mature and the entire unpaid principal amount of such Fixed Rate Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount
determined in respect of such principal amount (to the fullest extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby
waived. The Borrower acknowledges, and the parties hereto agree, that each Fixed Rate Note Holder has the right to maintain its investment in the Fixed Rate Notes free from repayment by the Borrower (except as herein specifically provided for) and
that the provision for payment of a Make-Whole Amount by the Borrower in the event that the Fixed Rate Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right
under such circumstances. 
 8.3. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective
of whether any Fixed Rate Notes have become or have been declared immediately due and payable under Section 8.2, the Required Fixed Rate Note Holders may proceed to protect and enforce their rights by an action at law, suit in equity or other

 
appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Fixed Rate Note, or for an injunction against a violation of any of the terms hereof or
thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 8.4. Rescission. At any time
after any Fixed Rate Notes have been declared due and payable pursuant to Section 8.2(b) or (c), the Fixed Rate Note Holders, by written notice to the Borrower, may rescind and annul any such declaration and its consequences if (a) the
Borrower has paid all overdue interest on the Fixed Rate Notes, all principal of and Make-Whole Amount, if any, on any Fixed Rate Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such
overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Fixed Rate Notes, at the Default Rate, (b) neither the Borrower nor any other Person shall have paid any
amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived
pursuant to Section 10.1, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Fixed Rate Notes. No rescission and annulment under this Section 8.4 will extend to or affect any
subsequent Event of Default or Default or impair any right consequent thereon. 
 8.5. No Waivers or Election of Remedies, Expense,
Etc. At any time after any Fixed Rate Notes have been declared due and payable pursuant to Section 8.2(b) or (c), the Fixed Rate Note Holders, by written notice to the Borrower, may rescind and annul any such declaration and its
consequences if (a) the Borrower has paid all overdue interest on the Fixed Rate Notes and all principal of on any Fixed Rate Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such
overdue principal and (to the extent permitted by applicable law) any overdue interest in respect of the Fixed Rate Notes, at the Default Rate, (b) neither the Borrower nor any other Person shall have paid any amounts which have become due
solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured. 

ARTICLE 9. 
 [RESERVED]

 ARTICLE 10. 

MISCELLANEOUS 
 10.1.
Amendments. (a) Neither this Agreement or any other Note Document, nor any terms hereof or thereof, may be amended or modified except in accordance with the provisions of this Section 10.1. (1) The Required Fixed Rate Note
Holders may waive, on such terms and conditions as the Required Fixed Rate Note Holders may specify in such instrument, any of the requirements of this Agreement or the other Note Documents or any Default or Event of Default and its consequences,
and (2) the Required Fixed Rate Note Holders and the Borrower may enter into written amendments, supplements or modifications hereto and to the other Note Documents to which they are parties for the purpose of adding any provisions to this
Agreement or such other Note Documents or changing in any manner the rights of the Fixed Rate Note Holders or of the Borrower hereunder or thereunder; provided, however, for purposes of the foregoing clauses (a)and (b), that no such waiver and no
such amendment, supplement or modification shall: 
 (A) Forgive the principal amount or extend the final scheduled date of
maturity of the Fixed Rate Notes, reduce the stated rate of any interest or fee payable hereunder (except in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent
of the Required Fixed Rate Note Holders)) or extend the scheduled date of any payment thereof, in each case without the written consent of each Fixed Rate Note Holder directly affected thereby; 

 (B) eliminate or reduce the voting rights of any Fixed Rate Note Holder under
this Section 10.1 without the written consent of such Fixed Rate Note Holder; 
 (C) consent to the assignment or
transfer by the Borrower of any of its rights and obligations under this Agreement and the other Note Documents; 
 (D)
amend, modify or waive any provision of Section 2.9 in a way that changes the pro rata sharing of payments among the Fixed Rate Note Holders without the written consent of all Fixed Rate Note Holders; 

(E) reduce the percentage specified in the definition of Required Fixed Rate Note Holders without the written consent of all
Fixed Rate Note Holders; or 
 10.2. Addresses. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business Days after being deposited in the mail, postage
prepaid, or, in the case of telecopy notice, when received during the recipient’s normal business hours, addressed, if to any Fixed Rate Note Holder, to such Person at the address specified for such communications in Schedule A, of, if
to the Borrower, as follows, or, in each case, to such other address as may be hereafter notified by the respective parties hereto: 
  

			
	    Borrower:	  	Sharyland Distribution & Transmission Services, L.L.C.
		  	 Address: 1807 Ross Avenue, 4th Floor
 Dallas, TX
75201-2300

		  	Attention: Brant Meleski
		  	e-mail: bmeleski@huntutility.com
		  	Telecopy: (212) 449-7938
		  	Telephone: (212) 449-7148
		  	Cc: Greg Imhoff

 provided that any notice, request or demand to or upon the Fixed Rate Note Holders shall not be effective until
received during its normal business hours. 

 Notices and other communications to the Fixed Rate Note Holders hereunder may be delivered or
furnished by electronic communications pursuant to procedures approved by the Fixed Rate Note Holders. Any Fixed Rate Note Holder 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. 

10.3. No Waiver; Cumulative Remedies. 

(a) No failure or delay of any Fixed Rate Note Holder in exercising any right or power hereunder or under any other Note 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 any such right or power, preclude any other or further exercise thereof or the exercise of any
other right or power. 
 (b) The rights and remedies of the Fixed Rate Note Holders hereunder and under the other Note Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. 
 10.4. Survival of Representations and
Warranties. All representations and warranties made hereunder, in the other Note Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this
Agreement. 
 10.5. Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Fixed Rate Note Holders for
all reasonable costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Note Documents and any other documents prepared in connection
herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of one counsel and one regulatory counsel on behalf of the Fixed Rate Note Holders,
filing and recording fees and expenses, and the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO, with statements with respect to the foregoing to be
submitted to the Borrower from time to time thereafter, (b) to pay or reimburse each Fixed Rate Note Holder for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other
Note Documents and any such other documents, including the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Fixed Rate Note Holder, (c) to pay, indemnify, and hold each Fixed Rate Note
Holder harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that may be payable or determined to be payable in connection with
the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Note Documents
and any such other documents, and (d) to pay, indemnify, and hold each Fixed Rate Note Holder and its officers, directors, employees, affiliates, agents, advisors and controlling Persons (each, an “Indemnitee”) harmless from and
against any and all other liabilities, obligations, losses, 

 
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and
administration of this Agreement, the other Note Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Fixed Rate Notes, the Equity Letter of Credit, any of the transactions contemplated by the
Note Documents or the non-compliance by any party with the provisions thereof or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Borrower and the reasonable fees and expenses of
legal counsel in connection with claims (including Environmental Claims), actions or proceedings by any Indemnitee against the Borrower under any Note Document (all the foregoing in this clause (d), collectively, the “Indemnified
Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and non-appealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert, and hereby waives, all
rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that it might
have by statute or otherwise against any Indemnitee. All amounts due under this Section 10.5 shall be payable not later than ten (10) days after written demand therefor. Statements payable by the Borrower pursuant to this Section 10.5
shall be submitted to Kristin Boyd, at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Fixed Rate Note Holders. The agreements
in this Section 10.5 shall survive repayment of the Fixed Rate Notes and all other amounts payable hereunder. 
 10.6. Successors
and Assigns; Participations and Assignments. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Fixed Rate
Note Holder (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Fixed Rate Note Holder may assign or otherwise transfer its rights or obligations hereunder except in accordance with
this Section 10.6. 
 (b) (i) Any Fixed Rate Note Holder 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 Fixed Rate Note); provided that the General Partner and Operating Partnership shall have a ‘right of first offer’ with respect to all assignments of the Fixed Rate
Note. 
 (c) For any assignment, the assigning Fixed Rate Note Holder shall, promptly after the effectiveness of any such assignment, notify
the Borrower thereof; provided that the assignment shall be effective regardless of whether such notice is provided. 
 (d) By its
acquisition of any part of the Fixed Rate Notes, an Affiliated Fixed Rate Note Holder shall be deemed to have acknowledged and agreed that (i) it shall not have any right to make or bring (or participate in, other than as a passive participant
in or recipient of its 

 
pro rata benefits of) any claim, in its capacity as a Fixed Rate Note Holder, against any other Fixed Rate Note Holder with respect to any duties or obligations or alleged duties or obligations
of any such Fixed Rate Note Holder under the Note Documents, (ii) the Fixed Rate Notes held by an Affiliated Fixed Rate Note Holder shall be disregarded in both the numerator and denominator in the calculation of any Fixed Rate Note Holder vote
and (iii) the aggregate principal amount of Fixed Rate Notes held at any one time by Affiliated Fixed Rate Note Holder may not exceed 30% of the principal amount of the Fixed Rate Notes outstanding at such time under this Agreement. 

10.7. Representations and Warranties of the Fixed Rate Note Holder; Registration and Exchange of Fixed Rate Notes. 

(a) Each Fixed Rate Note Holder severally represents that it is an “Accredited Investor” as defined in Rule 501 of Regulation D
under the Securities Act. Each Fixed Rate Note Holder severally represents that it is purchasing the Fixed Rate Notes for its own account or for one or more separate accounts maintained by such Fixed Rate Note Holder or for the account of one or
more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Fixed Rate Note Holder’s property shall at all times be within such Fixed Rate Note Holder’s control. Each Fixed Rate
Note Holder understands that the Fixed Rate Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under
circumstances where neither such registration nor such an exemption is required by law, and that the Borrower is not required to register the Fixed Rate Notes. 

(b) The Borrower shall keep at its principal executive office a register for the registration and registration of transfers of Fixed Rate
Notes. The name and address of each Fixed Rate Note Holder of one or more Fixed Rate Notes, each transfer thereof and the name and address of each transferee of one or more Fixed Rate Notes shall be registered in such register. Prior to due
presentment for registration of transfer, the Person in whose name any Fixed Rate Notes shall be registered shall be deemed and treated as the owner and Fixed Rate Note Holder thereof for all purposes hereof, and the Borrower shall not be affected
by any notice or knowledge to the contrary. In addition to and not in limitation of any representations contained herein, each Fixed Rate Note Holder acknowledges and agrees that the Fixed Rate Notes have not been registered under the Securities Act
and may not be transferred except pursuant to registration or an exemption therefrom and in compliance with Section 10.6 hereof. 
 (c)
Subject to compliance with Section 10.6, upon surrender of any Fixed Rate Note to the Borrower at the address and to the attention of the designated officer (all as specified in Section 10.2) for registration of transfer or exchange (and
in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered Fixed Rate Note Holder of such Fixed Rate Note or such Fixed Rate Note Holder’s attorney duly authorized in
writing and accompanied by the relevant name, address and other information for notices of each transferee of such Fixed Rate Note or part thereof), within ten Business Days thereafter, the Borrower shall execute and deliver, at the Borrower’s
expense (except as provided below), one or more new Fixed Rate Notes (as requested by the Fixed Rate Note Holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Fixed Rate Note.
Each such new Fixed Rate Note shall be 

 
payable to such Person as such Fixed Rate Note Holder may request and shall be substantially in the form of Exhibit A. Each such new Fixed Rate Note shall be dated and bear interest from the date
to which interest shall have been paid on the surrendered Fixed Rate Note or dated the date of the surrendered Fixed Rate Note if no interest shall have been paid thereon. The Borrower may require payment of a sum sufficient to cover any stamp tax
or governmental charge imposed in respect of any such transfer of Fixed Rate Notes. Any transferee, by its acceptance of a Fixed Rate Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set
forth in Section 10.7(a). 
 10.8. Adjustments; Set-off. 

(a) Except to the extent that this Agreement, any other Note Document or a court order expressly provides for payments to be allocated to a
particular Fixed Rate Note Holder or to the Fixed Rate Note Holders, if any Fixed Rate Note Holder (a “Benefited Fixed Rate Note Holder”) shall receive any payment of all or part of the Obligations owing to it (other than in
connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8.1(k), or
otherwise), in a greater proportion than any such payment to or collateral received by any other Fixed Rate Note Holder, if any, in respect of the Obligations owing to such other Fixed Rate Note Holder, such Benefited Fixed Rate Note Holder shall
purchase for cash from the other Fixed Rate Note Holders a participating interest in such portion of the Obligations owing to each such other Fixed Rate Note Holder, or shall provide such other Fixed Rate Note Holders with the benefits of any such
collateral, as shall be necessary to cause such Benefited Fixed Rate Note Holder to share the excess payment or benefits of such collateral ratably with each of the Fixed Rate Note Holders; provided, however, that if all or any portion
of such excess payment or benefits is thereafter recovered from such Benefited Fixed Rate Note Holder, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

(b) In addition to any rights and remedies of the Fixed Rate Note Holders provided by law, each Fixed Rate Note Holder shall have the right,
without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any Obligations becoming due and payable by the Borrower (whether at the stated maturity, by acceleration or
otherwise), to apply to the payment of such Obligations, by set-off or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Fixed Rate Note Holder, any affiliate thereof or any of their respective branches or agencies to or for the credit or the account
of the Borrower. Each Fixed Rate Note Holder agrees promptly to notify the Borrower after any such application made by such Fixed Rate Note Holder, provided that the failure to give such notice shall not affect the validity of such
application. 
 10.9. Entire Agreement. This Agreement, together with other agreements attached hereto or referred to herein and the
other Note Documents constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or representations from the parties or their Affiliates with respect to the subject matter hereof is
superseded by this Agreement and the other Note Documents. 

 10.10. APPLICABLE LAW. THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY ARISING HEREUNDER OR
RELATED HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 10.11. Submission To
Jurisdiction; Waivers. 
 (a) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agree that all claims in respect of any such action or proceeding may be heard and determined in such New York state
court or, to the extent permitted by law, in such federal court. The Borrower further irrevocably consents to the service of process in any action or proceeding in such courts in any manner permitted by Requirements of Law. The Borrower 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. 

(b) 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 in any New York State or federal court. The Borrower 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. 
 10.12.
Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
 10.13. Interpretation. The section headings in this
Agreement are for the convenience of reference only and shall not affect the meaning or construction of any provision hereof. 
 10.14.
Acknowledgements. The Borrower hereby acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Note Documents. 

10.15. Limitation on Liability. NO CLAIM SHALL BE MADE BY ANY PARTY HERETO, OR ANY OF SUCH PARTY’S AFFILIATES, DIRECTORS,
EMPLOYEES, ATTORNEYS OR AGENTS AGAINST ANY OTHER PARTY HERETO OR ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS OR AGENTS FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (WHETHER OR NOT THE CLAIM THEREFOR IS BASED ON CONTRACT,
TORT, DUTY IMPOSED BY LAW OR OTHERWISE), IN CONNECTION WITH, ARISING OUT OF OR IN ANY WAY RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE OTHER NOTE DOCUMENTS OR ANY ACT OR OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH; AND
EACH PARTY HEREBY WAIVES, RELEASES AND 

 
AGREES NOT TO SUE UPON ANY SUCH CLAIM FOR ANY SUCH SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 

10.16. 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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER NOTE DOCUMENTS. 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 AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.16. 

10.17. Confidentiality. Each Fixed Rate Note Holder agrees to keep confidential all non-public information provided to it by the
Borrower or any Fixed Rate Note Holder pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential; provided that nothing herein shall prevent any Fixed Rate Note Holder from disclosing any such
information (a) to any other Fixed Rate Note Holder or any affiliate thereof, (b) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, (c) upon the request or
demand of any Governmental Authority, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirements of Law, (e) if requested or required to do so in connection with
any litigation or similar proceeding, (f) that has been publicly disclosed, (g) to the National Association of Insurance Commissioners or the SVO, or, in each case, any similar organization or any nationally recognized rating agency that
requires access to information about a Fixed Rate Note Holder’s investment portfolio in connection with ratings issued with respect to such Fixed Rate Note Holder, (h) in connection with the exercise of any remedy hereunder or under any
other Note Document, or (i) if agreed by the Borrower in its sole discretion, to any other Person. 
 Each Fixed Rate Note Holder
acknowledges that information furnished to it pursuant to this Agreement or the other Note Documents may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and
confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and
state securities laws. 
 All information, including requests for waivers and amendments, furnished by the Borrower pursuant to, or in the
course of administering, this Agreement or the other Note Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective
securities. Accordingly, each Fixed Rate Note Holder represents to the Borrower that it has 

 
identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and
applicable law, including Federal and state securities laws. 
 10.18. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective when executed and delivered by each Person intended to be a party hereto. Delivery of an
executed counterpart to this Agreement by facsimile transmission or “pdf” electronic format shall be as effective as delivery of a manually signed original. 

10.19. Third Party Beneficiaries. Subject to Section 10.5 of this Agreement, there shall be no third party beneficiaries to this
Agreement or any provision hereof. 
 10.20. Patriot Act Compliance. Pursuant to the requirements of the Patriot Act, each Fixed Rate
Note Holder shall be required to obtain, verify and record information that identifies the party, which information includes the names and addresses and other information that will allow it to identify the party in accordance with the requirements
of the Patriot Act. The party shall promptly deliver information described in the immediately preceding sentence when requested by any Fixed Rate Note Holder in writing pursuant to the requirements of the Patriot Act. 

10.21. Amendment and Restatement. This Agreement amends and restates the Original Credit Agreement in its entirety. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

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

							
	Very truly yours,
	
	SHARYLAND PROJECTS, L.L.C.
		
	By:	 	 /s/ Brant Meleski

		 	Name:	 	Brant Meleski
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Richard P. Carrell

		 	Name:	 	Richard P. Carrell
		 	Title:	 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
		
	By:	 	 /s/ Richard P. Carrell

		 	Name:	 	Richard P. Carrell
		 	Title:	 	Assistant Vice President
	
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
		
	By:	 	Prudential Investment Management, Inc., as investment manager
			
		 	By:	 	 /s/ Richard P. Carrell

		 		 	Name:	 	Richard P. Carrell
		 		 	Title:	 	Vice President

 [CREZ Credit Agreement – Signature Page] 

 EXHIBIT A 

TO AMENDED AND RESTATED CREDIT AGREEMENT 

FORM OF FIXED RATE NOTE1 

SHARYLAND PROJECTS, L.L.C. 
 5.04%
Senior Secured Note Due June 20, 2018 
  

			
	No. R-[    ]	  	[        ], [    ]            
	$[            ]	  	PPN [    ]                

 FOR VALUE RECEIVED, the undersigned, SHARYLAND PROJECTS, L.L.C. (herein called the
“Borrower”), a limited liability company organized and existing under the laws of the State of Texas, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                            ] DOLLARS ($[        ]) (or so much
thereof as shall not have been prepaid) on June 20, 2018, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.04% per annum from the date hereof, payable
quarterly, on the 30th day of March, June, September and December in each year, commencing with the March 30th, June 30th, September 30th or December 30th next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a
rate per annum from time to time equal to 7.04%, payable quarterly as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Fixed Rate Note are to be made in lawful money of the
United States of America at JPMorgan Chase Bank, National Association in New York, NY or at such other place as the Borrower shall have designated by written notice to the holder of this Fixed Rate Note as provided in the Credit Agreement referred
to below. 
 This Fixed Rate Note is one of a series of fixed rate notes (herein called the “Fixed Rate Notes”) issued
pursuant to the Amended and Restated Credit Agreement, dated as of December 3, 2015 (as from time to time amended, the “Credit Agreement”), among the Borrower (as successor-in-interest to Sharyland Projects, L.L.C.), the Fixed
Rate Note Holders and the other Persons from time to time parties thereto. Each holder of this Fixed Rate Note will be deemed, by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 10.17 of the Credit
Agreement. Unless otherwise indicated, capitalized terms used in this Fixed Rate Note shall have the respective meanings ascribed to such terms in the Credit Agreement. 

This Fixed Rate Note is a registered Note and, as provided in the Credit Agreement, upon surrender of this Fixed Rate Note for registration of
transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Fixed Rate Note for a like principal amount will be issued to, and registered in
the name of, the transferee. Prior to due presentment for registration of transfer, the Borrower may treat the person in whose name this Fixed Rate Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Borrower will not be affected by any notice to the contrary. 
 The Borrower will make required prepayments of principal
on the dates and in the amounts specified in the Credit Agreement. This Fixed Rate Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Credit Agreement, but not
otherwise. 
  

	1 	If issued prior to the consummation of the Merger. 

 EXHIBIT A 

TO AMENDED AND RESTATED CREDIT AGREEMENT 
  

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

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

[Signature page follows] 

 
			
		 	SHARYLAND PROJECTS, L.L.C.
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

TO AMENDED AND RESTATED CREDIT AGREEMENT 

FIXED RATE NOTE2 

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

5.04% Senior Secured Note Due June 20, 2018 
  

			
	No. R-[    ]	  	[        ], [    ]            
	$[        ]	  	PPN [    ]                

 FOR VALUE RECEIVED, the undersigned, SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. (herein
called the “Borrower”), a limited liability company organized and existing under the laws of the State of Texas, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                            ] DOLLARS
($[            ]) (or so much thereof as shall not have been prepaid) on June 20, 2018, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance hereof at the rate of 5.04% per annum from the date hereof, payable quarterly, on the 30th day of March, June, September and December in each year, commencing with the
March 30th, June 30th, September 30th or December 30th next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment
of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to 7.04%, payable quarterly as aforesaid (or, at the option of
the registered holder hereof, on demand). 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Fixed Rate
Note are to be made in lawful money of the United States of America at JPMorgan Chase Bank, National Association in New York, NY or at such other place as the Borrower shall have designated by written notice to the holder of this Fixed Rate Note as
provided in the Credit Agreement referred to below. 
 This Fixed Rate Note is one of a series of fixed rate notes (herein called the
“Fixed Rate Notes”) issued pursuant to the Amended and Restated Credit Agreement, dated as of December 3, 2015 (as from time to time amended, the “Credit Agreement”), among the Borrower (as
successor-in-interest to Sharyland Projects, L.L.C.), the Fixed Rate Note Holders and the other Persons from time to time parties thereto. Each holder of this Fixed Rate Note will be deemed, by its acceptance hereof, to have agreed to the
confidentiality provisions set forth in Section 10.20 of the Credit Agreement. Unless otherwise indicated, capitalized terms used in this Fixed Rate Note shall have the respective meanings ascribed to such terms in the Credit Agreement. 

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

	2 	If issued after the consummation of the Merger. 

 EXHIBIT A 

TO AMENDED AND RESTATED CREDIT AGREEMENT 
  

 The Borrower will make required prepayments of principal on the dates and in the amounts
specified in the Credit Agreement. This Fixed Rate Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Credit Agreement, but not otherwise. 

If an Event of Default occurs and is continuing, the principal of this Fixed Rate Note may be declared or otherwise become due and payable in
the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Credit Agreement. 
 This Fixed
Rate Note shall be construed and enforced in accordance with, and the rights of the Borrower and the holder of this Fixed Rate Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State
that would permit the application of the laws of a jurisdiction other than such State. 
 [Signature page follows] 

 
			
		 	SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C.
		
	By:	 	  

	Name:	 	Brent Meleski
	Title:	 	Senior Vice President and Chief Financial Officer

  
 Exhibit A-3 

 EXHIBIT B 

TO AMENDED AND RESTATED CREDIT AGREEMENT 
  

 
  

SUBSIDIARY GUARANTY 
 made by 

certain Subsidiaries of 

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

(the “Borrower”), 

in favor of 
 the Fixed Rate Note
Holders 
 Dated as of [                ],
20[    ] 
  
  

 

  
 Exhibit B-1 

 TABLE OF CONTENTS 
  

							
	 SECTION 1. DEFINED TERMS
	  	 	3	  
			
	 1.1
	 	 Definitions
	  	 	3	  
	 1.2
	 	 Other Definitional Provisions
	  	 	4	  
		
	 SECTION 2. GUARANTEE
	  	 	4	  
			
	 2.1
	 	 Guarantee
	  	 	4	  
	 2.2
	 	 Right of Contribution
	  	 	5	  
	 2.3
	 	 No Subrogation
	  	 	5	  
	 2.4
	 	 Amendments, etc. with respect to the Guaranteed Obligations
	  	 	5	  
	 2.5
	 	 Guarantee Absolute and Unconditional
	  	 	6	  
	 2.6
	 	 Reinstatement
	  	 	6	  
	 2.7
	 	 Payments
	  	 	7	  
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	7	  
			
	 3.1
	 	 Credit Agreement Representations and Warranties
	  	 	7	  
	 3.2
	 	 Financial Condition, etc.
	  	 	7	  
	 3.3
	 	 Best Interests
	  	 	7	  
		
	 SECTION 4. COVENANTS, ETC.
	  	 	7	  
		
	 SECTION 5. MISCELLANEOUS
	  	 	8	  
			
	 5.1
	 	 Amendments in Writing
	  	 	8	  
	 5.2
	 	 Notices
	  	 	8	  
	 5.3
	 	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	8	  
	 5.4
	 	 Enforcement Expenses; Indemnification
	  	 	8	  
	 5.5
	 	 Successors and Assigns
	  	 	9	  
	 5.6
	 	 Set-Off
	  	 	9	  
	 5.7
	 	 Counterparts
	  	 	9	  
	 5.8
	 	 Severability
	  	 	9	  
	 5.9
	 	 Section Headings
	  	 	9	  
	 5.10
	 	 Integration/Conflict
	  	 	9	  
	 5.11
	 	 GOVERNING LAW
	  	 	10	  
	 5.12
	 	 Submission To Jurisdiction; Waivers
	  	 	10	  
	 5.13
	 	 Acknowledgements
	  	 	10	  
	 5.14
	 	 Additional Subsidiary Guarantors
	  	 	11	  
	 5.15
	 	 WAIVER OF JURY TRIAL
	  	 	11	  
	 5.16
	 	 Release
	  	 	11	  

 SCHEDULES 
  

			
	Schedule 1	  	Notice Addresses

  
 Exhibit B-2 

 SUBSIDIARY GUARANTY 

SUBSIDIARY GUARANTY, dated as of [                ],
20[    ] (as amended, supplemented or otherwise modified from time to time, this “Agreement”) made by each of the signatories hereto (together with any other entity that may become a party hereto as provided
herein, the “Subsidiary Guarantors”), in favor of the Fixed Rate Note Holders (as defined therein) under that certain Amended and Restated Credit Agreement, dated as of December 3, 2015 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. (the “Borrower”), a Texas limited liability company and a wholly-owned Subsidiary of
Transmission and Distribution Company L.L.C. and the Fixed Rate Note Holders party thereto. 
 W I T N E
S S E T H: 
 WHEREAS, pursuant to the Credit Agreement, the Borrower has issued the Fixed Rate Notes (as
defined therein) upon the terms and subject to the conditions set forth therein; 
 WHEREAS, pursuant to Section 6.9(d) of the Credit
Agreement, if the Borrower acquires or creates any new Subsidiary (other than any Subsidiary of the Company that is not organized under the laws of the United States, any state thereof or the District of Columbia, any Project Finance Subsidiary and
any other Subsidiary that is prohibited from providing a Guaranty of the Obligations by any Requirement of Law), each such Subsidiary will be required to execute and deliver this Agreement to the Fixed Rate Note Holders; and 

WHEREAS, the Borrower and the Subsidiary Guarantors shall be engaged in related businesses, and each Subsidiary Guarantor will derive
substantial direct and indirect benefit from the Borrower’s continued compliance with the terms and provisions of the Credit Agreement. 

NOW, THEREFORE, in consideration of the premises, each Subsidiary Guarantor hereby agrees with the Fixed Rate Note Holders as follows: 

SECTION 1. DEFINED TERMS 

1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement. 
 (b) The following terms shall have the following meanings: 

“Agreement”: as defined in the preamble hereto. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Guaranteed Obligations”: collectively, the unpaid principal of and interest on (including interest
accruing after the maturity of the Fixed Rate Notes and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Fixed Rate Notes and all other obligations and liabilities of the Borrower to any Fixed Rate Note Holder, whether direct or indirect, absolute or contingent, due or to become
due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Note Document or any other document made, delivered or given in connection herewith or

  
 Exhibit B-3 

 
therewith, whether on account of principal, interest, Make Whole Amount, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to any Fixed Rate Note Holder that
are required to be paid by the Borrower pursuant hereto) or otherwise (whether or not evidenced by any note or instrument and whether or not for the payment of money). 

“Subsidiary Guarantors”: as defined in the preamble hereto. 

“Termination Date”: as defined in Section 2.1(d). 

1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise
specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 
 SECTION 2. GUARANTEE 

2.1 Guarantee. (a) Each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to
the Fixed Rate Note Holders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by acceleration or otherwise) of the
Guaranteed Obligations. 
 (b) Anything herein or in any other Financing Document to the contrary notwithstanding, the maximum liability of
each Subsidiary Guarantor hereunder and under the other Note Documents shall in no event exceed the amount which can be guaranteed by such Subsidiary Guarantor under applicable federal and state laws relating to the insolvency of debtors (after
giving effect to the right of contribution established in Section 2.2). 
 (c) Each Subsidiary Guarantor agrees that the Guaranteed
Obligations may at any time and from time to time exceed the amount of the liability of such Subsidiary Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of any Fixed Rate Note
Holder hereunder. 
 (d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Guaranteed
Obligations shall have been satisfied by payment in full (other than contingent obligations (including indemnity obligations) for which no claims have been made) (the “Termination Date”). 

(e) No payment made by the Borrower, any of the Subsidiary Guarantors, any other subsidiary guarantor or any other Person or received or
collected by any Fixed Rate Note Holder from the Borrower, any of the Subsidiary Guarantors, any other subsidiary guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from
time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Subsidiary Guarantor hereunder which shall, notwithstanding any such payment (other than any
payment made by such 

  
 Exhibit B-4 

 
Subsidiary Guarantor in respect of the Guaranteed Obligations or any payment received or collected from such Subsidiary Guarantor in respect of the Guaranteed Obligations), Guaranteed Obligations
up to the maximum liability of such Subsidiary Guarantor hereunder until the Termination Date. 
 2.2 Right of Contribution. Each
Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and
against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of
this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Fixed Rate Note Holders, and each Subsidiary Guarantor shall remain liable to the Fixed Rate Note Holders for the full amount
guaranteed by such Subsidiary Guarantor hereunder. 
 2.3 No Subrogation. Notwithstanding any payment made by any Subsidiary
Guarantor hereunder or any set-off or application of funds of any Subsidiary Guarantor by any Fixed Rate Note Holder, no Subsidiary Guarantor shall be entitled to be subrogated to any of the rights of any Fixed Rate Note Holder against the Borrower
or any other Subsidiary Guarantor or any collateral security or guarantee or right of offset held by any Fixed Rate Note Holder for the payment of the Guaranteed Obligations, nor shall any Subsidiary Guarantor seek or be entitled to seek any
contribution or reimbursement from the Borrower or any other Subsidiary Guarantor in respect of payments made by such Subsidiary Guarantor hereunder, until the Termination Date. If any amount shall be paid to any Subsidiary Guarantor on account of
such subrogation rights at any time prior to the Termination Date, such amount shall be held by such Subsidiary Guarantor in trust for the Fixed Rate Note Holders, segregated from other funds of such Subsidiary Guarantor, and shall, until either
turned over to the Fixed Rate Note Holders to be applied against the Guaranteed Obligations or the Termination Date. 
 2.4 Amendments,
etc. with respect to the Guaranteed Obligations. Each Subsidiary Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Subsidiary Guarantor and without notice to or further assent by any
Subsidiary Guarantor, any demand for payment of any of the Guaranteed Obligations made by any Fixed Rate Note Holder may be rescinded by the such Fixed Rate Note Holder and any of the Guaranteed Obligations continued, and the Guaranteed Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by any Fixed Rate Note Holder, and the Credit Agreement and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole
or in part, as the Required Fixed Rate Note Holders or all Fixed Rate Note Holders, as the case may be, may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any Fixed Rate Note Holder
for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released. No Fixed Rate Note Holder shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the
Guaranteed Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

  
 Exhibit B-5 

 2.5 Guarantee Absolute and Unconditional. Each Subsidiary Guarantor waives any and all
notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Fixed Rate Note Holder upon the guarantee contained in this Section 2 or acceptance of the guarantee contained
in this Section 2; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2;
and all dealings between the Borrower and any of the Subsidiary Guarantors, on the one hand, and the Fixed Rate Note Holders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee
contained in this Section 2. Each Subsidiary Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Subsidiary Guarantors with respect to the Guaranteed
Obligations. Each Subsidiary Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Credit Agreement or any other Financing Document, any of the Guaranteed Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any
Fixed Rate Note Holder, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against any Fixed Rate Note Holder, or
(c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Subsidiary Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the
Guaranteed Obligations, or of such Subsidiary Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against
any Subsidiary Guarantor, any Fixed Rate Note Holder may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Subsidiary Guarantor or any other
Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by any Fixed Rate Note Holder to make any such demand, to pursue such other rights or remedies or to
collect any payments from the Borrower, any other Subsidiary Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Subsidiary
Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Subsidiary Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether
express, implied or available as a matter of law, of any Fixed Rate Note Holder against any Subsidiary Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be,
if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by any Fixed Rate Note Holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Borrower or any Subsidiary Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Subsidiary Guarantor or any substantial part of its property, or
otherwise, all as though such payments had not been made. 
 2.7 Payments. Each Subsidiary Guarantor hereby guarantees that payments
hereunder will be paid to the Fixed Rate Note Holders without set-off or counterclaim in Dollars at the in accordance with Section 2.9 of the Credit Agreement. 

  
 Exhibit B-6 

 SECTION 3. REPRESENTATIONS AND WARRANTIES 

Each Subsidiary Guarantor represents and warrants to each Fixed Rate Note Holder that: 

3.1 Credit Agreement Representations and Warranties. The representations and warranties contained in Article 5 of the Credit
Agreement, insofar as the representations and warranties contained therein are applicable to any Subsidiary Guarantor and its properties, are true and correct in all material respects, each such representation and warranty set forth in such Article
(insofar as applicable as aforesaid) and all other terms of the Credit Agreement to which reference is made therein, together with all related definitions and ancillary provisions, being hereby incorporated into this Agreement by this reference as
though specifically set forth in this Article. 
 3.2 Financial Condition, etc. Each Subsidiary Guarantor (a) has knowledge of
the financial condition and affairs of the Borrower and each other Subsidiary Guarantor, (b) has adequate means to obtain from the Borrower and each other Subsidiary Guarantor, on an ongoing basis, information relating thereto and to such
Person’s ability to pay and perform the its obligations under this Agreement, the Credit Agreement, and the other Note Documents, and (c) agrees to assume the responsibility for keeping, and to keep, so informed for so long as this
Agreement is in effect. Each Subsidiary Guarantor acknowledges and agrees that each Fixed Rate Note Holder shall have no obligation to investigate the financial condition or affairs of the Borrower or any other Subsidiary Guarantor for the benefit
of such Subsidiary Guarantor nor to advise such Subsidiary Guarantor of any fact respecting, or any change in, the financial condition or affairs of the Borrower or any other Subsidiary Guarantor that might become known to any Fixed Rate Note Holder
at any time, whether or not such Fixed Rate Note Holder knows or believes or has reason to know or believe that any such fact or change is unknown to such Subsidiary Guarantor, or might (or does) materially increase the risk of such Subsidiary
Guarantor as guarantor, or might (or would) affect the willingness of such Subsidiary Guarantor to continue as a guarantor of the Guaranteed Obligations. 

3.3 Best Interests. It is in the best interests of each Subsidiary Guarantor to execute this Agreement inasmuch as such Subsidiary
Guarantor will, as a result of being a Subsidiary of the Borrower, derive substantial direct and indirect benefits from the Borrower’s continued compliance with the terms and provisions of the Credit Agreement, and each Subsidiary Guarantor
agrees that and each Fixed Rate Note Holder is relying on this representation. 
 SECTION 4. COVENANTS, ETC. 

Each Subsidiary Guarantor covenants and agrees that it will perform, comply with and be bound by all of the agreements, covenants and
obligations contained in the Credit Agreement (including Articles 6 and 7 of the Credit Agreement) which are applicable to such 

  
 Exhibit B-7 

 
Subsidiary Guarantor or its properties, each such agreement, covenant and obligation contained in the Credit Agreement and all other terms of the Credit Agreement to which reference is made in
this Article, together with all related definitions and ancillary provisions, being hereby incorporated into this Agreement by this reference as though specifically set forth in this Article. 

SECTION 5. MISCELLANEOUS  

5.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except by written agreement of the Subsidiary Guarantors and the Required Fixed Rate Note Holders; provided that (i) in the case of the release of a Subsidiary Guarantor from this Agreement, only the Required Fixed Rate Note Holders will
be required to execute such writing and (ii) in the case of the addition of a Subsidiary Guarantor to this Agreement pursuant to Section 5.14, only such additional Subsidiary Guarantor will be required to execute such writing. 

5.2 Notices. All notices, requests and demands to or upon the Fixed Rate Note Holders or any Subsidiary Guarantor hereunder shall be
effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any Subsidiary Guarantor shall be addressed to such Subsidiary Guarantor at its notice address set
forth on Schedule 1. 
 5.3 No Waiver by Course of Conduct; Cumulative Remedies. No Fixed Rate Note Holder shall by any act (except
by a written instrument pursuant to Section 5.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of any Fixed Rate Note Holder, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by any Fixed Rate Note Holder of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Fixed Rate Note Holder
would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

5.4 Enforcement Expenses; Indemnification. (a) Each Subsidiary Guarantor agrees to pay or reimburse each Fixed Rate Note Holder
for all its costs and expenses incurred in collecting against such Subsidiary Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Note Documents to which such
Subsidiary Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Fixed Rate Note Holder. 

(b) Each Subsidiary Guarantor agrees to pay, and to hold the Fixed Rate Note Holders harmless from, any and all liabilities with respect to,
or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Agreement. 

  
 Exhibit B-8 

 (c) Each Subsidiary Guarantor agrees to pay, and to hold the Fixed Rate Note Holders harmless
from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration
of this Agreement to the extent the Borrower would be required to do so pursuant to Section 10.5 of the Credit Agreement. 
 (d) The
agreements in this Section 5.4 shall survive repayment of the Guaranteed Obligations and all other amounts payable under the Credit Agreement and the other Note Documents. 

5.5 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Subsidiary Guarantor and shall
inure to the benefit of the Fixed Rate Note Holders and their successors and assigns; provided that no Subsidiary Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written
consent of the Fixed Rate Note Holders (except as permitted under the Credit Agreement). 
 5.6 Set-Off. In addition to any rights
and remedies of the Fixed Rate Note Holders provided by law, each Fixed Rate Note Holder shall have the right, without notice to any Subsidiary Guarantor, any such notice being expressly waived by each Subsidiary Guarantor to the extent permitted by
applicable law, upon any Guaranteed Obligations becoming due and payable by any Subsidiary Guarantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Guaranteed Obligations, by setoff or otherwise, any
and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at
any time held or owing by such Fixed Rate Note Holder or any affiliate thereof to or for the credit or the account of such Subsidiary Guarantor. Each Fixed Rate Note Holder agrees promptly to notify the relevant Subsidiary Guarantor after any such
application made by such Fixed Rate Note Holder, provided that the failure to give such notice shall not affect the validity of such application. 

5.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by email or telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

5.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 5.9 Section Headings. The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 5.10
Integration/Conflict. This Agreement and the other Note Documents represent the entire agreement of the Subsidiary Guarantors, the Borrower and the Fixed Rate Note 

  
 Exhibit B-9 

 
Holders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Fixed Rate Note Holder relative to subject matter
hereof and thereof not expressly set forth or referred to herein or in the other Note Documents. In the event of a conflict or inconsistency between the provisions hereof and the Credit Agreement, the provisions of the Credit Agreement shall
control. For the avoidance of doubt, no provision hereunder shall prohibit any transaction that is expressly permitted under the Credit Agreement. 

5.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 5.12 Submission To Jurisdiction; Waivers. Each Subsidiary Guarantor hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of
any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

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

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Subsidiary Guarantor at its address referred to in Section 5.2 or at such other address of which the Fixed Rate Note Holders shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 5.13
Acknowledgements. Each Subsidiary Guarantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation,
execution and delivery of this Agreement and the other Note Documents to which it is a party; 
 (b) no Fixed Rate Note Holder has any
fiduciary relationship with or duty to any Subsidiary Guarantor arising out of or in connection with this Agreement or any of the other Note Documents, and the relationship between the Subsidiary Guarantors, on the one hand, and the Fixed Rate Note
Holders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is
created hereby or by the other Note Documents or otherwise exists by virtue of the transactions contemplated hereby among the Fixed Rate Note Holders or among the Subsidiary Guarantors and the Fixed Rate Note Holders. 

  
 Exhibit B-10 

 5.14 Additional Subsidiary Guarantors. Each Subsidiary of the Borrower that is required to
become a party to this Agreement pursuant to Section 6.9(d) of the Credit Agreement shall become a Subsidiary Guarantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of a counterpart of this Agreement. The
execution and delivery of this Agreement shall not require the consent of any other Subsidiary Guarantor hereunder, and the rights and obligations of each Subsidiary Guarantor hereunder shall remain in full force and effect notwithstanding the
addition of any new Subsidiary Guarantor as a party to this Agreement. 
 5.15 WAIVER OF JURY TRIAL. EACH SUBSIDIARY GUARANTOR
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

5.16 Release. Upon the occurrence of the Termination Date, each Subsidiary Guarantor’s obligations under this Agreement shall be
automatically terminated, discharged and released (except for any and all indemnity, expense or other obligations of the Borrower and Subsidiary Guarantors under the Credit Agreement which by the express terms of the Credit Agreement survive the
payment in full of the Notes and the termination of the Credit Agreement, which shall continue in full force and effect). The Collateral Agent and the Fixed Rate Note Holders shall execute and deliver to the Subsidiary Guarantor any and all
releases, instruments and other documents as such Subsidiary Guarantor reasonably requests in order to evidence or otherwise give public notice of such terminations and releases (provided that any and all expenses relating to the preparation,
execution, delivery and/or recordation of any such terminations and releases (and all documentation with respect thereto) shall be paid by such Subsidiary Guarantor). 

  
 Exhibit B-11 

 IN WITNESS WHEREOF, each of the undersigned has caused this Subsidiary Guaranty to be duly
executed and delivered as of the date first above written. 
  

			
	[NAME OF SUBSIDIARY GUARANTOR]
		
	By:	 	  

		 	Title:

  
 Exhibit B-12 

 Schedule 1 

NOTICE ADDRESS OF SUBSIDIARY GUARANTOR 

  
 Exhibit B-13 

 Schedule A 

to Amended and Restated Credit Agreement 

PURCHASER SCHEDULE 

Sharyland Distribution & Transmission Services, L.L.C. 

5.04% Senior Secured Note Due June 20, 2018 
  

											
	 	  	 	  	Aggregate
Principal
Amount of
Notes
to be Purchased	 	  	Note
Denomination(s)	 
				
		  	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
	  	$	48,652,311.00	  	  	$	48,652,311.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 JPMorgan Chase Bank
 New York, NY

ABA No.: 021-000-021
 Account Name: Prudential Managed
Portfolio
 Account No.: P86188 (please do not include spaces)
	  				  			
				
		  	Each such wire transfer shall set forth the name of the Company, a reference to “5.04% Senior Secured Notes due June 20, 2018, Security No. INV10794, PPN
            ” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.	  				  			
				
	 (2)
	  	Address for all communications and notices:	  				  			
		  	  
 The Prudential Insurance Company of America

c/o Prudential Capital Group
 2200 Ross Avenue, Suite 4300

Dallas, TX 75201
  

Attention: Managing Director, Energy Finance Group - Power
	  				  			

 Schedule A 

to Amended and Restated Credit Agreement 
  

											
		  		  				  			
		  	 and for all notices relating solely to scheduled principal and interest payments to:

 
 The Prudential Insurance Company of America

c/o Prudential Investment Management, Inc.
 Prudential Tower

655 Broad Street
 14th Floor - South Tower

Newark, NJ 07102
 Attention: PIM Private Accounting Processing
Team
 Email: Pim.Private.Accounting.Processing.Team@prudential.com
	  	 	                 	  	  	 	                     	  
				
	 (3)
	  	Address for Delivery of Notes:	  				  			
		  	  
 Send physical security by nationwide overnight delivery service
to:
  
 Prudential Capital Group

2200 Ross Avenue, Suite 4300
 Dallas, TX 75201

 
 Attention: William H. Bulmer

Telephone: (214) 720-6204
	  				  			
				
	 (4)
	  	Tax Identification No.: 22-1211670	  				  			

 Schedule A 

to Amended and Restated Credit Agreement 
  

											
	 	  	 	  	Aggregate
Principal
Amount of
Notes
to be Purchased	 	  	Note
Denomination(s)	 
				
		  	 PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
	  	$	6,000,000.00	  	  	$	6,000,000.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 JPMorgan Chase Bank
 New York, NY

ABA No.: 021-000-021
 Account No.: P86202 (please do not include
spaces)
 Account Name: Pruco Life of New Jersey Private Placement
	  				  			
				
		  	Each such wire transfer shall set forth the name of the Company, a reference to “5.04% Senior Secured Notes due June 20, 2018, Security No. INV10794, PPN
            ” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.	  				  			
				
	 (2)
	  	Address for all communications and notices:	  				  			
		  	  
 Pruco Life Insurance Company of New Jersey

c/o Prudential Capital Group
 2200 Ross Avenue, Suite 4300

Dallas, TX 75201
  

Attention: Managing Director, Energy Finance Group - Power
  

and for all notices relating solely to scheduled principal and interest payments to:

 
 Pruco Life Insurance Company of New Jersey

c/o Prudential Investment Management, Inc.
 Prudential Tower

655 Broad Street
 14th Floor - South Tower

Newark, NJ 07102
	  				  			
		  	  
 Attention: PIM Private Accounting Processing Team

Email: Pim.Private.Accounting.Processing.Team@prudential.com
	  				  			

 Schedule A 

to Amended and Restated Credit Agreement 
  

											
	 (3)
	  	Address for Delivery of Notes:	  				  			
		  	  
 Send physical security by nationwide overnight delivery service
to:
  
 Prudential Capital Group

2200 Ross Avenue, Suite 4300
 Dallas, TX 75201

 
 Attention: William H. Bulmer

Telephone: (214) 720-6204
	  				  			
				
	 (4)
	  	Tax Identification No.: 22-2426091	  				  			
				
	 	  	 	  	Aggregate
Principal
Amount of
Notes
to be Purchased	 	  	Note
Denomination(s)	 
				
		  	 PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
	  	$	5,347,689.00	  	  	$	5,347,689.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
		  	  
 JPMorgan Chase Bank

New York, NY
 ABA No.: 021-000-021

Account Name: Prudential Annuities Life Assurance Corporation

Account No.: P01309 (please do not include spaces)
	  				  			
		  	  
 Each such wire transfer shall set forth the name of the Company, a
reference to “5.04% Senior Secured Notes due June 20, 2018, Security No. INV10794, PPN             ” and the due date and application (as among principal, interest and Make-Whole
Amount) of the payment being made.
	  				  			

 Schedule A 

to Amended and Restated Credit Agreement 
  

											
		  		  				  			
	 (2)
	  	Address for all communications and notices:	  				  			
		  	  
 Prudential Annuities Life Assurance Corporation

c/o Prudential Capital Group
 2200 Ross Avenue, Suite 4300

Dallas, TX 75201
  

Attention: Managing Director, Energy Finance Group - Power
  

and for all notices relating solely to scheduled principal and interest payments to:

 
 Prudential Annuities Life Assurance Corporation

c/o Prudential Investment Management, Inc.
 Prudential Tower

655 Broad Street
 14th Floor - South Tower

Newark, NJ 07102
 Attention: PIM Private Accounting Processing
Team
 Email: Pim.Private.Accounting.Processing.Team@prudential.com
	  	 	                     	  	  	 	                     	  
				
	 (3)
	  	Address for Delivery of Notes:	  				  			
		  	  
 Send physical security by nationwide overnight delivery service
to:
  
 Prudential Capital Group

2200 Ross Avenue, Suite 4300
 Dallas, TX 75201

 
 Attention: William H. Bulmer

Telephone: (214) 720-6204
	  				  			
				
	 (4)
	  	Tax Identification No.: 06-1241288

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