Document:

FORM OF SECOND AMENDED & RESTATED DECLARATION OF TRUST & TRUST AGREEMENT

 Exhibit 4.1.2 
 FORM OF SECOND AMENDED AND RESTATED 
 DECLARATION OF TRUST 

AND 

TRUST AGREEMENT 
 OF 
 POWERSHARES DB G10 CURRENCY HARVEST FUND 

Dated as of December 31, 2010 
 By and Among 
 DB COMMODITY SERVICES LLC 

WILMINGTON TRUST COMPANY 
 and 
 THE UNITHOLDERS 

from time to time hereunder 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS; THE TRUST	  	 	1	  
			
	 SECTION 1.1.
	  	Definitions	  	 	1	  
			
	 SECTION 1.2.
	  	Name	  	 	9	  
			
	 SECTION 1.3.
	  	Delaware Trustee; Business Offices.	  	 	9	  
			
	 SECTION 1.4.
	  	Declaration of Trust	  	 	9	  
			
	 SECTION 1.5.
	  	Purposes and Powers	  	 	9	  
			
	 SECTION 1.6.
	  	Tax Treatment.	  	 	10	  
			
	 SECTION 1.7.
	  	General Liability of the Managing Owner.	  	 	11	  
			
	 SECTION 1.8.
	  	Legal Title	  	 	11	  
		
	ARTICLE II THE TRUSTEE	  	 	11	  
			
	 SECTION 2.1.
	  	Term; Resignation.	  	 	11	  
			
	 SECTION 2.2.
	  	Powers	  	 	11	  
			
	 SECTION 2.3.
	  	Compensation and Expenses of the Trustee	  	 	12	  
			
	 SECTION 2.4.
	  	Indemnification	  	 	12	  
			
	 SECTION 2.5.
	  	Successor Trustee	  	 	12	  
			
	 SECTION 2.6.
	  	Liability of Trustee	  	 	13	  
			
	 SECTION 2.7.
	  	Reliance; Advice of Counsel.	  	 	14	  
			
	 SECTION 2.8.
	  	Payments to the Trustee	  	 	15	  
		
	ARTICLE III UNITS; CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS	  	 	15	  
			
	 SECTION 3.1.
	  	General	  	 	15	  
			
	 SECTION 3.2.
	  	Offer of Limited Units	  	 	15	  
			
	 SECTION 3.3.
	  	Procedures for Creation and Issuance of Creation Baskets.	  	 	15	  
			
	 SECTION 3.4.
	  	Book-Entry-Only System, Global Security.	  	 	17	  
			
	 SECTION 3.5.
	  	Assets of the Trust	  	 	20	  
			
	 SECTION 3.6.
	  	Liabilities of the Trust	  	 	20	  
			
	 SECTION 3.7.
	  	Distributions.	  	 	20	  
			
	 SECTION 3.8.
	  	Voting Rights	  	 	20	  
			
	 SECTION 3.9.
	  	Equality	  	 	21	  

  
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	ARTICLE IV THE MANAGING OWNER	  	 	21	  
			
	 SECTION 4.1.
	  	Management of the Trust	  	 	21	  
			
	 SECTION 4.2.
	  	Authority of Managing Owner	  	 	21	  
			
	 SECTION 4.3.
	  	Obligations of the Managing Owner	  	 	22	  
			
	 SECTION 4.4.
	  	General Prohibitions	  	 	24	  
			
	 SECTION 4.5.
	  	Liability of Covered Persons	  	 	25	  
			
	 SECTION 4.6.
	  	Fiduciary Duty.	  	 	25	  
			
	 SECTION 4.7.
	  	Indemnification of the Managing Owner.	  	 	26	  
			
	 SECTION 4.8.
	  	Expenses and Limitations Thereon.	  	 	27	  
			
	 SECTION 4.9.
	  	Compensation of the Managing Owner	  	 	29	  
			
	 SECTION 4.10.
	  	Other Business of Unitholders	  	 	29	  
			
	 SECTION 4.11.
	  	Voluntary Withdrawal of the Managing Owner	  	 	29	  
			
	 SECTION 4.12.
	  	Authorization of Acts Described in a Registration Statement	  	 	29	  
			
	 SECTION 4.13.
	  	Litigation	  	 	29	  
		
	ARTICLE V TRANSFERS OF UNITS	  	 	30	  
			
	 SECTION 5.1.
	  	General Prohibition	  	 	30	  
			
	 SECTION 5.2.
	  	Transfer of Managing Owner’s General Units.	  	 	30	  
			
	 SECTION 5.3.
	  	Transfer of Units	  	 	30	  
		
	ARTICLE VI ALLOCATIONS AND DISTRIBUTIONS	  	 	31	  
			
	 SECTION 6.1.
	  	Capital Accounts	  	 	31	  
			
	 SECTION 6.2.
	  	Monthly Closing of Books	  	 	31	  
			
	 SECTION 6.3.
	  	Daily Allocations	  	 	32	  
			
	 SECTION 6.4.
	  	Code Section 754 Adjustments	  	 	32	  
			
	 SECTION 6.5.
	  	Allocation of Profit and Loss for U.S. Federal Income Tax Purposes.	  	 	33	  
			
	 SECTION 6.6.
	  	Allocation of Distributions	  	 	34	  
			
	 SECTION 6.7.
	  	Admissions of Unitholders; Transfers	  	 	34	  
			
	 SECTION 6.8.
	  	Liability for State and Local and Other Taxes	  	 	34	  

  
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	ARTICLE VII REDEMPTIONS	  	 	35	  
			
	 SECTION 7.1.
	  	Redemption of Redemption Baskets	  	 	35	  
			
	 SECTION 7.2.
	  	Other Redemption Procedures	  	 	36	  
		
	ARTICLE VIII THE LIMITED OWNERS	  	 	37	  
			
	 SECTION 8.1.
	  	No Management or Control; Limited Liability; Exercise of Rights through DTC	  	 	37	  
			
	 SECTION 8.2.
	  	Rights and Duties	  	 	37	  
			
	 SECTION 8.3.
	  	Limitation on Liability.	  	 	38	  
		
	ARTICLE IX BOOKS OF ACCOUNT AND REPORTS	  	 	39	  
			
	 SECTION 9.1.
	  	Books of Account	  	 	39	  
			
	 SECTION 9.2.
	  	Annual Reports and Monthly Statements.	  	 	39	  
			
	 SECTION 9.3.
	  	Tax Information	  	 	39	  
			
	 SECTION 9.4.
	  	Calculation of Net Asset Value	  	 	40	  
			
	 SECTION 9.5.
	  	Maintenance of Records	  	 	40	  
			
	 SECTION 9.6.
	  	Certificate of Trust	  	 	40	  
		
	ARTICLE X FISCAL YEAR	  	 	40	  
			
	 SECTION 10.1.
	  	Fiscal Year	  	 	40	  
		
	ARTICLE XI AMENDMENT OF TRUST AGREEMENT; MEETINGS	  	 	40	  
			
	 SECTION 11.1.
	  	Amendments to this Trust Agreement.	  	 	40	  
			
	 SECTION 11.2.
	  	Meetings of the Trust	  	 	42	  
			
	 SECTION 11.3.
	  	Action Without a Meeting	  	 	42	  
		
	ARTICLE XII TERM	  	 	43	  
			
	 SECTION 12.1.
	  	Term	  	 	43	  
		
	ARTICLE XIII TERMINATION	  	 	43	  
			
	 SECTION 13.1.
	  	Events Requiring Dissolution of the Trust	  	 	43	  
			
	 SECTION 13.2.
	  	Distributions on Dissolution	  	 	44	  
			
	 SECTION 13.3.
	  	Termination; Certificate of Cancellation	  	 	45	  

  
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	ARTICLE XIV POWER OF ATTORNEY	  	 	45	  
			
	 SECTION 14.1.
	  	Power of Attorney Executed Concurrently	  	 	45	  
			
	 SECTION 14.2.
	  	Effect of Power of Attorney	  	 	46	  
			
	 SECTION 14.3.
	  	Limitation on Power of Attorney	  	 	46	  
		
	ARTICLE XV MISCELLANEOUS	  	 	47	  
			
	 SECTION 15.1.
	  	Governing Law	  	 	47	  
			
	 SECTION 15.2.
	  	Provisions In Conflict With Law or Regulations.	  	 	47	  
			
	 SECTION 15.3.
	  	Construction	  	 	48	  
			
	 SECTION 15.4.
	  	Notices	  	 	48	  
			
	 SECTION 15.5.
	  	Counterparts	  	 	48	  
			
	 SECTION 15.6.
	  	Binding Nature of Trust Agreement	  	 	48	  
			
	 SECTION 15.7.
	  	No Legal Title to Trust Estate	  	 	48	  
			
	 SECTION 15.8.
	  	Creditors	  	 	48	  
			
	 SECTION 15.9.
	  	Integration	  	 	49	  
			
	 SECTION 15.10.
	  	Goodwill; Use of Name	  	 	49	  
			
	EXHIBIT A	  		  			
	 Certificate of Trust and Certificate of Amendment to Certificate of Trust
	  	 	A-1	  
			
	EXHIBIT B	  		  			
	 Description of the Index
	  	 	B-1	  
			
	EXHIBIT C	  		  			
	 Form of Global Certificate
	  	 	C-1	  
			
	EXHIBIT D	  		  			
	 Form of Participant Agreement
	  	 	D-1	  

  
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 POWERSHARES DB G10 CURRENCY HARVEST FUND 

SECOND AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST AGREEMENT 

This SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of POWERSHARES DB G10 CURRENCY HARVEST
FUND is made and entered into as promptly as reasonably practicable and after the determination of the net asset value of DB G10 Currency Harvest Master Fund on the 31st day of December, 2010, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company,
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee, and the UNITHOLDERS from time to time hereunder. 
 *     *     * 
 RECITALS 

WHEREAS, the Trust was formed on April 12, 2006 pursuant to the execution and filing by the Trustee of the Certificate of Trust on
April 12, 2006 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of April 12, 2006, as amended on July 19, 2006 (the “Original
Agreement”); 
 WHEREAS, the Managing Owner and the Trustee entered into an Amended and Restated Declaration of Trust
and Trust Agreement dated as of September 12, 2006 (the “Existing Agreement”) to amend and restate the Original Agreement; and 
 WHEREAS, the Trustee and the Managing Owner desire to amend the Existing Agreement to make the amendments effectuated hereby. 
 NOW, THEREFORE, pursuant to Article XI of the Existing Agreement, the Trustee and the Managing Owner hereby amend and restate the Existing Agreement in its entirety as set forth below. 

ARTICLE I 

DEFINITIONS; THE TRUST 
 SECTION 1.1. Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context otherwise requires: 

“Adjusted Capital Account” means, as of the last day of a taxable period, a Unitholder’s Capital Account as
maintained pursuant to Section 6.1, increased by any amounts which such Unitholder is obligated to restore pursuant to any provision of this Trust Agreement or is deemed to be obligated to restore pursuant to Treasury Regulation section 1.704-2
and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably 

  
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expected to be allocated to such Unitholder in subsequent years under sections 704(e)(2) and 706(d) of the Code and the amount of all distributions that, as of the end of such taxable period, are
reasonably expected to be made to such Unitholder in subsequent years in accordance with the terms of this Trust Agreement or otherwise to the extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur
during or prior to the year in which such distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall
be interpreted consistently therewith. 
 “Adjusted Property” means any property the adjusted basis of which
has been adjusted pursuant to Section 6.4. 
 “Administrator” means any Person from time to time engaged
to provide administrative services to the Trust pursuant to authority delegated by the Managing Owner. 

“Affiliate” – An “Affiliate” of a Person means (i) any Person directly or indirectly owning,
controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to
vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person
is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 

“Basket” means a Creation Basket or a Redemption Basket, as the context may require. 

“Beneficial Owners” shall have the meaning assigned to such term in Section 3.4(d). 

“Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any determination, the
difference between the adjusted value of such property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. A Unitholder’s portion of the Trust’s Book-Tax Disparities in all of its Adjusted Property will be
reflected by the difference between such Unitholder’s Capital Account balance as maintained pursuant to Section 6.1 and the hypothetical balance of such Unitholder’s Capital Account computed as if it had been maintained strictly in
accordance with U.S. federal income tax accounting principles. 
 “Business Day” means any day other than a day
when banks in New York City are required or permitted to be closed. 
 “Capital Account” means the capital
account maintained for a Unitholder pursuant to Section 6.1. 
 “Capital Contributions” means the amounts
of cash contributed and agreed to be contributed to the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
 “CE Act” means the Commodity Exchange Act, as amended. 

  
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 “Certificate of Trust” means the Certificate of the Trust of the Trust,
including all amendments thereto, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute, as amended from time to time. 

“CFTC” means the Commodity Futures Trading Commission. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commodity Broker” means any person who engages in the business of effecting transactions in Currency Contracts for the
account of others or for his or her own account. 
 “Continuous Offering” means the continuous offering during
which additional Limited Units may be sold in Baskets pursuant to this Trust Agreement. 
 “Corporate Trust
Office” means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration. 
 “Covered Person” means the Managing Owner and
their respective Affiliates. 
 “Creation Basket” means the minimum number of Limited Units that may be created
at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time to time. 

“Creation Basket Capital Contribution” means a Capital Contribution made by a Participant in connection with a Purchase
Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net
Asset Value per Basket as of closing time of the Exchange or the last to close of the exchanges on which any of the Trust’s assets are traded, whichever is later, on the Purchase Order Subscription Date. 

“Currencies” means positions in Currency Contracts, forward contracts, other foreign exchange positions, as well as cash
resulting from any of the foregoing positions. 
 “Currency Contract” means any futures contract or option
thereon providing for the delivery or receipt at a future date of a specified amount of a traded currency at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 

“Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code,
12 Del. C. § 3801 et seq., as the same may be amended from time to time. 

  
 3 

 “Depository” means The Depository Trust Company, New York, New York, or
such other depository of Limited Units as may be selected by the Managing Owner as specified herein. 
 “Depository
Agreement” means the Letter of Representations relating to the Trust from the Managing Owner to the Depository, dated as of September 12, 2006 as the same may be amended or supplemented from time to time. 

“Distributor” means any Person from time to time engaged to provide distribution services or related services to the
Trust pursuant to authority delegated by the Managing Owner. 
 “DTC” shall have the meaning assigned to such
term in the legend contained in Section 3.4(b). 
 “DTC Participants” shall have the meaning assigned to
such term in Section 3.4(c). 
 “DTCC” shall have the meaning assigned to such term in
Section 3.4(c). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 “Event of Withdrawal” shall have the meaning set forth in Section 13.1(a) hereof. 

“Exchange” means the NYSE Arca or, if the Limited Units shall cease to be listed on the NYSE Arca and are listed on one
or more other exchanges, the exchange on which the Units are principally traded, as determined by the Managing Owner. 

“Expenses” shall have the meaning assigned to such term in Section 2.4. 

“Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and December of each
Fiscal Year, or, if the Trust is required by law to have a Fiscal Year other than a calendar year, such other applicable quarterly period. 
 “Fiscal Year” shall have the meaning set forth in Article X hereof 
 “Global Security” means the global certificate or certificates for the Trust issued to the Depository as provided in the Depository Agreement, each of which shall be in substantially the
form attached hereto as Exhibit B. 
 “Indemnified Parties” shall have the meaning assigned to such term in
Section 2.4. 
 “Index” means the Index that the Trust is designed to track as more fully described in
Exhibit B hereto, as it may be amended from time to time. 
 “Index Currencies” means the underlying
Currencies which comprise the Deutsche Bank G10 Currency Future Harvest Index—Excess ReturnTM from time to time, as described in the Prospectus. 
 “Indirect Participants” shall have the meaning assigned to such term in Section 3.4 (c). 

  
 4 

 “Internal Revenue Service” or “IRS” means the U.S.
Internal Revenue Service or any successor thereto. 
 “Limited Owner” means any person or entity who is or
becomes a Beneficial Owner of Limited Units. 
 “Limited Units” means Units of the Trust that are owned by a
Limited Owner. 
 “Liquidating Trustee” shall have the meaning assigned thereto in Section 13.2.

 “Losses” means, in respect of each Fiscal Year of the Trust, losses of the Trust as determined for U.S.
federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Management Fee” shall have the meaning assigned to such term in Section 4.9. 

“Managing Owner” means DB Commodity Services LLC, or any substitute therefor as provided herein, or any successor
thereto by merger or operation of law. 
 “Margin Call” means a demand for additional funds after the initial
good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 
 “Net Asset Value” means the total assets of the Trust Estate including, but not limited to, all cash and cash equivalents or other securities less total liabilities of the Trust, each
determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not limited to, the extent specifically set forth below: 

(a) Net Asset Value shall include any unrealized profit or loss on open Currencies positions and any other credit or debit accruing to
the Trust but unpaid or not received by the Trust. 
 (b) All open currency futures contracts and options traded on a United
States exchange are calculated at their then current market value, which shall be based upon the settlement price for that particular currency futures contract and options traded on the applicable United States exchange on the date with respect to
which Net Asset Value is being determined; provided, that if a currency futures contract or option traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which
that position is traded or otherwise, the Managing Owner may value such currency futures contract or option pursuant to policies the Managing Owner has adopted, which are consistent with industry standards. The current market value of all open
currency futures contracts and options traded on a non-United States exchange shall be based upon the settlement price for that particular currency futures contract or option traded on the applicable non-United States exchange on the date with
respect to which Net Asset Value is being determined; provided, that if a currency futures contract or options traded on a non-United States exchange could not be liquidated on such day, due to the operation of daily limits (if applicable) or other
rules of the exchange upon which that position is traded or otherwise, the Managing Owner may 

  
 5 

 
value such currency futures contract pursuant to polices the Managing Owner has adopted, which are consistent with normal industry standards. The current market value of all open forward
contracts entered into by the Trust shall be the mean between the last bid and last asked prices quoted by the bank or financial institution which is a party to the contract on the date with respect to which Net Asset Value is being determined;
provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining the market value of such forward
contract for such day. The Managing Owner may in its discretion (and under extraordinary circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or
force majeure type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstances) value any asset of the Trust pursuant to such other
principles as the Managing Owner deems fair and equitable so long as such principles are consistent with normal industry standards. 
 (c) Interest earned on the Trust’s foreign exchange futures brokerage account shall be accrued at least monthly. 
 (d) The amount of any distribution made pursuant to Article VI hereof shall be a liability of the Trust from the day when the distribution is declared until it is paid. 

“Net Asset Value Per Basket” means the product obtained by multiplying the Net Asset Value Per Unit by the number of
Limited Units comprising a Basket at such time. 
 “Net Asset Value Per Unit” means the Net Asset Value divided
by the number of Units outstanding on the date of calculation. 
 “NFA” means the National Futures Association.

 “NYSE Arca” means NYSE Arca, Inc. 
 “Order Cut-Off Time” means 1:00 pm, New York time, on a Business Day. 
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(ii). 
 “Participant” means a Person that is (1) a registered broker dealer or other securities market participant such as a bank or other financial institution which is not required to
register as a broker dealer to engage in securities transactions, (2) a DTC Participant and (3) has entered into a Participant Agreement which, at the relevant time, is in full force and effect. 

“Participant Agreement” means an agreement among the Trust, the Managing Owner and a Participant, substantially in the
form of Exhibit D hereto, as it may be amended or supplemented from time to time in accordance with its terms. 

“Percentage Interest” shall be a fraction, the numerator of which is the number of the Unitholder’s Units and the
denominator of which is the total number of Units of the Trust outstanding as of the date of determination. 

  
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 “Person” means any natural person, partnership, limited liability company,
statutory trust, corporation, association, or other legal entity. 
 “Pit Brokerage Fee” shall include floor
brokerage, clearing fees, NFA fees and exchange fees. 
 “Power of Attorney” shall have the meaning assigned
thereto in Section 14.2. 
 “Profits” means, for each Fiscal Year of the Trust, profits of the Trust as
determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 
 “Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, or
becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented. 

“Purchase Order Subscription Agreement” shall have the meaning assigned thereto in Section 3.3(a)(i). 

“Purchase Order Subscription Date” shall have the meaning assigned thereto in Section 3.3(a)(i). 

“Pyramiding” means the use of unrealized profits on existing Currencies to provide margin for additional
Currencies positions of the same or related Currencies. 
 “Reconstituted Trust” shall have the meaning
assigned thereto in Section 13.1(a). 
 “Redemption Basket” means the minimum number of Limited Units that
may be redeemed pursuant to Section 7.1, which shall be the number of Limited Units constituting a Creation Basket on the relevant Redemption Order Date. 
 “Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in Section 7.1(c). 

“Redemption Order” shall have the meaning assigned thereto in Section 7.1(a). 

“Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 

“Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 

“Registration Statement” means a registration statement on Form S-1, or any other form, as applicable as it may be
amended from time to time, filed with the SEC pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented. 

“SEC” means the Securities and Exchange Commission. 

  
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 “Subscribing Participant” means a Participant who has submitted a Purchase
Order Subscription Agreement to create one or more Units that has not yet been filled or accepted by the Managing Owner. 

“Suspended Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 

“Tax Matters Partner” shall have the meaning assigned thereto in Section 1.6(b). 

“Transaction Fee” shall have the meaning assigned thereto in Section 3.3(d). 

“Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code.
References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust” means PowerShares DB G10 Currency Harvest Fund, a Delaware statutory trust formed pursuant to the Certificate of
Trust, the business and affairs of which are governed by this Trust Agreement. 
 “Trust Agreement” means this
Second Amended and Restated Declaration of Trust and Trust Agreement, as it may at any time or from time to time be amended. 

“Trustee” means Wilmington Trust Company or any substitute therefor as provided herein, acting not in its individual
capacity but solely as trustee of the Trust. 
 “Trust Estate” means any cash, futures, forward and option
contracts, all funds on deposit in the Trust’s accounts, and any other property held by the Trust, and all proceeds therefrom, including any rights of the Trust pursuant to any other agreements to which the Trust is a party. 

“Unitholders” means the Managing Owner and all Limited Owners, as holders of Units of the Trust where no distinction is
required by the context in which the term is used. 
 “Units” means the common units of fractional undivided
beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. The Managing Owner’s Capital Contributions shall be represented by “General” Units and a Limited Owner’s Capital
Contributions shall be represented by “Limited” Units. 
 “Unrealized Gain” attributable to the Trust
property means, as of any date of determination, the excess, if any, of the fair market value of such property as of such date over the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination. 

“Unrealized Loss” attributable to the Trust property means, as of any date of determination, the excess, if any, of the
property’s adjusted basis for U.S. federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 

  
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 SECTION 1.2. Name. The name of the Trust is “PowerShares DB G10 Currency Harvest
Fund” in which name the Trustee and the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust.

 SECTION 1.3. Delaware Trustee; Business Offices. 

(a) The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in
the State of Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is
removed as the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 2.5. 
 (b) The principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing
Owner may designate from time to time in writing to the Trustee and the Unitholders. Initially, the principal office of the Trust shall be at c/o DB Commodity Services LLC, 60 Wall Street, New York, New York 10005. 

SECTION 1.4. Declaration of Trust. The Trustee hereby acknowledges that the Trust has received the sum of $1,000 in a bank account
in the name of the Trust controlled by the Managing Owner, and hereby declares that it shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of the Unitholders. It is the intention of the parties
hereto that the Trust shall be a statutory trust under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership,
limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the extent that the Trust is deemed to constitute a partnership under
the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a joint stock association except to the extent such Unitholders are deemed to be partners under the
Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties hereto to create a partnership among the Unitholders for purposes of taxation under the Code and applicable state and local tax laws.
Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the
certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
 SECTION 1.5. Purposes and Powers. The purposes of the Trust shall be: (a) directly or indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of Index Currencies,
including, but not limited to, exchange-traded futures on the Index Currencies with a view to tracking the performance of the Index over time; (b) to enter into forward contracts referencing the Index or one or more of the Index Currencies with
a view to tracking the performance of the Index over time; (c) to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; and (d) as determined from time to time

  
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by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be organized under the Delaware Trust Statute. The Trust shall not engage in any other
business or activity and shall not acquire or own any other assets or take any of the actions set forth in Section 4.4. The Trust shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the
powers which may be exercised by a Managing Owner on behalf of the Trust under this Trust Agreement. 
 SECTION 1.6. Tax
Treatment. 
 (a) Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that
the Units will qualify under applicable tax law as interests in a partnership which holds the Trust Estate for their benefit, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a
manner that is consistent with the treatment of the Trust as a partnership in which each of the Unitholders thereof is a partner and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from
any taxing authority having jurisdiction over such holders of Units with respect to the treatment of the Units as anything other than interests in a partnership. 
 (b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding state and local tax law) of the Trust initially shall be the Managing Owner. The Tax Matters Partner, at the
expense of the Trust, (i) shall prepare or cause to be prepared and filed the Trust’s tax returns as a partnership for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by
Section 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative proceedings with respect to the Trust’s tax items; (B) the power to extend the statute of limitations
for all Unitholders with respect to the Trust’s tax items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative adjustment of the Trust; and (D) the power to enter into a
settlement with the IRS on behalf of, and binding upon, those Limited Owners having less than 1% interest in the Trust, unless a Limited Owner shall have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited
Owner’s behalf. The designation made by each Unitholder of the Trust in this Section 1.6(b) is hereby approved by each Unitholder as an express condition to becoming a Unitholder. Each Unitholder agrees to take any further action as may be
required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, the Trust hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against any damages or losses (including attorneys’
fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute fraud, negligence or
misconduct. 
 (c) Each Unitholder shall furnish the Managing Owner and the Trustee with information necessary to enable the
Managing Owner to comply with U.S. federal income tax information reporting requirement in respect of each Unitholder’s Unit. 

  
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 SECTION 1.7. General Liability of the Managing Owner. 

(a) The Managing Owner shall be liable for the acts, omissions, obligations and expenses of the Trust, to the extent not paid out of the
assets of the Trust, to the same extent the Managing Owner would be so liable as if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were a general partner of such partnership. The
foregoing provision shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this Section 1.7 shall be evidenced by its ownership of the General Units which,
solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of Units of the Trust. Without limiting or affecting the liability of the Managing Owner as set forth in this Section 1.7, notwithstanding anything in this
Trust Agreement to the contrary, Persons having any claim against the Trust by reason of the transactions contemplated by this Trust Agreement and any other agreement, instrument, obligation or other undertaking to which the Trust is a party, shall
look only to the Trust Estate for payment or satisfaction thereof. 
 (b) Subject to Sections 8.1 and 8.3 hereof, no Unitholder,
other than the Managing Owner, to the extent set forth above, shall have any personal liability for any liability or obligation of the Trust. 
 SECTION 1.8. Legal Title. Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any
jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a
Unitholder) as nominee. 
 ARTICLE II 
 THE TRUSTEE 
 SECTION 2.1. Term; Resignation. 

(a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one
Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the
terms of Section 2.5 hereof. 
 (b) The Trustee may resign at any time upon the giving of at least sixty
(60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If
the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 

SECTION 2.2. Powers. Except to the extent expressly set forth in Section 1.3(a) and this Article II, the duty and authority
of the Trustee to manage the business and affairs of the Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware
Trust Statute. The Trustee shall have only the rights, obligations and liabilities 

  
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specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust. The Trustee shall have the power and
authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of its performance of any of
the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee
hereunder or under the Delaware Trust Statute. 
 SECTION 2.3. Compensation and Expenses of the Trustee. The Trustee
shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (including the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by
the Managing Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket
expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. 
 SECTION 2.4. Indemnification. The Trust shall be liable for, and does hereby indemnify, protect, save and keep harmless the Trustee (in its capacity as Trustee and individually) and its successors,
assigns, legal representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by
the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements
(including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the
formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the
gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement or the removal or resignation of the Trustee. 

SECTION 2.5. Successor Trustee. Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor
Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor
Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance
with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the
outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 

  
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 SECTION 2.6. Liability of Trustee. Except as otherwise provided in this Article II,
in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason of the transactions contemplated by this
Trust Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or limit the
liability of the Managing Owner as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party, except for the
Trustee’s own gross negligence or willful misconduct. In particular, but not by way of limitation: 
 (a) The Trustee shall
have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of the Trust Estate; 

(b) The Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the
Managing Owner or the Liquidating Trustee; 
 (c) The Trustee shall not have any liability for the acts or omissions of the
Managing Owner or its delegatees; 
 (d) The Trustee shall not be liable for its failure to supervise the performance of any
obligations of the Managing Owner or its delegatees or any Participant; 
 (e) No provision of this Trust Agreement shall
require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (f) Under no
circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust arising under this Trust Agreement or any other agreements to which the Trust is a party; 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to
institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction of the Managing Owner unless the Managing Owner has offered to Wilmington Trust Company
(in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of
its counsel) therein or thereby; 
 (h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be
required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (A) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or
taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (B)

  
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result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware
becoming payable by the Trustee or (C) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the
case may be, contemplated hereby; and 
 (i) To the extent that, at law or in equity, the Trustee has duties (including
fiduciary duties) and liabilities relating thereto to the Trust, the Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith
reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace
such other duties and liabilities of the Trustee. 
 SECTION 2.7. Reliance; Advice of Counsel. 

(a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolution, request,
consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such
document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of
the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officer of the relevant party, as
to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust
Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any
of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and
(ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or
advice of any such counsel, accountant or other such Persons. 

  
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 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee pursuant to
this Article shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the Trust Estate. 

ARTICLE III 
 UNITS; CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS 

SECTION 3.1. General. The Managing Owner shall have the power and authority, without Limited Owner approval, to issue Units from
time to time as it deems necessary or desirable. The number of Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated to four decimal places. From time to time, the Managing Owner
may divide or combine the Units into a greater or lesser number without thereby changing the proportionate beneficial interests. The Managing Owner may issue Units for such consideration and on such terms as it may determine (or for no consideration
if pursuant to a Unit dividend or split-up), all without action or approval of the Limited Owners. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Units initially shall be divided
into two classes: General Units and Limited Units. Every Unitholder, by virtue of having purchased or otherwise acquired a Unit, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 

SECTION 3.2. Offer of Limited Units. The Trust may offer Limited Units to Participants in Creation Baskets and admit additional
Limited Owners and/or accept additional contributions from existing Limited Owners pursuant to the Prospectus, Sections 3.3 and 3.4 of this Trust Agreement and the Participant Agreements. 

SECTION 3.3. Procedures for Creation and Issuance of Creation Baskets. 

(a) General. The following procedures, as supplemented by the more detailed procedures specified in the Exhibits, annexes,
attachments and procedures, as applicable, to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust
Agreement), will govern the Trust with respect to the creation and issuance of additional Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of
Creation Baskets which may be issued by the Trust is unlimited. 
 (i) On any Business Day, a Participant may
submit to the Managing Owner a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets (such request by a Participant, a “Purchase Order Subscription Agreement”) in the manner
provided in the Participant Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order
Subscription Agreements only from Participants with respect to 

  
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which the Participant Agreement is in full force and effect. The Managing Owner will maintain and make available at the Trust’s principal offices during normal business hours a current list
of the Participants with respect to which the Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the Prospectus to each Participant prior to its execution and delivery of the
Participant Agreement and prior to accepting any Purchase Order Subscription Agreement. 
 (ii) Any Purchase
Order Subscription Agreement is subject to rejection by the Managing Owner pursuant to Section 3.3(c). 

(iii) After accepting a Participant’s Purchase Order Subscription Agreement, the Managing Owner will issue and
deliver Creation Baskets to fill a Participant’s Purchase Order Subscription Agreement as of noon New York time on the Business Day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has
received (A) for its own account, the Transaction Fee, and (B) for the account of the Trust the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement. 

(b) Deposit with the Depository. Upon issuing a Creation Basket pursuant to a Purchase Order Subscription Agreement, the Managing
Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary procedures, for credit to the account of the Participant that submitted the Purchase Order Subscription Agreement.

 (c) Rejection. The Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase
Order Subscription Agreement or Creation Basket Capital Contribution: (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust or to the
Limited Owners; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes not
feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 

(d) Transaction Fee. A non-refundable transaction fee will be payable by a Participant to the Managing Owner for its own account
in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to Section 7.1 (each a “Transaction Fee”). The Transaction Fee
charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order Subscription Agreement or Redemption Order may relate to multiple Creation Baskets, only
a single Transaction Fee will be due for each Purchase Order or Redemption Order. The Transaction Fee may subsequently be waived, modified, reduced, increased or otherwise changed by the Managing Owner, but will not in any event exceed 0.10% of the
Net Asset Value Per Basket at the time of creation of a Creation Basket or redemption of a Redemption Basket, as the case may be. The Managing Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement
any increase for redemptions of outstanding Units until 30 days after the date of that notice. The amount of the Transaction Fee in effect at any given time shall be made available by the Trustee upon request. 

  
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 (e) Global Certificate Only. Certificates for Creation Baskets will not be issued,
other than the Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Limited Units will be transferable solely through the book-entry systems of the Depository
and the DTC Participants and their Indirect Participants as more fully described in Section 3.4. The Depository may determine to discontinue providing its service with respect to Creation Baskets and Limited Units by giving notice to the
Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Managing Owner shall take action either to
find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to terminate the Trust. 

SECTION 3.4. Book-Entry-Only System, Global Security. 
 (a) Global Security. The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository will act as securities depository for Limited Units. Limited Units
will be represented by the Global Security (which may consist of one certificate or more certificates as required by the Depository), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee for the
Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Limited Units will be issued. The Global Security shall be in the form attached hereto as Exhibit C and shall represent such Limited Units as shall be
specified therein, and may provide that it shall represent the aggregate amount of outstanding Limited Units from time to time endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be
increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Limited Units represented thereby shall be made in such
manner and upon instructions given by the Managing Owner on behalf of the Trust as specified in the Depository Agreement. 
 (b)
Legend. Any Global Security issued to The Depository Trust Company or its nominee shall bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Trust or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is required by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

  
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 (c) The Depository. The Depository has advised the Trust and the Managing Owner as
follows. The Depository is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the U.S. Federal Reserve System, a “clearing
corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds and provides
asset servicing for DTC’s participants (the “DTC Participants”). DTC also facilitates the post-trade settlement among DTC Participants of sales and other securities transactions among the DTC Participants in deposited
securities, through electronic computerized book-entry transfers and pledges between DTC Participants’ accounts. This eliminates the need for physical movement of securities certificates. DTC Participants include both U.S. and non-U.S.
securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to
others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect
Participants”). 
 (d) Beneficial Owners. As provided in the Depository Agreement, the settlement date of any
creation, transfer or redemption of Limited Units, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Limited Units so created, transferred or redeemed to the accounts of the appropriate DTC
Participants. The accounts to be credited and charged shall be designated by the Managing Owner on behalf of the Trust and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interests in Limited Units will
be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in Limited Units (“Beneficial Owners”) will be shown on, and the
transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a DTC
Participant or an Indirect Participant, through those records or the records of the relevant DTC Participants. Beneficial Owners are expected to receive from or through the broker or bank that maintains the account through which the Beneficial Owner
has purchased or sold Limited Units a written confirmation relating to their purchase or sale of Limited Units. 
 (e)
Reliance on Procedures. So long as Cede & Co., as nominee of the Depository, is the registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall mean Cede & Co. and shall not
mean the Beneficial Owners of Limited Units. Beneficial Owners of Limited Units will not be entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and
will not be considered the record or registered holder of Limited Units under this Trust Agreement. Accordingly, to exercise any rights of a holder of Limited Units under this Trust Agreement, a Beneficial Owner must rely on the procedures of the
Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under
existing industry practice, if the Trust requests any action of a Beneficial Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Limited Units of the Trust, is entitled to

  
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take, in the case of a Trustee request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Limited
Units through it, with each successive Indirect Participant continuing to notify each person holding Limited Units through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or
given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust through each Indirect Participant and DTC Participant through which the Beneficial Owner’s interest in the Limited Units
is held. 
 (f) Communication between the Trust and the Beneficial Owners. As described above, the Trust will recognize
the Depository or its nominee as the owner of all Limited Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows.
Pursuant to the Depository Agreement, the Depository is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Limited Unit holdings of each DTC Participant. The Trust shall inquire of each
such DTC Participant as to the number of Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with sufficient copies of such notice, statement or other
communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial
Owners. In addition, the Trust shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 

(g) Distributions. Distributions on Limited Units pursuant to Section 3.7 shall be made to the Depository or its nominee,
Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Limited Units, shall credit immediately DTC
Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the Depository or its nominee. The Trust and the Managing Owner also expect that payments by DTC
Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of
customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants and Indirect Participants. None of the Trust, the Trustee or the Managing Owner will have any responsibility or liability
for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Limited Units, or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC
Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered to own Limited Units. 

  
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 (h) Limitation of Liability. Each Global Security to be issued hereunder is executed
and delivered solely on behalf of the Trust by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part
of the Trust in each Global Security are made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for the purpose of binding only the Trust. Nothing in the Global
Security shall be construed as creating any liability of the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust Agreement. 

(i) Successor Depository. If a successor to The Depository Trust Company shall be employed as Depository hereunder, the Trust and
the Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.4. 
 SECTION 3.5. Assets of the Trust. All consideration received by the Trust for the issue or sale of Units together with all of the Trust Estate in which such consideration is invested or reinvested,
all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be,
shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Trust. 

SECTION 3.6. Liabilities of the Trust. The Trust Estate shall be charged with the liabilities of the Trust. The Managing Owner
shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the
Unitholders. 
 SECTION 3.7. Distributions. 
 (a) Distributions on Units may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Unitholders, from such of the income and capital gains, accrued or
realized, from the Trust Estate, after providing for actual and accrued liabilities. All distributions on Units thereof shall be distributed pro rata to the Unitholders in proportion to the total outstanding Units held by such Unitholders at
the date and time of record established for the payment of such distribution and in accordance with Section 3.4(g). Such distributions may be made in cash or Units as determined by the Managing Owner or pursuant to any program that the Managing
Owner may have in effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 
 (b) The Units shall represent units of beneficial interest in the Trust Estate. Each Unitholder shall be entitled to receive its pro rata share of distributions of income and capital gains in
accordance with Section 3.7(a). 
 SECTION 3.8. Voting Rights. Notwithstanding any other provision hereof, on each
matter submitted to a vote of the Unitholders, each Unitholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value Per Unit multiplied by the number of Units, or fraction thereof, standing in its name on
the books of the Trust in accordance with Section 3.4(d). 

  
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 SECTION 3.9. Equality. Except as provided herein, all Units shall represent an equal
proportionate beneficial interest in the assets of the Trust subject to the liabilities of the Trust, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide or combine the Units into a greater or lesser
number of Units without thereby changing the proportionate beneficial interest in the assets of the Trust or in any way affecting the rights of Unitholders. 
 ARTICLE IV 
 THE MANAGING OWNER 

SECTION 4.1. Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be
managed by the Managing Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 

SECTION 4.2. Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by law or other
provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust, all powers
and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following: 

(a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any
or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Units and the conduct of Trust activities, including, but not limited
to, contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the Managing Owner has
made a good faith determination that: (A) the Affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience of the Affiliate or the individuals employed thereby); (B) the terms and
conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than could be obtained from equally-qualified unaffiliated third parties; and (C) the maximum period covered by
the agreement pursuant to which such affiliate is to perform services for the Trust shall not exceed one year, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by the Trust. 

(b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking
and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the
Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 

  
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 (c) To deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof
in any manner consistent with the provisions of this Trust Agreement; 
 (d) To supervise the preparation and filing of a
Registration Statement and any supplements and amendments thereto and a Prospectus; 
 (e) To pay or authorize the payment of
distributions to the Unitholders and expenses of the Trust; 
 (f) To make any elections on behalf of the Trust under the Code,
or any other applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Trust; and 
 (g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit
Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the
outstanding Units (not including Units owned by the Managing Owner) is not obtained. 
 SECTION 4.3. Obligations of the
Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall: 
 (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for
the benefit of the Trust and the Limited Owners; 
 (b) Execute, file, record and/or publish all certificates, statements and
other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 

(c) Retain independent public accountants to audit the accounts of the Trust; 

(d) Employ attorneys to represent the Trust; 
 (e) Select the Trust’s Trustee, Administrator and clearing brokers, and any other service provider; 
 (f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes, and as a “partnership” for U.S. federal income tax purposes; 

  
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 (g) Monitor the brokerage fees charged to the Trust, and the services rendered by futures
commission merchants to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust for futures brokerage are at competitive rates and are the best price and services available under the circumstances, and if necessary,
renegotiate the brokerage fee structure to obtain such rates and services for the Trust. No material change related to brokerage fees shall be made except upon sixty (60) Business Days’ prior notice to the Limited Owners, which notice
shall include a description of the Limited Owners’ voting rights as set forth in Section 8.2 hereof and a description of the Limited Owners’ redemption rights as set forth in Section 7.1 hereof; 

(h) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Managing Owner’s immediate
possession or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in any manner except for the benefit of the Trust, including,
among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in
all activities relating to the conduct of the business of the Trust and in resolving conflicts of interest; 
 (i) Enter into a
Participant Agreement with each Participant and discharge the duties and responsibilities of the Trust and the Managing Owner thereunder; 
 (j) Receive from Participants and process properly submitted Purchase Order Subscription Agreements, as described in Section 3.3(a); 

(k) In connection with Purchase Order Subscription Agreements, receive Creation Basket Capital Contributions from Participants;

 (l) In connection with Purchase Order Subscription Agreements, deliver or cause the delivery of Creation Baskets to the
Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction Fee and the Trust has received the requisite Creation Basket Capital Contribution,
as described in Section 3.3(a)(iii); 
 (m) Receive from Participants and process properly submitted Redemption Orders, as
described in Section 7.1(a), or as may from time to time be permitted by Section 7.2; 
 (n) In connection with
Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel or cause to be cancelled, Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from
time to time be permitted by Section 7.2; 
 (o) Interact with the Depository as required; 

(p) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or Distributors, as
applicable; 
 (q) Cause the Trust to make, refrain from making, or once having made, to revoke, the election referred to in
section 754 of the Code, and any similar election provided by state or local law, or any similar provision enacted in lieu thereof; 

  
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 (r) Cause the Trust to make, refrain from making, or once having made, to revoke the
election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar provision enacted in lieu thereof; and 

(s) Perform such other services as the Managing Owner believes that the Trust may from time to time require. 

SECTION 4.4. General Prohibitions. The Trust shall not: 
 (a) Redeem the Units other than to fund a redemption request from a Participant; 

(b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person , except that the foregoing is not
intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Currencies, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from
incurring any indebtedness on a non-recourse basis; 
 (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge
conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Currencies positions of the Trust so as to restore the
Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have
been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for
the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s,
materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by
generally accepted accounting principles, and liens arising under ERISA; 
 (d) Commingle its assets with those of any other
Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; 
 (e) Engage in Pyramiding
of its Currencies positions; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Currencies positions; 

(f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any
Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 
 (g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Currencies; 

  
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 (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner
(except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for the provision of goods
and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; 
 (i) Permit churning of its currency trading account(s) for the purpose of generating excess brokerage commissions; 
 (j) Enter into any exclusive brokerage contract; or 
 (k) Cause the Trust to elect
to be classified as an association taxable as a corporation for U.S. federal income tax purposes. 
 SECTION 4.5. Liability
of Covered Persons. A Covered Person shall have no liability to the Trust or to any Unitholder or other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person,
in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute negligence or misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any
other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant
to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator
or other delegatee selected by the Managing Owner with reasonable care. 
 SECTION 4.6. Fiduciary Duty. 

(a) To the extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto
to the Trust, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement
subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity, are agreed by the parties
hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units
equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its Affiliates) of the Trust pursuant to Section 11.1(a) below. 

(b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one
hand, and the Trust or any Unitholder or any other Person, on the other hand; or 

  
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 (ii) whenever this Trust Agreement or any other agreement contemplated
herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Unitholder or any other Person, 
 the Managing Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such
conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad
faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the
Managing Owner at law or in equity or otherwise. 
 (c) The Managing Owner and any Affiliate of the Managing Owner may engage in
or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Managing Owner. If the Managing Owner acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such
opportunity to the Trust, and the Managing Owner shall not be liable to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to
another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Unitholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such
independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided
herein, the Managing Owner may engage or be interested in any financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
 SECTION 4.7. Indemnification of the Managing Owner. 
 (a) The Managing Owner
shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Managing Owner was acting
on behalf of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of negligence, misconduct, or a breach of this
Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be recoverable from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the
dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or
against the Managing Owner. The source of payments made in respect of indemnification under this Trust Agreement shall be the assets of the Trust. 

  
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 (b) Notwithstanding the provisions of Section 4.7(a) above, the Managing Owner and any
Person acting as broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful
adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims
have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court
of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

(c) The Trust shall not incur the cost of that portion of any insurance which insures any party against any liability, the
indemnification of which is herein prohibited. 
 (d) Expenses incurred in defending a threatened or pending civil,
administrative or criminal action suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or
services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically
approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 4.7. 

(e) The term “Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other
Covered Person performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 
 (f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited
Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and
expense incurred, including attorneys’ and accountants’ fees. 
 SECTION 4.8. Expenses and Limitations Thereon.

 (a) Organization and Offering Expenses. 

(i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all Organization and
Offering Expenses as defined in Section 4.8(a)(ii). 
 (ii) Organization and Offering Expenses shall mean
those expenses incurred in connection with the formation, qualification and registration of the Trust and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, as applicable, and any other
expenses actually incurred and, directly 

  
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or indirectly, related to the organization of the Trust or the continuous offering of the Units, including, but not limited to, expenses such as: (A) initial and ongoing registration fees,
filing fees, escrow fees and taxes, (B) costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus, (C) the costs of
qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Units during the Continuous Offering, (D) travel, telegraph, telephone and
other expenses in connection with the offering and issuance of the Units during the Continuous Offering, (E) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However, such
Organization and Offering Expenses shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 

(b) Routine Operational, Administrative and Other Ordinary and Extraordinary Fees and Expenses. All ongoing charges, costs and
expenses of the Trust’s operation, including, but not limited to, the routine expenses associated with (i) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities;
(ii) Trust meetings and preparing, printing and mailing of proxy statements and reports to Unitholders; (iii) the payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel and
independent accountants; (v) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services;
(viii) computer equipment and system maintenance; and (ix) required payments to any other service providers of the Trust pursuant to any applicable contract shall be billed to and/or paid by the Managing Owner. The Management Fee and
extraordinary fees and expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be billed to and/or paid by the Trust. The Trust shall pay all its extraordinary fees
and expenses (as defined in the next sentence), if any, of the Trust generally, if any, as determined by the Managing Owner. Extraordinary fees and expenses shall include, but not be limited to, fees and expenses which are non-recurring and unusual
in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses shall also include material expenses which are not currently anticipated obligations of the
Trust or of managed futures trusts in general. Routine operational, administrative and other ordinary expenses will not be deemed extraordinary fees and expenses. 
 (c) Brokerage Commissions and Fees. The Trust shall pay to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other
transaction related fees and expenses charged in connection with its trading activities. 
 (d) The Managing Owner or any
Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of the Trust for which payment the Trust is responsible. In addition, payment to the
Managing Owner or such Affiliate for indirect expenses incurred in performing services for the Trust in its capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities
and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 

  
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 SECTION 4.9. Compensation of the Managing Owner. The Managing Owner shall be entitled
to compensation for its services as managing owner of the Trust as set forth in the Prospectus (the “Management Fee”). 
 SECTION 4.10. Other Business of Unitholders. Except as otherwise specifically provided herein, any of the Unitholders and any shareholder, officer, director, employee or other person holding a
legal or beneficial interest in an entity which is a Unitholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive
with the business of the Trust, shall not be deemed wrongful or improper. 
 SECTION 4.11. Voluntary Withdrawal of the
Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner
is the last remaining Managing Owner, Limited Owners holding Units equal to at least a majority (over 50%) of the Trust’s aggregate Net Asset Value (excluding Units held by the Managing Owner) may vote to elect and appoint, effective as of a
date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset
Value. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
 SECTION 4.12. Authorization of Acts Described in a Registration Statement. Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the Managing Owner and the Trustee
are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Registration Statements on behalf of the Trust without any further act, approval or vote of the
Limited Owners of the Trust, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 
 SECTION 4.13. Litigation. The Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or
protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out
of any insurance proceeds available therefor, next, out of the Trust’s assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner.

  
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 ARTICLE V 
 TRANSFERS OF UNITS 
 SECTION 5.1. General Prohibition. To the
fullest extent permitted by law, a Limited Owner may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and interest in the capital or profits
in the Trust except as permitted in this Article V and any act in violation of this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge thereof), unless approved in writing by
the Managing Owner. 
 SECTION 5.2. Transfer of Managing Owner’s General Units. 

(a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Units shall be purchased by the Trust
for a purchase price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition
in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting
or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part
of its properties. 
 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the
Limited Owners, of their right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the
reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties and liabilities of the Managing Owner by, in the case of a
merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions
referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or 5.2(c). 

(c) Upon assignment of all of its Units, the Managing Owner shall not cease (x) to be a Managing Owner of the Trust, or (y) to
have the power to exercise any rights or powers as a Managing Owner, or (z) to have liability for the obligation of the Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry on the business of the Trust, has
been admitted to the Trust. 
 SECTION 5.3. Transfer of Limited Units. Beneficial Owners that are not DTC Participants
may transfer Limited Units by instructing the DTC Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are DTC Participants may
transfer Limited Units by instructing the Depository in accordance with the rules of the Depository and standard securities industry practice. 

  
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 ARTICLE VI 
 CAPITAL ACCOUNTS; ALLOCATIONS AND DISTRIBUTIONS 
 SECTION 6.1. Capital
Accounts. The Trust shall maintain for each Unitholder (which includes beneficial owners of Trust interests where information regarding the identity of such owner has been furnished to the Trust in accordance with section 6031(c) of the Code or
any other method acceptable to the Managing Owner in its sole discretion) owning a Trust interest a separate Capital Account with respect to the Trust interest in accordance with the rules of Treasury Regulation section 1.704-1(b)(2)(iv). The
initial balance of each Unitholder’s book capital account shall be the amount of its initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with respect to the Trust
interest and all items of income and gain with respect to the Trust computed and allocated to the Unitholder’s Units in accordance with this Trust Agreement and (ii) decreased by the amount of cash distributions made with respect to the
Trust interest and all items of deduction and loss with respect to the Trust computed and allocated in accordance with this Trust Agreement. 
 (a) Consistent with the provisions of Treasury Regulation section 1.704-1(b)(2)(iv)(f), upon an issuance of additional Units with respect to the Trust for cash, the Capital Accounts of all Unitholders
with respect to the Trust shall, immediately prior to such issuances, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss attributable to the Trust property, as if such
Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property, immediately prior to such issuance, and had been allocated to its Unitholders at such time pursuant to Section 6.3. 

(b) In accordance with Treasury Regulation section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash in redemption of
all or a portion of a Unitholder’s Units, the capital accounts of all Unitholders with respect to the Trust shall, immediately prior to any such distribution, be adjusted (consistent with the provisions hereof) upward or downward to reflect any
Unrealized Gain or Unrealized Loss attributable to the Trust property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property, immediately prior to such distribution, and had been allocated to the
Unitholders at such time pursuant to Section 6.3. 
 SECTION 6.2. Monthly Closing of Books. Within forty-five
(45) days after the end of each calendar month or such shorter period as required for the final closing of the books for the taxable year, the Trust shall conduct an interim closing of the books of the Trust as of the end of the last day of
that calendar month. On the basis of the closing of the books for each calendar month, the Trust shall determine the amount of Profit and Loss of the Trust attributable to that calendar month. Trust Profits and Losses shall be determined in
accordance with the accounting methods followed by the Trust for U.S. federal income tax purposes. 

  
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 SECTION 6.3. Daily Allocations. All allocations to Unitholders of items included
within the Trust’s Profits and Losses attributable daily shall be allocated solely among the Unitholders recognized as Unitholders as of the close of business each Business Day, as follows: 

(a) For purposes of maintaining the Capital Accounts and in determining the rights of the Unitholders among themselves, except as
otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Unitholders in accordance with their respective Percentage Interests. 

(b) Any item of loss or deduction otherwise allocated to the Managing Owner pursuant to Section 6.3(a) which is in excess of such
Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall instead be allocated to the other Unitholders in accordance with their respective Percentage
Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of any such item to such other Unitholders shall only be made hereunder to the extent the
allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Unitholder. If such an allocation occurs, items of income or gain that would otherwise be allocated to the Managing Owner equal to the amount
of such allocated loss or deduction will be allocated to the other Unitholders in accordance with their Percentage Interests as quickly as possible. 
 (c) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation sections 1.704-1(b)(ii)(d)(4), (5) or (6), items of Trust income and
gain shall be specially allocated to such Unitholder in an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible. This Section 6.3(c)
is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 
 (d) Notwithstanding any other provision of this Trust Agreement, upon or prior to the issuance of additional Units, the Managing Owner shall have the sole and complete discretion, without the approval of
any other Unitholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to comply with any current or future provisions of the Code or the Treasury Regulations or to implement the terms and conditions
of any Units. 
 SECTION 6.4. Code Section 754 Adjustments. To the extent an adjustment to the tax basis of any
Trust asset pursuant to Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be specially allocated to the Unitholders in a manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, the Trust is authorized (but not required) to adopt a convention
whereby the price paid by a transferee of Units will be deemed to be the lowest quoted closing price of the Units of the Trust on the Exchange during the calendar month in which such transfer is deemed to occur pursuant to Section 5.2 without
regard to the actual price paid by the transferee. 

  
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 SECTION 6.5. Allocation of Profit and Loss for U.S. Federal Income Tax Purposes.

 (a) Except as otherwise provided, each item of income, gain, loss, deduction and credit of the Trust shall be allocated among
the Unitholders in accordance with their respective Percentage Interests. 
 (b) In an attempt to eliminate Book-Tax Disparities
attributable to Adjusted Property, items of income, gain, and loss will be allocated for U.S. federal income tax purposes among the Unitholders as follows: 
 (i) Items attributable to an Adjusted Property will be allocated among the Unitholders in a manner consistent with the principles of section 704(c) of the Code to take into account the Unrealized Gain or
Loss attributable to the property and the allocations thereof pursuant to Section 6.3(a) and (b). 
 (ii) Any
items of income, gain, loss or deduction otherwise allocable under this Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted
Property otherwise resulting from the application of the ceiling limitation under section 704(c) principles to the allocations provided under this Section. 
 (iii) Subject to this Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an
item of “book” income, gain, loss or deduction that has been allocated to such other Unitholders pursuant to Section 6.3(b) shall be allocated to the other Unitholders in the same manner and to the same extent provided in this
Section 6.5(b). 
 (iv) If any Unitholder unexpectedly receives any adjustments, allocations or
distributions described in Treasury Regulation section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain pursuant to
Section 6.3(c). 
 (v) The tax allocations prescribed by this Section 6.5 shall be made to each holder
of a Unit whether or not the holder is a substituted Limited Owner. For purposes of this Section 6.5, tax allocations shall be made to the Managing Owner’s Units on a Unit-equivalent basis. 

(c) The tax allocations prescribed by this Section 6.5 shall be made to each holder of a Unit whether or not the holder is a
substituted Limited Owner. For purposes of this Section 6.5, tax allocations shall be made to the Managing Owner’s Unit on a Unit equivalent basis. 

  
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 (d) The allocation of income and loss (and items thereof) for U.S. federal income tax
purposes set forth in this Section 6.5 is intended to allocate taxable income and loss among Unitholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Unitholders under Section 6.3 so as
to eliminate, to the extent possible, any disparity between a Unitholder’s book capital account and his tax capital account, consistent with the principles set forth in Sections 704(b) and (c)(2) of the Code. 

(e) Notwithstanding this Section 6.5, if after taking into account any distributions to be made with respect to such Unit for the
relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Unit, the portion of such allocation that would create such a deficit shall instead be allocated pro rata to the book
capital accounts of all the remaining Unitholders in the Trust (subject to the same limitation). 
 (f) Effect of
Section 754 Election. All items of income, gain, loss, deduction and credit recognized by the Trust for U.S. federal income tax purposes and allocated to Unitholders in accordance with the provisions of this Trust Agreement shall be determined
without regard to any election under section 754 of the Code which may be made by the Trust; provided, however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or
required by sections 734 or 743 of the Code. 
 SECTION 6.6. Allocation of Distributions. Initially, distributions shall
be made by the Managing Owner, and the Managing Owner shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Units; provided, however, that no distribution shall be made that
violates the Delaware Trust Statute. The aggregate distributions made in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in Article XIII) shall be allocated among the holders of record of
Units in the ratio in which the number of Units held of record by each of them bears to the number of Units held of record by all of the Unitholders as of the record date of such distribution; provided, further, however, that any distribution made
in respect of a Unit shall not exceed the book capital account for such Unit. 
 SECTION 6.7. Admissions of Unitholders;
Transfers. For purposes of this Article VI, items of the Trust’s income, gain, loss, deduction and credit attributable to a transferred Unit shall, for U.S. federal income tax purposes, be determined on an annual basis and prorated on a
monthly basis (or other basis, as required or permitted by section 706 of the Code) and shall be allocated to such Unitholders who own the Units as of the close of the NYSE Arca on the last day of the month in which the transfer is recognized by the
Trust; provided that, gain or loss on the sale or other disposition of all or a substantial portion of the assets of the Trust shall be allocated to the Unitholders who own Units as of the close of the NYSE Arca on the last day of the month in which
such gain or loss is recognized for federal income tax purposes. The Managing Owner may revise, alter or otherwise modify such methods of determination and allocation as it determines necessary, to the extent permitted by section 706 of the Code and
the regulations or rulings promulgated thereunder. 
 SECTION 6.8. Liability for State and Local and Other Taxes. In the
event that the Trust shall be separately subject to taxation by any state or local or by any foreign taxing authority, the Trust shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust shall be required to make
payments to any U.S. federal, state or local or any foreign taxing 

  
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authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust to such Unitholder, and such Unitholder shall be liable
for, and shall pay to the Trust, any taxes so required to be withheld and paid over by the Trust within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be
entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust to the IRS or other taxing authority, from the date of the Managing Owner’s request for payment to the
date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust to the Unitholder in respect of its Units so
redeemed, or in respect of any other actual distribution by the Trust to such Unitholder, shall be reduced by any obligations owed to the Trust by the Unitholder, including, without limitation, the amount of any taxes required to be paid over by the
Trust to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust from any actual distribution or redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder
for all purposes of this Trust Agreement. 
 ARTICLE VII 

REDEMPTIONS 
 SECTION 7.1. Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the Participant Agreement, which may
be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust with respect to the redemption of Redemption
Baskets. 
 (a) On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as
reflected on the list maintained by the Managing Owner pursuant to Section 3.3(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to
the Managing Owner (such request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as amended from time to time in accordance with the provisions of the
Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement). 
 (b) To be effective,
a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing
Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such
circumstances. 
 (c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution
(“Redemption Distribution”) shall consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per
Basket as of the closing time of the Exchange or the last to close of the exchanges on which any of the Trust’s assets are traded, whichever is later, on the Redemption Order Date. 

  
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 (d) By noon, New York time, on the Business Day immediately following the Redemption Order
Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner
has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such Redemption
Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received
from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the
“Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by noon, New York time, on such following Business Day, the
Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming Participant
all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled.
Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been
credited to the Trust’s account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 

(e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for
any period during which the Exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation
of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Beneficial Owners. The Managing Owner is not liable to any person or in any way for
any loss or damages that may result from any such suspension or postponement. 
 (f) Redemption Baskets effectively redeemed
pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust in accordance with the Depository’s procedures. 
 SECTION 7.2. Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Units in lot
sizes smaller than the Redemption Basket and permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 

  
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 ARTICLE VIII 
 THE LIMITED OWNERS 
 SECTION 8.1. No Management or Control; Limited
Liability; Exercise of Rights through DTC. The Limited Owners shall not participate in the management or control of the Trust’s business nor shall they transact any business for the Trust or have the power to sign for or bind the Trust,
said power being vested solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of
its Capital Contribution plus its share of the Trust Estate and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any
Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor shall any Limited Owner have a drawing account or earn interest on its Capital Contribution. By the purchase and acceptance or other lawful delivery
and acceptance of Limited Units, each Beneficial Owner shall be deemed to be a Limited Owner and beneficiary of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Limited Units owned beneficially by such
Beneficial Owner, subject to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this Trust Agreement must be exercised by DTC Participants, or Indirect Participants, as applicable, acting on their behalf in
accordance with the rules and procedures of the Depository, as provided in Section 3.4. 
 SECTION 8.2. Rights and
Duties. The Limited Owners shall have the following rights, powers, privileges, duties and liabilities: 
 (a) The Limited
Owners shall have the right to obtain from the Managing Owner information on all things affecting the Trust, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including,
without limitation, such reports as are set forth in Article IX and the list of Participants contemplated by Section 3.3(a)(i). In the event that the Managing Owner neglects or refuses to produce or mail to a Limited Owner a copy of the list of
Participants contemplated by Section 3.3(a)(i), the Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s fees, incurred by such Limited Owner to compel the production of such information, and
for any actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided, however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s request for such
information was not reasonably related to the Limited Owner’s interest as a beneficial owner in the Trust (e.g., to secure such information in order to sell it, or to use the same for a commercial purpose unrelated to the participation of such
Limited Owner in the Trust). The foregoing rights are in addition to, and do not limit, other remedies available to Limited Owners under U.S. federal or state law. 
 (b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 

(c) Except for the Limited Owners’ redemption rights set forth in Article VII hereof, the Limited Owners shall have the right to
demand the return of their Capital Account only upon the dissolution and winding up of the Trust and only to the extent of funds available 

  
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therefor. In no event shall a Limited Owner be entitled to demand or receive property other than cash. No Limited Owner shall have priority over any other Limited Owner either as to the return of
capital or as to profits, losses or distributions. The Limited Owners shall not have any right to bring an action for partition against the Trust. 
 (d) Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value (not including Units held by the Managing Owner and its Affiliates) may vote to (i) continue the Trust
as provided in Section 13.1(a), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in
Section 5.2(b), (iv) approve a material change in the trading policies, as set forth in the Prospectus, which change shall not be effective without the prior written approval of such majority, (v) approve the termination of any
agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and
(vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and (v) in each instance on 60 days’ prior written notice. 
 Except as set forth above, the Limited Owners shall have no voting or other rights with respect to the Trust. 
 SECTION 8.3. Limitation on Liability. 
 (a) Except as provided in Sections
4.7(f) and 6.2 hereof, and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general
corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust in excess of its Capital Contribution and its share of the Trust Estate and undistributed profits, except in the event that the liability is
founded upon misstatements or omissions contained in such Limited Owner’s Participant Agreement delivered in connection with his purchase of Units. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the
Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount.

 (b) The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to
the extent of the applicable Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Units) against any claims of liability asserted against such Limited Owner solely because he is a beneficial
owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.2 hereof). 
 (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of
the Trust and that the obligations of such instrument are not binding upon the Limited Owners individually but are binding only upon the assets and property of the Trust, and no resort shall be had to the Limited Owners’ personal property for
satisfaction of any 

  
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obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission
thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the
liability of the Trust to the extent set forth in Section 3.5 and 3.6 hereof. 
 ARTICLE IX 

BOOKS OF ACCOUNT AND REPORTS 
 SECTION 9.1. Books of Account. Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Managing Owner in
its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust’s business as are required by the CE Act and regulations promulgated thereunder, and all other applicable rules and regulations,
and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust and each Limited Owner (or any duly constituted designee of a Limited
Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including such access
as is required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall report its Profits and Losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in
Article X. 
 SECTION 9.2. Annual Reports and Monthly Statements. 

(a) Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (i) such reports (in
such detail) as are required to be given to Limited Owners by the CFTC and the NFA, subject to, as applicable, either (y) certain relief granted by the CFTC, or (z) pursuant to the applicable rules and regulations of the CFTC;
(ii) any other reports (in such detail) required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust; and (iii) any other reports or information which the Managing
Owner, in its discretion, determines to be necessary or appropriate. 
 (b) The Limited Owners will have access to periodic
reports filed with the SEC by the Managing Owner on behalf of the Trust. The Managing Owner will file (i) the Quarterly Reports on Form 10-Q, filed for the first three quarters of each fiscal year; (ii) the Annual Reports on Form 10-K,
filed at end of each fiscal year; and (iii) Current Reports on Form 8-K, which will be filed as necessary to announce material events not disclosed in either Form 10-Q or 10-K. 

SECTION 9.3. Tax Information. Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S.
federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 

  
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 SECTION 9.4. Calculation of Net Asset Value. Net Asset Value shall be calculated at
such times as the Managing Owner shall determine from time to time. 
 SECTION 9.5. Maintenance of Records. The Managing
Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known addresses of, and number of Units owned by, all Unitholders, a copy of the
Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s U.S. federal, state and local income tax returns
and reports, if any; and (b) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements, including any amendments thereto, and any financial statements of the Trust. The Managing Owner may
keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format at the Managing Owner may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of
such records. 
 SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or this
Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Limited Owner; however, such certificates shall be maintained at the principal
office of the Trust and shall be available for inspection and copying by the Limited Owners in accordance with this Trust Agreement. 
 ARTICLE X 
 FISCAL YEAR 

SECTION 10.1. Fiscal Year. The Fiscal Year shall begin on the 1st day of January and end on the 31st day of December of each year. The first Fiscal Year of the Trust
shall commence on the date of filing of the Certificate of Trust and end on the 31st day of December 2006. If, after commencement of operations, applicable tax rules require the Trust to adopt a taxable year other than the calendar year, the term “Fiscal Year” for the Trust
shall mean such other taxable year as required by Code Section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the Internal Revenue Service. The Fiscal Year in which the Trust shall terminate shall end
on the date of such termination. 
 ARTICLE XI 
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
 SECTION 11.1. Amendments to
this Trust Agreement. 
 (a) Amendments to this Trust Agreement may be proposed by the Managing Owner or by Limited Owners
holding Units equal to at least 10% of the Net Asset Value of the Trust. Following such proposal, the Managing Owner shall submit to the Limited Owners a verbatim statement of any proposed amendment, and statements concerning the legality of such
amendment and the effect of such amendment on the limited liability of the Limited Owners. The Managing Owner shall include in any such submission its recommendations as to the 

  
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proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of Limited Owners holding Units (excluding Units held by the Managing Owner and its
Affiliates) equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its Affiliates) of the Trust or such higher percentage as may be required by applicable law, and upon receipt of an opinion of
independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust Agreement. Notwithstanding the
foregoing, where any action taken or authorized pursuant to any provision of this Trust Agreement requires the approval or affirmative vote of Limited Owners holding a greater interest in Limited Units than is required to amend this Trust Agreement
under this Section 11.1, and/or the approval or affirmative vote of the Managing Owner, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of Unitholders which would be
required to take or authorize such action, or as may otherwise be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below,
reduction of the capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement without such assignee’s
approval. 
 (b) Notwithstanding any provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may,
without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing
Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or in the Prospectus, or to make any other
provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of this Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable,
provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except
as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on
liability of the Limited Owners, as described in Article VIII hereof or the status of the Trust as a partnership for U.S. federal income tax purposes. Amendments to this document which adversely affect (i) the rights of Limited Owners,
(ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Trust pursuant to Section 13.1(f) below and (iv) any material changes in the Trust’s basic investment policies
or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its Affiliates) pursuant to
Section 11.1(a) above. 
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and
(b) hereof, the Managing Owner may, without the approval of the Limited Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are
necessary to ensure that the Trust’s status as a partnership will be respected for U.S. federal income tax purposes. 

  
 41 

 (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended,
if required by the Delaware Trust Statute, to reflect such change. 
 (e) No amendment shall be made to this Trust Agreement
without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the
Limited Owners are permitted to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is
required in the opinion of the Trustee. 
 (f) The Trustee shall be under no obligation to execute any amendment to this Trust
Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment,
(ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of this Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate
any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of this Trust Agreement in favor of the Trustee. 

(g) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but
only by a written instrument adopted in accordance with this Section. 
 SECTION 11.2. Meetings of the Trust. Meetings of
the Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners holding Units equal to at least 10% of the Net Asset Value. Such call for a meeting shall be deemed to have been made upon the
receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mail, within fifteen (15) days after receipt of said request, written notice to all
Limited Owners of the meeting and the purpose of the meeting, which shall be held on a date, not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of
meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the Trust. Unitholders may vote
in person or by proxy at any such meeting. 
 SECTION 11.3. Action Without a Meeting. Any action required or permitted to
be taken by Unitholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any
action of the Trust or any Unitholder, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the manner provided in Section 15.4. The vote or
consent of each Unitholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Unitholder, unless the Unitholder
expresses written objection to the 

  
 42 

 
vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Trust within twenty (20) days after the notice of solicitation is effected. The
Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or
omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Unitholders in any manner other than as expressly provided
in Section 15.4. 
 ARTICLE XII 
 TERM 
 SECTION 12.1. Term. The term for which the Trust is to exist
shall commence on the date of the filing of the Certificate of Trust, and shall be perpetual, unless terminated pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 

ARTICLE XIII 
 TERMINATION 
 SECTION 13.1. Events Requiring Dissolution of the
Trust. The Trust shall dissolve at any time upon the happening of any of the following events: 
 (a) The filing of a
certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of ninety (90) days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal,
removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an “Event of Withdrawal”) unless (i) at the time there is at least one remaining Managing Owner and that
remaining Managing Owner carries on the business of the Trust or (ii) within ninety (90) days of such Event of Withdrawal all the remaining Unitholders agree in writing to continue the business of the Trust and to select, effective as of
the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and to appoint a successor Managing
Owner as provided in clause (a)(ii) above, within one hundred and twenty (120) days of such Event of Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value (not including Units held by the
Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the
parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all
Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted Trust. 
 (b) The
occurrence of any event which would make unlawful the continued existence of the Trust. 

  
 43 

 (c) In the event of the suspension, revocation or termination of the Managing Owner’s
registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required under the CE Act or the
rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 
 (d) The Trust becomes insolvent or bankrupt. 
 (e) The Limited Owners holding
Units representing at least a majority (over 50%) of the Net Asset Value (which excludes the Units of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to
the effective date of termination. 
 (f) The determination of the Managing Owner that the aggregate net assets of the Trust in
relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust because the
aggregate Net Asset Value of the Trust as of the close of business on any Business Day declines below $10 million. 
 (g) The
Trust is required to be registered as an investment company under the Investment Company Act of 1940. 
 (h) DTC is unable or
unwilling to continue to perform its functions, and a comparable replacement is unavailable. 
 The death, legal disability,
bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust, and such Limited Owner, his estate, custodian or
personal representative shall have no right to withdraw or value such Limited Owner’s Units. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he
directs the legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the Trust and any right to an audit or examination of the books of the Trust, except
for such rights as are set forth in Article IX hereof relating to the books of account and reports of the Trust. 
 SECTION
13.2. Distributions on Dissolution. Upon the dissolution of the Trust, the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners
may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the
Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the
acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets 

  
 44 

 
shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to
the expenses of liquidation and termination and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision
for payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder,
after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. After the distribution of all remaining assets of the Trust, the Managing Owner will contribute to
the Trust an amount equal to the lesser of (i) the deficit balance, if any, in its book capital account, and (ii) the total Capital Contributions of the Limited Owner. Any Capital Contributions made by the Managing Owner pursuant to this
Section shall be applied first to satisfy any amounts then owed by the Trust to its creditors, and the balance, if any, shall be distributed to those Unitholders whose book capital account balances (immediately following the distribution of any
liquidation proceeds) were positive, in proportion to their respective positive book capital account balances. 
 SECTION 13.3.
Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of the Trust, the Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to
execute and cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a
separate legal entity shall continue until the filing of such certificate of cancellation. 
 ARTICLE XIV 

POWER OF ATTORNEY 
 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently with the written acceptance and adoption of the provisions of this Trust Agreement, each Limited Owner shall execute and deliver
to the Managing Owner a Power of Attorney as part of the Purchase Order Subscription Agreement, or in such other form as may be prescribed by the Managing Owner. Each Limited Owner, by its execution and delivery hereof, irrevocably constitutes and
appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful attorney-in-fact and agent for such Limited Owner with full power and authority to act in his name and on his behalf in the
execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following: 
 (a) Any
certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in
the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the
Unitholders under the laws of any jurisdiction; 

  
 45 

 (b) Any instrument which may be required to be filed by the Trust under the laws of any
state or by any governmental agency, or which the Managing Owner deems advisable to file; and 
 (c) This Trust Agreement and
any documents which may be required to effect an amendment to this Trust Agreement approved under the terms of this Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of
others as additional or substituted Limited Owners, or the termination of the Trust, provided such continuation, admission or termination is in accordance with the terms of this Trust Agreement. 

SECTION 14.2. Effect of Executing and Submitting the Purchase Order Subscription Agreement. By executing and submitting the
Purchase Order Subscription Agreement, each Limited Owner has agreed to concurrently grant the following power of attorney to the Managing Owner (the “Power of Attorney”) which: 

(a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be affected by the death, disability,
dissolution, liquidation, termination or incapacity of the Limited Owner; 
 (b) May be exercised by the Managing Owner for each
Limited Owner by a facsimile signature of one of its officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
 (c) Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Units; except that where the assignee thereof has been approved by the Managing Owner for
admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing Owner to execute, acknowledge and file any instrument necessary
to effect such substitution. 
 Each Limited Owner agrees to be bound by any representations made by the Managing Owner and by
any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
 SECTION 14.3. Limitation on Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner shall not authorize the Managing Owner to act on behalf of
Limited Owners in any situation in which this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the event of any conflict between this Trust Agreement and any
instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 

  
 46 

 ARTICLE XV 
 MISCELLANEOUS 
 SECTION 15.1. Governing Law. The validity and
construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the
laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further,
that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable
law, there shall not be applicable to the Trust, the Trustee, the Managing Owner, the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to
trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to
post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other
sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust
investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers
that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust.
The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust
specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power
or privilege or take such actions. 
 SECTION 15.2. Provisions In Conflict With Law or Regulations. 

(a) The provisions of this Trust Agreement are severable, and if the Managing Owner shall determine, with the advice of counsel, that any
one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or state laws, the Conflicting Provisions shall be deemed never to have
constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the Managing Owner shall not affect or impair any of the remaining
provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable for making or failing to make such a determination. 

  
 47 

 (b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any
jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 

SECTION 15.3. Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the
plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement.

 SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than requests for redemption of
Units, notices of assignment, transfer, pledge or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or
if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is
to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Requests for redemption, notices of
assignment, transfer, pledge or encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 

SECTION 15.5. Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall constitute one
agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
 SECTION 15.6. Binding Nature of Trust Agreement. The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates,
administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any Unitholder or assignee hereunder, the Trust and the Managing Owner may rely upon the Trust
records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust and the Managing Owner, in determining such rights, shall rely on such records and that Limited Owners and assignees shall be bound by
such determination. 
 SECTION 15.7. No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the
case of the Managing Owner, the Unitholders shall not have legal title to any part of the Trust Estate. 
 SECTION 15.8.
Creditors. No creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the Trust Estate. 

  
 48 

 SECTION 15.9. Integration. This Trust Agreement constitutes the entire agreement
among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 SECTION 15.10. Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to DB Commodity Services LLC. 

  
 49 

 IN WITNESS WHEREOF, the undersigned have duly executed this Second Amended and
Restated Declaration of Trust and Trust Agreement as of the day and year first above written. 
  

			
	WILMINGTON TRUST COMPANY,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DB COMMODITY SERVICES LLC, as
 Managing Owner

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the
Indirect Participants, as the case may be, as Limited Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 50 

 EXHIBIT A 
 CERTIFICATE OF TRUST AND CERTIFICATE OF AMENDMENT TO THE 
 CERTIFICATE OF
TRUST 

 

 

  
 A-1

 

 

  
 A-2

 EXHIBIT B 
 DESCRIPTION OF THE INDEX 

  
 B-1

 EXHIBIT C 
 FORM OF GLOBAL CERTIFICATE 
 CERTIFICATE OF BENEFICIAL INTEREST

 -Evidencing- 
 All Limited Units 
 -in- 

POWERSHARES DB G10 CURRENCY HARVEST FUND 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

This is to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued and outstanding
Limited Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in PowerShares DB G10 Currency Harvest Fund (the “Trust”), a Delaware statutory trust formed under the Delaware Statutory Trust
Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on April 12, 2006 and as amended from time-to-time (as applicable),
and a Amended and Restated Declaration of Trust and Trust Agreement, dated as of September 12, 2006, by and among DB Commodity Services LLC, a Delaware limited liability company, as managing owner, Wilmington Trust Company, a Delaware banking
company, as trustee, and the unitholders from time to time thereunder (hereinafter called the “Trust Agreement”), copies of which are available at the principal offices of the Trust. 

At any given time this Certificate shall represent all limited units of beneficial interest in the Trust, which shall be the total number
of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Trust from time to time and the issuance by the Trust of additional Creation Baskets representing the undivided units of beneficial interest in
the assets of the Trust. At the request of the registered holder this Certificate may be exchanged for one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided, however, that, in
the aggregate, the Certificates issued to the registered holder hereof shall represent all Units outstanding at any given time. 

  
 C-1

 Each Authorized Participant hereby grants and conveys all of its rights, title and interest
in and to the Trust to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of this Trust Agreement, all the terms, conditions and covenants of which are incorporated herein
as if fully set forth at length. 
 The registered holder of this Certificate is entitled at any time upon tender of this
Certificate to the Trust, endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to
receive at the time and in the manner provided in this Trust Agreement, such holder’s ratable portion of the assets of the Trust for each Redemption Basket tendered and evidenced by this Certificate. 

The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of this Trust
Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof. 

The Trust may deem and treat the person in whose name this Certificate is registered upon the books of the Trust as the owner hereof for
all purposes and the Trust shall not be affected by any notice to the contrary. 
 The Trust Agreement permits, with certain
exceptions as therein provided, the amendment thereof, by the Managing Owner with the consent of the Beneficial Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the net
asset value of the Trust or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect the
limitations on liability of the Beneficial Owners; provided, however that the Managing Owner may, without the approval of the Beneficial Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations,
duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner in this Trust Agreement, for the benefit of the Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any
provision in this Trust Agreement which may be inconsistent with any other provision in this Trust Agreement or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the
Prospectus which will not be inconsistent with the provisions of this Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the
adoption thereof (A) is not adverse to the interests of the Beneficial Owners; (B) is consistent with Managing Owner’s control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the
allocation of Profits and Losses among the Beneficial Owners or between the Beneficial Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Beneficial Owners or the status of the Trust as a
grantor trust for U.S. federal income tax purposes. Any such consent or waiver by the holder of Units shall be conclusive and binding upon such holder of Units and 

  
 C-2

 
upon all future holders of Units, and shall be binding upon any Units, whether evidenced by a Certificate or held in uncertificated form, issued upon the registration or transfer hereof whether
or not notation of such consent or waiver is made upon this Certificate and whether or not the Units evidenced hereby are at such time in uncertificated form. The Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of any holders of Units. 
 The Trust Agreement, and this Certificate, is executed and delivered by DB
Commodity Services LLC, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in this Trust Agreement or this
Certificate are made and intended not as personal representations, undertakings and agreements by DB Commodity Services LLC but are made and intended for the purpose of binding only the Trust. Nothing in the Agreement or this Certificate shall be
construed as creating any liability on DB Commodity Services LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust Agreement or this Certificate. 

This Certificate shall not become valid or binding for any purpose until properly executed by the Managing Owner pursuant to this Trust
Agreement. 
 Terms not defined herein have the same meaning as in this Trust Agreement. 

IN WITNESS WHEREOF, DB Commodity Services LLC, as Managing Owner, has caused this Certificate to be executed in its name by the manual or
facsimile signature of the following Authorized Officers. 
  

			
	 DB Commodity Services LLC,
       as Managing Owner

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	                    

  
 C-3

 EXHIBIT D 
 FORM OF PARTICIPANT AGREEMENT 

  
 D-1Fifth Amended and Restated Credit Agreement

 EXHIBIT 10.1 
 FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated to be Effective as of
December 8, 2010 
 among 
 ATMOS ENERGY MARKETING, LLC, 
 as Borrower, 

BNP PARIBAS SECURITIES CORP., 
 as sole Lead Arranger, 
 BNP PARIBAS, 

as Administrative Agent, Collateral Agent, Swing Line Bank, an Issuing Bank and a Bank, 

SOCIETE GENERALE, 
 as Co-Syndication Agent. an Issuing Bank and a Bank, 
 THE ROYAL BANK OF
SCOTLAND PLC, 
 as Co-Syndication Agent and a Bank, 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
 NATIXIS, NEW YORK BRANCH, and 
 COOPERATIEVE CENTRALE RAIFFEISEN –
BOERENLEENBANK B.A. 
 as Co-Documentation Agents 

and 

THE OTHER FINANCIAL INSTITUTIONS THAT 
 BECOME PARTIES HERETO 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
  

DEFINITIONS
	   
 
   

			
	1.01	  	Certain Defined Terms	  	 	1	  
	1.02	  	Other Interpretive Provisions	  	 	32	  
	1.03	  	Accounting Principles	  	 	33	  
	
	 ARTICLE II

 
 THE CREDITS
	   
 

  

			
	2.01	  	Amounts and Terms of Committed Lines	  	 	34	  
	2.02	  	Loan Accounts	  	 	35	  
	2.03	  	Procedure for Borrowing	  	 	35	  
	2.04	  	Conversion and Continuation Elections	  	 	38	  
	2.05	  	Optional Prepayments	  	 	39	  
	2.06	  	Mandatory Prepayments of Loans; Mandatory Commitment Reductions	  	 	39	  
	2.07	  	Repayment	  	 	39	  
	2.08	  	Interest	  	 	40	  
	2.09	  	Fees	  	 	41	  
	2.10	  	Computation of Fees and Interest	  	 	41	  
	2.11	  	Payments by the Borrower	  	 	42	  
	2.12	  	Payments by the Banks to the Administrative Agent	  	 	43	  
	2.13	  	Sharing of Payments, Etc.	  	 	43	  
	2.14	  	Increases in Commitments	  	 	44	  
	2.15	  	Payments from Guarantor and Liquidation of Collateral	  	 	45	  
	2.16	  	Defaulting Bank	  	 	46	  
	
	 ARTICLE III

 
 THE LETTERS OF CREDIT
	   
 

  

			
	3.01	  	The Letter of Credit Lines	  	 	46	  
	3.02	  	Issuance, Amendment and Renewal of Letters of Credit	  	 	48	  
	3.03	  	Risk Participations, Drawings, Reducing Letters of Credit and Reimbursements	  	 	49	  
	3.04	  	Repayment of Participations	  	 	51	  
	3.05	  	Role of the Issuing Banks	  	 	51	  
	3.06	  	Obligations Absolute	  	 	52	  
	3.07	  	Cash Collateral Pledge	  	 	53	  
	3.08	  	Letter of Credit Fees	  	 	54	  

  
 -i-

							
	3.09	  	Applicability of Uniform Customs and Practice and ISP98	  	 	54	  
	3.10	  	Existing Letters of Credit	  	 	54	  
	
	 ARTICLE IV

 
 TAXES, YIELD PROTECTION AND ILLEGALITY
	   
 

  

			
	4.01	  	Taxes	  	 	54	  
	4.02	  	Illegality	  	 	55	  
	4.03	  	Increased Costs and Reduction of Return	  	 	56	  
	4.04	  	Funding Losses	  	 	56	  
	4.05	  	[Reserved]	  	 	57	  
	4.06	  	Reserves on Offshore Rate Loans	  	 	57	  
	4.07	  	Certificates of Banks	  	 	57	  
	4.08	  	Substitution of Banks	  	 	58	  
	4.09	  	Survival	  	 	58	  
	
	 ARTICLE V

 
 CLOSING ITEMS
	   
 

  

			
	5.01	  	Matters to be Satisfied Upon Execution of Agreement	  	 	58	  
	5.02	  	Conditions to Each Credit Extension	  	 	59	  
	
	 ARTICLE VI

 
 REPRESENTATIONS AND WARRANTIES
	   
 

  

			
	6.01	  	Existence and Power	  	 	60	  
	6.02	  	Authorization; No Contravention	  	 	60	  
	6.03	  	Governmental Authorization	  	 	61	  
	6.04	  	Binding Effect	  	 	61	  
	6.05	  	Litigation	  	 	61	  
	6.06	  	No Default	  	 	61	  
	6.07	  	ERISA Compliance	  	 	61	  
	6.08	  	Use of Proceeds; Margin Regulations	  	 	62	  
	6.09	  	Title to Properties	  	 	62	  
	6.10	  	Taxes	  	 	62	  
	6.11	  	Financial Condition	  	 	62	  
	6.12	  	Environmental Matters	  	 	62	  
	6.13	  	Regulated Entities	  	 	62	  
	6.14	  	No Burdensome Restrictions	  	 	62	  
	6.15	  	Copyrights, Patents, Trademarks and Licenses, Etc.	  	 	63	  
	6.16	  	Subsidiaries	  	 	63	  
	6.17	  	Insurance	  	 	63	  
	6.18	  	Full Disclosure	  	 	63	  

  
 -ii-

							
	6.19	  	Solvency	  	 	63	  
	6.20	  	AML Laws	  	 	64	  
	
	 ARTICLE VII

 
 AFFIRMATIVE COVENANTS
	   
 

  

			
	7.01	  	Financial Statements	  	 	65	  
	7.02	  	Certificates; Other Information	  	 	65	  
	7.03	  	Notices	  	 	66	  
	7.04	  	Preservation of Corporate Existence, Etc.	  	 	67	  
	7.05	  	Maintenance of Property	  	 	68	  
	7.06	  	Insurance	  	 	68	  
	7.07	  	Payment of Obligations	  	 	68	  
	7.08	  	Compliance with Laws	  	 	68	  
	7.09	  	Compliance with ERISA	  	 	68	  
	7.10	  	Inspection of Property and Books and Records	  	 	68	  
	7.11	  	Environmental Laws	  	 	69	  
	7.12	  	Use of Proceeds	  	 	69	  
	7.13	  	Collateral Position Audit	  	 	69	  
	7.14	  	Lock Box	  	 	69	  
	7.15	  	Financial Covenants	  	 	69	  
	7.16	  	Swap Contracts	  	 	70	  
	7.17	  	Physical Trade Contracts	  	 	70	  
	
	 ARTICLE VIII

 
 NEGATIVE COVENANTS
	   
 

  

			
	8.01	  	Limitation on Liens	  	 	70	  
	8.02	  	Consolidations and Mergers	  	 	71	  
	8.03	  	Limitation on Indebtedness	  	 	71	  
	8.04	  	Transactions with Affiliates	  	 	72	  
	8.05	  	Use of Proceeds	  	 	72	  
	8.06	  	Contingent Obligations	  	 	72	  
	8.07	  	Restricted Payments	  	 	72	  
	8.08	  	ERISA	  	 	72	  
	8.09	  	Change in Business	  	 	72	  
	8.10	  	Accounting Changes	  	 	73	  
	8.11	  	Net Position	  	 	73	  
	8.12	  	Loans and Investments	  	 	73	  
	8.13	  	[Reserved]	  	 	73	  
	8.14	  	Collateral Accounts	  	 	74	  
	8.15	  	Risk Management Policy	  	 	74	  
	8.16	  	SPT-Related Standby Letters of Credit	  	 	74	  

  
 -iii-

							
	 ARTICLE IX

 
 EVENTS OF DEFAULT
	   
 

  

	9.01	  	Event of Default	  	 	74	  
	9.02	  	Remedies	  	 	76	  
	9.03	  	Rights Not Exclusive	  	 	76	  
	9.04	  	Application of Collateral Proceeds	  	 	76	  
	
	 ARTICLE X

 
 AGENTS
	   
 

  

			
	10.01	  	Appointment and Authorization	  	 	77	  
	10.02	  	Delegation of Duties	  	 	77	  
	10.03	  	Liability of Agents	  	 	77	  
	10.04	  	Reliance by Agents	  	 	78	  
	10.05	  	Notice of Default	  	 	78	  
	10.06	  	Credit Decision	  	 	78	  
	10.07	  	Indemnification	  	 	79	  
	10.08	  	Agents in Individual Capacity	  	 	79	  
	10.09	  	Successor Administrative Agent	  	 	79	  
	10.10	  	Withholding Tax	  	 	80	  
	10.11	  	Collateral Matters	  	 	81	  
	10.12	  	Monitoring Responsibility	  	 	81	  
	
	 ARTICLE XI

 
 MISCELLANEOUS
	   
 

  

			
	11.01	  	Amendments and Waivers	  	 	82	  
	11.02	  	Notices	  	 	83	  
	11.03	  	No Waiver; Cumulative Remedies	  	 	83	  
	11.04	  	Costs and Expenses	  	 	83	  
	11.05	  	Indemnity	  	 	84	  
	11.06	  	Payments Set Aside	  	 	84	  
	11.07	  	Successors and Assigns	  	 	84	  
	11.08	  	Assignments, Participations, Etc.	  	 	85	  
	11.09	  	Set-off	  	 	86	  
	11.10	  	Automatic Debits of Fees	  	 	87	  
	11.11	  	Notification of Addresses, Lending Offices, Etc.	  	 	87	  
	11.12	  	Collateral Accounts Charges and Procedures	  	 	87	  
	11.13	  	Counterparts	  	 	87	  
	11.14	  	Severability	  	 	87	  
	11.15	  	No Third Parties Benefited	  	 	87	  
	11.16	  	GOVERNING LAW	  	 	87	  

  
 -iv-

  

							
	11.17	  	Submission to Jurisdiction	  	 	88	  
	11.18	  	Waiver of Jury Trial	  	 	88	  
	11.19	  	Release of Collateral	  	 	89	  
	11.20	  	Entire Agreement	  	 	89	  
	11.21	  	Effect of Amendment and Restatement	  	 	89	  
	11.22	  	Joinder	  	 	89	  
	11.23	  	Specified Laws	  	 	89	  

  

			
	SCHEDULES
		
	2.01	  	Committed Line and Committed Line Portion
	6.05	  	Litigation, and Patent, Trademark, Etc. Claims
	6.07	  	ERISA Matters
	6.12	  	Environmental Matters
	6.16	  	Subsidiaries and Equity Investments
	6.17	  	Insurance Matters
	7.03(f)	  	Locations of Inventory Storage
	8.01	  	Permitted Indebtedness and Liens
	8.06	  	Contingent Obligations
	11.02	  	Addresses for Notices and Lending Offices
	11.22	  	Committed Line Portion Addendum
		
	EXHIBITS	  	
		
	A	  	Form of Notice of Borrowing (Letters of Credit)
	B	  	Notice of Conversion/Continuation
	C	  	Form of Compliance Certificate
	D	  	Form of Assignment and Acceptance
	E	  	Form of Borrowing Base Collateral Position Report
	F	  	Form of Net Position Report and Exposure Report
	G	  	Form of Subordination Agreement
	H	  	Form of Bailee Acknowledgement
	I	  	Form of Embedded Value Report
	J	  	Form of SPT Activity Report
	K	  	Form of Administrative Agent Confirmation of Letter of Credit Issuance/Amendment Approval

  
 -v-

 FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

This FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (as amended, supplemented and otherwise modified from time to time, the
“Agreement”) is entered into effective as of December 8, 2010, among ATMOS ENERGY MARKETING, LLC, a Delaware limited liability company (the “Borrower”), BNP PARIBAS, a bank organized under the laws of France,
as a Bank, as an Issuing Bank, and as Administrative Agent for the Banks, and as Collateral Agent, SOCIETE GENERALE and ROYAL BANK OF SCOTLAND (as defined below), as co-syndication agents (in such capacity, each a “Co-Syndication
Agent”), CREDIT AGRICOLE, NATIXIS and RABOBANK (as defined below), as co-documentation agents (in such capacity, each a “Co-Documentation Agent”), and each other financial institution that becomes a party hereto.

 WHEREAS, the Borrower, and certain of the Agents, the Issuing Banks and the Banks entered into that certain Credit Agreement,
dated as of December 1, 2001 (as amended and restated by the Uncommitted Amended and Restated Credit Agreement, dated as of July 1, 2002, the Uncommitted Second Amended and Restated Credit Agreement, dated as of March 30, 2005, the
Third Amended and Restated Credit Agreement, dated as of December 30, 2008, the Fourth Amended and Restated Credit Agreement, dated as of December 10, 2009 and as otherwise amended, supplemented and modified prior to the date hereof, the
“Original Credit Agreement”). 
 WHEREAS, the Borrower, the Agents, the Issuing Banks and the Banks desire to
amend and restate the Original Credit Agreement so that, from time to time, the Banks, on a committed basis, continue to make loans to the Borrower and continue to issue Letters of Credit for the account of the Borrower in order to provide working
capital to the Borrower, to facilitate the Borrower’s purchases of natural gas in the ordinary course of business, to secure swap and physical trade counterparties for out-of-the-money swap and physical trade obligations, and for such other
purposes set forth herein. The Banks have indicated their willingness to continue to lend such amounts and to continue to issue and participate in such Letters of Credit on the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 ARTICLE I 
 DEFINITIONS 
 1.01 Certain Defined Terms. The following terms
have the following meanings: 
 “360-Day L/C Cap” means a cap upon 360-Day Letters of Credit equal to
$30,000,000: 
 “360-Day L/C Maturity Date” means, with respect to any Letter of Credit, the earlier of 360
days after the date of Issuance of such Letter of Credit and 360 days after the Expiration Date. 
 “360-Day Letter of
Credit” means any letter of credit (whether a standby letter of credit or commercial documentary letter of credit) that is Issued by an Issuing Bank pursuant to Article III, to the extent that such letter of credit (a) is Issued in
connection with trade-related obligations in the ordinary course of business of the Borrower and its Subsidiaries, (b) expires not later than the 360-Day L/C Maturity Date, and (c) immediately after giving effect to the Issuance thereof,
does not cause the aggregate undrawn amount of all outstanding 360-Day Letters of Credit, together with the amount of all unreimbursed drawings under all 360-Day Letters of Credit, to be an amount in excess of the 360-Day L/C Cap. 

 “Account” has the meaning stated in the New York Uniform Commercial Code.

 “Account Debtor” means a Person who is obligated to the Borrower under an Account of the Borrower.

 “Acquisition” means any transaction or series of related transactions for the purpose of or resulting,
directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of the capital stock, partnership interests or equity
of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is a Subsidiary); provided, however, that the relevant
Borrower or the Subsidiary is the surviving entity. 
 “Activation Period” means the period which commences
within a reasonable period of time not to exceed two Business Days after receipt by Bank of America, N.A. of a written notice from BNP Paribas (or its successor or assignee under the Deposit Account Control Agreement in the form set forth in the
Deposit Account Control Agreement). 
 “Administrative Agent” means BNP Paribas in its capacity as
administrative agent for the Banks hereunder, and any successor agent arising under Section 10.09. 

“Administrative Agent’s Payment Office” means the address for payments set forth on Schedule 11.02 hereto in
relation to the Administrative Agent, or such other address as the Administrative Agent may from time to time specify. 

“Advance Cap Percentage” with respect to any Borrowing Base Sub-Cap, the percentage set opposite such level under the
column “Advance Cap Percentage” in the table set forth in the definition of Revolving Loan Dollar Advance Cap. 

“Advance Maturity Date” means with respect to (a) Revolving Loans that are Base Rate Loans, the earliest to occur
of (i) sixty (60) days from the date of the Borrowing, or the (ii) Expiration Date; (b) Revolving Loans that are Offshore Rate Loans, the earliest to occur of (i) sixty (60) days from the date of the Borrowing,
(ii) the end of the Interest Period for such Offshore Rate Loan; or (iii) the Expiration Date; and (c) Swing Line Loans, the earliest to occur of (i) five (5) Business Days from the date of the Borrowing, (ii) demand
for repayment of such Borrowing; or (iii) the Expiration Date. 
 “Affiliate” means, as to any Person, any
other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power
to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting securities, by contract, or otherwise. 
 “Agents” means the Administrative Agent and the Collateral Agent, and “Agent” means each of them, as context requires. 

“Agent-Related Persons” means the Administrative Agent, the Collateral Agent, the Co-Documentation Agents and the
Co-Syndication Agents, together with their respective Affiliates and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 

  
 2 

 “Agreement” has the meaning ascribed to such term in the preamble hereto.

 “AML Laws” has the meaning ascribed to such term in Section 6.20(a). 

“Applicable Margin” means with respect to Base Rate Loans, Offshore Rate Loans, Swing Line Loans, Loans tied to the Cost
of Funds rate, Letters of Credit, and SPT-Related Letters of Credit, for any day, the applicable rate per annum set forth below, based upon the Excess Tangible Net Worth determined as of the last day of the most recently ended fiscal quarter:

  

							
	 Excess

Tangible Net Worth
	 	 Applicable Margin for

Base Rate Loans,

Offshore Rate Loans,
Swing Line Loans, and
 Loans tied to the Cost
 of Funds
	 	 Applicable Margin

for Letters of Credit
 (including Physical
 Trade Delivery-

Related Standby

Letters of Credit)
	 	 Applicable Margin for

SPT-Related Standby
Letters of Credit (other
 than Physical Trade
 Delivery-Related

Standby Letters of

Credit)

	 Less than or equal to $10,000,000
	 	2.250%	 	2.250%	 	2.500%
	 Greater than $10,000,000 and less than or equal to $25,000,000
	 	2.125%	 	2.125%	 	2.375%
	 Greater than $25,000,000 and less than or equal to $50,000,000
	 	2.000%	 	2.000%	 	2.250%
	 Greater than $50,000,000
	 	1.875%	 	1.875%	 	2.125%

 For the purposes of
the foregoing, the Excess Tangible Net Worth shall be determined based upon the Borrower’s most recent consolidated financial statements delivered pursuant to Section 7.01(c), and each change in the Applicable Margin resulting from
a change in the Excess Tangible Net Worth shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date
immediately preceding the effective date of the next such change; provided that the Excess Tangible Net Worth shall be deemed to be less than or equal to $10,000,000 at any time that an Event of Default has occurred and is continuing.

 “Assignee” has the meaning specified in Subsection 11.08(a). 

“Assignment of Claims Act”: the Federal Assignment of Claims Act of 1940, as amended from time-to-time (31 U.S.C.
§3727 et seq.) and any similar state or local laws, as the same now exist or may from time-to-time hereafter be amended, modified, recodified or supplemented, together with all rules, regulations or interpretations related thereto.

 “Atmos Support Agreement” means an agreement of Atmos Energy Corporation to provide certain support for
Borrower and its operations and to remit insurance proceeds to the Administrative Agent, as provided therein, such agreement to be in form and substance acceptable to Administrative Agent. 

  
 3 

 “Attorney Costs” means and includes all reasonable fees and disbursements
of any law firm or other external counsel, the allocated cost of internal legal services and all disbursements of internal counsel. 
 “Available Committed Line Portion” means, with respect to any Bank at any time, an amount equal to the excess, if any of (a) such Bank’s Committed Line Portion then in effect
over (b) such Bank’s total Effective Amount at such time. 
 “Bank Blocked Account” means an
account of the Collateral Agent into which Cash Collateral shall and certain other funds may (at the direction of the Collateral Agent) be deposited from time to time. 
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978, as amended (11 U.S.C. §101, et seq.). 

“Banks” shall mean BNP Paribas, Société Générale, Royal Bank of Scotland, Natixis, Brown
Brothers Harriman & Co., Rabobank, Lloyds, Credit Agricole, DZ Bank, Trustmark and each additional lending institution added to this Agreement, through an amendment to this Agreement, by execution of a Committed Line Portion Addendum, or
through an Assignment and Acceptance in accordance with Subsection 11.08(a) hereof. References to the “Banks” shall include BNP Paribas, Société Générale and Natixis including each in its capacity as
an Issuing Bank and BNP Paribas in its capacity as the Swing Line Bank; for purposes of clarification only, to the extent that BNP Paribas, Société Générale or Natixis may have any rights or obligations in addition to
those of the Banks due to their status as an Issuing Bank and as Agent, as applicable, BNP Paribas’, Société Générale’s and Natixis’ status as such will be specifically referenced. 

“Base Rate” means, for any day, the higher of the following rates (provided that if any of the following rates
cannot be determined for any day, it will be the higher of the then-determinable rates for such day): (a) 0.50% per annum above the latest Federal Funds Effective Rate; (b) the per annum rate of interest established by BNP Paribas from
time to time at its principal office in New York City as its “prime rate” or “base rate” for U.S. dollar loans (with any change in such prime rate or base rate to become effective as and when such prime rate or base rate
changes); (c) the Offshore Rate (based on an Interest Period of three-months) as in effect from time to time; and (d) the Cost of Funds rate. 
 “Base Rate Loan” means any Loan bearing interest based upon the Base Rate. 
 “Basis Swap Cumulative Mark-to-Market Amount” means the cumulative Mark-to-Market gain or loss related to existing undesignated basis swaps entered into by the Borrower, as reported on
the most recent monthly financial statements received pursuant to Section 7.01(c) (or as otherwise evidenced to the satisfaction of the Administrative Agent). 
 “Below Index Sales Exposure” has the meaning ascribed to such term in Section 8.11 hereof. 
 “BNP Paribas” means BNP Paribas, a bank organized under the laws of France. 
 “Borrower” has the meaning ascribed to such term in the preamble. 

“Borrowing” means a borrowing hereunder consisting of Revolving Loans or Swing Line Loans made to the Borrower under
Article II. 

  
 4 

 “Borrowing Base Advance Cap” means at any time an amount equal to the least
of: 
  

	 	(a)	the Maximum Line; 

  

	 	(b)	the Total Committed Line Portions; 

  

	 	(c)	the Borrowing Base Sub-Cap; or 

  

	 	(d)	the sum of: 

 (i)
the amount of Cash Collateral and Cash Equivalents that are subject to a first priority perfected security interest in favor of the Collateral Agent, as collateral agent for the Banks, and that have not been used in determining availability for any
other advance (other than advances made under the Borrowing Base Line) or Letter of Credit Issuance; plus 
 (ii)
90% of Borrower’s equity in Eligible Broker accounts from and after the date that a tri-party agreement with respect to such accounts is entered into, to the extent such equity is not being used in determining availability for any other advance
(other than advances made under the Borrowing Base Line) or Letter of Credit Issuance; plus 
 (iii) 90% of the
amount of Tier I Accounts which are not being used in determining availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of Credit Issuance, net of deductions, offsets and counterclaims; plus

 (iv) 85% of the amount of Tier II Accounts which are not being used in determining availability for any other
advance (other than advances made under the Borrowing Base Line) or Letter of Credit Issuance, net of deductions, offsets and counterclaims; plus 
 (v) 85% of the amount of Tier I Unbilled Accounts which are not being used in determining availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of Credit
Issuance; plus 
 (vi) 80% of the amount of Tier II Unbilled Accounts which are not being used in determining
availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of Credit Issuance; plus 
 (vii) 85% of the amount of Eligible Hedged Inventory that is not being used in determining availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of Credit
Issuance; plus 
 (viii) 80% of the amount of Eligible Unhedged Inventory that is not being used in determining
availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of Credit Issuance; plus 
 (ix) 80% of the amount of Eligible Exchange Receivables which are not being used in determining availability for any other advance (other than advances made under the Borrowing Base Line) or Letter of
Credit Issuance; plus 
 (x) 80% of the amount of Undelivered Product Value; plus 

  
 5 

 (xi) 70% of Realizable Unrealized Profits, up to a maximum amount of
$50,000,000; less 
 (xii) the amounts which would be subject to a so-called “First Purchaser Lien” as
defined in Texas Bus. & Com. Code Section 9.343, comparable laws of the states of Oklahoma, Kansas or New Mexico, or any other comparable law of any other state, unless a Letter of Credit secures payment of all amounts subject
to such First Purchaser Lien; and less 
 (xiii) 100% of the Physical Trade Bank Prompt Close-Out Amounts of all
Physical Trade Banks, as of the date of determination of the Borrowing Base Advance Cap. 
 (xiv) 125% of the SPT
Bank Close-Out Amounts (other than Physical Trade Bank Prompt Close-Out Amounts) of all SPT Banks, as of the date of determination of the Borrowing Base Advance Cap. 
 In no event shall any amounts described in (d)(i) through (d)(x) above which may fall into more than one of such categories be counted more than once when making the calculation under this definition.

 “Borrowing Base Collateral Position Report” means a report detailing all Collateral which has been or is
being used in determining availability for an advance or letter of credit issuance under the Borrowing Base Line, such report to be in the form attached hereto as Exhibit E. 

“Borrowing Base Date” means, with respect to the Borrower at any time, the most recent date as of which the Borrower has
based a Borrowing Base Collateral Position Report. 
 “Borrowing Base Line” means the line of credit for the
purpose of (a) providing working capital and to fund payments to suppliers of Product; (b) to provide for Letters of Credit to secure suppliers of Product; and (c) to fund payments due to any SPT Bank under any SPT Contract.

 “Borrowing Base Sub-Cap” means (a) from the date of this Agreement until the date the first election is
made by the Borrower pursuant to clause (b) of this definition, $150,000,000, and (b) thereafter, at any time, the amount set forth in the table below under the heading “Borrowing Base Sub-Cap” elected by the Borrower from
time to time by written notice to the Administrative Agent (which the Administrative Agent shall promptly forward to each Bank); provided that, at the time of any such election of any such amount as the Borrowing Base Sub-Cap, but not for any
other purpose herein, each of the Borrower’s Net Working Capital, Tangible Net Worth and ratio of Total Liabilities to Tangible Net Worth at such time of election, each as determined by the most recent monthly financial statements received
pursuant to Section 7.01(c) are within the requirements set forth opposite such amount in the table below; provided further that the Borrowing Base Sub-Cap shall at no time exceed the Total Committed Line Portions;
however, to the extent that the Total Committed Line Portions aggregate to an amount between two listed “Borrowing Base Sub-Cap” levels set forth in the table below, in order to permit the Borrower to fully utilize the Line (to the
extent the Borrower indicates its desire to fully utilize the Line by including language in its Borrowing Base Sub-Cap election, after electing one of the specified levels below, to the effect of “or such higher level equal to the Total
Available Committed Line Portions in effect from time to time, not to exceed the next highest Borrowing Base Sub-Cap level, unless a new election is submitted”), the Borrower shall be permitted to request Letters of Credit and Loans with
respect to the excess of the Total Committed Line Portion above the lower elected Borrowing Base Sub-Cap level listed below, and the financial covenants for such Total Committed Line Portions amount shall be deemed to be set at a level consistent
with such Total Committed Line Portion and the linear rate of change between the financial covenant level set opposite the lower elected “Borrowing Base Sub-Cap” level and the “Borrowing Base Sub-Cap” level immediately above such
Total Committed Line Portions amount. For purposes of testing whether such requirements have been met, the highest amount elected by the Borrower for the month being tested shall be used, where during the same month being tested the Borrower elected
to either increase or decrease the availability by selecting a different amount under the column entitled “Borrowing Base Sub-Cap”. 

  
 6 

  

							
	 Borrowing Base Sub-Cap
	 	 Minimum Net

Working Capital
	 	 Minimum Tangible Net

Worth
	 	 Maximum Ratio at

Total Liabilities to

Tangible Net Worth

	 $100,000,000
	 	$20,000,000	 	$20,000,000	 	5.00 to 1
	 $150,000,000
	 	$30,000,000	 	$30,000,000	 	5.00 to 1
	 $200,000,000
	 	$40,000,000	 	$40,000,000	 	5.00 to 1
	 $250,000,000
	 	$50,000,000	 	$50,000,000	 	5.00 to 1
	 $300,000,000
	 	$60,000,000	 	$60,000,000	 	5.00 to 1
	 $350,000,000
	 	$70,000,000	 	$70,000,000	 	5.00 to 1
	 $400,000,000
	 	$80,000,000	 	$80,000,000	 	5.00 to 1
	 $450,000,000
	 	$90,500,000	 	$90,500,000	 	5.00 to 1
	 $500,000,000
	 	$100,000,000	 	$100,000,000	 	5.00 to 1

“Borrowing Date” means any date on which a Borrowing occurs under Section 2.03. 

“Business Day” (a) with respect to all matters other than those related to Offshore Rate Loans, means any day other
than a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized, or required, by law to close and (b) means, for purposes of determining business days in connection with Offshore Rate Loans, any day on which
transactions are made in the applicable offshore dollar interbank market other than a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized or required, by law to close. 

“Capital Adequacy Regulation” means any guideline, request or directive of any central bank or other Governmental
Authority, or any other law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any Bank or of any corporation controlling a Bank. 

“Capital Stock” means capital stock, membership interest, equity interest or other obligations or securities of, or any
interest in, any Person. 
 “Cash Collateral” means currency issued by the United States and Marketable
Securities that have been Cash Collateralized for the benefit of the Secured Parties. 
 “Cash Collateralize”
means to pledge and deposit with or deliver to the Collateral Agent, for the benefit of the Collateral Agent and the other Secured Parties, Cash Collateral as collateral for the Obligations pursuant to documentation in form and substance
satisfactory to Collateral Agent (which documents are hereby consented to by the Banks). The Borrower hereby grants to the Collateral Agent, for the benefit of such Secured Parties, a security interest in all such Cash Collateral. Cash Collateral
shall be maintained in the Bank Blocked Account. 

  
 7 

 “Cash Equivalents” means (a) securities with maturities of twelve
(12) months or less from the date of acquisition or acceptance which are issued or fully guaranteed or insured by the United States, or any agency or instrumentality thereof, (b) bankers’ acceptances, certificates of deposit, time
deposits and eurodollar time deposits with maturities of twelve (12) months or less from the date of acquisition and overnight bank deposits, in each case, of the Agent, any Bank or of any international or national commercial bank with
commercial paper rated, on the day of such purchase, at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s, (c) commercial paper, variable rate or auction rate securities, or any other short-term,
liquid investment having ratings, on the date of purchase, of at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s and that matures or resets not more than twelve (12) months after the date
of acquisition, (d) obligations of any U.S. state or a division, public instrumentality or taxing authority thereof, having on the date of purchase a rating of at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent
thereof by Moody’s, (e) fully collateralized repurchase agreements with a term of not greater than seven (7) days for securities described in clauses (a) and (b) above and entered into with a financial institution satisfying
the criteria described in clause (b) above, (f) investments in money market funds, mutual funds or other pooled investment vehicles (i) a majority of whose assets of which are comprised of securities of the types described in clauses
(a), (b), (c), (d) or (e) above or (ii) that are rated AAA by S&P and Aaa by Moody’s and (g) investments and other instruments that are otherwise reasonably acceptable to the Agent. 

“Change of Control” means, at any time: 
 (a) Atmos Energy Corporation shall cease to own and control legally and beneficially, either directly or indirectly, Voting Interests in Atmos Energy Holdings, Inc. representing 100% of the combined
voting power of all of the Voting Interests in Atmos Energy Holdings, Inc. (on a fully diluted basis); or 
 (b) Atmos Energy
Holdings, Inc. shall cease to own and control directly or indirectly, beneficial interest in Equity Interests representing 100% of the economic equity interest in the Borrower. 

“Chase” means JP Morgan Chase Bank N.A. (or any successor). 

“Closing Date” means the date on which all conditions precedent set forth in Section 5.01 are satisfied or
waived by all Banks. 
 “Co-Documentation Agent” has the meaning specified in the preamble hereto. 

“Co-Syndication Agent” has the meaning specified in the preamble hereto. 

“Code” means the Internal Revenue Code of 1986, and regulations promulgated thereunder. 

“Collateral” means all assets of the Borrower including, without limitation, all accounts, equipment, chattel paper,
inventory, natural gas in transit, instruments, contract rights, the Collateral Accounts, stock, partnership interests, and general intangibles, whether presently existing or hereafter acquired or created and the proceeds thereof. 

“Collateral Accounts” means (i) the Bank Blocked Account, (ii) the Commodity Account and (iii) the
Deposit Accounts and each other “deposit account” (as defined in Section 9-102 of the Uniform Commercial Code), “commodity account” (as defined in Section 9-102 of the Uniform Commercial Code) and securities account (as
defined in Section 8-501 of the Uniform Commercial Code) to the extent such account is (x) pledged in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Obligations hereunder, and (y) the Collateral
Agent has established and maintains “control” (as defined in Sections 9-104 and 9-106, as applicable, of the Uniform Commercial Code) over such account. 

  
 8 

 “Collateral Agent” means BNP Paribas (and its successors and assigns
permitted hereunder). 
 “Collateral Position” means the total availability under the Borrowing Base Advance
Cap. 
 “Commodity Account” means “the Account” as defined in the Commodity Account Hedging
Assignment Agreement. 
 “Commodity Account Hedging Assignment Agreement” means that certain Second Amended and
Restated Assignment of Hedging Account, Security Agreement and Control Agreement, dated as of December 10, 2009 among, the Borrower, BNP Paribas and BNP Paribas Commodity Futures Inc. 

“Commitment Fee Rate” means, for any day, the rate per annum equal to 0.40%. 

“Committed Line Portion” means for each Bank the portion of each of the Line limits assigned to such Bank as set forth
on Schedule 2.01, as amended from time to time in accordance with Section 2.14(d). 
 “Committed
Line Portion Addendum” has the meaning set forth in Section 11.22. 
 “Committed
Percentage” means with respect to any Bank at any time, the percentage equivalent (expressed as a decimal, rounded to the ninth decimal place) at such time of such Bank’s Committed Line Portion divided by the Total Committed Line
Portion. 
 “Compliance Certificate” means a certificate, in form attached hereto as Exhibit C,
whereby the Borrower certifies that it is in compliance with this Agreement. 
 “Consolidated” means the
consolidation of accounts in accordance with GAAP. 
 “Contingent Obligation” means, as to any Person, any
direct or indirect liability of that Person, whether or not contingent, with or without recourse, (a) with respect to any Indebtedness, lease, dividend, letter of credit or other obligation (the “primary obligations”) of another
Person (which obligations and Person are referred to herein as the “primary obligation” and the “primary obligor,” respectively), including any obligation of that Person (i) to purchase, repurchase or otherwise acquire such
primary obligations or any security therefor, (ii) to advance or provide funds for the payment or discharge of any such primary obligation, or to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation, or (iv) otherwise to assure or hold harmless the holder of any such primary obligation against loss in respect thereof (each, a “Guaranty Obligation”);
(b) with respect to any Surety Instrument (other than any Letter of Credit) issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings or payments; (c) to purchase any materials,
supplies or other property from, or to obtain the services of, another Person if the relevant contract or other related document or obligation requires that payment for such materials, supplies or other property, or for such services, shall be made
regardless of whether delivery of such materials, supplies or other property is ever made or tendered, or such services are ever performed or tendered; or (d) in respect of any swap contract. 

  
 9 

 “Continuing Agreement for Letters of Credit” means that certain Continuing
Agreement for Letters of Credit, dated as of December 8, 2010 executed by the Borrower and acknowledged by the Issuing Banks and each other financial institution that becomes an Issuing Bank under this Agreement. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any
agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its property is bound. 

“Control Agreements” means, collectively, the Deposit Account Control Agreement and each other agreement (or series of
agreements) acceptable in form and substance to the Collateral Agent (in its sole discretion) pursuant to which the Collateral Agent establishes and maintains “control” (as defined in Sections 9-104 and 9-106, as applicable, of the Uniform
Commercial Code) over a Collateral Account. 
 “Conversion/Continuation Date” means any date on which, under
Section 2.04, the Borrower (a) converts Loans of one Type to another Type, or (b) continues such Loans as Loans of the same Type, but with a new Interest Period. 

“Cost of Funds” means the rate per annum quoted by the Administrative Agent in New York, New York to the Borrower at or
about the time of the making of any Loan as the cost of funds of the Administrative Agent (as determined by the Administrative Agent in its reasonable discretion which determination may include, without limitation, market, regulatory and liquidity
conditions) for the relevant Interest Period then applicable to such Loan. 
 “Credit Agricole” means Credit
Agricole Corporate and Investment Bank. 
 “Credit Extension” means and includes (a) the making of any
Loans hereunder, and (b) the Issuance of any Letters of Credit hereunder. 
 “Cross-Affiliate Creditor”
means as of any date of determination, with respect to any Cross-Affiliate Pair, each entity, if any, with a positive Swap Bank Close-Out Amount or Physical Trade Bank Close-Out Amount, as applicable. For the avoidance of doubt as of any date of
determination (i) both entities comprising a Cross-Affiliate pair might qualify as Cross-Affiliate Creditors, and (ii) a Cross-Affiliate Creditor is an entity that is owed money by Borrower under a SPT Contract (or would be owed money by
the Borrower if its SPT Contracts were terminated as of such date of determination). 
 “Cross-Affiliate
Debtor” means as of any date of determination, with respect to any pair of Cross-Affiliate Pair, each entity, if any, with a negative Swap Bank Close-Out Amount or Physical Trade Bank Close-Out Amount, as applicable. For the avoidance of
doubt as of any date of determination (i) both entities comprising a Cross-Affiliate Pair may qualify as Cross-Affiliate Debtors and (ii) a Cross-Affiliate Debtor is an entity that owes money to the Borrower under a SPT Contract (or would
owe money to the Borrower if its SPT Contracts were terminated as of such date of determination). 
 “Cross-Affiliate
Netting Lien” means any pledge by the Borrower securing only obligations under a SPT Contract in favor of a Cross-Affiliate Creditor of general intangibles or receivables due from the affiliated Cross-Affiliate Debtor to the Borrower under
a Swap Contract or Physical Trade Contract (as the case may be). For the avoidance of doubt, a Cross-Affiliate Netting Lien will be available only where one Cross-Affiliate Pair entity is a Cross-Affiliate Creditor and the other entity is a
Cross-Affiliate Debtor. 

  
 10 

 “Cross-Affiliate Pair” means (i) any Swap Bank that is an Affiliate of
a Physical Trade Bank and (ii) any Physical Trade Bank that is an Affiliate of a Swap Bank, in each case, so long as the affiliated Swap Bank and Physical Trade Bank are separate legal entities. 

“Cumulative Loss” means the consolidated net loss of the Borrower and its Subsidiaries for the twelve (12) calendar
months immediately prior to the calendar month of such determination date, as defined according to GAAP (not including other comprehensive income), adjusted to (i) negate the impact of the Basis Swap Cumulative Mark-to-Market Amount, and
(ii) reflect (A) Embedded Value Difference from General Ledger for the Fixed Price Book, and (B) Embedded Value Difference from General Ledger for the Storage Book. 

“Current Assets” means, with respect to any Person on any date of determination, all assets of such Person and its
Subsidiaries that, in accordance with GAAP, would be classified as current assets on the balance sheet of a Person conducting a business the same as or similar to that of such Person, after deducting appropriate and adequate reserves therefrom in
accordance with GAAP, determined on a Consolidated basis, and excluding any accounts receivable owed by any Affiliate of the Borrower to the extent such accounts receivable arose in transactions conducted other than on an arms-length basis.

 “Current Liabilities” means, with respect to any Person on any date of determination, all liabilities of
such Person and its Subsidiaries that, in accordance with GAAP, would be classified as current liabilities on the balance sheet of a Person conducting a business the same as or similar to that of such Person, as determined on a Consolidated basis,
but excluding to the extent otherwise included therein any current portion of the Subordinated Debt. 

“Default” means any event or circumstance which, with the giving of notice, the lapse of time, or both, would constitute
an Event of Default. 
 “Default Rate” means an interest rate equal to 2.00% per annum. 

“Defaulting Bank”: means at any time any Bank that (a) within one Business Day of when due, has failed to fund any
portion of any Revolving Loan, Swing Line Loan, Refunded Swing Line Loan, Swing Line Participation Amount or L/C Advance (or any participation in the foregoing) to the Borrower, the Administrative Agent, any Swing Line Bank or Issuing Bank, required
pursuant to the terms of this Agreement to be funded by such Bank, or has notified the Administrative Agent that it does not intend to do so; (b) within one Business Day of when due, has failed to pay over to the Administrative Agent or any
other Bank any amount other than as set forth in clause (a) above, required to be paid by such Bank pursuant to the terms hereof, unless such amount is the subject of a good faith dispute; or (c) that has become subject to a bankruptcy
proceeding or other similar proceeding as debtor. With respect to any Bank that is a “Defaulting Bank” pursuant to clauses (a) or (b) above, upon such “Defaulting Bank” paying all amounts owed to the applicable Bank(s)
or the Administrative Agent pursuant to the terms hereof, as reasonably determined by such Bank(s), Issuing Banks, the Swing Line Bank, and the Administrative Agent, as applicable, such “Defaulting Bank” shall cease to be a
“Defaulting Bank;” provided, however, for the avoidance of doubt, any interest that accrued under this Agreement on any amount that a Defaulting Bank failed to advance, shall be for the account of the party that advanced such
amount (or parties on a pro rata basis if more than one Bank advanced such amount), from the time such advance was made by the applicable Bank(s) until, but not including, the date that the Defaulting Bank made the applicable payment or advance (as
the case may be) to such Bank(s). 

  
 11 

 “Delta” in relation to an option contract referencing Product, the change
in the option premium under such option for a one unit change in the price of the underlying Product. 
 “Delta
Equivalent Basis” the method of calculating the quantity of cash (or futures) position in Product that will theoretically hedge an option position against an adverse change in the price of any underlying Product by multiplying the Delta of
the option by the relevant contract size or nominal amount. 
 “Deposit Account Control Agreement” means the
Amended and Restated Deposit Account Control Agreement entered into as of September 14, 2009, among the Borrower, Bank of America, N.A. and the Collateral Agent. 
 “Deposit Accounts” means, collectively, the Accounts as defined in the Deposit Account Control Agreement. 
 “Dollars,” and “$” each mean lawful money of the United States. 
 “DZ Bank” means DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main. 
 “Effective Amount” means (a) with respect to Loans as of any date, the aggregate outstanding principal amount of Loans on such date after giving effect to any Borrowings and
prepayments or repayments of Loans occurring on such date; and (b) with respect to L/C Obligations as of any date, the aggregate outstanding amount of L/C Obligations on such date after giving effect to any Issuances of Letters of Credit
occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including changes as a result of expiration or cancellation, any reimbursements of outstanding unpaid drawings under any Letters of Credit
or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 

“Effective Amount Percentage” means with respect to any Bank at any time, the percentage equivalent (expressed as a
decimal, rounded to the ninth decimal place) at such time of such Bank’s Effective Amount divided by the aggregate sum of the Effective Amount of all Banks. 
 “Eligible Accounts” means, at the time of any determination thereof, each of the Borrower’s Accounts as to which the following requirements have been fulfilled to the satisfaction of
the Required Banks: 
 (a) Such Account (i) if for an amount in excess of $1,000,000, is acceptable to the Required Banks
in their sole discretion exercised in good faith (which accounts shall be subject to a credit limit, which credit limit shall be, as of the Closing Date, set forth on Attachment A to the Special Certificate), and either (x) is the result
of a sale to a Tier I or Tier II Account Party, or (y) is secured by letters of credit in form acceptable to the Required Banks in their sole discretion exercised in good faith and issued by banks approved by the Required Banks in their
sole discretion exercised in good faith, or (ii) if for an amount of $1,000,000 or less, such Account will be included as a Tier II Account unless such Account has been previously approved by the Required Banks as a Tier I Account,
whether or not the account debtor on such account has been previously approved as a Tier II Account Party; 
 (b) Borrower
has lawful and absolute title to such Account; 

  
 12 

 (c) Such Account is a valid, legally enforceable obligation of the Person who is obligated
under such Account for goods actually delivered or to be delivered to such Account Debtor in the ordinary course of the Borrower’s business; 
 (d) Such Account shall have excluded therefrom any portion that is subject to any dispute, offset, counterclaim, net Unrealized Mark-to-Market Loss (on a counterparty by counterparty basis), or other
claim or defense on the part of the Account Debtor or to any claim on the part of the Account Debtor denying liability under such Account; provided, however, that in the event that the portion that is subject to any such dispute,
counterclaim or other claim or defense is secured with a Letter of Credit, such portion secured by the Letter of Credit shall not be excluded; 
 (e) Such Account is not evidenced by any chattel paper, promissory note or other instrument; 
 (f) Such Account is (i) subject to a fully perfected first priority security interest (and, in the case of any Account where the Account Debtor in respect of such Account is a Governmental Authority
all actions required under any Assignment of Claims Act applicable to such Account and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon) in favor of the Administrative
Agent pursuant to the Loan Documents, prior to the rights of, and enforceable as such against, any other Person, and such Account is not subject to any security interest or Lien in favor of any Person other than the Liens of the Banks pursuant to
the Loan Documents; 
 (g) Such Account shall have excluded therefrom any portion which is not payable in Dollars in the U.S.;

 (h) Such Account has been due and payable for 15 days or less (or 30 days or less, if the Account Debtor is a Governmental
Authority) from the date of the invoice and no extension or indulgence has been granted extending the due date beyond a 15-day period (or 30 days, as the case may be), except if such Account by its terms provides for a 15-day payment period, then
such Account shall be eligible for up to 30 days from the date of invoice, or as otherwise approved by the Required Banks in writing; and 
 (i) No Account Debtor in respect of such Account is (i) incorporated in or primarily conducting business in any jurisdiction outside of the U.S., unless such Account Debtor and the Account is
approved by the Required Banks and the Borrower is notified in writing by the Administrative Agent, or (ii) an Affiliate of the Borrower, other than Atmos Energy Corporation, provided, that as long as Atmos Energy Corporation maintains
an S&P rating of BBB or a Moody’s rating of Baa2 or better, and such Accounts would otherwise qualify as Eligible Accounts, Accounts of Atmos Energy Corporation (and its Subsidiaries and Affiliates that have been approved by Agents as Tier
I Account Parties) may be included as Tier I Accounts to the extent that such Accounts do not exceed 50% of Borrower’s total Accounts, provided, further, should Atmos Energy Corporation not maintain such ratings, and such Accounts
would otherwise qualify as Eligible Accounts, Accounts of Atmos Energy Corporation may be included, subject to the approval of the Required Banks, as Eligible Accounts as a Tier I Account or a Tier II Account. 

(j) The balance of such Account shall be the net of, in each case (i) any accounts payable owing to the Account Debtor
by the Borrower on such Account and (ii) after application thereof to any Eligible Exchange Receivables, Unbilled Eligible Accounts, and Realizable Unrealized Profits with such Account Debtor, other offsets against amounts owed to such Account
Debtor, whether in respect of unbilled purchases, out-of-the-money positions or unperformed contracts for purchase. 

  
 13 

 “Eligible Assignee” means (a) a commercial bank organized under the
laws of the United States, or any state thereof and having a combined capital and surplus of at least $100,000,000; (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic
Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000, provided, however, that such bank is acting through a branch
or agency located in the United States; and (c) a Person that is primarily engaged in the business of commercial lending and that is (i) a Subsidiary of a Bank (or bank referred to in the preceding clauses (a) or (b)), (ii) a
Subsidiary of a Person of which a Bank (or bank referred to in the preceding clauses (a) or (b)) is a Subsidiary, or (iii) a Person of which a Bank (or bank referred to in the preceding clauses (a) or (b)) is a Subsidiary. 

“Eligible Broker” means Newedge Broker Ltd., BNP Paribas, or any Affiliate of BNP Paribas, or Société
Générale, or any broker approved in writing by the Agents and the Banks. 
 “Eligible Commodity Futures
Accounts” means an account or accounts with an Eligible Broker, in which the Collateral Agent is granted a first and prior security interest as Collateral Agent for the Banks pursuant to Hedging Assignments which security interest is
subject only to the rights of the Eligible Broker under such accounts. 
 “Eligible Exchange Receivables” means
all enforceable rights of the Borrower to receive Product in exchange for the sale or trade of Product previously delivered to the exchange debtor by the Borrower valued at an independent posting and which (a) are evidenced by a written
agreement enforceable against the exchange debtor thereof, (b) are current pursuant to the terms of the contract or invoice, (c) are subject to a perfected, first Lien in favor of the Administrative Agent for the benefit of the Banks
subject only to Permitted Liens, and no other Lien, charge, offset or claim, (d) are not the subject of a dispute between the exchange debtor and the Borrower, (e) are valued at Platt’s spot market price or an independent posting
acceptable to the Required Banks in their sole discretion exercised in good faith, (f) if arising pursuant to contracts involving an amount in excess of $1,000,000, are contracts by exchangers pre-approved by the Required Banks in their sole
discretion exercised in good faith, or contracts secured by letters of credit in form acceptable to the Required Banks in their sole discretion exercised in good faith and issued by banks approved by the Required Banks in their sole discretion
exercised in good faith, (g) have not been otherwise determined by the Required Banks in their sole discretion exercised in good faith to be unacceptable to them, and (h) are the net of, in each case (i) any payables
owing to such exchange debtor by the Borrower and (ii) after application thereof to any Eligible Accounts, Unbilled Eligible Accounts, and Realizable Unrealized Profits with such Account Debtor, other offsets against amounts owed to such
exchange debtor, whether in respect of unbilled purchases, out-of-the-money positions or unperformed contracts for purchase. The Product and Account relating to or creating any Eligible Exchange Receivable shall not be simultaneously included in any
other availability calculation, including, without limitation, Undelivered Product Value, Eligible Inventory or Eligible Accounts. 
 “Eligible Hedged Inventory”: as of any Borrowing Base Date, the Market Value of Eligible Inventory as of such date, which has been Hedged. 

“Eligible Inventory” means, at the time of determination thereof, all of the Borrower’s inventory consisting of
Product valued at the lower of cost or the current Market Value, and in all instances as to which the following requirements have been fulfilled to the satisfaction of the Required Banks: 

(a) The inventory is owned by the Borrower free and clear of all Liens in favor of third parties, except Liens in favor of the Banks
under the Loan Documents and except for Permitted Liens; 

  
 14 

 (b) The inventory has not been identified to deliveries with the result that a buyer would
have rights to the inventory that would be superior to the Administrative Agent’s security interest for the benefit of the Banks, nor shall such inventory have become the subject of a customer’s ownership or Lien; 

(c) The inventory is (i) in transit in the U.S. under the control and ownership of the Borrower, or (ii) in a pipeline or a
bill of lading has been issued to the Administrative Agent if such inventory is in the hands of a third party carrier or (iii) in storage facilities located in the U.S. at the locations described on Schedule 7.03(f) or at such other
place as has been specifically agreed to in writing by the Banks and the Borrower; and 
 (d) The inventory is subject to a
fully perfected first priority security interest in favor of the Administrative Agent for the benefit of the Banks pursuant to the Loan Documents. 
 “Eligible Unhedged Inventory”: as of any Borrowing Base Date, the Market Value of Eligible Inventory as of such date, which has not been Hedged. 

“Embedded Value Difference from General Ledger for the Fixed Price Book” means, at any time of determination, the Fixed
Price Book Embedded Value determined as of the date of the Borrower’s most recent financial statements at such time minus the net balance sheet value associated with the fixed price natural gas physical delivery contracts and the associated
financial positions hedging such delivery contracts on the most recent consolidated balance sheet of the Borrower at such time. 

“Embedded Value Difference from General Ledger for the Storage Book” means, at any time of determination, the Storage
Book Embedded Value determined as of the date of the Borrower’s most recent financial statements at such time minus the amount of gains and losses due to the mark to market treatment of the derivative positions and natural gas inventory
of the Borrower and its Subsidiaries recorded on the most recent consolidated balance sheet of the Borrower at such time. 

“Embedded Value Report” means a report substantially in form attached hereto as Exhibit I. 

“Environmental Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging
potential liability or responsibility for violation of any Environmental Law, or for release or injury to the environment. 

“Environmental Laws” means all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances
and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters.

 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other
ownership, beneficial or profit interests in) such Person, all of the warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership, beneficial or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership, beneficial or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person
of such shares (or such other interests), and all of the other ownership, beneficial or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination. 

  
 15 

 “ERISA” means the Employee Retirement Income Security Act of 1974, and
regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of
the Code). 
 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan
or Multiemployer Plan; (e) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or
Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 

“Eurodollar Reserve Percentage” means for any day for any Interest Period the maximum reserve percentage (expressed as a
decimal, rounded upward to the next 1/100th of 1%) in effect on such day (whether or not applicable to any Bank) under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). 
 “Event of Default” means any of the events or circumstances specified in Section 9.01. 
 “Excess Tangible Net Worth” means the excess of (a) the arithmetic mean of the Borrower’s Tangible Net Worth for the consecutive six calendar month period ended on the last day
of the calendar month for which financial statements have been most recently delivered pursuant to Section 7.01(c), over (b) the arithmetic mean of the minimum Tangible Net Worth amount for each month in such period which
corresponds to the highest Borrowing Base Sub-Cap selected by the Borrower for such period. 
 “Exchange Act”
means the Securities and Exchange Act of 1934, as amended, and regulations promulgated thereunder. 
 “Executive
Order” has the meaning ascribed to such term in Section 6.20(a). 
 “Existing Bank” has
the meaning ascribed to such term in Section 2.14(e) hereof. 
 “Existing Effective Amount” has the
meaning ascribed to such term in Section 2.14(e) hereof. 

  
 16 

 “Existing Letters of Credit” means all letters of credit described on
Attachment B to the Special Certificate. 
 “Expiration Date” means the earliest to occur of:

 (a) December 8, 2013; or 
 (b) any other date on which the Obligations hereunder become due and payable pursuant to the terms of this Agreement. 
 “FDIC” means the Federal Deposit Insurance Corporation, and any Governmental Authority succeeding to any of its principal functions. 

“Federal Funds Effective Rate” means for any day, the rate per annum equal to the weighted average of the interest rates
on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Fixed Price Book Embedded Value” means, at any time, the forecasted gross profit margin from the Borrower’s
forward fixed price sales and purchase commitments for natural gas then in effect reasonably determined based on contracted fixed price physical sales and purchases of natural gas at such time and the associated financial positions hedging those
transactions, without regard to associated credit or market risks inherent in the natural gas industry (it being understood for the avoidance of doubt that realization of the Fixed Price Embedded Value is contingent on the performance of those
contracts, including the physical delivery or acceptance or the otherwise net settlement of the physical and financial trades). 

“FRB” means the Board of Governors of the Federal Reserve System, and any Governmental Authority succeeding to any of
its principal functions. 
 “Further Taxes” means any and all present or future taxes, levies, assessments,
imposts, duties, deductions, fees, withholding or similar charges (including, without limitation, net income taxes and franchise taxes), and all liabilities with respect thereto, imposed by any jurisdiction on account of amount payable or paid
pursuant to Section 4.01. 
 “GAAP” means generally accepted accounting principles set forth from
time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar
functions of comparable stature and authority within the U.S. accounting profession), which are applicable to the circumstances as of the date of determination. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the
foregoing. 
 “Guarantor” means Atmos Energy Holdings, Inc. 

  
 17 

 “Guaranty” means an Amended and Restated Guaranty Agreement, dated as of
the date hereof, which has been executed by a Guarantor and delivered to the Administrative Agent for the benefit of the Banks. 

“Guaranty Obligation” has the meaning specified in the definition of “Contingent Obligation.” 

“Hedged”: in relation to Eligible Inventory, if the purchase or sale price thereof has been (i) materially hedged
as evidenced by the Net Position Report or, if not in the Net Position Report, as otherwise reasonably acceptable to the Administrative Agent and (ii) pledged through one or a combination of Eligible Commodity Futures Accounts entered into or
held in accordance with the Risk Management Policy for the corresponding volume of physical Product held in Eligible Inventory. 

“Hedging Assignment” means a security agreement among Borrower, the Administrative Agent and an Eligible Broker relating
to the collateral assignment to the Administrative Agent, as collateral agent for the Banks, of all sums owing from time to time to Borrower with respect to an Eligible Commodities Futures Account, such agreement to be in form and substance
acceptable to the Required Banks in the exercise of reasonable discretion. For the avoidance of doubt, the Commodity Account Hedging Assignment Agreement is a Hedging Assignment. 

“Honor Date” has the meaning specified in Subsection 3.03(b). 

“Indebtedness” of any Person means, without duplication, (a) all indebtedness for borrowed money; (b) all
obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business on ordinary terms); (c) all non-contingent reimbursement or payment
obligations with respect to Surety Instruments; (d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses;
(e) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to property acquired by the Person (even though the rights and remedies of the seller
or bank under such agreement in the event of default are limited to repossession or sale of such property); (f) all obligations with respect to capital leases; (g) all payment obligations with respect to swap contracts and physical trade
contracts (including, for the avoidance of doubt, all SPT Contracts); (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien upon or in property (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness; and (i) all Guaranty
Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (a) through (g) above. 
 “Indemnified Liabilities” has the meaning specified in Section 11.05. 
 “Indemnified Person” has the meaning specified in Section 11.05. 
 “Independent Auditor” has the meaning specified in Subsection 7.01(a). 
 “Insolvency Proceeding” means, with respect to any Person (a) any case, action or proceeding with respect to such Person before any court or other Governmental Authority relating to
bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors; undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code. 

  
 18 

 “Intercreditor Agreement” means the Third Amended and Restated
Intercreditor Agreement dated as of the date hereof, among the Agent, the Banks, the Swap Banks and the Physical Trade Banks relating to, among other things, the sharing of proceeds of Collateral with and among the Secured Parties. 

“Interest Payment Date” means, as to any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and, as to any Base Rate Loan, the later to occur of (i) the fifth Business Day of each month and (ii) two Business Days following receipt of a final invoice for the same. 

“Interest Period” means, as to any Offshore Rate Loan, the period commencing on the Borrowing Date of such Loan or on
the Conversion/Continuation Date on which the Loan is converted into or continued as an Offshore Rate Loan, and ending one week, two weeks, one month or two months later as selected by the Borrower as the ending date thereof in its Notice of
Borrowing or Notice of Conversion/Continuation; 
 provided, however, that: 

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

(b) any Interest Period pertaining to an Offshore Rate Loan that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Expiration Date. 
 “IRS” means the Internal Revenue Service, and any Governmental Authority succeeding to any of its principal functions under the Code. 

“Issuance Cap” means an amount equal to the sum of all Issuing Bank Sub-Limits. 

“Issue” means, with respect to any Letter of Credit, to issue or to extend the expiry of, or to renew or increase the
amount of, such Letter of Credit; and the terms “Issued,” “Issuing” and “Issuance” have corresponding meanings. 
 “Issuing Bank” means each of BNP Paribas, Société Générale and Natixis (or any Affiliate of the foregoing), each in its capacity as an issuer of one or more
Letters of Credit and, collectively, the “Issuing Banks”. 

  
 19 

 “Issuing Bank Sub-Limit” means, with respect to each Issuing Bank, the
limit set opposite such Issuing Bank under the heading “Sub-Limit” in the table below, subject to the modifications to such limits arising under Section 11.01; provided that while any Bank qualifies as a Defaulting Bank
hereunder, each Issuing Bank’s “Sub-Limit” as set forth in the table below shall be reduced to an amount equal to the product of (a) such Issuing Bank’s Issuing Percentage Cap (expressed as a decimal, rounded to the ninth
decimal place) at such time multiplied by (b) the Total Available Committed Line Portion at such time, rounded to the nearest whole dollar: 

			
	 Issuing Bank
	  	 Sub-Limit

	 BNP Paribas
	  	$200,000,000
	 Société Générale
	  	$150,000,000
	 Natixis
	  	$100,000,000

“Issuing Percentage Cap” means, with respect to each Issuing Bank, the percentage set opposite such Issuing Bank under
the heading “Issuing Percentage” in the table below, as such amounts may be amended from time to time pursuant to Section 11.01 hereof, which percentages have been determined initially as the result of the Issuing Bank Sub-Limit for
such Issuing Bank over the Total Committed Line Portion on the Closing Date. 
  

			
	 Issuing Bank
	  	 Issuing Percentage

	 BNP Paribas
	  	100.00%
	 Société Générale
	  	75.0%
	 Natixis
	  	50.0%

 “L/C
Advance” means each Bank’s participation in any L/C Borrowing or Reducing L/C Borrowing in accordance with its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank
under this Agreement, with respect to each Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable). 

“L/C Amendment Application” means an application form for amendment of outstanding standby or commercial documentary
letters of credit as shall at any time be in use at any Issuing Bank, as such Issuing Bank shall request. 
 “L/C
Application” means an application form for Issuances of standby or commercial documentary letters of credit as shall at any time be in use at any Issuing Bank, as such Issuing Bank shall request. 

“L/C Borrowing” means an extension of credit resulting from either a drawing under any Letter of Credit or a Reducing
L/C Borrowing, which extension of credit shall not have been reimbursed on the date when made nor converted into a Borrowing of Revolving Loans under Subsection 3.03(c). 

“L/C Cap” means, at any time, the maximum availability for Issuance of Letters of Credit under the Borrowing Base Line
which shall be an amount equal to the Borrowing Base Advance Cap, at such time, minus the Effective Amount of the then outstanding Loans. 
 “L/C Obligations” means at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit then outstanding, plus (b) the amount of all unreimbursed drawings under
all Letters of Credit, including all outstanding L/C Borrowings. 
 “L/C-Related Documents” means the Letters
of Credit, the L/C Applications, the L/C Amendment Applications, the Continuing Agreement for Letters of Credit, and any other document relating to any Letter of Credit, including, but not limited to, any Issuing Bank’s standard form documents
for letter of credit issuances. 

  
 20 

 “Lead Arranger” means BNP Paribas Securities Corp. 

“Lending Office” means, as to any Bank, the office or offices of such Bank specified as its “Lending Office”
on Schedule 11.02, or such other office or offices as such Bank may from time to time notify the Borrower and the Administrative Agent. 
 “Letter of Credit Facility” means, at any time, the undertaking to provide Letters of Credit in an amount equal to the lesser of (a) the Total Available Committed Line Portions at
such time and (b) $200,000,000, as such amount may be increased at or prior to such time pursuant to Section 2.14(d) this Agreement. 
 “Letters of Credit” means (a) any letters of credit (whether standby letters of credit or commercial documentary letters of credit) Issued by an Issuing Bank pursuant to Article III,
(b) any Reducing Letters of Credit, (c) any of the Existing Letters of Credit, (d) any 360-Day Letters of Credit, and (e) any TLGP Letters of Credit. 
 “LIBOR” means with respect to each day during each Interest Period pertaining to an Offshore Rate Loan, the rate per annum determined on the basis of the rate for deposits in United
States Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Reuters Reference LIBOR 01 (or otherwise on such screen) at approximately, with respect to any “revocable” Notice of
Borrowing or Notice of Conversion/Continuation (as applicable), 11:00 am (London time) three (3) Business Days prior to the first day of such Interest Period, and with respect to any “irrevocable” Notice of Borrowing or Notice of
Conversion/Continuation (as applicable), 11:00 am (London time) two (2) Business Days prior to the first day of such Interest Period. In the event that such rate does not appear or shall cease to be available from Reuters Reference LIBOR 01,
the LIBOR Rate shall be determined from such financial reporting service or other information as shall be mutually acceptable to the Administrative Agent and the Borrower. 
 “Lien” means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, charge, encumbrance, or lien, statutory or other in respect of any property, including
those created by, arising under or evidenced by any conditional sale or other title retention agreement, the interest of a lessor under a capital lease, any financing lease having substantially the same economic effect as any of the foregoing, or
the filing of any financing statement naming the owner of the asset to which such lien relates as debtor, under the Uniform Commercial Code or any comparable law. 
 “Line” means the Borrowing Base Line. 
 “Lloyds”
means Lloyds TSB Bank plc. 
 “Loan” means any extension of credit by a Bank to the Borrower under Article II
or Article III in the form of a Revolving Loan, Swing Line Loan, or an L/C Advance. 
 “Loan Documents” means
this Agreement, the Notes, the Guaranty, the Security Documents, the L/C-Related Documents, SPT Contracts, the Atmos Support Agreement, the Intercreditor Agreement, each Subordination Agreement and all other documents delivered to the Administrative
Agent or any Bank in connection herewith. 
 “Lock Box” has the meaning specified in Section 7.14.

  
 21 

 “Long Position” means the aggregate number of MMBTUS of Product, including
that of the Prompt Month, which are either held in inventory by the Borrower or which the Borrower has contracted to purchase (whether by purchase of a contract on a commodities exchange or otherwise), or which the Borrower will receive on exchange
or the notional quantity under a swap contract including, without limitation, all option contracts (calculated on a Delta Equivalent Basis) representing the obligation of the Borrower to purchase Product at the option of a third party, and in each
case, for which a fixed purchase price has been set. Long Positions will be expressed as a positive number. 
 “Margin
Stock” means “margin stock” as such term is defined in Regulation T, U or X of the FRB. 

“Mark-to-Market” means, the method of accounting used to account for derivative commodity instruments entered into for
trading purposes, in accordance with EITF 98-10, “Accounting for Energy Trading and Risk Management Activities” and any future open obligation. 
 “Market Value” with respect to any Product on any date, the price at which such Product could be purchased or sold for delivery on that date or during the applicable period adjusted to
reflect the specifications thereof and the location and transportation differential, determined by using prices (a) on the New York Mercantile Exchange, the COMEX, the London Metal Exchange, the New York Board of Trade, the International
Petroleum Exchange, the Intercontinental Commodities Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange or, if a price for any such Product (or delivery period or location) is not available on such exchanges, such other markets or
exchanges recognized as such in the commodities trading industry, including over-the-counter markets and private quotations, or as published in an independent industry recognized source, in each case reasonably selected by the Borrower and
reasonably satisfactory to the Administrative Agent on such date, (b) if such a price for any such Product is not available in any market or exchange described in clause (a) above, any other exchange or market reasonably selected by the
Borrower and reasonably satisfactory to the Administrative Agent on such date or (c) if such a price for any such Product is not available in any market or exchange described in clauses (a) or (b) above, such other value determined
pursuant to methodology reasonably selected by the Borrower and reasonably satisfactory to the Administrative Agent. 

“Marketable Securities” means (a) certificates of deposit issued by any bank with a Fitch rating of A or better,
(b) commercial paper rated P-1, A-1 or F-1, (c) bankers acceptances rated prime, or (d) U.S. Government obligations with tenors of 90 days or less. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, assets, properties, management or financial condition
of the Borrower or the Borrower and its Subsidiaries taken as a whole, (b) a material impairment of the ability of the Borrower to perform under any Loan Document and to avoid any Event of Default, or (c) a material adverse effect upon the
legality, validity, binding effect or enforceability of any Loan Document against the Borrower or any of its Subsidiaries. 

“Maturity Date” means March 8, 2014. 
 “Maximum Line” means (a) prior to the increase of the Total Committed Line Portions pursuant to Section 2 of this Agreement, $200,000,000, and (b) thereafter at any
time, the aggregate sum of (i) each increase in the Total Committed Line Portion pursuant to Section 2.14 and (ii) $200,000,000. 
 “Multiemployer Plan” means a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes, is making,
or is obligated to make contributions or, during the preceding three (3) calendar years, has made, or been obligated to make, contributions. 

  
 22 

 “Natixis” means Natixis, acting through its New York Branch. 

“Net Position” means the sum of all Long Positions and Short Positions of the Borrower. 

“Net Position Report” means a report in form attached hereto as Exhibit F. 

“Net Position Value” has the meaning ascribed to such term in Section 8.11 hereof. 

“Net Working Capital” means, as to the Borrower and its Subsidiaries, the excess of Current Assets (minus all amounts
due from employees, owners, Subsidiaries and Affiliates other than Accounts of Atmos Energy Corporation and its Subsidiaries and Affiliates permitted to be included as Eligible Accounts in the calculation of the Borrowing Base Advance Cap) over
Current Liabilities (excluding the current portion of the Subordinated Debt), minus (a) the net impact on the value of Net Working Capital attributable to accumulated other comprehensive income, as of the date of determination prepared
in accordance with GAAP, minus (b) investments in Capital Stock, and (c) adjusted to negate the impact of the Basis Swap Cumulative Mark-to-Market Amount. 
 “Non-Defaulting Bank” means, at any time, each Bank that is not a Defaulting Bank at such time. 
 “Notes” means the promissory notes executed by the Borrower in favor of a Bank pursuant to Subsection 2.02(b), in form approved by the Banks. A Note will be issued by the
Borrower to each entity that becomes a Bank hereunder from time to time, but will not be issued to Participants of a Bank. 

“Notice of Borrowing” means the applicable notice in substantially the form of Exhibit A. 

“Notice of Conversion/Continuation” means a notice in substantially the form of Exhibit B. 

“Obligations” means all advances, debts, liabilities, obligations, covenants and duties arising under (a) any Loan
Document, owing by the Borrower to any Bank, or any affiliate of any Bank, Agents, or any Indemnified Person, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or
hereafter arising, including, without limitation, all obligations of the Borrower under Revolving Loans, Swing Line Loans, and with respect to Letters of Credit, (b) any Swap Contract, and (c) any Physical Trade Contract, including with
respect to clauses (b) and (c) all Unmatured SPT Contract Obligations, if any. 
 “OFAC”: as defined
in Section 6.20(b)(v). 
 “Offshore Effective Amount” means the product of the principal amount of
an Offshore Rate Loan or requested Offshore Rate Loan and the number of days in the applicable Interest Period for such Offshore Rate Loan. 
 “Offshore Rate” means, for any Interest Period, pertaining to Offshore Rate Loans comprising part of the same Borrowing, the rate of interest per annum (rounded upward to the next 1/16th
of 1%) determined by Agents as follows: 
  

					
	Offshore Rate =	 	 LIBOR
	  	
	 	1.00 - Eurodollar Reserve Percentage	  	

  
 23 

 The Offshore Rate shall be adjusted automatically as to all Offshore Rate Loans then
outstanding as of the effective date of any change in the Eurodollar Reserve Percentage. 
 “Offshore Rate
Loan” means a Loan that bears interest based on the Offshore Rate. 
 “One-Year NYMEX Natural Gas
Strip” means, for any date of determination, the average of the monthly NYMEX price of natural gas for the succeeding twelve-month period. 
 “Organization Documents” means (a) for any corporation, the certificate or articles of incorporation, the bylaws, any certificate of determination or instrument relating to the
rights of preferred shareholders of such corporation, any shareholder rights agreement, and all applicable resolutions of the board of directors (or any committee thereof) of such corporation, (b) for any partnership, the partnership agreement,
and all other documents or filings as may be required by the Secretary of State (or other applicable governmental agency) in the state of such partnership’s formation, and (c) for any limited liability company, the certificate or articles
of formation or organization and the operating agreement and any other organizational or governing documents of such limited liability company. 
 “Original Credit Agreement” has the meaning ascribed to such term in the Recitals hereto. 
 “Other Taxes” means any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or from
the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Loan Documents. 

“Participant” has the meaning specified in Subsection 11.08(d). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any Governmental Authority succeeding to any of its principal
functions under ERISA. 
 “Pension Plan” means a pension plan (as defined in Section 3(2) of ERISA)
subject to Title IV of ERISA which the Borrower sponsors, maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as described in Section 4064(a) of ERISA) has made
contributions at any time during the immediately preceding five (5) plan years. 
 “Permitted Liens”
has the meaning specified in Section 8.01. 
 “Person” means an individual, partnership,
corporation, business trust, joint stock company, trust, unincorporated association, joint venture or Governmental Authority. 

“Physical Trade Bank” means each of (a) BNP Paribas, Société Générale, and Royal Bank
of Scotland, or their respective Affiliates, and (b) any other Bank or any Affiliate thereof approved by the Required Banks, in the case of each of the foregoing clauses, in its capacity as a party to a Physical Trade Contract, to the extent
that such Bank, or its Affiliate (as the case may be) signs and becomes a party to the Intercreditor Agreement prior to entering into such Physical Trade Contract. 

  
 24 

 “Physical Trade Bank Close-Out Amount” has the meaning ascribed to such
term in the Intercreditor Agreement. 
 “Physical Trade Bank Prompt Close-Out Amount” means with respect to any
Physical Trade Bank as of any date, the portion of the Physical Trade Bank Close-Out Amount as of such date arising from deliveries under Physical Trade Contracts made in the calendar month of such date or any preceding calendar month for payment
not later than the end of the immediately succeeding calendar month. 
 “Physical Trade Contract” means any
agreement entered between a Physical Trade Bank and the Borrower, whether or not in writing, relating to any single transaction that is for the purchase, sale, transfer or exchange of Product or any other similar transaction (including any option to
enter into any of the foregoing) or any combination of the foregoing and, unless the context clearly requires, any master agreement relating to or governing any or all of the foregoing; provided that at the time such agreement is entered, the
Physical Trade Bank is a Bank with a Committed Line Portion under this Agreement, or an Affiliate of such a Bank. 

“Physical Trade Delivery-Related Standby Letter of Credit” means any Physical Trade-Related Standby Letter of Credit
issued to support payment obligations of the Borrower owed or to become due to a Physical Trade Bank or any other counterparty on a physical trade contract, in each case, for natural gas that has been delivered or will be delivered to the Borrower
by such Physical Trade Bank or such other counterparty, as the case may be. 
 “Physical Trade-Related Standby Letter of
Credit” means any Letter of Credit issued under the Letter of Credit Facility to support obligations of the Borrower under a Physical Trade Contract. 
 “Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) which the Borrower sponsors or maintains or to which the Borrower makes, is making, or is obligated
to make contributions and includes any Pension Plan. 
 “Product” means natural gas. 

“Pro Rata Advance Share” means, as to any Bank at any time, the percentage equivalent (expressed as a decimal, rounded
to the ninth decimal place) at such time of such Bank’s Committed Line Portion divided by the Total Committed Line Portions. 
 “Pro Rata Adjusted Advance Share” means, at any time that one or more Banks qualifies as a Defaulting Bank hereunder, with respect to each Non-Defaulting Bank, the percentage equivalent
(expressed as a decimal, rounded to the ninth decimal place) at such time of such Bank’s Committed Line Portion divided by the Total Committed Line Portions (excluding the Total Committed Line Portions of all Defaulting Banks); provided
that the application of the Pro Rata Adjusted Advance Share shall in no event result in a Non-Defaulting Bank being obligated to extend credit in an amount in excess of its Committed Line Portion, and no adjustment to a Non-Defaulting Bank’s
Committed Line Portion shall arise from such Non-Defaulting Bank’s agreement herein to fund in accordance with its Pro Rata Adjusted Advance Share. 
 “Pro Rata Payment Share” means, as to any Bank at any time, the percentage equivalent (expressed as a decimal, rounded to the ninth decimal place) at such time of such Bank’s total
Effective Amount divided by the combined total Effective Amount of all Banks. 

  
 25 

 “Prompt Month” means, as of any Reporting Effective Date, the month
following the month such reporting occurs. 
 “Rabobank” means Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., “Rabobank Nederland”, New York Branch. 
 “Realizable Unrealized Profits” means
at any time, the sum of the Borrower’s net unrealized cash market profits realizable within twelve months from such time, from Accounts of the Borrower which are Eligible Accounts (other than the requirement of subparagraph (h) in the
definition of “Eligible Accounts”) and which are attributable to Product which has been contracted to be delivered to an Account Debtor, net of, in each case (on a counterparty by counterparty basis) (i) any Unrealized
Mark-to-Market Losses payable owing to the Account Debtor from the Borrower on such Account and (ii) after application thereof to any Eligible Accounts, Eligible Exchange Receivables, and Unbilled Eligible Accounts with such Account Debtor,
other offsets against amounts owed to such Account Debtor, whether in respect of unbilled purchases, or unperformed contracts for purchase. 
 “Reducing Letters of Credit” means any letters of credit (whether standby letters of credit or commercial documentary letters of credit) that (a) are Issued by an Issuing Bank
pursuant to Article III, and (b) specifically provide that the amount available for drawing under such letters of credit will be reduced, automatically and without any further amendment or endorsement to such letters of credit, by the amount of
any payment or payments made to the beneficiary of such Letter of Credit by the Borrower if such payment or payments (i) are made through a bank and (ii) reference such letters of credit by the letter of credit numbers thereof,
notwithstanding the fact that such payment or payments are not made pursuant to conforming and proper draws under such letters of credit. 
 “Reducing L/C Borrowing” means any extension of credit by the Banks to the Borrower for the purpose of funding any payment or payments made to the beneficiary of a Reducing Letter of
Credit by the Borrower if such payment or payments (a) are made through the Issuing Bank of such Reducing Letter of Credit, (b) reference the Reducing Letter of Credit by the letter of credit number thereof and (c) are not made
pursuant to a conforming and proper draws under such Reducing Letter of Credit. 
 “Refunded Swing Line Loan”
has the meaning specified in Section 2.03 
 “Replacement Bank” has the meaning specified in
Section 4.08. 
 “Reportable Event” means any of the events set forth in
Section 4043(b) of ERISA or the regulations thereunder, other than any such event for which the 30-day notice requirement under ERISA has been waived in regulations issued by the PBGC. 

“Reporting Effective Date” means the effective date of any report required to be made hereunder. 

“Requested TCL Increase Effective Date” has the meaning ascribed to such term in Section 2.14(a) hereof.

 “Required Banks” means, at any time, the Banks that hold at least two-thirds of the Total Available
Committed Line Portion at such time, which amount shall, for the avoidance of doubt, be allocated to each Non-Defaulting Bank in an amount equal to its Total Committed Line Portion, and to each Defaulting Bank, its Effective Amount thereof, in each
case at such time. 

  
 26 

 “Requirement of Law” means, as to any Person, any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or any of its property is subject. 

“Responsible Officer” means the chief executive officer and the president of the Borrower or, with respect to financial
matters, the chief financial officer of the Borrower, or such other officer of the Borrower that is acceptable to the Agents in the exercise of reasonable discretion. 
 “Revolving Loan” has the meaning specified in Section 2.01. 
 “Revolving Loan Dollar Advance Cap” means a cap upon Revolving Loans under the Borrowing Base Line (based on the applicable Borrowing Base Sub-Cap level listed below), with the following
limits (and the related Advance Cap Percentage limits): 
  

					
	 Borrowing Base Sub-Cap
	 	 Revolving Loan Dollar Advance Cap
	 	 Advance Cap Percentage

	 $100,000,000
	 	$35,000,000	 	35.00%
	 $150,000,000
	 	$70,000,000	 	46.6666667%
	 $200,000,000
	 	$105,000,000	 	52.50%
	 $250,000,000
	 	$140,000,000	 	56.00%
	 $300,000,000
	 	$175,000,000	 	58.3333333%
	 $350,000,000
	 	$210,000,000	 	60.00%
	 $400,000,000
	 	$245,000,000	 	61.25%
	 $450,000,000
	 	$280,000,000	 	62.2222222%
	 $500,000,000
	 	$315,000,000	 	63.00%

 The “Revolving Loan Dollar
Advance Cap” set forth opposite each Borrowing Base Sub-Cap level above shall be reduced, as of any date of determination of such cap, dollar for dollar by the aggregate amount of (i) the then-outstanding Revolving Loans and (ii) each
Defaulting Bank’s “Revolving Loan Dollar Advance Cap Amount.” For purposes of this definition, the “Revolving Loan Dollar Advance Cap Amount” of any Defaulting Bank shall be the product of such Defaulting Bank’s
Available Committed Line Portion multiplied by the applicable Advance Cap Percentage (expressed as a decimal, rounded to the ninth decimal place) set opposite the applicable Borrowing Base Sub-Cap as of such date. The “Revolving Loan
Dollar Advance Cap” shall not be interpolated between Borrowing Base Sub-Cap levels and shall remain at the lower level until the higher Borrowing Base Sub-Cap level is elected by the Borrower. The Borrowing Base Sub-Cap level shall at no time
exceed the Total Committed Line Portion. 
 “Risk Management Policy” means the risk management policy of the
Borrower applicable to the funding activities of the Borrower as approved by the Board of Directors of the Borrower and as in effect as of the date hereof, and as the same may be modified in accordance with Section 8.15. 

“Royal Bank of Scotland” means The Royal Bank of Scotland plc. 

  
 27 

 “Secured Parties” means the Collateral Agent, each of the Banks, each of
their respective Affiliates that is an SPT Bank and the Indemnified Persons. 
 “Security Agreement” means that
certain Third Amended and Restated Security Agreement dated as of December 8, 2010 duly executed by the Borrower and delivered to the Collateral Agent for the benefit of the Secured Parties granting to the Collateral Agent, as collateral agent
for the Secured Parties, a first priority security interest in and Lien upon the Collateral. 
 “Security
Documents” means (i) the Security Agreement, (ii) all Hedging Assignments and (iii) the Control Agreements. 
 “Short Position” means the aggregate number of MMBTUS of Product, including that of the Prompt Month, which the Borrower has contracted to sell (whether by sale of a contract on a
commodities exchange or otherwise) or deliver on exchange or under a swap contract, including, without limitation, all option contracts (calculated on a Delta Equivalent Basis) representing the obligation of the Borrower to sell Product at the
option of a third party and in each case for which a fixed sales price has been set. Short Positions shall be expressed as a negative number. 
 “Special Certificate” means that certain certificate provided pursuant to Section 5.01(l), as amended from time to time pursuant to the terms thereof. 

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

“SPT Activity Report” means a report detailing all SPT Close-Out Amounts and the SPT Activity Utilization Ratio (as
defined therein) to be used for monitoring the availability of SPT-Related Letters of Credit and compliance with the covenant set forth in Section 8.16, which report shall be substantially in the form attached hereto as Exhibit J.

 “SPT Bank” means each Swap Bank and each Physical Trade Bank. 

“SPT Bank Close-Out Amounts” has the meaning ascribed to such term in the Intercreditor Agreement. 

“SPT Contract” means each Swap Contract and each Physical Trade Contract. 

“SPT-Related L/C Cap” means $100,000,000. 
 “SPT-Related Standby Letter of Credit” means any Letter of Credit issued under the Letter of Credit Facility to support obligations of the Borrower under (i) any SPT Contract, or
(ii) any other swap contract or physical trade contract. 
 “Storage Book Embedded Value” means, at any
time, the forecasted gross profit margin from natural gas storage operations based on the Borrower’s natural gas inventory at such time and the associated financial positions at such time hedging such inventory, reasonably determined based on
the Borrower’s planned natural gas injection and withdrawal schedules (it being understood for the avoidance of doubt that the actual realization of the Storage Book Embedded Value is contingent on the execution of planned injections and
withdrawals and is subject to weather and other execution factors) less associated storage costs for the respective schedule period. 

  
 28 

 “Storage and Unhedged Transportation Exposure” has the meaning ascribed to
such term in Section 8.11 hereof. 
 “Subordinated Debt” means Indebtedness of the Borrower that
has been reported to the Banks and that has been subordinated to the Obligations pursuant to a Subordination Agreement substantially in the form attached hereto as Exhibit G. 

“Subsidiary” of a Person means any corporation, association, partnership, joint venture, limited liability company or
other business entity of which more than 50% of the voting stock or other Equity Interests (in the case of Persons other than corporations) is owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the
Person, or a combination thereof. Unless the context otherwise clearly requires, references herein to a “Subsidiary” refer to a Subsidiary of the Borrower. 
 “Surety Instruments” means all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments.

 “Swap Bank Close-Out Amount” has the meaning ascribed to such term in the Intercreditor Agreement.

 “Swap Banks” means each of (a) BNP Paribas, Société Générale, Royal Bank of
Scotland, NATIXIS, Rabobank and Credit Agricole, or their respective Affiliates, and (b) any other Bank or any Affiliate thereof approved by the Required Banks, in the case of each of the foregoing clauses, in its capacity as a party to a Swap
Contract, to the extent that such Bank, or its Affiliate (as the case may be) signs and becomes a party to the Intercreditor Agreement prior to entering into such Swap Contract. 

“Swap Contract” means any agreement entered between a Swap Bank and the Borrower, whether or not in writing, relating to
any single transaction that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, forward foreign exchange transaction, cap,
collar or floor transaction, currency swap, cross-currency rate swap, currency option or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing and, unless the context clearly
requires, any master agreement relating to or governing any or all of the foregoing; provided that at the time such agreement is entered, the Swap Bank is a Bank with a Committed Line Portion under this Agreement, or an Affiliate of such a
Bank. 
 “Swing Line Bank” means BNP Paribas. 

“Swing Line Dollar Advance Cap” means a cap upon Swing Line Loans under the Borrowing Base Line (based on the applicable
Borrowing Base Sub-Cap level listed below), with the following limits (and the related Advance Cap Percentage limits): 
  

					
	 Borrowing Base Sub-Cap
	 	 Swing Line Dollar Advance Cap
	 	 Advance Cap Percentage

	 $100,000,000
	 	$6,000,000	 	6.00%
	 $150,000,000
	 	$9,000,000	 	6.00%
	 $200,000,000
	 	$12,000,000	 	6.00%
	 $250,000,000
	 	$15,000,000	 	6.00%
	 $300,000,000
	 	$18,000,000	 	6.00%
	 $350,000,000
	 	$21,000,000	 	6.00%
	 $400,000,000
	 	$24,000,000	 	6.00%
	 $450,000,000
	 	$27,000,000	 	6.00%
	 $500,000,000
	 	$30,000,000	 	6.00%

  
 29 

 The “Swing Line Dollar Advance Cap” set forth opposite each Borrowing Base Sub-Cap level above
shall be reduced, as of any date of determination of such cap, dollar for dollar by the aggregate amount of (i) the then-outstanding Swing Line Loans and (ii) each Defaulting Bank’s “Swing Line Dollar Advance Cap Amount.”
For purposes of this definition, the “Swing Line Dollar Advance Cap Amount” of any Defaulting Bank shall be the product of such Defaulting Bank’s Available Committed Line Portion multiplied by the applicable Advance Cap
Percentage (expressed as a decimal, rounded to the ninth decimal place) set opposite the applicable Borrowing Base Sub-Cap as of such date. The “Swing Line Dollar Advance Cap” shall not be interpolated between Borrowing Base Sub-Cap levels
and shall remain at the lower level until the higher Borrowing Base Sub-Cap level is elected by the Borrower. The Borrowing Base Sub-Cap level shall at no time exceed the Total Committed Line Portion. 

“Swing Line Loan” has the meaning ascribed to such term in Section 2.01. 

“Swing Line Participation Amount” has the meaning ascribed to such term in Section 2.03(b)(iii). 

“Swing Line Premium” means 0.750% per annum. 

“Swing Line Rate” means, as of the date of any Swing Line Loan, the Cost of Funds. 

“Tangible Net Worth” means (a) the sum of the Borrower’s assets, as determined in accordance with GAAP,
minus (b) the sum of the Borrower’s liabilities excluding Subordinated Debt, as determined in accordance with GAAP, minus (c) all amounts due from employees, owners, Subsidiaries and Affiliates other than Accounts
permitted to be included as Eligible Accounts in the calculation of the Borrowing Base Advance Cap, minus (d) investments in Capital Stock, minus (e) the intangible assets of the Borrower, as determined in accordance with
GAAP, minus (f) if the Embedded Value Difference from General Ledger for the Fixed Price Book is negative, the absolute value thereof, minus (g) the amount of accumulated other comprehensive income, minus (h) if
the Embedded Value Difference from General Ledger for the Storage Book is negative, the absolute value thereof and (i) adjusted to negate the impact of the Basis Swap Cumulative Mark-to-Market Amount. 

“Taxes” means any and all present or future taxes, levies, assessments, imposts, duties, deductions, fees, withholdings,
or similar charges, and all liabilities with respect thereto, excluding, in the case of each Bank and the Administrative Agent, taxes imposed on or measured by each Bank’s net income or capital (with respect to franchise taxes or similar taxes)
by the jurisdiction (or any political subdivision thereof) under the laws of which such Bank or the Administrative Agent, as the case may be, is organized or maintains a Lending Office. 

“Termination Date” means the first date upon which (i) all Unmatured SPT Contract Obligations have been fully Cash
Collateralized, (ii) all other Obligations have been paid in full in cash and performed, as applicable, (iii) all of the commitments arising under the other Loan Documents have been terminated, and (iv) all claims against the Agents
and the Banks arising under the Loan Documents have been released. The obligation to Cash Collateralize any Unmatured SPT Contract Obligations on the Termination Date shall be subject to the sharing provisions of Section 2.11(a) and
Section 2.01 of the Intercreditor Agreement, as applicable. 

  
 30 

 “Tier I Account” means an Eligible Account with a Tier I Account Party.

 “Tier I Account Party” means an Account Debtor that is approved by the Required Banks in their sole
discretion exercised in good faith as a Tier I Account Party. 
 “Tier I Unbilled Account” means Unbilled
Eligible Accounts with a Tier I Account Party. 
 “Tier II Account” means Eligible Accounts (i) with a
Tier II Account Party or (ii) if for an amount of $1,000,000 or less, with any account debtor. 
 “Tier II Account
Party” means any Account Debtor that is approved by the Required Banks in their sole discretion exercised in good faith as a Tier II Account Party. 
 “Tier II Unbilled Account” means Unbilled Eligible Accounts (i) with a Tier II Account Party or (ii) if for an amount of $1,000,000 or less, with any account debtor. 

“TLGP” means Trans Louisiana Gas Pipeline, Inc., an indirect wholly-owned subsidiary of the Guarantor. 

“TLGP L/C Cap” means $30,000,000. 
 “TLGP Letter of Credit” means any letter of credit (whether a standby letter of credit or commercial documentary letter of credit) that is Issued by an Issuing Bank for the account of
Borrower, to the extent that such letter of credit (a) is Issued pursuant to Article III on behalf of TLGP to support payment obligations of TLGP with respect to the acquisition of Product in the ordinary course of business of TLGP, and
(b) immediately after giving effect to the Issuance thereof, does not cause the aggregate undrawn amount of all outstanding TLGP Letters of Credit, together with the amount of all unreimbursed drawings under all TLGP Letters of Credit, to be an
amount in excess of the TLGP L/C Cap. 
 “Total Available Committed Line Portion” means, at any time, the Total
Committed Line Portions of all Banks minus the aggregate Available Committed Line Portions of all Defaulting Banks at such time. 
 “Total Committed Line Portion” means the Dollar amount shown in Schedule 2.01 across from the phrase “Total Committed Line Portion,” as amended from time to time in
accordance with Section 2.14(d). 
 “Total Committed Percentage” means the percentage equivalent
(expressed as a decimal, rounded to the ninth decimal place) of Total Committed Line Portions divided by the Maximum Line. 

“Total Liabilities” means, with respect to any Person on any date of determination, all liabilities of such Person and
its Subsidiaries that, in accordance with GAAP, would be classified as liabilities on the balance sheet of a Person conducting a business the same as or similar to that of such Person, as determined on a Consolidated basis, but excluding to the
extent otherwise included therein any portion of the Subordinated Debt and adjusted to negate the impact of the Basis Swap Cumulative Mark-to-Market Amount. 

  
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 “Trustmark” means Trustmark National Bank. 

“Type” means either a Base Rate Loan or an Offshore Rate Loan. 

“Unbilled Eligible Accounts” means Accounts of the Borrower for Product which has been delivered to an Account Debtor
and which would be Eligible Accounts but for the fact that such Accounts have not actually been invoiced at such time, net of, in each case, (i) any accounts payable owing to the Account Debtor from the Borrower on such Account
and (ii) after application thereof to any Eligible Accounts, Eligible Exchange Receivables, and Realizable Unrealized Profits with such Account Debtor, other offsets against amounts owed to such Account Debtor, whether in respect of unbilled
purchases, out-of-the-money positions or unperformed contracts for purchase. 
 “Undelivered Product Value”
means the lesser of the (a) cost or (b) current market value of Product purchased by the Borrower under the Letters of Credit but which has not been physically delivered to the Borrower. Undelivered Product Value cannot simultaneously be
included in an Eligible Exchange Receivable. 
 “Unfunded Pension Liability” means the excess of a Plan’s
benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code
for the applicable plan year. 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect from
time to time in the State of New York. 
 “United States” and “U.S.” each means the United
States of America. 
 “Unmatured SPT Contract Obligations” with respect to any SPT Contract as of any date, the
portion of the SPT Bank Close-Out Amount under such SPT Contract that ultimately would be expected to come due, upon crystallization or otherwise, if such date were designated the “early termination date” or the “termination
date” or, in each case, its equivalent, of such SPT Contact, but which are not as of such date, then due and payable. 

“Unrealized Mark-to-Market Losses” means, on a counterparty by counterparty basis, (a) if the Embedded Value
Difference from General Ledger for the Fixed Price Book is negative, the absolute value thereof plus (b) if the Embedded Value Difference from General Ledger for the Storage Book is negative, the absolute value thereof. 

“USA PATRIOT Act” has the meaning ascribed to such term in Section 6.20(a). 

“Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other
Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right to so vote has been suspended by the happening
of such a contingency. 
 1.02 Other Interpretive Provisions. 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

  
 32 

 (b) The words “hereof,” “herein,” “hereunder” and similar
words refer to this Agreement as a whole and not to any particular provision of this Agreement; and Subsection, Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(i) The term “documents” includes any and all instruments, documents, agreements, certificates, indentures,
notices and other writings, however evidenced. 
 (ii) The term “including” is not limiting and means
“including without limitation.” 
 (iii) In the computation of periods of time from a specified date to
a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.”

 (c) Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement) and other
contractual instruments shall be deemed to include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document, and
(ii) references to any statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation. 

The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 This Agreement and other Loan Documents may use several different limitations, tests or measurements to regulate
the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms. 
 This Agreement and the other Loan Documents are the result of negotiations among and have been reviewed by counsel to the Agents, the Banks, the Borrower and the other parties, and are the products of all
parties. Accordingly, they shall not be construed against the Banks or Agents merely because of Agents’ or Banks’ involvement in their preparation. 
 1.03 Accounting Principles. 
 (a) Unless the context otherwise clearly
requires, all accounting terms not expressly defined herein shall be construed, and all financial computations required under this Agreement shall be made, in accordance with GAAP, consistently applied. 

(b) References herein to “fiscal year” and “fiscal quarter” refer to such fiscal periods of the Borrower. 

  
 33 

 ARTICLE II 
 THE CREDITS 
 2.01 Amounts and Terms of Committed Lines.

 (a) Revolving Loans. Each Bank severally agrees on the terms and conditions set forth herein, to make loans, from time
to time, to the Borrower under the Borrowing Base Line (each such loan, a “Revolving Loan”) on any Business Day during the period from the Closing Date to the Expiration Date, in an aggregate amount not to exceed at any time
outstanding (i) such Bank’s Committed Line Portion for the Borrowing Base Line; or (ii) such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under
this Section 2.01, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the Revolving Loan Dollar Advance Cap; provided, however, that, after giving effect to any Borrowing of
Revolving Loans, the Effective Amount of all outstanding Revolving Loans, plus Swing Line Loans, plus the Effective Amount of all L/C Obligations, shall not exceed the lesser of the Borrowing Base Advance Cap or the Total Available
Committed Line Portion. At no time shall the Revolving Loan Dollar Advance Cap be exceeded. 
 (b) Advances Related to the
Swap Contracts. In addition to advances requested from time to time by the Borrower, in the event that any amounts owing to any Swap Bank or any of its Affiliates under any Swap Contract are not paid within two (2) Business Days after
such obligation becomes due thereunder (whether at a scheduled date, by acceleration, early termination, on demand, or otherwise), then such Swap Bank shall notify the Administrative Agent of such failure to pay and the Administrative Agent (without
the necessity of any instructions or request from the Borrower) shall, during the period from the Closing Date until the Expiration Date and so long as such Swap Bank (or its Affiliate) is not then a Defaulting Bank, make a Revolving Loan in
accordance with the provisions of Section 2.03 of this Agreement under the Borrowing Base Line (after notice from the Administrative Agent that the requested advance is to be made to cover obligations of the Borrower under a Swap
Contract) and such Revolving Loan shall be funded in accordance with the procedures set forth in such Section 2.03 by each Bank with respect to its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the
obligations of such Defaulting Bank under this Section 2.03(b), with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable). Upon making any such advance as provided above, the Administrative Agent shall
send notice of such advance to the Borrower and the Banks. Any such advance shall initially be a Base Rate Loan. In the event that after giving effect to any such advance made to fund such Swap Bank or any of its Affiliates, the then-outstanding
amount of the Borrower Obligations hereunder would exceed the Borrowing Base Advance Cap or the Total Available Committed Line Portion, the Banks shall have no duty to fund their pro rata share of any excess resulting from such advance made to repay
amounts owing to such Swap Bank or any of its Affiliates under any Swap Contract (including, without limitation, any amounts required to be deposited as cash collateral by the Borrower in connection therewith). 

(c) Advances Related to the Physical Trade Contracts. In addition to advances requested from time to time by the Borrower, in the
event that any amounts owing to any Physical Trade Bank or any of its Affiliates under any Physical Trade Contract are not paid within two (2) Business Days after such obligation becomes due thereunder (whether at a scheduled date, by
acceleration, early termination, on demand, or otherwise), then such Physical Trade Bank shall notify the Administrative Agent of such failure to pay and the Administrative Agent (without the necessity of any instructions or request from the
Borrower) shall, during the period from the Closing Date until the Expiration Date and so long as such Physical Trade Bank (or its Affiliate) is not then a Defaulting Bank, make a Revolving Loan in accordance with the provisions of
Section 2.03 of this Agreement under the Borrowing Base Line (after notice from the Administrative Agent that the requested advance is to be made to cover obligations of the Borrower under a Physical Trade Contract) and such Revolving
Loan shall be funded in accordance with the procedures set forth in such Section 2.03 by each Bank with respect to its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting
Bank under this Section 2.03(c), with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable). Upon making any such advance as provided above, the Administrative Agent shall send notice of such advance to
the Borrower and the Banks. Any such advance shall initially be a Base Rate Loan. In the event that after giving effect to any such advance made to fund such Physical Trade Bank or any of its Affiliates, the then-outstanding amount of the Borrower
Obligations hereunder would exceed the Borrowing Base Advance Cap or the Total Available Committed Line Portion, the Banks shall have no duty to fund their pro rata share of any excess resulting from such advance made to repay amounts owing to
such Physical Trade Bank or any of its Affiliates under any Physical Trade Contract (including, without limitation, any amounts required to be deposited as cash collateral by the Borrower in connection therewith). 

  
 34 

 (d) Swing Line Loans. The Swing Line Bank agrees on the applicable terms and
conditions set forth herein, to make loans, from time to time, to the Borrower under the Borrowing Base Line (each such loan, a “Swing Line Loan”) on any Business Day during the period from the Closing Date to the Expiration Date,
in an aggregate amount not to exceed at any time outstanding (i) such Bank’s Committed Line Portion for the Borrowing Base Line; or (ii) the Swing Line Dollar Advance Cap; provided, however, that, after giving effect to
any Borrowing of Swing Line Loans, the Effective Amount of all outstanding Swing Line Loans, plus Revolving Loans, plus the Effective Amount of all L/C Obligations, shall not exceed the lesser of Borrowing Base Advance Cap or the Total
Available Committed Line Portion. At no time shall the Swing Line Dollar Advance Cap be exceeded. 
 2.02 Loan Accounts.

 (a) The Loans made by each Bank and the Letters of Credit Issued by an Issuing Bank shall be evidenced by one or more accounts
or records maintained by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent shall be conclusive absent manifest error of the amount of the Loans made by the Banks to the
Borrower and the Letters of Credit Issued for the account of the Borrower hereunder, and the interest and payments thereon. Any failure so to record or any error in doing so shall not, however, limit or otherwise affect the Obligation of the
Borrower hereunder to pay any amount owing with respect to the Loans or any Letter of Credit. 
 (b) Upon the request of any
Bank made through the Administrative Agent, the Loans made by such Bank may be evidenced by one or more Notes, instead of loan accounts. Each such Bank may endorse on the schedules annexed to its Note(s) the date, amount and maturity of each Loan
made by it and the amount of each payment of principal made by the Borrower with respect thereto. Each such Bank is irrevocably authorized by the Borrower to endorse its Note(s) and each Bank’s record shall be conclusive absent manifest error;
provided, however, that the failure of a Bank to make, or an error in making, a notation thereon with respect to any Loan shall not limit or otherwise affect the Obligations of the Borrower hereunder or under any such Note to such
Bank. 
 2.03 Procedure for Borrowing. 
 (a) Revolving Loan: 
 (i) Each Borrowing of Revolving Loans
consisting only of Base Rate Loans shall be made upon the Borrower’s written notice delivered to the Administrative Agent and the Banks in the form of a Notice of Borrowing (Revolving Loan), which notice must be received by the Administrative
Agent and the Banks by no later than 1:00 p.m. (New York City time) two (2) Business Days immediately preceding the Borrowing Date specifying the amount of the Borrowing; provided that if such Notice of Borrowing indicates that it
is “irrevocable” (by checking the applicable box on such Notice of Borrowing), the deadline for providing such notice shall be reduced by one Business Day so that such notice must be received no later than 1:00 p.m. (New York City
time) one (1) Business Day immediately preceding the Borrowing Date. Each such Notice of Borrowing shall be by electronic transfer or facsimile, confirmed immediately in an original writing. Each Borrowing of Revolving Loans that includes any
Offshore Rate Loans shall be made upon the Borrower’s written notice delivered to the Administrative Agent and the Banks in the form of a Notice of Borrowing (which notice must be received by the Administrative Agent by no later than
1:00 p.m. (New York City time) four (4) Business Days prior to the requested Borrowing Date), specifying the amount of the Borrowing; provided that if such Notice of Borrowing indicates that it is “irrevocable” (by
checking the applicable box on such Notice of Borrowing), the deadline for providing such notice shall be reduced by one Business Day so that such notice must be received no later than 1:00 p.m. (New York City time) three (3) Business Days
immediately preceding the Borrowing Date. Each such Notice of Borrowing shall be by electronic transfer or facsimile, confirmed immediately in an original writing. Each requested Offshore Rate Loan must have an Offshore Effective Amount of at least
$15,000,000. 

  
 35 

 (ii) The Administrative Agent will promptly notify each Bank of its receipt
of any Notice of Borrowing and of the amount of such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.03(b), with respect to any
Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of that Borrowing. 
 (iii) Each Bank
will make the amount of its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.03(b), with respect to any Non-Defaulting Bank, its Pro Rata
Adjusted Advance Share, if applicable) of such Borrowing available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s payment office by 3:00 p.m. (New York City time) on the Borrowing Date requested by the
Borrower in funds immediately available to the Administrative Agent. The proceeds of all such Loans will then be made available to the Borrower by the Administrative Agent at such office by crediting the Lock Box with the aggregate of the amounts
made available to the Administrative Agent by the Banks and in like funds as received by the Administrative Agent. 
 To the extent that any
Notice of Borrowing contemplated in the foregoing provisions of this Section 2.03(a) is delivered on the applicable Business Day but after the specified time for such notice, such notice shall be deemed to have been received as of the
start of business on the immediately succeeding Business Day. 
 (b) Swing Line Loan: (i) Each Borrowing of Swing
Line Loans shall be made upon the Borrower’s irrevocable written notice delivered to the Administrative Agent and the Swing Line Bank in the form of a Notice of Borrowing (Swing Line), which notice must be received by the Administrative Agent
and the Swing Line Bank by no later than 1:00 p.m. (New York City time) on the Borrowing Date specifying the amount of the Borrowing. Each such Notice of Borrowing shall be by electronic transfer or facsimile, confirmed immediately in an
original writing. Each requested Swing Line Loan shall be in a minimum amount of $1,000,000. 
 (ii) Refunded
Swing Line Loan. If the Administrative Agent shall not have received full repayment in cash of any Swing Line Loan on or before 11:00 a.m. (New York City time) on the applicable Advance Maturity Date for such Swing Line Loan, the Swing Line
Bank may, not later than 3:00 p.m. (New York City time), on such day, request on behalf of the Borrower of such Swing Line Loan (which hereby irrevocably authorizes the Swing Line Bank to act on its behalf), that each Bank having a Committed Line
Portion, including the Swing Line Bank, shall, on a several basis, make a Revolving Loan in an amount equal to such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting
Bank under this Section 2.03(b), with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the outstanding amount of the such Swing Line Loan (a “Refunded Swing Line Loan”). In
accordance with Section 2.03(b)(v), each Bank shall make the proceeds of its Refunded Swing Line Loan available to the Swing Line Bank for the account of the Swing Line Bank at the Swing Line Bank’s lending office for Loans prior to
11:00 a.m. (New York City time) in funds immediately available on the Business Day next succeeding the date such request is made. The proceeds of such Refunded Swing Line Loans shall be immediately applied to repay the Swing Line
Loans. 

  
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 (iii) If prior to the making of any Refunded Swing Line Loan pursuant to
Section 2.03(b)(i) one of the events described in Section 9.01(e) or 9.01(f) shall have occurred, each Bank shall, on the date such Refunded Swing Line Loan was to have been made, purchase an undivided participating interest
in the Swing Line Loan in an amount equal to its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.03(b), with respect to any Non-Defaulting
Bank, its Pro Rata Adjusted Advance Share, if applicable) of such Swing Line Loan (the “Swing Line Participation Amount” and each participating Bank a “Swing Line Participating Bank”). Each Swing Line Participating
Bank shall promptly transfer to the Swing Line Bank, in immediately available funds, the amount of its Swing Line Participation Amount and upon receipt thereof the Swing Line Bank shall deliver to each such Swing Line Participating Bank a Swing Line
Loan participation certificate, in a form specified by the Swing Line Bank, dated the date of receipt of the Swing Line Participation Amount and in such amount. 
 (iv) Whenever, at any time after the Swing Line Bank has received from any Swing Line Participating Bank such Swing Line Participating Bank’s Swing Line Participation Amount, the Swing Line Bank
receives any payment on account thereof, the Swing Line Bank shall distribute to each such Swing Line Participating Bank its allocable portion of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Swing Line Participating Bank’s participating interest was outstanding and funded, and in the case of principal and interest payments, to reflect such Swing Line Participating Bank’s pro rata portion of such
payment if such payment is not sufficient to pay the principal and interest on all Swing Line Loans then due) in like funds as received; provided, however, that in the event that such payment received by the Swing Line Bank is required
to be returned, such Swing Line Participating Bank shall return to the Swing Line Bank any portion thereof previously distributed by the Swing Line Bank to it in like funds as such payment is required to be returned by the Swing Line Bank.

 (v) Each Lender’s obligation to make Refunded Swing Line Loans referred to in
Section 2.03(b)(ii) above and to purchase participating interests pursuant to Section 2.03(b)(iii) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any
set-off, counterclaim, recoupment, defense or other right which such Bank may have against the Swing Line Bank, the Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or continuance of an Event of Default,
(iii) any failure to satisfy any condition precedent to extensions of credit set forth in Section 5, (iv) any adverse change in the condition (financial or otherwise) of the Borrower or the Guarantor, (v) any breach of
this Agreement by the Borrower or by the Guarantor with respect to any Loan Document to which it is a party or any other Bank or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 To the extent that any Notice of Borrowing contemplated in the foregoing provisions of this Section 2.03(b) is delivered on the
applicable Business Day but after the specified time for such notice, such notice shall be deemed to have been received as of the start of business on the immediately succeeding Business Day. 

  
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 2.04 Conversion and Continuation Elections. 

(a) Borrower may, upon written notice to the Administrative Agent in accordance with Subsection 2.04(b): 

(i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest
Period, in the case of any Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the Offshore Effective Amount of each Offshore Rate Loan must be at least $15,000,000); or 

(ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods
expiring on such day (provided, however, that the Offshore Effective Amount of each Offshore Rate Loan must be at least $15,000,000); 
 provided, however, that if at any time the aggregate amount of Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to have an
Offshore Effective Amount of less than $15,000,000, such Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Borrower to continue such Loans as, and convert such Loans into, Offshore Rate
Loans shall terminate. 
 (b) Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative
Agent not later than 1:00 p.m. (New York City time) two (2) Business Days immediately preceding the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and four (4) Business Days in advance of the
Conversion/Continuation Date, if the Loans are to be converted into or continued as Offshore Rate Loans, specifying: 
 (i) the proposed Conversion/Continuation Date; 
 (ii) the aggregate
amount of Loans to be converted or continued; 
 (iii) the Type of Loans resulting from the proposed conversion
or continuation; 
 (iv) other than in the case of conversions into Base Rate Loans, the duration of the
requested Interest Period; and 
 (v) whether such Notice of Conversion/Continuation is “revocable” or
“irrevocable”(by checking the applicable box on such notice). 
 If a Notice of Conversion/Continuation is “irrevocable”,
the deadlines set forth in Section 2.04(b) above shall be reduced by one (1) Business Day so that with respect to Loans to be converted to Base Rate Loans, the deadline for notice shall be not later than 1:00 p.m. (New York
City time) one (1) Business Day immediately preceding the Conversion/Continuation Date, and with respect to Loans to be converted to Offshore Rate Loans, the deadline for notice shall be not later than 1:00 p.m. (New York City time) three
(3) Business Days immediately preceding the Conversion/Continuation Date. With respect to any Notice of Conversion/Continuation, if such notice is delivered on the applicable Business Day after the specified time for such notice, such notice
shall be deemed to have been delivered as of the start of the immediately succeeding Business Day. 
 (c) If upon the expiration
of any Interest Period applicable to Offshore Rate Loans, the Borrower has failed to timely select a new Interest Period to be applicable to its Offshore Rate Loans, or if any Default or Event of Default then exists, the Borrower shall be deemed to
have elected to convert such Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. 

  
 38 

 (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of
Conversion/Continuation, or, if no timely notice is provided by the Borrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to
the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. 
 (e)
Unless the Required Banks otherwise agree, during the existence of a Default or Event of Default, the Borrower may not elect to have a Loan converted into or continued as an Offshore Rate Loan. 

(f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than five (5) Interest
Periods in effect. 
 (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank’s
Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.04, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if
applicable) of that Borrowing. 
 To the extent that any Notice of Conversion/Continuation contemplated in the foregoing provisions of this
Section 2.04 is not received as of the specified time, such notice shall be deemed to have been received as of the start of business on the immediately succeeding Business Day. 

2.05 Optional Prepayments. The Borrower may, at any time or from time to time, upon the Borrower’s irrevocable written notice
to the Administrative Agent received prior to 1:00 p.m. (New York City time) on the date of prepayment, prepay Loans in whole or in part without premium except any amounts due by Borrower pursuant to Article IV, which notice of prepayment shall
specify: (x) the date and amount of the prepayment, which prepayment amount shall be in a principal amount of $250,000 or whole multiple thereof and (y) which Revolving Loans shall be prepaid. The Administrative Agent will promptly notify
each Bank of its receipt of any such prepayment, and of such Bank’s Pro Rata Payment Share of such prepayment (which share may be affected by the allocation rules set forth in Section 2.11 with respect to Defaulting Banks).

 2.06 Mandatory Prepayments of Loans; Mandatory Commitment Reductions. If on any date the Effective Amount of L/C
Obligations exceeds the L/C Cap, the Borrower shall Cash Collateralize on such date the outstanding Letters of Credit in an amount equal to 105% of the excess above any such cap. If on any date after giving effect to any Cash Collateralization made
on such date pursuant to the preceding sentence, the Effective Amount of all Revolving Loans, and Swing Line Loans then outstanding plus the Effective Amount of all L/C Obligations exceeds the lesser of (a) the Collateral Position or
(b) the Total Committed Line Portion, the Borrower shall immediately, and without notice or demand, prepay the outstanding principal amount of the Revolving Loans and L/C Advances by an amount equal to the applicable excess. 

2.07 Repayment. The Borrower shall repay the principal amount of each Revolving Loan and each Swing Line Loan to the
Administrative Agent on behalf of the Banks, on the applicable Advance Maturity Date for such Loan. All amounts owing a Swap Bank under any Swap Contract, to the extent such amounts have not been repaid from the proceeds of a Revolving Loan pursuant
to Section 2.01(b) hereof, shall be paid on demand, or if no demand is made, on the first (1st) Business Day after the Borrower receives notice that such amount was advanced by or becomes owing to a Swap Bank. All amounts owing a
Physical Trade Bank under any Physical Trade Contract, to the extent such amounts have not been repaid from the proceeds of a Revolving Loan pursuant to Section 2.01(c) hereof, shall be paid on demand, or if no demand is made, on the
first (1st) Business Day after the Borrower receives notice that such amount was advanced by or becomes owing to a Physical Trade Bank. 

  
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 2.08 Interest. 

(a)(i) Each Revolving Loan (except for a Revolving Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C
Borrowing) shall bear interest on the outstanding principal amount thereof from the applicable Borrowing Date at a floating rate per annum equal to (x) at all times such Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin,
and (y) at all times the Loan is an Offshore Rate Loan, the greater of (A) the Offshore Rate plus the Applicable Margin and (B) the Cost of Funds rate plus the Applicable Margin. 

(ii) Each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the date funded at a
floating rate per annum equal to the Swing Line Rate plus the Applicable Margin plus the Swing Line Premium. For the avoidance of doubt, upon any Swing Line Loan becoming a Refunded Swing Line Loan (in accordance with
Section 2.03(b)(ii)) or upon the participation of the other Banks in any Swing Line Loan (in accordance with Section 2.03(b)(iii)), such Loan shall bear interest at the Base Rate. 

(iii) Each Revolving Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C Borrowing shall bear
interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to then applicable Base Rate plus the Applicable Margin. 
 (b) Interest on each Revolving Loan shall accrue through and including the last day of each calendar month and shall be paid in arrears on each Interest Payment Date. Interest on any Swing Line Loan shall
be paid on the Advance Maturity Date with respect to such Swing Line Loan. 
 (c) Notwithstanding subsection (a) of this
Section, if any amount of principal of or interest on any Loan, or any other amount payable hereunder or under any other Loan Document is not paid in full when due (whether at stated maturity, by acceleration, demand or otherwise), the Borrower
agrees to pay interest on such unpaid principal or other amount, from the date such amount becomes due until the date such amount is paid in full, and after as well as before any entry of judgment thereon to the extent permitted by law, payable on
demand, at a fluctuating rate per annum equal to the then applicable rate on such Credit Extension plus the Default Rate, or if no rate is applicable at the Base Rate plus the Applicable Margin then applicable to Base
Rate Loans plus the Default Rate. 
 (d) Anything herein to the contrary notwithstanding, the Obligations of the
Borrower to any Bank hereunder shall be subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such
payment by such Bank would be contrary to the provisions of any law applicable to such Bank limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Bank, and in such event the Borrower shall pay such
Bank interest at the highest rate permitted by applicable law. 

  
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 (e) Regardless of any provision contained in any Note or in any of the Loan Documents, none
of the Banks shall ever be deemed to have contracted for or be entitled to receive, collect or apply as interest under any such Note or any Loan Document, or otherwise, any amount in excess of the maximum rate of interest permitted to be charged by
applicable law, and, in the event that any of the Banks ever receive, collect or apply as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note, and, if
the principal balance of such Note is paid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds the highest lawful rate, the Borrower
and such Bank shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee, or premium, rather than as interest, (ii) exclude voluntary prepayments and the effect thereof and
(iii) spread the total amount of interest throughout the entire contemplated term of such Note so that the interest rate is uniform throughout such term; provided, however, that if all Obligations under the Note and all Loan
Documents are performed in full prior to the end of the full contemplated term thereof and if the interest received for the actual term thereof exceeds the maximum lawful rate, such Bank shall refund to the Borrower the amount of such excess, or
credit the amount of such excess against the aggregate unpaid principal balance of such Bank’s Note at the time in question. 
 2.09 Fees. 
 (a) In addition to certain fees described in
Sections 2.09(b) and 3.08 hereof, the Borrower shall pay to the Administrative Agent, for the account of each Bank, fees in accordance with the separate letter agreements between the Agents, the Banks and the Borrower. The Borrower shall
also pay to the Agents, for their own accounts, fees in accordance with a separate letter agreement between the Agents and the Borrower. 
 (b) The Borrower agrees to pay to the Administrative Agent for the account of each Bank a commitment fee for the period from and including the Closing Date to but not including the Maturity Date, computed
at the Commitment Fee Rate on the average daily Available Committed Line Portion of such Bank during the period for which payment is made; provided that for any day that a Bank is a Defaulting Bank hereunder, its average daily Available
Committed Line Portion shall be deemed to be, solely for purposes of this Section 2.09(b), zero. The commitment fee shall accrue through the last day of each of March, June, September and December and shall be payable quarterly in
arrears on the fifth (5th) Business Day of the each
of April, July, October, and January and on the Maturity Date or such earlier date as the Committed Line Portion of such Bank shall terminate as provided herein, commencing on the first of such dates to occur after the date hereof (or if such day is
not a Business Day, the next succeeding Business Day). 
 2.10 Computation of Fees and Interest. 

(a) All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more interest being paid than if computed on the basis of a 365-day year). Except as otherwise expressly set forth, interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof through
the last day thereof. 
 (b) Each determination of an interest rate by the Administrative Agent shall be conclusive and binding
on the Borrower and the Banks in the absence of manifest error. 

  
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 2.11 Payments by the Borrower. 

(a) All payments to be made by the Borrower shall be made without set-off, recoupment or counterclaim. Except as otherwise expressly
provided herein, all payments by the Borrower in respect of Obligations hereunder shall be made to the Administrative Agent for the account of the Banks at the Administrative Agent’s Payment Office, and shall be made in dollars and in
immediately available funds, no later than 1:00 p.m. (New York City time) on the date specified herein. Any payment received by the Administrative Agent later than 1:00 p.m. (New York City time) shall be deemed to have been received on the
following Business Day and any applicable interest or fee shall continue to accrue. If and to the extent the Borrower makes a payment in full to the Administrative Agent no later than 1:00 p.m. (New York City time) on any Business Day and the
Administrative Agent does not distribute to each Bank its Pro Rata Payment Share (subject to distribution provisions set forth in Sections 2.11(a)(i) and 2.11(a)(ii)) of such payment in like funds as received on the same Business Day,
the Administrative Agent shall pay to each Bank on demand interest on such amount as should have been distributed to such Bank at the Federal Funds Effective Rate for each day from the date such payment was received until the date such amount is
distributed. 
 (i) For any payment received by the Administrative Agent from or on behalf of the Borrower in
respect of Obligations that are then due and payable (and prepayments pursuant to Section 2.05) and to the extent that such payment is not subject to allocation under Section 2.11(a)(ii) hereof, the Administrative Agent will
promptly distribute such amounts in like funds as received, to each Bank, its Pro Rata Payment Share; provided, however, that with respect to any Bank that is a Defaulting Bank at the time that the Administrative Agent makes any
distribution of payments contemplated above, all amounts paid by or on behalf of the Borrower for the account of such Defaulting Bank arising from any Obligation under the Loan Documents will be applied, as follows: first, to the
Administrative Agent, any Issuing Bank, any Swing Line Bank or any other Bank, on a pro rata basis, for amounts then due and payable from such Defaulting Bank to such parties in connection with any such party’s advance of funds
that have not been reimbursed by the Defaulting Bank under this Agreement with respect to any Revolving Loans, Refunded Swing Line Loan, Swing Line Participation Amount or L/C Advance to the extent that such obligations of the Defaulting Bank relate
to Revolving Loans, Swing Line Loans or Letters of Credit extended or Issued (as applicable) prior to such Bank becoming a Defaulting Bank and not thereafter repaid, amended or Issued; second, to an account identified by and under the control
of the Collateral Agent (maintained for the benefit of the Secured Parties), until amounts deposited in such account, with respect to a Defaulting Bank, equal such Defaulting Bank’s Pro Rata Advance Share or its Pro Rata Advance Adjusted Share,
as applicable, of each Swing Line Loan and Letter of Credit outstanding at the time that such Bank became a Defaulting Bank and not thereafter repaid, amended, or Issued, as the case may be; and third, the remainder, if any, to the Defaulting
Bank. Any amounts held from time to time with respect to a Defaulting Bank in the account referred to in the last clause of the preceding sentence (i) which then exceed the amount referred to in such clause or (ii) when such bank shall
cease to be a Defaulting Bank shall be paid to such Defaulting Bank within one (1) Business Day. 
 (ii)
With respect to (A) any amounts received by the Administrative Agent on account of the Obligations from the Borrower or any Guarantor, in each case, after the occurrence and during the continuance of an Event of Default (or after the
Obligations have automatically become immediately due and payable as set forth in the proviso to Section 9.02(b)), or (B) proceeds obtained upon the exercise of any remedies by the Agents for the benefit of the Secured Parties hereunder or
under any other Loan Document, the Administrative Agent will, in the case of each clause (A) and (B), promptly distribute such amounts in accordance with Section 2.01 of the Intercreditor Agreement. 

(b) Subject to the provisions set forth in the definition of “Interest Period” herein, whenever any payment is due on a day
other than a Business Day, such payment shall be made on the following Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may be. 

  
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 (c) Unless the Administrative Agent receives notice from the Borrower prior to the date on
which any payment is due to the Banks that the Borrower will not make such payment in full as and when required, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date in
immediately available funds and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent the
Borrower has not made such payment in full to the Administrative Agent, each Bank shall repay to the Administrative Agent on demand such amount distributed to such Bank, together with interest thereon at the Federal Funds Effective Rate for each day
from the date such amount is distributed to such Bank until the date repaid. 
 2.12 Payments by the Banks to the
Administrative Agent. If and to the extent any Bank shall not have made its full amount available to the Administrative Agent in immediately available funds and the Administrative Agent in such circumstances has made available to the Borrower
such amount, that Bank shall on the Business Day following such Borrowing Date make such amount available to the Administrative Agent, together with interest at the Base Rate for each day during such period. A notice of the Administrative Agent
submitted to any Bank with respect to amounts owing under this Section 2.12 shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Administrative Agent shall constitute such Bank’s Loan
on the date of Borrowing for all purposes of this Agreement. If such amount is not made available to the Administrative Agent on the Business Day following the Borrowing Date, the Administrative Agent will notify the Borrower of such failure to fund
and, upon demand by the Administrative Agent, the Borrower shall pay such amount to the Administrative Agent for the Administrative Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate
per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing. 
 2.13 Sharing of
Payments, Etc. If, other than as expressly provided elsewhere herein (or, with respect to any payment and proceeds of Collateral described in Section 2.11(a)(ii), as provided in the Intercreditor Agreement), any Bank shall
obtain on account of the Loans (or other Obligations referenced in clause (a) of the definition of such term) made or undertaken by such Bank any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or
otherwise) in excess of its Pro Rata Payment Share, such Bank shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Banks such participations in the Loans (or other Obligations referenced in
clause (a) of the definition of such term) made or undertaken by them as shall be necessary to cause such purchasing Bank to share the excess payment pro rata with each Bank, except that with respect to any Bank that is a Defaulting Bank by
virtue of such Bank failing to fund its Pro Rata Advance Share or its Pro Rata Adjusted Advance Share of any Revolving Loan, Refunded Swing Line Loan, Swing Line Loan Participation Amount, or L/C Borrowing, such Defaulting Bank’s pro rata share
of the excess payment shall be allocated to the Bank (or the Banks, pro rata) that funded such Defaulting Bank’s Pro Rata Advance Share or Pro Rata Adjusted Advance Share; provided, however, that if all or any
portion of such excess payment is thereafter recovered from the purchasing Bank, such purchase shall to that extent be rescinded and each other Bank shall repay to the purchasing Bank the purchase price paid therefor, together with an amount equal
to such paying Bank’s ratable share (according to the proportion of (i) the amount of such paying Bank’s required repayment to (ii) the total amount so recovered from the purchasing Bank) of any interest or other amount paid or
payable by the purchasing Bank in respect of the total amount so recovered. The Borrower agrees that any Bank so purchasing a participation from another Bank may, to the fullest extent permitted by law, exercise all its rights of payment (including
the right of set-off, but subject to Section 11.09) with respect to such participation as fully as if such Bank were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will in each case notify the Banks following any such purchases or repayments. 

  
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 2.14 Increases in Commitments. The Total Committed Line Portions in effect at any
time after the Closing Date and prior to the Expiration Date (including at any time when the Total Committed Percentage is less than 100%) may be increased by an aggregate amount not to exceed $300,000,00 so that the aggregate Total Committed Line
Portion at any time shall not exceed $500,000,000; provided that with respect to any such increase, (i) each Issuing Bank and Swing Line Bank approves each such increase (with respect to both Existing Banks and New Banks) and
(ii) the following conditions are satisfied: 
 (a) Not more than forty-five (45) days and not less than thirty
(30) days prior to the proposed effective date of such increase in the Total Committed Line Portions (or such shorter period as may be agreed among the Administrative Agent and the Borrower), the Borrower makes a written request for such
increase to the Administrative Agent, who shall forward a copy of any such request to each Bank. Each request by the Borrower pursuant to the immediately preceding sentence shall (i) specify a proposed effective date of such increase (the
“Requested TCL Increase Effective Date”), (ii) specify the amount of such requested increase in the Total Committed Line Portions (the “Requested TCL Increase Amount”), each such requested increase amount to be
in a minimum amount of not less than $15,000,000, and (iii) constitute an invitation to each Bank to increase its Committed Line Portion by its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations
of such Defaulting Bank under this Agreement, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the Requested TCL Increase Amount. 

(b) Each Bank, acting it its sole discretion exercised in good faith and with no obligation to increase its Committed Line Portion
pursuant to Section 2.14(a), shall by notice to the Borrower and the Administrative Agent advise the Borrower and Administrative Agent whether or not such Bank agrees to accept all or any portion of such Requested TCL Increase Amount
within fifteen (15) days of the Borrower’s request. Any such Bank may initially accept all of its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this
Agreement, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of such Requested TCL Increase Amount or a lesser portion of such Requested TCL Increase Amount, or decline to accept any portion of such
Requested TCL Increase Amount. If any Bank shall not have responded affirmatively within such fifteen (15)-day period, such Bank shall be deemed to have rejected the Borrower’s request for an increase in the Requested TCL Increase Amount in
full. Promptly following the conclusion of such fifteen (15)-day period, the Administrative Agent shall notify the Borrower of the results of the Borrower’s request to the Banks to so increase the Total Committed Line Portions by the Requested
TCL Amount. 
 (c) With respect to any Requested TCL Increase Amount, if the amount of the increases in the Total Committed Line
Portions that Banks accepted in accordance with Section 2.14(b) shall be less than the Requested TCL Increase Amount (such difference the “Unsubscribed Increase Amount”), the Borrower and the Administrative Agent
(subject to the approval of the Collateral Agent and the Required Banks) may offer to any Eligible Assignee(s) or other Person(s) as may be agreed by the Borrower and the Administrative Agent (each a “New Bank”) the opportunity to
accept all or a portion of such Unsubscribed Increase Amount. The effectiveness of all such increases in Total Committed Line Portions are subject to the satisfaction of the following conditions: (1) each Bank that so elects to increase its
Committed Line Portion, each New Bank, the Administrative Agent and the Borrower shall have executed and delivered a Committed Line Portion Addendum, substantially in the form of Schedule 11.22; (2) the Total Committed Line Portions
after giving effect to such increases shall not exceed the Maximum Line; (3) any fees and other amounts payable by the Borrower in connection with such increase and accession shall have been paid; (4) any other amounts then due hereunder
shall have been paid; (5) delivery of a certificate of a Responsible Officer of the Borrower as to the matters set forth in Section 5.01(f); and (6) delivery to the Administrative Agent, if requested, of a legal opinion in
respect of the Committed Line Portion in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 (d) Upon each Requested TCL Increase Effective Date: (i) Schedule 2.01 of
this Agreement shall be amended to incorporate the Committed Line Portion of the applicable Bank as set forth on Attachment 1 to the applicable Committed Line Portion Addendum without any further action or consent of any party; and (ii) the
Administrative Agent shall cause a copy of such revised Schedule 2.01 to be available to the Banks. 
 (e) Subject
to the terms and conditions hereof, with respect to each Requested TCL Increase Effective Date, (i) each Bank holding a Loan and/or an L/C Obligation (an “Existing Effective Amount”) immediately prior to such Requested TCL
Effective Date (each such Bank an “Existing Bank”) severally agrees, as of the such Requested TCL Increase Effective Date, to continue such Existing Effective Amount and/or sell a portion of its Existing Effective Amount to other
Banks (including any New Banks) and/or purchase from other Existing Banks all or a portion of such other Existing Effective Amounts and/or make such additional Loans and/or accept such additional L/C Obligations as requested by the Borrower as of
such date; and (ii) each Existing Bank that has increased its Committed Line Portion in accordance with this Section 2.14(b) and each New Bank as of such date severally agrees to purchase from the other Existing Banks all or a
portion of such Existing Effective Amounts and/or make such Loans and/or accept such L/C Obligations as requested by the Borrower as of such date, in each case such that, after giving effect to all such sales, purchases, and new Loans and L/C
Obligations contemplated in clauses (i) and (ii) above, the Committed Percentage of each Bank shall equal such Bank’s Effective Amount Percentage. 
 (f) The Borrower will not pay any New Bank or Existing Bank (in each case, or any Affiliate thereof) in connection with such New Bank or Existing Bank accepting or increasing, as applicable, any Committed
Line Portion hereunder, any fees or other compensation higher than that paid to the Existing Banks (or in the case of an increase by an Existing Bank, the other Existing Banks) for equivalent financial services rendered under this Agreement unless
the Borrower notifies the Administrative Agent prior to providing such higher fees or other compensation to such New Bank or Existing Bank, as applicable, and provides equivalent fees or other compensation to the other Banks at the same time that
such Bank receives them. Each increase in the Committed Line Portion of a Bank under this Section 2.14 (whether by a New Bank or an Existing Bank) shall be treated substantially the same as the other Credit Extensions hereunder, including with
respect to right of payment and benefit of guarantees and security. 
 2.15 Payments from Guarantor and Liquidation of
Collateral. In the event payment is made with respect to the Obligations of the Borrower (or any Affiliate thereof) hereunder by Guarantor to the Banks or the Administrative Agent for the benefit of the Secured Parties, (a) when no Event of
Default under this Agreement or any other Loan Document has occurred and is then continuing, such payment shall be shared by the Banks as provided in Section 2.11(a)(i) hereof, and (b) after the occurrence and during the
continuation of an Event of Default hereunder or under any other Loan Document, such payment shall be shared by the Secured Parties in accordance with the Intercreditor Agreement. 

  
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 2.16 Defaulting Bank Notwithstanding any other provision in this Agreement to the
contrary, if at any time a Bank becomes a Defaulting Bank, the following provisions shall apply so long as any Bank is a Defaulting Bank: 
 (a) Until such time as the Defaulting Bank ceases to be a Bank under this Agreement, it will retain its Committed Line Portion and will remain subject to all of its obligations as a Bank hereunder,
although it will be presumed that such Defaulting Bank will fail to satisfy any funding obligation and, accordingly, all other Banks hereby agree to fund Loans and Letters of Credit in accordance with their respective Pro Rata Adjusted Advance
Shares. 
 (b) A Defaulting Bank may cease to be a Defaulting Bank (i) as specified in the second sentence of the
definition thereof, and (ii) to the extent such Defaulting Bank makes such purchases and/or Loans and/or accepts such L/C Obligations as are required to make the Committed Percentage of each Bank, after giving effect to all such purchases and
new Loans and any amounts received by any Bank pursuant to Section 2.11(a)(i), equal to such Bank’s Effective Amount Percentage; provided that if there is more than one Defaulting Bank at such time, the Committed Percentage and the
Effective Amount Percentage of the Non-Defaulting Banks (including any Defaulting Bank that after giving effect to the required purchases of Loans and acceptances of L/C Obligations, would cease to be a Defaulting Bank) shall be calculated using the
aggregate Committed Line Portions and Effective Amounts of only such Non-Defaulting Banks in the denominators of the Committed Percentage and Effective Amount Percentage calculations (in lieu of the Total Committed Line Portions and the Effective
Amount of all Banks). Each Bank agrees to sell to and/or purchase from the Defaulting Bank or such other Banks, such Effective Amounts as may be required to effect clause (ii) above. 

(c) No SPT Contract entered into by an SPT Bank shall benefit from the security package provided by the Security Documents, if at the
time such SPT Contract was entered, such SPT Bank (or its Affiliate) was a Defaulting Bank. 
 ARTICLE III 

THE LETTERS OF CREDIT 
 3.01 The Letter of Credit Lines. 
 (a) Subject to the terms and conditions
set forth herein, each Issuing Bank agrees (A) from time to time on any Business Day during the period from the Closing Date to the Expiration Date, to issue Letters of Credit for the account of the Borrower under the Borrowing Base Line and in
accordance with Subsections 3.02(b), 3.02(c), and 3.02(d) and (B) to honor drafts under the Letters of Credit. No SPT-Related Standby Letter of Credit shall be Issued if, after giving effect to such Issuance, the outstanding amounts
of all SPT-Related Standby Letters of Credit (excluding all Physical Trade Delivery-Related Standby Letters of Credit) plus the aggregate SPT Bank Close-Out Amounts of all SPT Banks would exceed the SPT-Related L/C Cap. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrower’s ability to request that an Issuing Bank Issue Letters of Credit shall be fully revolving, and, accordingly, the Borrower may, during the foregoing period, request that
an Issuing Bank Issue Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Borrower acknowledges and agrees that the Existing Letters of Credit are an Obligation under this Agreement.

  
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 (b) No Issuing Bank is under any obligation to Issue any Letter of Credit if: 

(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain such Issuing Bank from Issuing such Letter of Credit, or any Requirement of Law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any
restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which such Issuing Bank in good faith deems material to it; 
 (ii) such
Issuing Bank has received written notice from any Bank, any other Issuing Bank, the Administrative Agent or the Borrower, on or prior to the Business Day prior to the requested date of Issuance of such Letter of Credit, that one or more of the
applicable conditions contained in Article V is not then satisfied; 
 (iii) the expiry date of any requested
Letter of Credit is after the earlier to occur of (A) 90 days after the date of Issuance of such Letter of Credit or, solely in the case of any 360-Day Letter of Credit, 360 days after the date of Issuance of such 360-Day Letter of Credit or
(B) the Maturity Date, or, solely in the case of a 360-Day Letter of Credit, the 360-Day L/C Maturity Date, unless all the Banks have approved such expiry date in writing, but any SPT-Related Standby Letter of Credit may by its terms be
renewable for successive 90-day periods unless a notice that the applicable Issuing Bank declines to renew such Letter of Credit is given to the applicable Issuing Bank and the Administrative Agent on or prior to any date for notice of non-renewal
to the beneficiary set forth in such SPT-Related Standby Letter of Credit, but in any event at least five Business Days prior to the date of the notice of non-renewal of such SPT-Related Standby Letter of Credit, any such automatic renewal of a
Letter of Credit being subject to the fulfillment of the applicable conditions set forth in Article V; provided that the terms of each of the SPT-Related Standby Letters of Credit that is automatically renewable (1) shall require the
applicable Issuing Bank to give the beneficiary of such SPT-Related Standby Letter of Credit notice of any non-renewal prior to the expiry date, (2) shall permit such beneficiary, upon receipt of such notice, to draw under such SPT-Related
Standby Letter of Credit prior to the expiry date of the SPT-Related Standby Letter of Credit, and (3) shall not permit the expiry date (after giving effect to any renewal) of such SPT-Related Standby Letter of Credit in any event to be
extended to a date that is later than the Maturity Date. If a notice of non-renewal is given by the applicable Issuing Bank pursuant to the immediately preceding sentence, the related SPT-Related Standby Letter of Credit shall expire on its expiry
date; 
 (iv) the expiry date of any such requested Letter of Credit is prior to the maturity date of any
financial obligation to be supported by the requested Letter of Credit; 
 (v) such requested Letter of Credit is
not in form and substance acceptable to such Issuing Bank, or the Issuance of a Letter of Credit shall violate any applicable policies of such Issuing Bank; 
 (vi) such Letter of Credit is for the purpose of supporting the Issuance of any letter of credit by any other Person; 

(vii) such Letter of Credit is denominated in a currency other than Dollars; 

(viii) the amount of such requested Letter of Credit together with outstanding Letters of Credit and Revolving Loans
exceeds the lesser of the Borrowing Base Advance Cap or the Total Available Committed Line Portion; 

  
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 (ix) the amount of such requested Letter of Credit together with all
outstanding L/C Obligations exceeds the Issuance Cap; or 
 (x) the amount of such requested Letter of Credit
would result in exposure of an Issuing Bank in excess of its Issuing Bank Sub-Limit. 
 3.02 Issuance, Amendment and Renewal
of Letters of Credit. 
 (a) Each Letter of Credit which is Issued hereunder shall be Issued upon the irrevocable written
request of the Borrower pursuant to a Notice of Borrowing (Letter of Credit) in the applicable form attached hereto as Exhibit A received by an Issuing Bank (with a copy sent by the Borrower to the Administrative Agent) by no later than
1:00 p.m. (New York City time) on the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by electronic transfer or facsimile, confirmed immediately in an original writing or by electronic transfer, in the
form of an L/C Application, and shall specify in form and detail satisfactory to such Issuing Bank: (i) the proposed date of Issuance of the Letter of Credit (which shall be a Business Day); (ii) whether the requested Letter of Credit
would be a commercial documentary letter of credit, SPT-Related Standby Letter of Credit, Physical Trade Delivery-Related Standby Letter of Credit or other standby letter of credit; (iii) the face amount of the Letter of Credit; (iv) the
expiry date of the Letter of Credit, which date shall not, without the prior, explicit consent of each Bank, be later than the earlier to occur of (A) 90 days after the proposed date of Issuance of such Letter of Credit or (B) the
Maturity Date (or in the case of any 360-Day Letter of Credit, the 360-Day L/C Maturity Date); (v) the name and address of the beneficiary thereof; (vi) the documents to be presented by the beneficiary of the Letter of Credit in case of
any drawing thereunder; (vii) the full text of any certificate to be presented by the beneficiary in case of any drawing thereunder; and (viii) such other matters as such Issuing Bank may require. Upon receipt of such request, the
Administrative Agent will promptly notify the Banks of the receipt by it of any L/C Application. Upon receipt by an Issuing Bank of a Letter of Credit request, such Issuing Bank shall confirm with the Administrative Agent that the Administrative
Agent has received a copy of such request and, if not, such Issuing Bank shall provide the Administrative Agent with a copy thereof. Upon receipt by such Issuing Bank of confirmation from the Administrative Agent in writing, in the form of
Exhibit K hereto, that the requested issuance or amendment is permitted in accordance with the terms hereof, such Issuing Bank shall, on the requested date, issue such Letter of Credit for the account of the requesting Borrower or issue the
applicable amendment, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary business practices. 
 (b) From time to time while a Letter of Credit is outstanding and prior to the Expiration Date, an Issuing Bank will, upon the written request of the Borrower received by such Issuing Bank (with a copy
sent by the Borrower to the Administrative Agent) by no later than 1:00 p.m. (New York City time) on the proposed date of amendment, consider the amendment of any Letter of Credit Issued by it. Each such request for amendment of a Letter of
Credit shall be made by electronic transfer or facsimile, confirmed immediately in an original writing or by electronic transfer, made in the form of an L/C Amendment Application, and shall specify in form and detail satisfactory to such Issuing
Bank and the Administrative Agent: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such
other matters as such Issuing Bank may require. Such Issuing Bank shall be under no obligation to amend any Letter of Credit. 

  
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 (c) The Issuing Banks and the Banks agree that, while a Letter of Credit is outstanding and
prior to the Expiration Date, at the option of the Borrower and upon the written request of the Borrower received by an Issuing Bank (with a copy sent to the Administrative Agent and the other Issuing Banks) by no later than 1:00 p.m. (New York City
time) on the proposed date of renewal, the Issuing Bank shall, subject to Section 3.01(b), renew any Letter of Credit Issued by it. Each such request for renewal of a Letter of Credit made by the Borrower shall be made by electronic
transfer or facsimile, confirmed immediately in an original writing or by electronic transfer, in the form of an L/C Amendment Application, and shall specify in form and detail satisfactory to such Issuing Bank and the Banks: (i) the Letter of
Credit to be renewed; (ii) the proposed date of renewal of the Letter of Credit (which shall be a Business Day); (iii) the revised expiry date of the Letter of Credit; and (iv) such other matters as such Issuing Bank may require.

 (d) If any outstanding Letter of Credit Issued by an Issuing Bank shall provide that it shall be automatically renewed unless
the beneficiary thereof receives notice from such Issuing Bank that such Letter of Credit shall not be renewed, and if at the time of renewal such Issuing Bank would be entitled to authorize the automatic renewal of such Letter of Credit subject to
Section 3.01(b) and in accordance with this Subsection 3.02(d) upon the request of the Borrower, then such Issuing Bank shall nonetheless be permitted to allow such Letter of Credit to renew, and the Borrower and the Banks
hereby authorize such renewal, and, accordingly, such Issuing Bank shall be deemed to have received an L/C Amendment Application from the Borrower requesting such renewal. 
 (e) Any Issuing Bank may, at its election, deliver any notices of termination or other communications to any Letter of Credit beneficiary or transferee, and take any other action as necessary or
appropriate, at any time and from time to time, in order to cause the expiry date of such Letter of Credit to be a date not later than the Expiration Date. 
 (f) This Agreement shall control in the event of any conflict with any L/C-Related Document (other than any Letter of Credit). 
 (g) Each Issuing Bank will also deliver to the Administrative Agent a true and complete copy of each Letter of Credit or amendment to or renewal of a Letter of Credit Issued by it. 

3.03 Risk Participations, Drawings, Reducing Letters of Credit and Reimbursements. 

(a) Immediately upon the Issuance of each Letter of Credit by an Issuing Bank, each Bank shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from such Issuing Bank, on a several basis, a participation in such Letter of Credit and each drawing or Reducing L/C Borrowing thereunder in an amount equal to the product of (i) the Pro Rata Advance Share
(or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 3.03, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of such Bank, times
(ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing or Reducing L/C Borrowing, respectively. For purposes of Section 2.01, each Issuance of a Letter of Credit shall be deemed to
utilize the Committed Line Portion of each Bank by an amount equal to the amount of such participation. 
 (b) In the event of
any request for a drawing under a Letter of Credit Issued by an Issuing Bank by the beneficiary or transferee thereof, such Issuing Bank will promptly notify the Borrower. Any notice given by an Issuing Bank or the Administrative Agent pursuant to
this Subsection 3.03(b) may be oral if immediately confirmed in writing (including by facsimile); provided, however, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of
such notice. The Borrower shall reimburse an Issuing Bank prior to 5:00 p.m. (New York City time), on each date that any amount is paid by such Issuing Bank under any Letter of Credit or to the beneficiary of a Reducing Letter of Credit in the
form of a Reducing L/C Borrowing (each such date, an “Honor Date”), in an amount equal to the amount so paid by such Issuing Bank. In the event the Borrower fails to reimburse such Issuing Bank for the full amount of any drawing
under any Letter of Credit or of any Reducing L/C Borrowing, as the case may be, by 5:00 p.m. (New York City time) on the Honor Date, such Issuing Bank will promptly notify the Administrative Agent and the Administrative Agent will promptly
notify each Bank thereof and the Borrower shall be deemed to have requested that Revolving Loans be made by the Banks to be disbursed to such Issuing Bank not later than one (1) Business Day after the Honor Date under such Letter of
Credit, subject to the amount of the unutilized portion of the Borrowing Base Line. 

  
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 (c) In the event of any request for a Reducing L/C Borrowing by the Borrower in association
with any Reducing Letter of Credit, the amount available for drawing under such Reducing Letter of Credit will be reduced automatically, and without any further amendment or endorsement to such Reducing Letter of Credit, by the amount actually paid
to such beneficiary, notwithstanding the fact that the payment creating such Reducing L/C Borrowing is not made pursuant to a conforming and proper draw under the corresponding Reducing Letter of Credit. 

(d) Each Bank shall upon any notice pursuant to Subsection 3.03(b) make available to the Administrative Agent for the account
of any Issuing Bank an amount in Dollars and in immediately available funds equal to its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 3.03,
with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the amount of the drawing or of the Reducing L/C Borrowing, as the case may be, whereupon the Banks shall (subject to Subsection 3.03(e))
each be deemed to have made a Revolving Loan to the Borrower in that amount. If any Bank so notified fails to make available to the Administrative Agent for the account of such Issuing Bank the amount of such Bank’s Pro Rata Advance Share (or,
if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 3.03, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the amount of the
drawing or of the Reducing L/C Borrowing, as the case may be, by no later than 3:00 p.m. (New York City time) on the Business Day following the Honor Date, then interest shall accrue on such Bank’s obligation to make such payment, from the
Honor Date to the date such Bank makes such payment, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time during such period. The Administrative Agent will promptly give notice of the occurrence of the Honor
Date, but failure of the Administrative Agent to give any such notice on the Honor Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligations under this
Section 3.03. 
 (e) With respect to any unreimbursed drawing or Reducing L/C Borrowing, as the case may be, that is
not converted into Revolving Loans in whole or in part for any reason, the Borrower shall be deemed to have incurred from the relevant Issuing Bank an L/C Borrowing in the amount of such drawing or Reducing L/C Borrowing, as the case may be, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at a rate per annum equal to the then applicable Base Rate plus the Applicable Margin plus the Default Rate, and each Bank’s payment
to such Issuing Bank pursuant to Subsection 3.03(d) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Bank in satisfaction of its participation obligation under
this Section 3.03. 
 (f) In the event that payment under any Letter of Credit Issued by an Issuing Bank is drawn or
purported to be drawn in a currency other than United States Dollars, the amount of reimbursement to such Issuing Bank therefor shall be calculated on the basis of such Issuing Bank’s selling rate of exchange in effect (for the date on which
such Issuing Bank pays such draft or reimburses any of its correspondents which paid such draft) for cable transfers to the place where and in the currency in which such draft is payable. The Borrower shall comply with any and all governmental
exchange regulations now or hereafter applicable to any foreign exchange, and shall indemnify and hold the Banks harmless from any failure of the Borrower so to comply. If, for any cause whatsoever, there exists at the time in question no rate of
exchange generally current at such Issuing Bank for effective cable transfer of the sort above provided for, the Borrower agrees to pay the Banks on demand an amount in United States Dollars equivalent to the actual cost of settlement of such
Issuing Bank’s obligation to the payor of the draft or acceptance or any holder thereof, as the case may be, and however and whenever such settlement may be made by such Issuing Bank. 

  
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 (g) Each Bank’s obligation in accordance with this Agreement to make the Revolving
Loans or L/C Advances, as contemplated by this Section 3.03, as a result of a drawing under a Letter of Credit or Reducing L/C Borrowing, shall be absolute and unconditional and without recourse to the relevant Issuing Bank and shall not
be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Bank may have against such Issuing Bank, the Borrower or any other Person for any reason whatsoever; (ii) the
occurrence or continuance of a Default, an Event of Default or a Material Adverse Effect; or (iii) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

3.04 Repayment of Participations. 
 (a) Upon (and only upon) receipt by the Administrative Agent for the account of an Issuing Bank of immediately available funds from the Borrower (i) in reimbursement of any payment made by such
Issuing Bank under a Letter of Credit or in connection with a Reducing L/C Borrowing with respect to which any Bank has paid the Administrative Agent for the account of such Issuing Bank for such Bank’s participation in the Letter of Credit
pursuant to Section 3.03 or (ii) in payment of interest thereon, the Administrative Agent will pay to each Bank, in the same funds as those received by the Administrative Agent for the account of such Issuing Bank, the amount of
such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 3.04, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance
Share, if applicable) of such funds. 
 (b) If the Administrative Agent or an Issuing Bank is required at any time to return to
the Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of the payments made by the Borrower to the Administrative Agent for the account of such Issuing Bank pursuant to
Subsection 3.04(a) in reimbursement of a payment made under a Letter of Credit or in connection with a Reducing L/C Borrowing or interest or fee thereon, each Bank shall, on demand of such Issuing Bank, forthwith return to the
Administrative Agent or such Issuing Bank the amount of its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 3.04, with respect to any
Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of any amounts so returned by the Administrative Agent or such Issuing Bank plus interest thereon from the date such demand is made to the date such amounts are returned by
such Bank to the Administrative Agent or such Issuing Bank, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time. 
 3.05 Role of the Issuing Banks. 
 (a) Each Bank and the Borrower agree that,
in paying any drawing under a Letter of Credit Issued by an Issuing Bank or funding any Reducing L/C Borrowing, such Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft or certificates expressly required
by such Letter of Credit, but with respect to Reducing L/C Borrowings, no document of any kind need be obtained) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering
any such document. 

  
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 (b) No Agent-Related Person nor any of the respective correspondents, participants or
assignees of any Issuing Bank shall be liable to any Bank for: (i) any action taken or omitted in connection herewith at the request or with the approval of the Banks; (ii) any action taken or omitted in the absence of gross negligence or
willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any L/C-Related Document. 

(c) The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter
of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. No
Agent-Related Person, nor any of the respective correspondents, participants or assignees of any Issuing Bank, shall be liable or responsible for any of the matters described in clauses (a) through (g) of Section 3.06;
provided, however, that, anything in such clauses or elsewhere herein to the contrary notwithstanding, the Borrower may have a claim against an Issuing Bank, and such Issuing Bank may be liable to the Borrower, to the extent, but only
to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such Issuing Bank’s willful misconduct or gross negligence or such Issuing Bank’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the
foregoing: (i) the Issuing Banks may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary; and (ii) the Issuing Banks shall not
be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason. 
 3.06 Obligations Absolute. The Obligations of the Borrower under this Agreement
and any L/C-Related Document to reimburse an Issuing Bank for a drawing under a Letter of Credit or for a Reducing L/C Borrowing, and to repay any L/C Borrowing and any drawing under a Letter of Credit or Reducing L/C Borrowing converted into
Revolving Loans, shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement and each such other L/C-Related Document under all circumstances, including the following: 

(a) any lack of validity or enforceability of this Agreement or any L/C-Related Document; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Borrower in
respect of any Letter of Credit or any other amendment or waiver of or any consent to departure from all or any of the L/C-Related Documents; 
 (c) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of any Letter of Credit (or any Person for whom any such
beneficiary or any such transferee may be acting), any Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by the L/C-Related Documents or any unrelated transaction; 

(d) any draft, demand, certificate or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit; 

  
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 (e) any payment by any Issuing Bank under any Letter of Credit against presentation of a
draft or certificate that does not strictly comply with the terms of any Letter of Credit; or any payment made by any Issuing Bank under any Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for
the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of any Letter of Credit, including any arising in connection with any Insolvency Proceeding; 

(f) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any
other guarantee, for all or any of the Obligations of the Borrower in respect of any Letter of Credit; or 
 (g) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower. 

Notwithstanding anything to the contrary in this Section 3.06 or in the Continuing Agreement for Letters of Credit, the
Issuing Banks shall not be excused from liability to Borrower to the extent of any direct damages (as opposed to consequential, indirect and punitive damages, claims in respect of which are hereby waived by Borrower) suffered by Borrower that are
caused by any of the Issuing Bank’s gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof, provided, however, that the parties
hereto expressly agree that: 
 (i) the Issuing Banks may accept documents that appear on their face to be in
substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to
be in substantial compliance with the terms of such Letter of Credit; 
 (ii) the Issuing Banks shall have the
right, in their sole discretion exercised in good faith, to decline to accept documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 

(iii) this sentence shall establish the standard of care to be exercised by the Banks when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

3.07 Cash Collateral Pledge. (i) Unless otherwise consented to, in writing, by the Administrative Agent, if an Issuing Bank has
honored any full or partial drawing request on any Letter of Credit and such drawing has resulted in an L/C Borrowing hereunder, or (ii) if, as of the Expiration Date, any Letters of Credit may for any reason remain outstanding and partially or
wholly undrawn, the Borrower shall Cash Collateralize such L/C Obligations in an amount equal to 105% of such L/C Obligations not less than ten (10) Business Days prior to the Expiration Date and such L/C Obligations shall remain Cash
Collateralized thereafter. Upon the occurrence of the circumstances described in Section 2.06 requiring the Borrower to Cash Collateralize Letters of Credit, the Borrower shall immediately Cash Collateralize the L/C Obligations in an
amount equal to the applicable excess. Upon the occurrence of and during the continuation of any Event of Default the Borrower shall immediately Cash Collateralize the L/C Obligations in an amount equal to 105% of the Effective Amount of the L/C
Obligations as of such date. 

  
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 3.08 Letter of Credit Fees. 

(a) The Borrower shall pay to each Issuing Bank, for its own account, such customary fees and charges in connection with the issuance,
administration, payment, negotiation and amendment of each Letter of Credit as the Borrower and the Issuing Bank shall from time to time agree, including as set forth in the separate fee letter dated as of the date hereof between the Borrower and
the Issuing Banks. 
 (b) The Borrower shall pay to the Administrative Agent for the account of each of the Banks a letter of
credit fee with respect to each of the Letters of Credit Issued hereunder equal to the greater of (i) $700 for the period for which such Letter of Credit is outstanding, and (ii) the product of the Applicable Margin (determined on a per
annum basis as of the first day of each calendar month) multiplied by the average daily maximum amount available to be drawn under such Letter of Credit, in the case of each clause (i) and (ii), together with any related fees such as
telecopy, facsimile and courier fees, such letter of credit fees to be due and payable monthly in arrears (on such fees accrued through and including the last day of such calendar month) on the later to occur of (i) the fifth Business Day of
the immediately succeeding calendar month, and (ii) two Business Days following receipt of a final invoice for the same, commencing on the first such monthly date to occur after the Closing Date. 

3.09 Applicability of Uniform Customs and Practice and ISP98. Unless otherwise expressly agreed by an Issuing Bank and the
Borrower when a Letter of Credit is Issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of
Commerce (the “ICC”) at the time of Issuance (including the ICC decision published by the Commission on Banking Technique and Practice on April 6, 1998 regarding the European single currency (euro)) shall apply to each standby
Letter of Credit and documentary Letter of Credit. If Borrower desires to use the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version
thereof as may be in effect at the time of Issuance) for standby Letters of Credit, Borrower shall request and note this explicitly on the standby Letter of Credit application. 

3.10 Existing Letters of Credit. Borrower hereby acknowledges and agrees that the Existing Letters of Credit listed on
Attachment B to the Special Certificate hereto shall be deemed to be Letters of Credit Issued under this Agreement for all purposes. 
 ARTICLE IV 
 TAXES, YIELD PROTECTION AND ILLEGALITY

 4.01 Taxes. 
 (a) Any and all payments by the Borrower to each Bank or any or all of the Agents under this Agreement and any other Loan Document shall be made free and clear of, and without deduction or withholding
for, any Taxes. In addition, the Borrower shall pay all Other Taxes. 
 (b) If the Borrower shall be required by law to deduct
or withhold any Taxes, Other Taxes or Further Taxes from or in respect of any sum payable hereunder to any Bank or the Administrative Agent, then: 
 (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this
Section) such Bank or the Administrative Agent, as the case may be, receives and retains an amount equal to the sum it would have received and retained had no such deductions or withholdings been made; 

  
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 (ii) the Borrower shall make such deductions and withholdings; 

(iii) the Borrower shall pay the full amount deducted or withheld to the relevant taxing authority or other authority in
accordance with applicable law; and 
 (iv) the Borrower shall also pay to each Bank or the Administrative Agent
for the account of such Bank, at the time interest is paid, Further Taxes in the amount that Bank specifies as necessary to preserve the after-tax yield the Bank would have received if such Taxes, Other Taxes or Further Taxes had not been imposed.

 (c) The Borrower agrees to indemnify and hold harmless each Bank and the Administrative Agent for the full amount of
(i) Taxes, (ii) Other Taxes, and (iii) Further Taxes in the amount that the Administrative Agent or such Bank specifies as necessary to preserve the after-tax yield the Administrative Agent or such Bank would have received if such
Taxes, Other Taxes or Further Taxes had not been imposed, and any liability (including penalties, interest, additions to tax and expenses) arising therefrom or with respect thereto, whether or not such Taxes, Other Taxes or Further Taxes were
correctly or legally asserted, provided, however, that the Borrower shall not be required to indemnify or hold harmless any Bank to the extent (but only to the extent) of such Bank’s gross negligence or willful misconduct. Payment
under this indemnification shall be made within 30 days after the date the Bank or the Administrative Agent makes written demand therefor. 
 (d) Within 30 days after the date of any payment by the Borrower of Taxes, Other Taxes or Further Taxes, the Borrower shall furnish the Administrative Agent the original or a certified copy of a receipt
evidencing payment thereof, or other evidence of payment satisfactory to the Administrative Agent. 
 (e) If the Borrower is
required to pay any amount to the Administrative Agent or any Bank pursuant to subsection (b) or (c) of this Section, then such Bank shall use reasonable efforts (consistent with legal and regulatory restrictions) to change the
jurisdiction of its Lending Office so as to eliminate any such additional payment by the Borrower which may thereafter accrue, if such change in the judgment of such Bank is not otherwise disadvantageous to such Bank. 

4.02 Illegality. 
 (a) If any Bank determines that the introduction of any Requirement of Law, or any change in any Requirement of Law, or in the interpretation or administration of any Requirement of Law, has made it
unlawful, or that any central bank or other Governmental Authority has asserted that it is unlawful, for such Bank or its applicable Lending Office to make Offshore Rate Loans, then, on notice thereof by such Bank to the Borrower through the
Administrative Agent, any obligation of that Bank to make Offshore Rate Loans shall be suspended until the Bank notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. 

(b) If a Bank determines that it is unlawful to maintain any Offshore Rate Loan, the Borrower shall, upon receipt of notice of such fact
and demand from such Bank (with a copy to the Administrative Agent), prepay in full, without premium or penalty, such Offshore Rate Loans of that Bank then outstanding, together with interest accrued thereon either on the last day of the Interest
Period thereof, if the Bank may lawfully continue to maintain such Offshore Rate Loans to such day, or immediately, if the Bank may not lawfully continue to maintain such Offshore Rate Loan. If the Borrower is required to so prepay any Offshore Rate
Loan, then concurrently with such prepayment, the Borrower shall borrow from the affected Bank, in the amount of such repayment, a Base Rate Loan. 

  
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 4.03 Increased Costs and Reduction of Return. 

(a) If any Bank determines that, due to either (i) the introduction of or any change (other than any change by way of imposition of
or increase in reserve requirements included in the calculation of the Offshore Rate or in respect of the assessment rate payable by any Bank to the FDIC for insuring U.S. deposits) in or in the interpretation of any law or regulation or
(ii) the compliance by that Bank with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to such Bank of agreeing to make or making,
funding or maintaining any Offshore Rate Loans or participating in Letters of Credit, or, in the case of an Issuing Bank, any increase in the cost to such Issuing Bank of agreeing to issue, issuing or maintaining any Letter of Credit or of agreeing
to make or making, funding or maintaining any unpaid drawing under any Letter of Credit, then the Borrower shall be liable for, and shall from time to time, within 30 days of demand (with a copy of such demand to be sent to the Administrative
Agent), pay to the Administrative Agent for the account of such Bank, additional amounts as are sufficient to compensate such Bank for such increased costs, provided, however, that the Borrower shall not be required to pay any such
amount to the extent that such amount is reflected in changes in the Base Rate, the Offshore Rate or other fees or charges of such Bank. 
 (b) If any Bank shall have determined that (i) the introduction of any Capital Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation, (iii) any change in the
interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof, or (iv) compliance by the Bank (or its Lending Office) or any
corporation controlling the Bank with any Capital Adequacy Regulation, affects or would affect the amount of capital required or expected to be maintained by the Bank or any corporation controlling the Bank and (taking into consideration such
Bank’s or such corporation’s policies with respect to capital adequacy and such Bank’s desired return on capital) determines that the amount of such capital is increased as a consequence of its loans, credits or obligations under this
Agreement, then, within 30 days of demand of such Bank to the Borrower through the Administrative Agent, the Borrower shall pay to the Bank, from time to time as specified by the Bank, additional amounts sufficient to compensate the Bank for such
increase, provided, however, that the Borrower shall not be required to pay any such amount to the extent that such amount is reflected in changes in the Base Rate. 

4.04 Funding Losses. The Borrower shall reimburse each Bank and hold each Bank harmless from any loss or expense which the Bank
may sustain or incur as a consequence of: 
 (a) the failure of the Borrower to make on a timely basis any payment of principal
of any Offshore Rate Loan; 
 (b) the failure of the Borrower to borrow, continue or convert a Loan after the Borrower has given
(or is deemed to have given) a Notice of Borrowing or a Notice of Conversion/Continuation; 
 (c) the failure of the Borrower to
make any prepayment in accordance with any notice delivered under Section 2.06; 

  
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 (d) the prepayment (including prepayments made pursuant to Article II but excluding
prepayments made pursuant to Section 4.02) or other payment (including after acceleration thereof) of an Offshore Rate Loan on a day that is not the last day of the relevant Interest Period; 

(e) the automatic conversion under Section 2.04 of any Offshore Rate Loan to a Base Rate Loan on a day that is not the last
day of the relevant Interest Period except any such automatic conversion resulting from prepayments required by Section 4.02; or 
 (f) that arise as a result of any payments, sales, purchases or other transfers contemplated in Section 2.14 on any Requested TCL Effective Date; 

including any such loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its Offshore Rate Loans or from fees
payable to terminate the deposits from which such funds were obtained. For purposes of calculating amounts payable by the Borrower to the Banks under this Section and under Section 4.03, each Offshore Rate Loan made by a Bank (and
each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the LIBOR used in determining the Offshore Rate for such Offshore Rate Loan by a matching deposit or other borrowing in the interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such Offshore Rate Loan is in fact so funded. 
 4.05 [Reserved]. 
 4.06 Reserves on Offshore Rate Loans. The
Borrower shall pay to each Bank, as long as such Bank shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as
“Eurocurrency liabilities”), additional costs on the unpaid principal amount of each Offshore Rate Loan equal to the actual costs of such reserves allocated to such Loan by the Bank (as determined by the Bank in good faith, which
determination shall be conclusive), payable on each date on which interest is payable on such Loan, provided, however, that the Borrower shall have received at least 15 days’ prior written notice (with a copy to the Administrative
Agent) of such additional interest from the Bank. If a Bank fails to give notice 15 days prior to the relevant Interest Payment Date, such additional interest shall be payable 15 days from receipt of such notice. 

4.07 Certificates of Banks. Together with any demand by a Bank for reimbursement or compensation pursuant to this Article IV, such
Bank shall provide to the Borrower (with a copy to the Administrative Agent) a certificate signed by an authorized officer of the Bank (a) describing the event giving rise to such demand, and (b) showing the method and detailed
calculations (which may include any reasonable averaging, attribution or allocation procedures) used by the Bank to determine the amount demanded by the Bank. In calculating the amount of costs, expenses, capital requirements or rate of reduction
allocable to the Borrower, such Bank shall use such reasonable methods as such Bank shall determine. Such calculation and certification shall be conclusive and binding on the Borrower in the absence of manifest error. 

  
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 4.08 Substitution of Banks. Upon the receipt by the Borrower from any Bank (an
“Affected Bank”) of a claim for compensation under Section 4.03 or upon the Borrower repaying any Loan (or portion thereof) advanced hereunder pursuant to Section 2.12 as a result of a Bank failing to fund
its Pro Rata Advance Share to the Administrative Agent (such constituting a Defaulting Bank as defined in Section 1.01), the Borrower may: (a) request the Affected Bank to use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the judgment of such Affected Bank, such designation or assignment (i) eliminates or
reduces, in the future, amounts payable pursuant to Section 4.03 and (ii) does not subject the Affected Bank to any unreimbursed costs or expense (and the Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Affected Bank in connection with any such designation or assignment); (b) request the Affected Bank or the Defaulting Bank (as the case may be) to use its best efforts to designate a replacement bank or financial institution satisfactory to
the Borrower to acquire and assume all or a ratable part of all of such Affected Bank’s or Defaulting Bank’s (as the case may be) Loans and Committed Line Portion (a “Replacement Bank”); (c) request one or more of the
other Banks to acquire and assume all or part of such Affected Bank’s Loans and Committed Line Portion; (d) designate a Replacement Bank or (e) remove such Defaulting Bank (in its various capacities hereunder) upon the payment of all
amounts then due to such Defaulting Bank hereunder at par, to the extent such removal is approved by the Agents. Any such designation of an alternative office, branch or Affiliate under clause (a) above and any such designation of a Replacement
Bank under clause (b) or (d) shall be subject to the prior written consent of the Swing Line Bank and each Issuing Bank (which consent shall not be unreasonably withheld). 

4.09 Survival. The agreements and Obligations of the Borrower in this Article IV shall survive the payment of all
other Obligations. 
 ARTICLE V 
 CLOSING ITEMS 
 5.01 Matters to be Satisfied Upon Execution of
Agreement. At the time the Banks execute this Agreement, unless otherwise waived by the Banks, the Documentation Agent shall have received all of the following, in form and substance satisfactory to the Documentation Agent, the Administrative
Agent, and each Bank: 
 (a) Loan Documents. This Agreement, the Notes, the Security Agreement, the Guaranty, the Atmos
Support Agreement, the Intercreditor Agreement, the Commodity Account Hedging Assignment Agreement, that certain Subordination Agreement between the Guarantor, as subordinated creditor, and the Administrative Agent, and certain other documents
executed in connection with the Original Credit Agreement, and each other document or certificate executed in connection with this Agreement, executed by each party thereto; 
 (b) Resolutions; Incumbency. Copies of the resolutions of the members of the Borrower authorizing the transactions contemplated hereby, certified as of the Closing Date by the Secretary of the
Borrower, and certifying the names and true signatures of the officers of the Borrower authorized to execute, deliver and perform, as applicable, this Agreement, and all other Loan Documents to be delivered by the Borrower hereunder; 

(c) Organization Documents; Existence; Good Standing. The articles or certificate of formation and the regulations of the Borrower
as in effect on the Closing Date, all certified by the Secretary of the Borrower as of the Closing Date, and the articles or certificate of formation and the Bylaws or regulations of Atmos Energy Corporation and Atmos Energy Holdings, Inc. as in
effect on the Closing Date, all certified by the Secretary of Atmos Energy Corporation and Guarantor as of the Closing Date together with certificates of existence and good standing for the Borrower, Atmos Energy Corporation and Guarantor from the
Secretary of State (or similar, applicable Governmental Authority) of its state of incorporation and each state where not being in good standing on the part of the Borrower, Atmos Energy Corporation and/or the Guarantor would have a Material Adverse
Effect on such entity’s transactions within such state, certified as of, or reasonably close to, the Closing Date; 

  
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 (d) Legal Opinions. Legal opinion of counsel to the Borrower and counsel to Guarantor
each addressed to the Administrative Agent and the Banks, in form and substance acceptable to the Administrative Agent and the Banks; 
 (e) Payment of Fees. Evidence of payment by the Borrower of all accrued and unpaid fees, costs and expenses to the extent then due and payable on the Closing Date, together with Attorney Costs of
Agents to the extent invoiced prior to or on the Closing Date, plus such additional amounts of Attorney Costs as shall constitute the Agents’ reasonable estimate of Attorney Costs incurred or to be incurred by them through the closing
proceedings (provided, however, that such estimate shall not thereafter preclude final settling of accounts between the Borrower and Agents); including any such costs, fees and expenses arising under or referenced in
Sections 2.09 and 11.04(a) and all costs of the auditors and consultants retained by the Banks in connection with the Obligations of the Borrower to Agents; 
 (f) Certificate. A certificate signed by a Responsible Officer of the Borrower, dated as of the Closing Date, stating to the best of such officer’s knowledge that: 

(i) The representations and warranties contained in Article VI are true and correct on and as of such date, as though
made on and as of such date; and 
 (ii) No Default or Event of Default exists or would result from the Credit
Extension. 
 (g) Insurance. Evidence of insurance required to be maintained by the Borrower hereunder; 

(h) Filings. Evidence that all filings needed to perfect the security interests granted by the Security Documents have been
completed or due provision has been made therefor; 
 (i) [Reserved]. 

(j) Collateral Position Report. The Administrative Agent shall have received a Borrowing Base Collateral Position Report that
accurately reflects the information recorded therein as of November 15, 2010, and that has been duly executed by a Responsible Officer of the Borrower; 
 (k) Other Documents. Such other approvals, opinions, documents or materials as the Agents or any Bank may request; and 
 (l) Special Certificate. That certain certificate executed by a Responsible Officer of the Borrower and countersigned by the Administrative Agent, which sets forth the Existing Letters of Credit
and information related to certain Eligible Accounts, including but not limited to, the applicable counterparties and credit limits of such Eligible Accounts. 
 5.02 Conditions to Each Credit Extension. The agreement of each Bank to make any Loan requested to be made by it on any date and the agreement of the Issuing Banks to Issue any Letter of Credit is
subject to the satisfaction of the following conditions precedent: 
 (a) Notice of Borrowing. The Administrative Agent
shall have received a Notice of Borrowing or Notice of Borrowing (Letter of Credit Request) pursuant to Section 2.03 or Section 3.02, as the case may be. 

  
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 (b) Representations and Warranties. Each of the representations and warranties made
by the Borrower and the Guarantor in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except to the extent any such representation and warranty relates
solely to a specified prior date, in which case such representation and warranty shall be true and correct in all material respects as of such specified date. 
 (c) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Credit Extensions requested to be made on such date. 

(d) Borrowing Availability. The aggregate Effective Amount outstanding under this Agreement shall not exceed the lesser of the
Borrowing Base Advance Cap or the Total Available Committed Line Portion. 
 Each borrowing by the Borrower hereunder shall
constitute a representation and warranty by the Borrower as of the date thereof that the conditions contained in this Section 5.02 have been satisfied. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Agents and each Bank that: 

6.01 Existence and Power. Each of the Borrower, its Subsidiaries and Guarantor: 

(a) is a limited liability company or corporation, as the case may be, duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization; 
 (b) has the power and authority and all governmental licenses, authorizations,
consents and approvals to own its assets, carry on their business and to execute, deliver, and perform their respective Obligations under the Loan Documents; 
 (c) is duly qualified as a foreign limited liability company or corporation, as the case may be, and is licensed and in good standing under the laws of each jurisdiction where its ownership, lease or
operation of property or the conduct of its business requires such qualification or license; and 
 to the best knowledge of
such Person, is in compliance with all Requirements of Law. 
 6.02 Authorization; No Contravention. The execution,
delivery and performance by the Borrower and Guarantor of each Loan Document to which such Person is party, have been duly authorized and do not and will not: 
 (a) contravene the terms of the Organization Documents of such Person; 
 (b)
conflict with or result in any breach or contravention of, or the creation of any Lien under, any document evidencing any Contractual Obligation to which such Person is a party or any order, injunction, writ or decree of any Governmental Authority
to which such Person or its property is subject; or 
 (c) to the best knowledge of the Borrower, violate any Requirement of
Law. 

  
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 6.03 Governmental Authorization. No approval, consent, exemption, authorization, or
other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower or any of its Subsidiaries or Guarantor, as
applicable, of any Loan Document. 
 6.04 Binding Effect. This Agreement and each other Loan Document to which the
Borrower or any of its Subsidiaries or Guarantor is a party constitute the legal, valid and binding obligations of such Person to the extent that it is a party thereto, enforceable against such Person in accordance with their respective terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity. 

6.05 Litigation. Except as specifically disclosed in Schedule 6.05, there are no actions, suits or proceedings,
pending, or to the knowledge of the Borrower, or Guarantor threatened at law, in equity, in arbitration or before any Governmental Authority, against the Borrower, or any of its Subsidiaries or Guarantor or any of their respective properties which
purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby; and no injunction, writ, temporary restraining order or any order of any nature has been issued by any court or
other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or
therein provided. 
 6.06 No Default. No Default or Event of Default exists or would result from the incurring of any
Obligations by the Borrower. As of the Closing Date, neither the Borrower nor any of its Subsidiaries are in default under or with respect to any Contractual Obligation in any respect which, individually or together with all such defaults, could
reasonably be expected to have a Material Adverse Effect. 
 6.07 ERISA Compliance. Except as specifically disclosed in
Schedule 6.07: 
 (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA,
the Code and other federal or state law. Each Plan which is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS and to the best knowledge of the Borrower, nothing has occurred
which would cause the loss of such qualification. The Borrower and each ERISA Affiliate have made all required contributions to any Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any
amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 
 (b) There are no
pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan, that have resulted or could reasonably be expected to result in a Material Adverse Effect.
There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

(c)(i) To the Borrower’s best knowledge, no ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension
Plan has any Unfunded Pension Liability; (iii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not
delinquent under Section 4007 of ERISA); (iv) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under
Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction
that could be subject to Section 4069 or 4212(c) or ERISA. 

  
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 6.08 Use of Proceeds; Margin Regulations. The proceeds of the Loans are to be used
solely for the purposes set forth in and permitted by Section 7.12. Neither the Borrower nor any Subsidiary is generally engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or
carrying Margin Stock. 
 6.09 Title to Properties. The Borrower and each of its Subsidiaries have good record and
marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of their respective businesses, except for such defects in title as could not, individually or in the aggregate, have a
Material Adverse Effect. As of the Closing Date, the property of the Borrower and its Subsidiaries is subject to no Liens, other than Permitted Liens. 
 6.10 Taxes. The Borrower and its Subsidiaries have filed all Federal and other material tax returns and reports required to be filed, and have paid all Federal and other material taxes,
assessments, fees and other governmental charges shown thereon to be due and payable, and have paid all material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets as due and
payable, except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against the Borrower or any of its Subsidiaries
that would, if made, have a Material Adverse Effect. 
 6.11 Financial Condition. 

(a) The unaudited balance sheet of the Borrower dated as of September 30, 2010: 

(i) fairly presents the financial condition of the Borrower as of the date thereof; and 

(ii) shows all material indebtedness and other liabilities, direct or contingent, of the Borrower and as of the date
thereof, including liabilities for taxes, material commitments and Contingent Obligations. 
 (b) Since
September 30, 2010, there has been no Material Adverse Effect. 
 6.12 Environmental Matters. The Borrower conducts
in the ordinary course of business a review of the effect of existing Environmental Laws and existing Environmental Claims on its business, operations and properties, and as a result thereof the Borrower has reasonably concluded that, except as
previously specifically disclosed in Schedule 6.12, such Environmental Laws and Environmental Claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.13 Regulated Entities. Neither the Borrower, nor any Person controlling the Borrower, or any of its Subsidiaries, is an
“Investment Company” within the meaning of the Investment Company Act of 1940. The Borrower is not subject to regulation under the Public Utility Holding Company Act of 2005, the Federal Power Act, the Interstate Commerce Act, any state
public utilities code, or any other Federal or state statute or regulation limiting its ability to incur Indebtedness. 
 6.14
No Burdensome Restrictions. Neither the Borrower nor any of its Subsidiaries is a party to or bound by any Contractual Obligation or subject to any restriction in any Organization Document or any Requirement of Law which could reasonably be
expected to have a Material Adverse Effect. 

  
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 6.15 Copyrights, Patents, Trademarks and Licenses, Etc. To the Borrower’s best
knowledge, the Borrower or its Subsidiaries own or are licensed or otherwise have the right to use all of the patents, trademarks, service marks, trade names, copyrights, contractual franchises, authorizations and other rights that are reasonably
necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance, part or other material
now employed, or now contemplated to be employed, by the Borrower or any Subsidiary infringes upon any rights held by any other Person. Except as specifically disclosed in Schedule 6.05, no claim or litigation regarding any of the
foregoing is pending or threatened, and no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code is pending or, to the knowledge of the Borrower, proposed. 

6.16 Subsidiaries. The Borrower has no Subsidiaries other than those specifically disclosed in part (a) of
Schedule 6.16 hereto and has no equity investments in any other corporation or entity other than those specifically disclosed in part (b) of Schedule 6.16. 

6.17 Insurance. Except as specifically disclosed in Schedule 6.17, the properties of the Borrower and its Subsidiaries
are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning
similar properties in localities where the Borrower or such Subsidiary operates. 
 6.18 Full Disclosure. To the
Borrower’s best knowledge, none of the representations or warranties made by the Borrower or any of its Subsidiaries in the Loan Documents as of the date such representations and warranties is made or deemed made, and none of the statements
contained in any exhibit, report, statement or certificate furnished by or on behalf of the Borrower or any of its Subsidiaries in connection with the Loan Documents (including the offering and disclosure materials delivered by or on behalf of the
Borrower to the Banks prior to the Closing Date), contains any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which
they are made, not misleading as of the time when made or delivered; provided however, that with respect to projected financial information, the Borrower only represents that such information was prepared and presented in good faith
based upon assumptions believed to be reasonable at the time. 
 6.19 Solvency. After giving effect to the making of each
Loan and the issuance of each Letter of Credit, (a) the amount of the “present fair saleable value” of the assets of the Borrower and of the Borrower and its Subsidiaries, taken as a whole, will, as of such date, exceed the amount of
all “liabilities of the Borrower and of the Borrower and its Subsidiaries, taken as a whole, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of the Borrower and of the Borrower and its Subsidiaries, taken as a whole, will, as of such date, be greater than the amount that will be required
to pay the liabilities of the Borrower and of the Borrower and its Subsidiaries, taken as a whole, on their respective debts as such debts become absolute and matured, (c) neither the Borrower nor the Borrower and its Subsidiaries, taken as a
whole, will have, as of such date, an unreasonably small amount of capital with which to conduct their respective businesses, and (d) each of the Borrower and the Borrower and its Subsidiaries, taken as a whole, will be able to pay their
respective debts as they mature. For purposes of this Section 6.19 “debt” means “liability on a claim”, “claim” means any (i) right to payment, whether or not such a right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, and (ii) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment,
whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

  
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 6.20 AML Laws. 

(a) The Borrower is not and to its knowledge none of its Affiliates are in violation of any Requirement of Law relating to terrorism or
money laundering (collectively, “AML Laws”), including, but not limited to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”), and the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (“USA PATRIOT Act”). 
 (b) The Borrower is not and, to its knowledge no Affiliate or broker or other agent of the Borrower or the Guarantor that is acting or benefiting in any capacity in connection with the Loans is, any of
the following: 
 (i) a Person that is listed in the annex to, or is otherwise subject to the provisions of the
Executive Order or any other applicable OFAC regulations; 
 (ii) a Person owned or controlled by, or acting on
behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order or any other applicable OFAC regulations; 

(iii) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any applicable
AML Law; 
 (iv) a Person that commits, threatens or conspires to commit or supports “terrorism” as
defined in the Executive Order or other applicable OFAC regulations; or 
 (v) a Person that is named as a
“specially designated national” or “blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) at its official website, currently available at
www.treas.gov/offices/enforcement/ofac/ or any replacement website or other replacement official publication of such list. 

(c) The Borrower is not and, to its knowledge no Affiliate, broker or other agent of it or the Guarantor acting in any capacity in
connection with the Loans: (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in paragraph (b) above, (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or other applicable OFAC regulations, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or
has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any applicable AML Law. 
 If the Borrower
acquires or forms any Subsidiary, each of the foregoing representations and warranties shall be thereafter deemed modified to cover the Borrower and its Subsidiaries, mutatis mutandis. 

  
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 ARTICLE VII 
 AFFIRMATIVE COVENANTS 
 So long as any Loan or other Obligation
shall remain unpaid or unsatisfied, or any Letter of Credit or any Committed Line Portion shall remain outstanding: 
 7.01
Financial Statements. The Borrower shall deliver to the Banks, in form and detail satisfactory to the Banks: 
 (a) as
soon as available, but not later than 120 days after the end of each fiscal year, (i) a copy of the consolidated audited financial statements to include a balance sheet as at the end of such year for each of (A) Atmos Energy Corporation,
(B) Atmos Energy Holdings, Inc. and (C) the Borrower, (ii) a copy of the consolidating unaudited financial statements to include a consolidating balance sheet as at the end of such year for Atmos Energy Holdings, Inc. and the Borrower
and (iii) a copy of the consolidated audited financial statements of the Borrower and its Subsidiaries, and the related statements of income or operations, members’ capital and cash flows for such year for such entities, setting forth in
each case in comparative form the figures for the previous fiscal year, and accompanied by the opinion of a nationally-recognized independent public accounting firm (“Independent Auditor”), which opinion shall state that such
financial statements present fairly the financial position for the periods indicated in conformity with GAAP applied on a basis consistent with prior years. Such opinion shall not be qualified or limited because of a restricted or limited
examination by the Independent Auditors of any material portion of the records of such entities; 
 (b) as soon as available,
but not later than sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year of Atmos Energy Holdings, Inc. and Atmos Energy Corporation, (i) the unaudited consolidated financial statements of Atmos
Energy Corporation and Atmos Energy Holdings, Inc., each to include a balance sheet as at the end of such fiscal quarter, with the related statements of income and/or operations, members’ capital and cash flows for such year for such entities,
for the period commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, setting forth in
comparative form, in the case of each such consolidated balance sheet, the corresponding figures as of the last day of the corresponding period in the immediately preceding fiscal year and, in the case of each such consolidated statement of income
and operations, members’ capital and cash flows, the corresponding figures for the corresponding period in the immediately preceding fiscal year, and (ii) the unaudited consolidating balance sheet and income statement of Atmos Energy
Holdings, Inc.; and 
 (c) as soon as available, but not later than 45 days after the end of each month, the consolidated
financial statements of the Borrower and its subsidiaries in form acceptable to Banks 
 7.02 Certificates; Other
Information. The Borrower shall furnish to the Agents and the Banks: 
 (a) concurrently with the delivery of the financial
statements referred to in Sections 7.01(a), (b), and (c), an Embedded Value Report as of the date of such financial statements and a Compliance Certificate, each executed by a Responsible Officer of the Borrower;

  
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 (b) a Borrowing Base Collateral Position Report executed by a
Responsible Officer of the Borrower as of 15th day of each
month and as of the last Business Day of each month, in each case delivered within ten (10) days of such reporting date; provided, however, that if any Borrowing Base Collateral Position Report fails to reflect an
“excess” (as contemplated by such report) of greater than 10% over the lesser of Borrowing Base Advance Cap or the Total Available Committed Line Portion applicable as of such reporting date, then until two consecutive Borrowing Base
Collateral Position Reports have evidenced an “excess” (as contemplated by such report) of greater than 10% over the lesser of Borrowing Base Advance Cap and the Total Available Committed Line Portion applicable as of the applicable
reporting date for such reports, the Borrower shall provide two additional Borrowing Base Collateral Position Reports per month, one as of the 7th day of each month and the other as of the 22nd day of each month. Upon the delivery of the second consecutive Borrowing Base Collateral Position Report evidencing a
greater than 10% “excess”, the Borrower will revert to delivering two (2) Borrowing Base Collateral Position Reports per month as described in the first portion of this Section 7.02(b); 

(c) on or before the tenth (10th) day of each month, a Net Position Report as of the first (1st) day of said month, and on or before the twenty-fifth
(25th) day of each month, a Net Position Report as of
the fifteenth (15th) day of such month, in each case
certified by a Responsible Officer of the Borrower; 
 (d) promptly when available, such additional information regarding the
business, financial or corporate affairs of the Borrower or any Subsidiary as the Agents, at the request of any Bank, may from time to time reasonably request; 
 (e) a quarterly report of inventory storage locations at each quarter end; 
 (f) a SPT Activity Report executed by a Responsible Officer of the Borrower as of 15th day of each month and as of the last Business Day of each month, in each case delivered within ten (10) days of
such reporting date; provided that if any such SPT Activity Report evidences that the Borrower has an “SPT Activity Utilization Ratio” (as defined therein) of 90% or more, then the Borrower shall provide additional SPT Activity
Reports on the 7th day and the 22nd day of each month, in each case delivered within seven (7) days
of such reporting date, until such time as the last delivered SPT Activity Report evidences an “SPT Activity Utilization Ratio” of 80% or less; 
 (g) a report, to be delivered concurrently with the financial statements delivered pursuant to Section 7.01(c), that sets forth the Cumulative Loss as of the end of the calendar month to which
the financial statements that are being delivered concurrently relate; and 
 (h) if any report described in clauses 7.02(a),
(b) and (c) above is not reasonably satisfactory in form and substance to the Administrative Agent, Borrower shall promptly deliver such information supplementing such report as the Administrative Agent reasonably requests. 

7.03 Notices. The Borrower shall promptly notify the Agents and each Bank: 

(a) of the occurrence of any Default or Event of Default, and of the occurrence or existence of any event or circumstance that could
reasonably be expected to become a Default or Event of Default; 
 (b) of the occurrence of any event which could reasonably be
expected to cause a material impairment of the Collateral Position; 
 (c) of the occurrence of any event which could reasonably
be expected to cause a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a material Contractual Obligation of the Borrower or any Subsidiary; (ii) any material dispute, litigation, investigation,
proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including
proceedings pursuant to any applicable Environmental Laws; 

  
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 (d) of the occurrence of any of the following events affecting the Borrower or any ERISA
Affiliate (but in no event more than 10 days after the Borrower receives notice or becomes aware of such event), and deliver to the Agents and each Bank a copy of any notice with respect to such event that is filed with a Governmental Authority and
any notice delivered by a Governmental Authority to the Borrower or any ERISA Affiliate with respect to such event: 
 (i) an ERISA Event; 
 (ii) a material increase in the Unfunded
Pension Liability of any Pension Plan; 
 (iii) the adoption of, or the commencement of contributions to, any
Plan subject to Section 412 of the Code by the Borrower or any ERISA Affiliate; or 
 the adoption of
any amendment to a Plan subject to Section 412 of the Code, if such amendment results in a material increase in contributions or Unfunded Pension Liability; 
 (e) of any material change in accounting policies or financial reporting practices by the Borrower; and 
 (f) of any intended relocation of inventory or any intended new location of inventory owned by the Borrower, at least ten (10) Business Days prior to the date such inventory is to be stored at such
location. 
 Each notice under this Section shall be accompanied by a written statement by a Responsible Officer of the Borrower
setting forth details of the occurrence referred to therein and stating what action the Borrower or any affected Subsidiary proposes to take with respect thereto and at what time. Each notice under Subsection 7.03(a) shall describe with
particularity any and all clauses or provisions of this Agreement or other Loan Document that have been (or reasonably could be expected to be) breached or violated as therein provided. 

7.04 Preservation of Corporate Existence, Etc. The Borrower shall, and shall cause each of its Subsidiaries to: 

(a) preserve and maintain in full force and effect its existence and good standing under the laws of its state or jurisdiction of
organization; 
 (b) preserve and maintain in full force and effect all governmental rights, privileges, qualifications,
permits, licenses and franchises necessary or desirable in the normal conduct of its business; 
 (c) use reasonable efforts, in
the ordinary course of business, to preserve its business organization and goodwill; and 
 (d) preserve or renew all of its
registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

  
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 7.05 Maintenance of Property. The Borrower shall maintain, and shall cause each of
its Subsidiaries to maintain and preserve, all its property used or useful in its business in good working order and condition, ordinary wear and tear excepted, and make all necessary repairs thereto and renewals and replacements thereof except in
any case where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 7.06
Insurance. The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, with financially sound and reputable independent insurers, insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons, including, without limitation, marine cargo insurance, if
appropriate. 
 7.07 Payment of Obligations. The Borrower shall pay, and shall cause each of its Subsidiaries to pay and
discharge, as the same shall become due and payable, all their respective material obligations and liabilities, including: 

(a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being
contested in good faith by appropriate proceedings and unless adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary; 
 (b) all lawful claims which, if unpaid, would by law become a Lien upon its property unless the same are being contested in good faith by appropriate proceedings and adequate reserves in accordance with
GAAP are being maintained by the Borrower or Subsidiary, and provided that at such time the claim becomes a Lien (other than a lis pendens notice), it shall be promptly paid; and 

(c) all indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Indebtedness. 
 7.08 Compliance with Laws. The Borrower shall comply, and shall cause each of its
Subsidiaries to comply, with all Requirements of Law of any Governmental Authority having jurisdiction over it or its business (including the Federal Fair Labor Standards Act), except where the failure to do so could not reasonably be expected to
have a Material Adverse Effect. 
 7.09 Compliance with ERISA. The Borrower shall, and shall cause each of its ERISA
Affiliates to: (a) maintain each Plan in compliance with the applicable provisions of ERISA, the Code and other federal or state law; (b) cause each Plan which is qualified under Section 401(a) of the Code to maintain such
qualification; and (c) make all required contributions to any Plan subject to Section 412 of the Code. 
 7.10
Inspection of Property and Books and Records. The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the assets and business of the Borrower and such Subsidiary. The Borrower shall permit, and shall cause each of its Subsidiaries to permit, representatives and independent
contractors of any Agents or any Bank to visit and inspect any of their respective properties, to examine their respective corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their respective
affairs, finances and accounts with their respective directors, officers, and independent public accountants, all at the expense of the Agent or Bank causing such inspection and at such reasonable times during normal business hours and as often as
may be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default exists either of the Agents or any Bank may do any of the foregoing at the expense of the Borrower at any time
during normal business hours and without advance notice. 

  
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 7.11 Environmental Laws. The Borrower shall conduct, and shall cause each of its
Subsidiaries to conduct, its operations and keep and maintain its property in compliance in all material respects with all Environmental Laws. 
 7.12 Use of Proceeds. The Borrower (a) shall use the proceeds of the Credit Extensions (i) to refinance all Loans outstanding under the Original Credit Agreement and to provide for the
continuance of the Letters of Credit outstanding thereunder and (ii) to facilitate the purchase, shipment, storage and sale of Product and to otherwise provide working capital related thereto, and (c) shall not use the proceeds of the
Credit Extensions in contravention of any Requirement of Law or of any Loan Document restrictions on use of proceeds. The Borrower shall not use the proceeds of the Loans or any Letter of Credit to acquire, directly or indirectly, any Margin Stock.

 7.13 Collateral Position Audit. At some date not later than the six-month anniversary of the Closing Date and at such
other times as Agents deem advisable, the Borrower will allow Agents or an entity satisfactory to Agents to conduct a thorough examination of the Collateral, and the Borrower will fully cooperate in such examination. The Borrower will pay the costs
and expenses of one such examination each calendar year. 
 7.14 Lock Box. The Borrower shall (i) maintain a lock
box (the “Lock Box”) with Bank of America, N.A. and shall notify in writing and otherwise take such reasonable steps to ensure that all Account Debtors under any of its Accounts forward payment in the form of cash, checks, drafts or
other similar items of payment directly to such Lock Box and shall provide Banks with reasonable evidence of such notification, and (ii) deposit and cause its Subsidiaries to deposit or cause to be deposited all payments under such Accounts to
the Lock Box. In the event that any Account Debtor does make any payment directly to the Borrower, the Borrower shall promptly deposit such amounts into the Lock Box. The Borrower and each Bank acknowledge and agree that prior to the Activation
Period, the Borrower may operate and transact business through the Lock Box account in its normal fashion, including making withdrawals from the Lock Box account. The Borrower and each Bank further acknowledge and agree that during the Activation
Period, Bank of America, N.A. shall transfer all collected and available balances in the Lock Box as directed by the Collateral Agent. The Borrower and each Bank acknowledge and agree that the Bank Blocked Account is owned by the Collateral Agent
for the benefit of the Agents, the Issuing Banks and the Banks and that the Lock Box is under the dominion and control of the Collateral Agent. The Collateral Agent at any time may apply amounts contained in the Bank Blocked Account toward
satisfaction of the Obligations. Upon the irrevocable payment in full of the Borrower’s Obligations and the termination of each Bank’s Committed Line Portion under this Agreement, the Collateral Agent shall release the funds on deposit in
the Bank Blocked Account as directed by the Borrower upon receipt of a written request for such a release of funds from the Borrower. 
 7.15 Financial Covenants. (a) The Borrower will, at all times, maintain, with respect to the elected Borrowing Base Sub-Cap for such time, (i) Net Working Capital and Tangible Net Worth,
each at a level not less than the minimum threshold set forth opposite such applicable Borrowing Base Sub-Cap under the heading “Minimum Net Working Capital” and “Minimum Tangible Net Worth,” as applicable, under the definition
of Borrowing Base Sub-Cap, and (ii) the Ratio of Total Liabilities to Tangible Net Worth, at a level not more than the maximum threshold set forth opposite such applicable Borrowing Base Sub-Cap under the heading “Maximum Ratio at Total
Liabilities to Tangible Net Worth” under the definition of “Borrowing Base Sub-Cap.” 

  
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 (b) The Borrower shall at all times cause the Cumulative Loss to be less than or equal to
$10,000,000; provided that if the Cumulative Loss exceeds $10,000,000 as of the Cumulative Loss Report Date, the Borrower shall prepare and submit, within ten (10) Business Days of each Cumulative Loss Report Date a report to the
Administrative Agent, in form and substance acceptable to the Administrative Agent, in its sole discretion exercised in good faith, which report shall explain the circumstances of such Cumulative Loss and set forth a plan satisfactory to the
Administrative Agent, in its sole discretion exercised in good faith, that provides in reasonable detail the actions the Borrower proposes to take to reduce the Cumulative Loss to an amount less than $10,000,000 before the next “reporting”
date and provided further that for so long as (i) the Borrower executes the plan in accordance with its terms and (ii) the plan remains effective to reduce the Cumulative Loss within the required period, as determined by the
Administrative Agent, in its sole discretion exercised in good faith, then there shall be no breach of this provision. 
 7.16
Swap Contracts. The Borrower shall promptly notify the Administrative Agent of the “early termination,” or its equivalent, of any Swap Contract and the Administrative Agent shall promptly notify the Banks of the same. 

7.17 Physical Trade Contracts. The Borrower shall promptly notify the Administrative Agent of the “early termination,”
or its equivalent, of any Physical Trade Contract and the Administrative Agent shall promptly notify the Banks of the same. 

ARTICLE VIII 
 NEGATIVE COVENANTS 
 So long as any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit or Committed Line Portion shall remain outstanding, unless the Banks waive compliance in writing: 
 8.01 Limitation on Liens. The Borrower shall not, and shall not suffer or permit any Subsidiary to, directly or indirectly, make, create, incur, assume or suffer to exist any Lien upon or with
respect to any part of its property, whether now owned or hereafter acquired, other than the following (“Permitted Liens”): 
 (a) any Lien existing on property of the Borrower or any of its Subsidiaries on the Closing Date and set forth in Schedule 8.01 securing Indebtedness outstanding on such date; 

(b) any Lien created under any Loan Document; 
 (c) Liens for taxes, fees, assessments or other governmental charges which are not delinquent or remain payable without penalty, or to the extent that non-payment thereof is permitted by
Section 7.07, provided, however, that no notice of lien has been filed or recorded under the Code; 

(d) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens
arising in the ordinary course of business which are not delinquent or remain payable without penalty and, with respect to any such warehousemen’s or landlord’s lien, such liens only secure accrued rental charges; 

  
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 (e) Liens (other than any Lien imposed by ERISA) consisting of pledges or deposits required
in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; 
 (f) Liens on the property of the Borrower or its Subsidiaries securing (i) the non-delinquent performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations,
(ii) contingent obligations on surety and appeal bonds and (iii) other non-delinquent obligations of a like nature; in each case, incurred in the ordinary course of business; provided, however, that all such Liens in the
aggregate would not (even if enforced) cause a Material Adverse Effect; 
 (g) Liens consisting of judgment or judicial
attachment liens; provided, however, that the enforcement of such Liens is effectively stayed and all such unstayed liens in the aggregate at any time outstanding for the Borrower and its Subsidiaries do not exceed $1,000,000;

 (h) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business, which,
in the aggregate, are not substantial in amount, and which do not in any case materially interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries; 

(i) purchase money security interests (other than capital leases) on any property acquired or held by the Borrower or its Subsidiaries in
the ordinary course of business, securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such property; provided, however, that (i) any such Lien attaches to such property
concurrently with or within 20 days after the acquisition thereof, (ii) such Lien attaches solely to the property so acquired in such transaction, (iii) the principal amount of the debt secured thereby does not exceed 100% of the cost of
such property and (iv) the principal amount of the Indebtedness secured by any and all such purchase money security interests shall not at any time exceed $1,000,000; 
 (j) Liens of interest owners, including, without limitation, Liens arising as would be defined in Texas Bus. & Com. Code Section 9.343, comparable laws of the states of Oklahoma, Kansas,
Wyoming or New Mexico, or other comparable law; 
 (k) Liens not permitted by clause 8.01 (a), (b), (c), (d), (e), (f), (g),
(h) or (i), in an aggregate amount not to exceed $1,000,000; 
 (l) Liens securing contractual obligations permitted by
Section 8.06; and 
 (m) Cross-Affiliate Netting Liens. 

8.02 Consolidations and Mergers. The Borrower shall not, nor shall it suffer or permit any of its Subsidiaries to, merge,
consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person.

 8.03 Limitation on Indebtedness. The Borrower shall not suffer, or permit any of its Subsidiaries to, create, incur,
assume, suffer to exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except: 

(a) Indebtedness incurred pursuant to or in accordance with this Agreement; 

(b) Indebtedness consisting of trade payables in the ordinary course of business; 

  
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 (c) Indebtedness existing on the Closing Date, and described on Schedule 8.01;

 (d) Indebtedness in respect of purchase money security interests permitted by Section 8.01 hereof; 

(e) Indebtedness in respect of Contingent Obligations permitted by Section 8.06 hereof; and 

(f) Subordinated Debt. 
 8.04 Transactions with Affiliates. The Borrower shall not, and shall not suffer or permit any of its Subsidiaries to, enter into any transaction with any Affiliate of the Borrower, except upon fair
and reasonable terms no less favorable to the Borrower or such Subsidiary than would obtain in a comparable arm’s-length transaction with a Person not an Affiliate of the Borrower or such Subsidiary. Without limiting the foregoing, all sales of
Product by Borrower to, and purchases of Product by Borrower from, any Affiliate of Borrower shall be at the market price on the day of sale, except for transactions made in connection with Borrower’s index sales strategies that shall have been
approved by the Banks prior to any such transactions. 
 8.05 Use of Proceeds. The Borrower shall not, and shall not
suffer or permit any of its Subsidiaries to, use any portion of the Loan proceeds or any Letter of Credit, directly or indirectly, (a) to purchase or carry Margin Stock, (b) to repay or otherwise refinance indebtedness of the Borrower or
others incurred to purchase or carry Margin Stock, (c) to extend credit for the purpose of purchasing or carrying any Margin Stock, or (d) to acquire any security in any transaction that is subject to Section 13 or 14 of the
Exchange Act. 
 8.06 Contingent Obligations. The Borrower shall not, and shall not suffer or permit any of its
Subsidiaries to, create, incur, assume or suffer to exist any Contingent Obligations except: 
 (a) endorsements for collection
or deposit in the ordinary course of business; 
 (b) swap contracts (including for the avoidance of doubt, any Swap Contract)
entered into in the ordinary course of business and physical trade contracts (including, for the avoidance of doubt, any Physical Trade Contract) entered into in the ordinary course of business; and 

(c) Contingent Obligations of the Borrower and its Subsidiaries existing as of the Closing Date and described on
Schedule 8.06. 
 8.07 Restricted Payments. The Borrower shall not, and shall not suffer or permit any of its
Subsidiaries to, directly or indirectly declare or make, any distribution of income or capital on account of any membership interest of the Borrower now or hereafter in existence (“Distributions”), or set aside or otherwise deposit
or invest any sums for such purpose, except, so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, Distributions to the Guarantor. 

8.08 ERISA. The Borrower shall not, nor suffer or permit any of its ERISA Affiliates to: (a) engage in a prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan; or (b) engage in a transaction that could be subject to Section 4069 or 4212(c) of ERISA. 

8.09 Change in Business. The Borrower shall not, nor suffer or permit any of its Subsidiaries to, engage in any line of business
different from the line of business carried on by the Borrower and its Subsidiaries on the date hereof. 

  
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 8.10 Accounting Changes. The Borrower shall not, nor suffer or permit any of its
Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required by GAAP, or change the fiscal year of the Borrower or of any Subsidiary. 

8.11 Net Position. At no time will the Borrower allow its Net Position to exceed 2,000,000 MMBTUS of natural gas. At no time will
the Borrower allow the sum of the following: (a) 25% of the Borrower’s Net Position Value, plus (b) Borrower’s Storage and Unhedged Transportation Exposure, plus (c) Borrower’s Below Index Sales Exposure, to exceed 33%
of Borrower’s Net Working Capital at such time, where: 
 “Net Position Value” means Borrower’s Net
Position valued at the One-Year NYMEX Natural Gas Strip as quoted by BNP Paribas’s Commodity Indexed Transactions Group, such Net Position Value to be adjusted on the first Business Day of each January, April, July and October. 

“Below Index Sales Exposure” means (the maximum volume of gas required to be sold at below index prices multiplied by the
discount from index), minus (the net positive value of all hedge contracts related to the utilization of the related storage & transportation assets). 
 “Storage and Unhedged Transportation Exposure” means the aggregate amount of (1) all contractual costs for storage contracts in excess of three (3) months minus the
aggregate amount of (i) any forward reimbursement of storage costs contractually obligated by its customers plus (ii) the embedded value of the company’s storage injection and withdrawal rights as it pertains to the hedges
designated to its storage books or the forward market prices where storage is not yet hedged plus (2) unhedged transportation expenses that the Borrower incurs prior to the transportation of Product. 

8.12 Loans and Investments. The Borrower shall not purchase or acquire, or suffer or permit any Subsidiary to purchase or acquire,
or make any commitment therefor, any capital stock, equity interest, or any obligations or other securities of, or any interest in, any Person, or make or commit to make any Acquisitions, or make or commit to make any advance, loan, extension of
credit or capital contribution to or any other investment in any Person, including any Affiliate of Borrower, except for: 
 (a)
investments in cash equivalents and Marketable Securities; 
 (b) extensions of credit in the nature of accounts receivable or
notes receivable arising from the sale or lease of goods or services in the ordinary course of business; 
 (c) so long as no
Default of Event of Default shall have occurred and be continuing, or would result therefrom, advances, loans, extensions of credit (by way of guaranty or otherwise), capital contributions, or purchases of Capital Stock, bonds, notes, debentures, or
other debt securities of, or any assets constituting a business unit or, or make any other investment in, any Person (all of the foregoing, “Investments”), in a collective annual aggregate amount (calculated exclusive of Investments
permitted under Section 8.12(a) and (b) above) not to exceed $10,000,000; provided that additional Investments in excess of $10,000,000 provided for under this Section 8.12(c) shall be permitted with the approval
of the Required Banks. 
 8.13 [Reserved]. 

  
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 8.14 Collateral Accounts. Borrower shall not maintain any deposit accounts (as
defined in Section 9-102 of the Uniform Commercial Code) or securities accounts (as defined in Section 8-501 of the Uniform Commercial Code) other than the Collateral Accounts. 

8.15 Risk Management Policy. The Borrower will not materially change its risk management policies without the prior written
consent of the Administrative Agent and the Banks. Borrower agrees that upon request by Agents, from time to time, the Borrower and the Banks will review and evaluate Borrower’s risk management policies. 

8.16 SPT-Related Standby Letters of Credit. The Borrower shall not permit the sum of all outstanding SPT-Related Standby Letters
of Credit (excluding all Physical Trade Delivery-Related Standby Letters of Credit) plus the aggregate SPT Bank Close-Out Amounts of all SPT Banks to exceed the SPT-Related L/C Cap. 

ARTICLE IX 

EVENTS OF DEFAULT 
 9.01 Event of Default. Any of the following shall constitute an “Event of Default”: 
 (a) Non-Payment. The Borrower fails to pay any amount payable hereunder or under any other Loan Document when due including without limitation such amounts as may come due as a result of a
“demand” made by the Banks under the Notes; or 
 (b) Representation or Warranty. Any representation or
warranty made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by the Borrower, or any Responsible Officer furnished at any time under this Agreement, or in or
under any other Loan Document, is incorrect or incomplete in any respect on or as of the date made or deemed made; or 
 (c)
Covenant Defaults. The Borrower fails to perform or observe: 
 (i) any term, covenant or agreement
contained in Sections 7.04(a), 7.10, 7.12, 7.13, 7.15, Article VIII this Agreement and Section 5 of the Security Agreement; 

(ii) any term, covenant or agreement contained in Sections 7.01, 7.02, 7.03, 7.07,
7.16, and 7.17 of this Agreement and such default shall continue unremedied for a period of five days after the occurrence of such default; and 
 (iii) any other term, covenant or agreement not expressly set forth in Section 9.01(c)(i) or (ii) above that is contained in any of the Loan Documents and such default shall continue
unremedied for a period of 20 days after the occurrence of such default; 

  
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 (d) Cross-Default. The Borrower or any Subsidiary of the Borrower (i) fails to
make any payment in respect of any Indebtedness or Contingent Obligation having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $250,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) if such amounts are owed to any Bank or its Affiliate, or pursuant to any SPT Contract; (ii) fails to make any
other payment in respect of any Indebtedness or Contingent Obligation having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $1,000,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise); or (iii) fails to perform or observe any other material condition or covenant; or (iv) any other event
shall occur or condition exist, under any agreement or instrument relating to any such Indebtedness or Contingent Obligation, if, after expiration of any grace or cure period therein provided, the effect of such failure, event or condition is to
cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be
declared to be due and payable prior to its stated maturity, or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded, except to the extent that any such amounts are in bona fide dispute in an
aggregate amount not exceeding $1,000,000 for which adequate reserves are maintained in accordance with GAAP; or 
 (e)
Insolvency; Voluntary Proceedings. The Borrower or any Subsidiary of the Borrower: (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, whether at stated
maturity or otherwise; (ii) commences any Insolvency Proceeding with respect to itself; or (iii) takes any action to effectuate or authorize any of the foregoing; or 
 (f) Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against the Borrower or any Subsidiary of the Borrower, or any writ, judgment, warrant of
attachment, execution or similar process, is issued or levied against a substantial part of the Borrower or any Subsidiary or any of the Borrower’s properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment,
warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within 60 days after commencement, filing or levy; (ii) the Borrower or any Subsidiary of the Borrower admits the material allegations of a
petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law) is ordered in any Insolvency Proceeding; or (iii) the Borrower or any Subsidiary of the Borrower acquiesces in the appointment of a
receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its property or business; or 

(g) ERISA. (i) An ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan which has resulted or could
reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $1,000,000; (ii) the aggregate amount of Unfunded Pension Liability
among all Pension Plans at any time exceeds $1,000,000; or (iii) the Borrower or any ERISA Affiliate shall fail to pay when due, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a
Multiemployer Plan in an aggregate amount in excess of $1,000,000; or 
 (h) Monetary Judgments. One or more
non-interlocutory judgments, non-interlocutory orders, decrees or arbitration awards is entered against the Borrower or any Subsidiary of the Borrower, which such judgment, order, decree or award is not effectively stayed pending appeal thereof,
involving in the aggregate a liability as to any single or related series of transactions, incidents or conditions, to pay an amount of $1,000,000 or more; or 
 (i) Non-Monetary Judgments. Any non-monetary judgment, order or decree is entered against the Borrower or any Subsidiary of the Borrower which has or would reasonably be expected to have a Material
Adverse Effect; or 
 (j) Change of Control. There occurs any Change of Control not previously approved by the Banks; or

  
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 (k) Adverse Change. There occurs a Material Adverse Effect; 

(l) Guarantor Defaults. Any Guarantor fails in any material respect to perform or observe any term, covenant or agreement in the
Guaranty executed by such Guarantor; or such Guaranty is for any reason (other than satisfaction in full of all Obligations and the termination of the Loans) partially (including with respect to future advances) or wholly revoked or invalidated, or
otherwise ceases to be in full force and effect, or such Guarantor or any other Person contests in any manner the validity or enforceability thereof or denies that it has any further liability or obligation thereunder; or any event described at
subsections (e) or (f) of this Section occurs with respect to such Guarantor; or 
 (m) Security Documents.
(i) Any of the Security Documents shall cease, for any reason, to be in full force and effect, or the Borrower or any Guarantor shall so assert, or (ii) if any Lien created under any of the Security Documents shall cease to be valid,
enforceable, perfected security interest in the Collateral described therein and of the same effect and priority purported to be created thereby. 
 9.02 Remedies. If any Event of Default occurs, the Administrative Agent may and shall, at the request of the Required Banks: 

(a) declare an amount equal to the maximum aggregate amount that is or at any time thereafter may become available for drawing by the
beneficiary under any outstanding Letters of Credit (whether or not any beneficiary shall have presented, or shall be entitled at such time to present, the drafts or other documents required to draw under such Letters of Credit) to be immediately
due and payable, and declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without
presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and 
 (b)
exercise on behalf of itself and the Banks all rights and remedies available to it and the Banks under the Loan Documents or applicable law including, without limitation, seeking to lift the stay in effect under the Proceeding; provided,
however, that upon the occurrence of any event specified in subsection (e) or (f) of Section 9.01, the obligation of each Bank to make Loans and any obligation of an Issuing Bank to Issue Letters of Credit shall
automatically terminate and an amount equal to the maximum aggregate amount that is or at any time thereafter may become available for drawing by the beneficiary under any outstanding Letters of Credit (whether or not any beneficiary shall have
presented, or shall be entitled at such time to present, the drafts or other documents required to draw under such Letters of Credit) together with the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid
shall automatically become due and payable without further act of the Administrative Agent, any Issuing Bank or any Bank. 

9.03 Rights Not Exclusive. The rights provided for in this Agreement and the other Loan Documents are cumulative and are not
exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising. 

9.04 Application of Collateral Proceeds. Except as expressly provided in this Agreement, all amounts received or recovered under
this Agreement or any other Loan Document (a) through the exercise of remedies by the Administrative Agent and/or Collateral Agent or liquidation of collateral, or (b) upon the occurrence and during the continuation of any Event of Default
under any Loan Document, as a result of a payment by the Borrower or any Guarantor, or otherwise, in the case of each (a) and (b), shall be applied according to Section 2.01 of the Intercreditor Agreement. 

  
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 ARTICLE X 
 AGENTS 
 10.01 Appointment and Authorization. 

(a) Each Bank, on its own behalf and, solely with respect to the designation and appointment of BNP Paribas as Collateral Agent under the
Security Agreements, on behalf of each of its affiliates and each of its Indemnified Persons, hereby irrevocably (subject to Section 10.09) designates and authorizes the Agents to take such action on its behalf and on behalf of such
Persons under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as
are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Agents shall not have any duties or responsibilities, except those expressly set forth herein,
nor shall the Agents have or be deemed to have any fiduciary relationship with any Bank, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Agents. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Agents is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom and is intended to create or reflect only an administrative relationship, if any, between independent
contracting parties. 
 (b) Each Issuing Bank shall act on behalf of the Banks with respect to any Letters of Credit Issued by
it and the documents associated therewith until such time and except for so long as the Administrative Agent may agree at the request of the Banks to act for such Issuing Bank with respect thereto; provided, however, that such Issuing
Bank shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article X with respect to any acts taken or omissions suffered by such Issuing Bank in connection with Letters of Credit Issued by it or
proposed to be Issued by it and the application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent,” as used in this Article X, included such Issuing Bank with
respect to such acts or omissions, and (ii) as additionally provided in this Agreement with respect to such Issuing Banks. Prior to the issuance of a Letter of Credit by an Issuing Bank other than the Administrative Agent, such Issuing Bank
shall provide written notice to the Administrative Agent of the dollar amount, the date of such issuance and the expiry date of such Letter of Credit. Such issuance shall be subject to the consent of the Administrative Agent. Such consent shall not
result in the imposition of any liability upon the Administrative Agent. 
 10.02 Delegation of Duties. Each of the
Agents may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be
responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable care. 
 10.03
Liability of Agents. None of Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated
hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of the Banks for any recital, statement, representation or warranty made by the Borrower or any Subsidiary or Affiliate of the
Borrower, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agents under or in connection with, this Agreement
or any other Loan Document, or for the value of or title to any Collateral, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of the Borrower or any other
party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Bank to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or
conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower or any of the Borrower’s Subsidiaries or Affiliates. 

  
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 10.04 Reliance by Agents. 

(a) Each of the Agents shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon
advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by Agents. Each of the Agents shall be fully justified in failing or refusing to take any action under this Agreement or
any other Loan Document unless it shall first receive such advice or concurrence of all of the Banks or the Required Banks, as applicable, as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Banks
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each of the Agents shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
or any other Loan Document in accordance with a request or consent of all of the Banks or the Required Banks, as applicable, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Banks. 

(b) For purposes of determining compliance with the conditions specified in Section 5.01, each Bank that has executed this
Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent by Agents to such Bank for consent, approval, acceptance or satisfaction, or required thereunder to be consented
to or approved by or acceptable or satisfactory to the Bank. 
 10.05 Notice of Default. Agents shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Banks, unless the
Administrative Agent shall have received written notice from a Bank or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” The Administrative Agent
will notify the Banks of its receipt of any such notice. The Agents shall take such action with respect to such Default or Event of Default as may be requested by all of the Banks or the Required Banks, as applicable, in accordance with Article
IX; provided, however, that unless and until the Administrative Agent has received any such request, the Agents may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default
or Event of Default as it shall deem advisable or in the best interest of the Banks. 
 10.06 Credit Decision. Each Bank
acknowledges that none of Agent-Related Persons has made any representation or warranty to it, and that no act by Agents hereinafter taken, including any review of the affairs of the Borrower and its Subsidiaries, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Bank. Each Bank represents to the Agents that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and its Subsidiaries, the value of and title to any Collateral, and all
applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Bank also represents that it will, independently and
without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower. Except for
notices, reports and other documents expressly herein required to be furnished to the Banks by the Agents, the Agents shall not have any duty or responsibility to provide any Bank with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of the Borrower which may come into the possession of any of Agent-Related Persons. 

  
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 10.07 Indemnification. Whether or not the transactions contemplated hereby are
consummated, the Banks shall indemnify upon demand Agent-Related Persons (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), pro rata, from and against any and all
Indemnified Liabilities; provided, however, that no Bank shall be liable for the payment to Agent-Related Persons of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful
misconduct. Without limitation of the foregoing, each Bank shall reimburse Agents upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by Agents in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any
document contemplated by or referred to herein, to the extent that Agents are not reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section shall survive the payment of all Obligations hereunder and the
resignation or replacement of Agents. 
 10.08 Agents in Individual Capacity. Each Agent and their respective Affiliates
may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its
Subsidiaries and Affiliates as though such Agent was not an Agent or Issuing Bank hereunder and without notice to or consent of the Banks. The Banks acknowledge that, pursuant to such activities, the Agents and their respective Affiliates may
receive information regarding the Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor of the Borrower or such Subsidiary) and acknowledge that the Agents shall be under no obligation to
provide such information to them. With respect to its Loans, each of the Agents shall have the same rights and powers under this Agreement as any other Bank and may exercise the same as though it were not an Agent or Issuing Bank, and the terms
“Bank” and “Banks” include BNP Paribas in its individual capacities. 
 10.09 Successor Administrative
Agent. The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ notice to the Banks. If the Administrative Agent resigns under this Agreement, Société Générale shall
automatically become the successor agent; provided that if Société Générale declines, then Royal Bank of Scotland shall automatically become the successor agent. If each of Société
Générale and Royal Bank of Scotland declines to become the successor agent, the Required Banks shall appoint, from among the Banks, a successor agent for the Banks. If no successor agent is appointed prior to the effective date of the
resignation of the Administrative Agent, the resigning Administrative Agent may appoint, after consulting with the Banks, a successor agent from among the Banks. Upon the acceptance of its appointment as successor agent hereunder, the successor
agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor agent and the retiring Administrative Agent’s appointment, powers and duties
as Administrative Agent shall be terminated. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article X and Sections 11.04 and 11.05 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor agent has accepted appointment as the Administrative Agent by the date which is thirty (30) days following
a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Banks shall perform all of the duties of the Administrative Agent hereunder
until such time, if any, as the Banks appoint a successor agent as provided for above. 

  
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 10.10 Withholding Tax. 

(a) If any Bank is a “foreign corporation, partnership or trust” within the meaning of the Code and such Bank claims exemption
from, or a reduction of, U.S. withholding tax under Sections 1441 or 1442 of the Code, such Bank agrees with and in favor of the Administrative Agent, to deliver to the Administrative Agent: 

(i) if such Bank claims an exemption from, or a reduction of, withholding tax under a United States tax treaty, properly
completed and executed copies of IRS Form W-8BEN before the payment of any interest in the first calendar year and before the payment of any interest in each third succeeding calendar year during which interest may be paid under this Agreement;

 (ii) if such Bank claims that interest paid under this Agreement is exempt from United States withholding tax
because it is effectively connected with a United States trade or business of such Bank, two properly completed and executed copies of IRS Form W-8ECI before the payment of any interest is due in the first taxable year of such Bank and in each
succeeding taxable year of such Bank during which interest may be paid under this Agreement; and 
 (iii) such
other form or forms as may be required under the Code or other laws of the United States as a condition to exemption from, or reduction of, United States withholding tax. 
 Such Bank agrees to promptly notify the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 

(b) If any Bank claims exemption from, or reduction of, withholding tax under a United States tax treaty by providing IRS Form W-8BEN and
such Bank sells, assigns, grants a participation in, or otherwise transfers all or part of the Obligations of the Borrower to such Bank, such Bank agrees to notify the Administrative Agent of the percentage amount in which it is no longer the
beneficial owner of Obligations of the Borrower to such Bank. To the extent of such percentage amount, the Administrative Agent will treat such Bank’s IRS Form W-8BEN as no longer valid. 

(c) If any Bank claiming exemption from United States withholding tax by filing IRS Form W-8ECI with the Administrative Agent sells,
assigns, grants a participation in, or otherwise transfers all or part of the Obligations of the Borrower to such Bank, such Bank agrees to undertake sole responsibility for complying with the withholding tax requirements imposed by
Sections 1441 and 1442 of the Code. 

  
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 (d) If any Bank is entitled to a reduction in the applicable withholding tax, the
Administrative Agent may withhold from any interest payment to such Bank an amount equivalent to the applicable withholding tax after taking into account such reduction. However, if the forms or other documentation required by subsection (a) of
this Section are not delivered to the Administrative Agent, then the Administrative Agent may withhold from any interest payment to such Bank not providing such forms or other documentation an amount equivalent to the applicable withholding tax
imposed by Sections 1441 and 1442 of the Code, without reduction. 
 (e) If the IRS or any other Governmental
Authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Bank (because the appropriate form was not delivered, was not properly
executed, or because such Bank failed to notify the Administrative Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Bank shall indemnify the
Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to the
Administrative Agent under this Section, together with all costs and expenses (including Attorney Costs), except to the extent caused solely by the gross negligence or willful misconduct of the Administrative Agent. The obligation of the Banks under
this Subsection shall survive the payment of all Obligations and the resignation or replacement of the Administrative Agent. 
 10.11 Collateral Matters. (a) The Agents are authorized on behalf of all the Banks, without the necessity of any notice to or further consent from the Banks, from time to time to take any action
with respect to any Collateral or the Loan Documents which may be necessary to perfect and maintain perfected the security interest in and Liens upon the Collateral granted pursuant to the Loan Documents. 

(b) The Banks irrevocably authorize the Agents, at their option and in their discretion, to release any Lien granted to or held by the
Administrative Agent upon any Collateral (i) upon payment in full of all Loans and all other Obligations known to the Agents and payable under this Agreement or any other Loan Document; (ii) constituting property sold or to be sold or
disposed of as part of or in connection with any disposition permitted hereunder; (iii) constituting property in which the Borrower or any Subsidiary owned no interest at the time the Lien was granted or at any time thereafter;
(iv) constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by the
Borrower or such Subsidiary to be, renewed or extended; (v) consisting of an instrument evidencing Indebtedness or other debt instrument, if the indebtedness evidenced thereby has been paid in full; or (vi) if approved, authorized or
ratified in writing by all of the Banks. Upon request by the Agents at any time, the Banks will confirm in writing the Agents’ authority to release particular types or items of Collateral pursuant to this Subsection 10.11(b);
provided, however, that the absence of any such confirmation for whatever reason shall not affect the Agents’ rights under this Section 10.11. 
 (c) Each Bank agrees with and in favor of each other (which agreement shall not be for the benefit of the Borrower or any Subsidiary) that the Borrower’s obligations to such Bank under this Agreement
and the other Loan Documents is not and shall not be secured by any real property collateral now or hereafter acquired by such Bank. 
 10.12 Monitoring Responsibility. Each Bank will make its own credit decisions hereunder, thus the Agents shall have no duty to monitor the Collateral Position, the amounts outstanding under
sub-lines or the reporting requirements or the contents of reports delivered by the Borrower. Each Bank assumes the responsibility of keeping itself informed at all times. 

  
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 ARTICLE XI 
 MISCELLANEOUS 
 11.01 Amendments and Waivers. No amendment,
supplement, modification or waiver of any provision of this Agreement or any other Loan Document, and no consent with respect to any departure by the Borrower therefrom, shall be effective unless the same shall be in accordance with the provisions
of this Section 11.01. The Required Banks may, or, with the written consent of the Required Banks, the Administrative Agent may, from time to time, (a) enter into with the Borrower written amendments, supplements or modifications
hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Banks or of the Borrower hereunder or thereunder or (b) waive, on such
terms and conditions as the Required Banks or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its
consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

(i) reduce the amount or extend the scheduled date of maturity of any Loan or of any installment thereof, or reduce the stated rate
of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Bank’s Committed Line Portion, in each case without the consent of each Bank affected
thereby, or 
 (ii) amend, modify or waive any provision of this Section 11.01, or any provision of this
Agreement or the Intercreditor Agreement having the effect of modifying the treatment of payments or disbursements to the Banks, or reduce the percentage specified in the definition of Required Banks, or consent to the assignment or transfer by the
Borrower of any of its rights and obligations under this Agreement and the other Loan Documents or release all or substantially all of the Collateral or release a Guarantor from its obligations under a Guaranty, in each case without the written
consent of each of the Banks directly affected thereby, or 
 (iii) amend, modify or waive any provision of
Article X without the written consent of the Agents, or 
 (iv) amend, modify or waive any provision contained in
Sections 7.16, 7.17, 8.16, 9.04 or 11.21 or any other Section of this Agreement which amendment, modification or waiver would adversely affect the rights and duties of the Swap Banks or Physical Trade Banks
hereunder, unless in writing and signed by the Administrative Agent and each Bank that is a Swap Bank or Physical Trade Bank at the time of such amendment, waiver or consent; provided further that the defined terms “Issuance
Cap”, “Issuing Bank Sub-Limit” and “Issuing Percentage Cap” may, with respect to any Issuing Bank, be amended from time to time, upon the written consent of such Issuing Bank and the Borrower, which written consent shall be
notified by the applicable Issuing Bank to the Administrative Agent and each other Bank promptly upon or prior to the effective date of such modification. Any such waiver and any such amendment, supplement or modification shall apply equally to each
of the Banks and shall be binding upon the Borrower, the Banks, the Agents and all future holders of the Loans. In the case of any waiver, the Borrower, the Banks and the Agents shall be restored to their former positions and rights hereunder and
under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.
Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. For the avoidance of doubt, nothing in this Section 11.01 shall be construed to limit the ability of (i) Banks
to increase their respective Committed Line Portions or (ii) New Banks to join this Agreement as Banks, in each case, in accordance with the terms of Section 2.14 hereof. 

  
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 11.02 Notices. 

(a) All notices, requests and other communications shall be in writing (including, unless the context expressly otherwise provides, by
facsimile transmission; provided, however, that any matter transmitted by the Borrower by facsimile (i) shall be immediately confirmed by a telephone call to the recipient at the number specified on Schedule 11.02, and
(ii) shall be followed promptly by delivery of a hard copy original thereof) and mailed, faxed or delivered, to the address or facsimile number specified for notices on Schedule 11.02; or, as directed to the Borrower or the Agents,
to such other address as shall be designated by such party in a written notice to the other parties, and as directed to any other party, at such other address as shall be designated by such party in a written notice to the Borrower and the Agents.

 (b) All such notices, requests and communications shall, when transmitted by overnight delivery, or faxed, be effective when
delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the U.S. mail, or if delivered, upon delivery; except that
notices pursuant to Articles II, III or X shall not be effective until actually received by the Administrative Agent or Agents, as applicable. 
 (c) Any agreement of the Agents and the Banks herein to receive certain notices by telephone or facsimile is solely for the convenience and at the request of the Borrower. The Agents and the Banks shall
be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Agents and the Banks shall not have any liability to the Borrower or other Person on account of any action taken or
not taken by the Agents or the Banks in reliance upon such telephonic or facsimile notice, except to the extent of the gross negligence or willful misconduct of the Agents or any Bank. The obligation of the Borrower to repay the Loans and L/C
Obligations shall not be affected in any way or to any extent by any failure by the Agents and the Banks to receive written confirmation of any telephonic or facsimile notice or the receipt by the Agents and the Banks of a confirmation which is at
variance with the terms understood by the Agents and the Banks to be contained in the telephonic or facsimile notice. 
 11.03
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Agents or any Bank, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
 11.04 Costs and Expenses. The Borrower shall: 
 (a) whether or not the
transactions contemplated hereby are consummated, pay or reimburse each Agent and the Lead Arranger within five (5) Business Days after demand (subject to Subsection 5.01(e)) for all the actual and reasonable costs and expenses
incurred in connection with the development, preparation, negotiation, execution, delivery and administration of the transactions contemplated hereby, and any amendment, supplement, waiver or modification to (in each case, whether or not
consummated), this Agreement, any Loan Document and any other documents prepared in connection herewith or therewith, and the consummation of the transactions contemplated hereby and thereby, including reasonable Attorney Costs and costs of
commercial finance examinations, incurred by each Agent and the Lead Arranger, excluding, however, any costs or expenses incurred in connection with any negotiation, dispute or claim solely between or among BNP Paribas and the other Agents and/or
one or more of the Banks; and 

  
 83 

 (b) pay or reimburse the Agents and each Bank within five Business Days after demand
(subject to Subsection 5.01(e)) for all actual and reasonable costs and expenses (including Attorney Costs) incurred by them in connection with the monitoring, administration, enforcement, attempted enforcement, or preservation of any
rights or remedies under this Agreement or any other Loan Document, excluding, however, any costs or expenses incurred in connection with any negotiation, dispute or claim solely between or among the Agents and/or one or more of the Banks; and all
such costs and expenses during the existence of an Event of Default or after acceleration of the Loans (including in connection with any “workout” or restructuring regarding the Loans, and including in any Insolvency Proceeding or
appellate proceeding). 
 11.05 Indemnity. Whether or not the transactions contemplated hereby are consummated,
the Borrower shall indemnify and hold Agent-Related Persons, and each Bank and each of its respective officers, directors, partners, employees, counsels, agents and attorneys-in-fact (each, an “Indemnified Person”) harmless from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time (including at any time
following repayment of the Loans, the termination of the Letters of Credit and the termination, resignation or replacement of the Administrative Agent or replacement of any Bank) be imposed on, incurred by or asserted against any such Person in any
way relating to or arising out of this Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby, or any action taken or omitted by any such Person under or in connection with any of the foregoing,
including with respect to any investigation, litigation or proceeding (including any Insolvency Proceeding or appellate proceeding) related to or arising out of this Agreement or the Loans or Letters of Credit or the use of the proceeds thereof,
whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided, however, that the Borrower shall have no obligation hereunder to any Indemnified
Person for that portion of any Indemnified Liabilities (i) that is adjudged by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person or
(ii) for the portion of any Indemnified Liabilities that are owed by an Indemnified Person to any other Indemnified Person, but in all events, the Borrower shall remain liable for the remainder of the Indemnified Liabilities not so excluded.
The agreements in this Section shall survive payment of all other Obligations. 
 11.06 Payments Set Aside. To the
extent that the Borrower makes a payment to the Agents or the Banks, or the Agents or the Banks exercise their right of set-off, and such payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Agents or such Bank in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding
or otherwise, then (a) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had not
occurred, and (b) each Bank severally agrees to pay to each of the Agents upon demand its pro rata share of any amount so recovered from or repaid by the Agents. 
 11.07 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the
Borrower may not assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of the Agents and each Bank. 

  
 84 

 11.08 Assignments, Participations, Etc. 

(a) Any Bank, at any time may assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any
ratable part of all, of the Loans, the Committed Line Portion, the L/C Obligations and the other rights and obligations of such Bank hereunder, subject to the consent of the Administrative Agent and each Issuing Bank; provided,
however, that (i) any such disposition shall not, without the prior consent of the Borrower, require the Borrower to apply to register or qualify the Loan or any Note under the securities laws of any state, (ii) the Borrower and the
Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (x) written notice of such assignment, together with payment instructions, addresses and related
information with respect to the Assignee, shall have been given to the Borrower and the Administrative Agent by such Bank and the Assignee; (y) such Bank and its Assignee shall have delivered to the Borrower and the Administrative Agent an
Assignment and Acceptance (“Assignment and Acceptance”) in form attached hereto as Exhibit D, together with any Note or Notes subject to such assignment; and (z) the assignor Bank or Assignee has paid to the
Administrative Agent a processing fee in the amount of $2,500, and (iii) each such assignment to an Assignee (other than any Lender) shall be in an aggregate principal amount of $1,000,000 or a whole multiple in excess thereof (other than in
the case of (A) an assignment of all of a Bank’s interests under this Agreement or (B) an assignment to an Affiliate of the assigning Bank). 
 (b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received an executed Assignment and Acceptance and payment of the above-referenced processing fee,
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan
Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from
its obligations under the Loan Documents. 
 (c) The Borrower shall execute and deliver to the Administrative Agent, new Notes
evidencing such Assignee’s assigned Loans and Committed Line Portion and, if the assignor Bank has retained a portion of its Loans and its Committed Line Portion, replacement Notes in the principal amount of the Loans retained by the assignor
Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to
the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Committed Line Portion arising therefrom. The Committed Line Portion allocated to each Assignee shall reduce such Committed
Line Portion of the assigning Bank pro tanto. Upon such Assignment, the Administrative Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks. 

(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Borrower (a
“Participant”) participating interests in any Loans, the Committed Line Portion of that Bank and the other interests of that Bank (the “originating Bank”) hereunder and under the other Loan Documents; provided,
however, that (i) the originating Bank’s and the Borrower’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations,
(iii) the Borrower, the Issuing Banks and the Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank’s rights and obligations under this Agreement and the other
Loan Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except
to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any
rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due
and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under
this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement. 

  
 85 

 (e) Each Bank agrees to take normal and reasonable precautions and exercise due care to
maintain the confidentiality of all information identified as “confidential” or “secret” by the Borrower and provided to it by the Borrower or any Subsidiary or Affiliate, or by the Agents on the Borrower or Subsidiary’s or
Affiliate’s behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except
to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower;
provided, however, that such source is not bound by a confidentiality agreement with, or under obligation of confidentiality to the Borrower known to the Bank; provided, however, that any Bank may disclose such
information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court
process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank
or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) such Bank’s independent auditors and other professional
advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential; provided, however, that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent
required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Borrower is party or is deemed party with such Bank. The foregoing is not
intended to limit the Banks’ obligations to maintain confidential information received from the Borrower under applicable laws. 
 (f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the
Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR §203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under
applicable law. 
 11.09 Set-off. In addition to any rights and remedies of the Banks provided by law, if an Event of
Default exists or the Loans have been accelerated, each Bank is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower to the fullest extent permitted by law, to set off and
apply any and all deposits at any time held by, and other indebtedness at any time owing by, such Bank to or for the credit or the account of the Borrower against any and all Obligations owing to such Bank, now or hereafter existing, irrespective of
whether or not the Agents or such Bank shall have made demand under this Agreement or any Loan Document and although such Obligations may be contingent or unmatured. Each Bank agrees promptly to notify the Borrower and the Administrative Agent after
any such set-off and application made by such Bank; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. 

  
 86 

 11.10 Automatic Debits of Fees. With respect to any letter of credit fee or other
fee, interest or any other cost or expense (including Attorney Costs) due and payable to BNP Paribas, as Agent or otherwise, and the Issuing Banks under the Loan Documents, the Borrower hereby irrevocably authorizes the Collateral Agent to debit any
Collateral Account of the Borrower with the Collateral Agent (such Collateral Accounts being under the exclusive dominion and control of the Collateral Agent) in an amount such that the aggregate amount debited from all such accounts does not exceed
such fee or other cost or expense. If there are insufficient funds in such accounts to cover the amount of the fee or other cost or expense then due, such debits will be reversed (in whole or in part, in the Administrative Agent’s sole
discretion exercised in good faith) and such amount not debited shall be deemed to be unpaid. No such debit under this Section shall be deemed a set-off. 
 11.11 Notification of Addresses, Lending Offices, Etc. Each Bank shall notify the Agents in writing of any changes in the address to which notices to the Bank should be directed, of addresses of
any Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as the Agents shall reasonably request. 

11.12 Collateral Accounts Charges and Procedures. The Collateral Agent is hereby authorized to (a) charge the Collateral
Accounts or any deposit account of the Borrower maintained at the Collateral Agent for all returned checks, service charges, and other fees and charges associated with the deposits by the Borrower to and withdrawals by the Borrower from the
Collateral Accounts; (b) follow its usual procedures in the event the Collateral Accounts or any check, draft or other order for payment of money should be or become the subject of any writ, levy, order or other similar judicial or regulatory
order or process; (c) charge the Collateral Accounts or any deposit account of the Borrower maintained at the Collateral Agent for any Letter of Credit reimbursement, Loan repayments, interest or fees; and (d) pay from the Collateral
Accounts, on behalf of the Borrower, suppliers and other business expenses of the Borrower. If the available balances in the Collateral Accounts relating to the Borrower are not sufficient to pay the Administrative Agent for any returned check,
draft or order for the payment of money relating to the Borrower, or to compensate the Administrative Agent for any charges or fees due the Administrative Agent with respect to the deposits by the Borrower to and withdrawals by the Borrower from the
Collateral Accounts, the Borrower agrees to pay on demand the amount due the Administrative Agent. The Borrower agrees that the Collateral Accounts are subject to the Control Agreements or, in the case of the Bank Blocked Account, is an account of
the Collateral Agent. 
 11.13 Counterparts. This Agreement may be executed in any number of separate counterparts, each
of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument. 
 11.14 Severability. The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or
enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder. 
 11.15 No
Third Parties Benefited. This Agreement is made and entered into for the sole protection and legal benefit of the Borrower, the Banks, the Administrative Agent and Agent-Related Persons, and their permitted successors and assigns, and no other
Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. 

11.16 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

  
 87 

 11.17 Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally:

 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the 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 the Borrower, at its address set forth in Section 11.02 or at such other address of which the Administrative Agent shall have been notified
pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by Law or shall limit the right to sue in any other jurisdiction; and 
 (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. 

11.18 Waiver of Jury Trial. THE BORROWER, THE BANKS AND THE AGENTS EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
PARTIES AGAINST ANY OTHER PARTY OR ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE BORROWER, THE BANKS AND THE ADMINISTRATIVE AGENT EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF
ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

  
 88 

 11.19 Release of Collateral. (a)Upon any sale or other transfer of any Collateral
that is permitted under the Loan Documents by the Borrower or a sale of all of the assets of, or all of the Capital Stock of, a Subsidiary in a transaction that is permitted under the Loan Documents (other than a sale, transfer or other disposition
to the Guarantor or any other guarantor of the Obligations), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.11 hereof, the security
interest in such Collateral shall automatically terminate and Collateral Agent or Administrative Agent, as the case may be, shall execute and a deliver a termination or satisfaction of any Security Document affecting such Collateral, in proper form
for recording. 
 (b) Upon Termination Date, the pledge and security interest granted pursuant to the Security Agreement and the
other Loan Documents shall automatically terminate and all rights to the Collateral shall revert to the Borrower. Upon any such termination or pursuant to any termination or release as described in Section 11.19(a), the Collateral Agent
will, at the Borrower’s expense, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence such termination. 
 11.20 Entire Agreement. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, EMBODIES THE ENTIRE AGREEMENT AND UNDERSTANDING AMONG THE BORROWER, THE BANKS AND THE ADMINISTRATIVE AGENT, AND
SUPERSEDES ALL PRIOR OR CONTEMPORANEOUS AGREEMENTS AND UNDERSTANDINGS OF SUCH PERSONS, VERBAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. 
 11.21 Effect of Amendment and Restatement. On the Closing Date, the Original Credit Agreement shall be amended, restated and superseded in its entirety by this Agreement. The parties hereto
acknowledge and agree that the liens and security interests granted under the Security Agreements (as defined in the Original Credit Agreement) are continuing and in full force and effect and, upon the amendment and restatement of the Original
Credit Agreement pursuant to this Agreement, such liens and security interests secure and continue to secure the payment of the Obligations, and that the Notes outstanding under and as defined in the Original Credit Agreement are, upon the Closing
Date, replaced by the Notes issued hereunder. 
 11.22 Joinder. From and after the Closing Date, each financial
institution, acceptable to the Agents and the Borrower, that executes and delivers a Committed Line Portion Addendum, substantially in the form of Schedule 11.22 (a “Committed Line Portion Addendum”), shall become a
party to the Credit Agreement and the Intercreditor Agreement and have the rights and obligations of a Bank hereunder and under the other Loan Documents and shall be bound by the other provisions hereof and thereof. 

11.23 Specified Laws. Each Bank and the Administrative Agent (for itself and not on behalf of any Bank) hereby notifies the
Borrower that pursuant to the requirements of the Specified Laws, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will
allow such Bank or Administrative Agent, as applicable, to identify the Borrower in accordance with the Specified Laws. 

[SIGNATURE PAGES FOLLOW] 

  
 89 

 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. 
  

					
	ATMOS ENERGY MARKETING, LLC,
		 	 a Delaware limited liability company

		
	 By:
	 	 /s/ RONALD W. BAHR

		 	Name:  Ronald W. Bahr
		 	Title:    Senior Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	 BNP PARIBAS, as Administrative Agent,
 Collateral Agent and as a Bank, Issuing Bank, and
Swing Line Bank

		
	 By:
	 	 /s/ RICK WERNLI

		 	Name:  Rick Wernli
		 	Title:    Director
		
	 By:
	 	 /s/ ANDREW STRATOS

		 	Name:  Andrew Stratos
		 	Title:    Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	SOCIÉTÉ GÉNÉRALE, as Co-Syndication Agent,
an Issuing Bank and as a Bank
		
	 By:
	 	 /s/ CHAD CLARK

		 	Name:  Chad Clark
		 	Title:    Managing Director

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	 THE ROYAL BANK OF SCOTLAND plc,
 as Co-Syndication Agent and as a Bank

		
	 By:
	 	 /s/ BRIAN D. WILLIAMS

		 	Name:  Brian D. Williams
		 	Title:    Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	 CREDIT AGRICOLE CORPORATE AND
 INVESTMENT BANK, as Co-Documentation
 Agent and as a Bank

		
	By:	 	 /s/ MICHEL KERMARREC

		 	Name:	 	Michel Kermarrec
		 	Title:	 	Vice-President
		
	By:	 	 /s/ ZALI WIN

		 	Name:	 	Zali Win
		 	Title:	 	Managing Director

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	NATIXIS, acting through its New York Branch, as Co-Documentation Agent, a Bank and an Issuing Bank
		
	By:	 	 /s/ DAVID PERSHAD

		 	Name:	 	David Pershad
		 	Title:	 	Managing Director
		
	By:	 	 /s/ VINCENT LAURAS

		 	Name:	 	Vincent Lauras
		 	Title:	 	Senior Managing Director

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	 COOPERATIEVE CENTRALE RAIFFEISEN –
 BOERENLEENBANK B.A. “RABOBANK
 NEDERLAND”, NEW YORK BRANCH, a

Netherlands banking cooperative licensed as a branch in
 the State of New York, as Co-Documentation Agent and
 as a
Bank

		
	By:	 	 /s/ BRETT DELFINO

		 	Name:	 	Brett Delfino
		 	Title:	 	Executive Director
		
	By:	 	 /s/ EVA RUSHKEVICH

		 	Name:	 	Eva Rushkevich
		 	Title:	 	Executive Director

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	BROWN BROTHERS HARRIMAN & CO., as a Bank
		
	By:	 	 /s/ MICHAEL L. VELLUCCI

		 	Name:	 	Michael L. Vellucci
		 	Title:	 	Senior Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	 DZ BANK AG DEUTSCHE ZENTRAL-
 GENOSSENSCHAFTSBANK,
 FRANKFURT AM MAIN, as a Bank

		
	By:	 	 /s/ JOHN COUSSA

		 	Name:	 	John Coussa
		 	Title:	 	Senior Vice President
		
	By:	 	 /s/ NICOLAS VON PFLUG

		 	Name:	 	Nicolas von Pflug
		 	Title:	 	Senior Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	LLOYDS TSB BANK PLC, as a Bank
		
	By:	 	 /s/ JULIA R. FRANKLIN

		 	Name:	 	Julia R. Franklin
		 	Title:	 	Assistant Vice President
		
	By:	 	 /s/ KAREN WEICH

		 	Name:	 	Karen Weich
		 	Title:	 	Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

					
	TRUSTMARK NATIONAL BANK, as a Bank
		
	By:	 	 /s/ JEFF DEUTSCH

		 	Name:	 	Jeff Deutsch
		 	Title:	 	Senior Vice President

  
 [Signature
Page for Fifth Amended and Restated Credit Agreement] 

 SCHEDULE 2.01 
 COMMITTED LINE AND 
 COMMITTED LINE PORTION 

(EXCLUDING SWAP CONTRACTS AND PHYSICAL TRADE CONTRACTS) 

 

							
	I.	  	Committed Line:
				
		  	A.	  	Maximum Line:	  	$200,000,000
				
		  	B.	  	Total Committed Line Portions	  	$200,000,000
				
		  	C.	  	Total Committed Percentage:	  	100%
		
	II.	  	Committed Line Portions:

  

					
	Line:	  	Bank	  	Dollar Amount
			
	Borrowing Base Line	  	BNP Paribas	  	$50,000,000
			
		  	Société Générale	  	$30,000,000
			
		  	Royal Bank of Scotland	  	$20,000,000
			
		  	Natixis	  	$20,000,000
			
		  	Rabobank	  	$20,000,000
			
		  	Credit Agricole	  	$20,000,000
			
		  	Lloyds TSB Bank plc	  	$10,000,000
			
		  	Brown Brothers Harriman & Co.	  	$10,000,000
			
		  	DZ Bank	  	$10,000,000
			
		  	Trustmark National Bank	  	$10,000,000
		
	Total Committed Line Portion:	  	$200,000,000

  
 Schedule
2.01-1 

 SCHEDULE 6.05 

LITIGATION, AND PATENT, TRADEMARK, ETC. CLAIMS 
 None. 

  
 Schedule
6.05-1 

 SCHEDULE 6.07 

ERISA MATTERS 
 None.

  
 Schedule
6.07-1 

 SCHEDULE 6.12 

ENVIRONMENTAL MATTERS 

None. 

  
 Schedule
6.12-1 

 SCHEDULE 6.16 

SUBSIDIARIES AND EQUITY INVESTMENTS 
 None. 

  
 Schedule
6.16-1 

 SCHEDULE 6.17 

INSURANCE MATTERS 
 None.

  
 Schedule
6.17-1 

 SCHEDULE 7.03(f) 

LOCATIONS OF INVENTORY STORAGE 
  

	1.	North Liberty, Kansas 

	2.	Saltville, Virginia 

	3.	Barnsley, Kentucky 

	4.	East Diamond, Kentucky 

	5.	Bearcreek, Louisiana 

	6.	Epps, Louisiana 

	7.	Bethel, Texas 

	8.	Bistineau, Louisiana 

	9.	Egan, Louisiana 

	10.	Portland, Kentucky 

	11.	Columbus, Ohio 

	12.	Helenwood, Tennessee 

	13.	Kanawha, West Virginia 

	14.	Monroe, Louisiana 

	15.	Buffalo, New York 

	16.	Ellisburg, Pennsylvania 

	17.	Portland, Tennessee 

	18.	Early Grove, Virginia 

	19.	Birmingham, Alabama 

  
 Schedule
7.03(f)-1 

 SCHEDULE 8.01 

PERMITTED INDEBTEDNESS AND LIENS 
 None. 

  
 Schedule
8.01-1 

 SCHEDULE 8.06 

CONTINGENT OBLIGATIONS 

None. 

  
 Schedule
8.06-1 

 SCHEDULE 11.02 

ADDRESSES FOR NOTICES AND LENDING OFFICES 
 ATMOS ENERGY MARKETING, LLC 
 Borrower’s Address: 

13430 Northwest Freeway, Suite 700 
 Houston,
Texas 77040 
 Attention: Ronald W. Bahr 

Telephone: (713) 688-7771 
 Facsimile:
(713) 688-5124 
 BNP PARIBAS, 
 As Administrative Agent and Collateral Agent 
 787 Seventh Avenue 

New York, New York 10019 
 Attention: Andrew
Stratos 
 Telephone: (917) 472-4717 
 Facsimile: (212) 841-2536 
 BNP PARIBAS, 

As an Issuing Bank, a Bank, a Swap Bank, and 
 a
Physical Trade Bank 
 787 Seventh Avenue 
 New York, New York 10019 
 Attention: Andrew Stratos 

Telephone: (917) 472-4717 
 Facsimile:
(212) 841-2536 
 SOCIÉTÉ GÉNÉRALE, 

As Co-Syndication Agent, an Issuing Bank, a Bank 

a Swap Bank and a Physical Trade Bank 
 100
Crescent Court, Suite 700 
 Dallas, TX 75201 
 Attention: Chad Clark 
 Telephone: (214) 459-3498 

Facsimile: (214) 459-8027 
 ROYAL BANK
OF SCOTLAND 
 As a Co-Syndication Agent, and a Bank 
 600 Steamboat Road, 
 Greenwich, CT 06830 
 Attention: Ellen Guo 
 Telephone: (203) 971-7627 

  
 Schedule
11.02-1 

 With copies to: 
 600 Travis St., Suite 6500 
 Houston, Texas 77002 

Attention: Matthew Main 
 Telephone:
(713) 221-24415 
 Facsimile: (713) 221-2430 
 NATIXIS, 
 As Co-Documentation Agent, an Issuing Bank, 

a Bank and a Swap Bank 
 9
West 57th Street, 

35th
 Floor 
 New York, New York 10019 

Attention: David Pershad 
 Telephone:
(212) 872-5015 
 Facsimile: (212) 872-5162 
 RABOBANK 
 As Co-Documentation Agent, a Bank and a Swap Bank 

Rabobank Nederland 
 245 Park Avenue 

New York, New York 10167 
 Attention: Eva
Rushkevich 
 Telephone: (212) 916-3711 
 Facsimile: (212) 916-3731 
 CREDIT AGRICOLE 

As Co-Documentation Agent, a Bank and a Swap Bank 
 Credit Agricole Corporate and Investment Bank 
 1301 Avenue of the Americas 

New York, New York 10019 
 Attention: Michel
Kermarrec 
 Telephone: (212) 261-7391 
 Facsimile: (212) 261-3445 
 DZ BANK 

As a Bank 
 DZ Bank AG Deutsche
Zentral-Genossenschaftsbank, 
 Frankfurt am Main 
 609 Fifth Avenue 
 New York, New York 10017-1021 

Attention: John Coussa/ Alexander Ploch 

Telephone: (212) 745-1592 / (212) 745-1591 
 Facsimile: (212) 745-1556 

  
 Schedule
11.02-2 

 BROWN BROTHERS HARRIMAN & CO. 
 As a Bank 
 140 Broadway 
 New York, New York 10005 
 Attention: Paul Feldman 

Telephone: (212) 493-7732 
 Facsimile:
(212) 493-8998 
 LLOYDS TSB BANK plc 
 As a Bank 
 Lloyds TSB Bank plc 
 1095 Avenue of the Americas 
 34th Floor 
 New York, New York 10036 
 Attention: Windsor Davies 

Telephone: (212) 930-8909 
 Facsimile:
(212) 930-5098 
 TRUSTMARK NATIONAL BANK 
 As a Bank 
 Trustmark National Bank 
 10497 Town & Country Way 
 Houston, TX 77024 

Attention: Lad Perenyi 
 Telephone:
(713) 827-3707 
 Facsimile: (713) 365-0890 

  
 Schedule
11.02-3 

 SCHEDULE 11.22 

COMMITTED LINE PORTION ADDENDUM 
 Reference is made to the FIFTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 8, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among ATMOS ENERGY MARKETING, LLC, a Delaware limited liability company (the “Borrower”), BNP PARIBAS, a bank organized under the laws of France (“BNP Paribas”), as a Bank, an Issuing Bank,
Administrative Agent and Collateral Agent, SOCIETE GENERALE, as Co-Syndication Agent, an Issuing Bank and a Bank, ROYAL BANK OF SCOTLAND, as Co-Syndication Agent and a Bank, CREDIT AGRICOLE, NATIXIS and RABOBANK, as Co-Documentation Agents and
Banks, and each other financial institution that becomes a party hereto, including each financial institution that becomes a party thereto by executing this Committed Line Portion Addendum (collectively the “Banks”). Unless
otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined. 

Upon execution and delivery of this Committed Line Portion Addendum (the “Addendum”) by the parties hereto pursuant to
Sections 11.01 and 11.22 of the Credit Agreement, the undersigned Bank hereby becomes or confirms that it is a Bank, as applicable, under the Credit Agreement as set forth herein, and accepts the Committed Line Portion set forth in
Attachment 1 hereto, effective as of the date hereof, and Schedule 2.01 shall be updated to reflect the Committed Line Portion of the undersigned provided for herein. With respect to each entity signing this Addendum as a
Bank who, immediately prior to the effectiveness of this Addendum, was not a Bank under the Credit Agreement, such entity hereby (i) confirms that it has received and reviewed a copy of the Credit Agreement and the other Loan Documents
requested by it and (ii) agrees that by executing this Addendum, it hereby becomes a “Bank” under to the Credit Agreement with the same force and effect as if originally named as a Bank therein, hereby expressly assumes all
obligations and liabilities of a Bank thereunder. With respect to each entity signing this Addendum as a Bank who, immediately prior to the effectiveness of this Addendum, was already a Bank under the Credit Agreement, the Committed Line Portion set
forth in Attachment 1 hereto shall be understood to represent the aggregate Committed Line Portion of such Bank and not a net increase in such Bank’s Committed Line Portion as it existed immediately prior to the effectiveness of
this Addendum. 
 Attachment 1 hereto sets forth the Committed Line Portion that the undersigned party wishes to
accept in connection with the Credit Agreement. 
 THIS ADDENDUM SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 This Addendum may be executed by one or more of the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page hereof by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. 

  
 Schedule
11.22-1 

	
	[NAME OF [NEW] BANK],
	 a [                    ]
organized under the laws of

[                    ], as a
Bank

  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Addendum]

 Accepted and Agreed: 
 ATMOS ENERGY MARKETING, LLC, 
 a Delaware limited liability company, as Borrower

  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Bank Addendum]

 Accepted and Agreed: 
 BNP PARIBAS, a bank 
 organized under the laws 

of France, as Administrative Agent 
  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Bank Addendum]

 ATTACHMENT 1 
 TO BANK ADDENDUM 
  

			
	Name of Bank:	 	  

		
	Notice Address:	 	  

		 	  

		 	  

	Attention:	 	  

	Telephone:	 	  

	Facsimile:	 	  

		
	Commitments:	 	  

 EXHIBIT A 

FORM OF NOTICE OF BORROWING 
 (LETTERS OF CREDIT) 
 [Date] 

BNP Paribas 
 787 Seventh Avenue 

New York, New York 10019 
 Attention: Andrew
Stratos 
 Telephone: (917) 472-4717 
 Facsimile: (212) 841-2536 
 Natixis, acting through its New York Branch 

9 West
57th Street, 

35th
 Floor 
 New York, New York 10019 

Attention: David Pershad 
 Telephone:
(212) 872-5015 
 Facsimile: (212) 872-5162 
 Société Générale 
 100 Crescent Court, Suite 700 

Dallas, TX 75201 
 Attention: Chad Clark

 Telephone: (214) 459-3498 

Facsimile: (214) 459-8027 
  

			
	Re:	  	Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), by and among
ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are parties thereto, BNP Paribas, as Administrative Agent

 Ladies and Gentlemen: 
 Reference is made to the Agreement
(capitalized terms used herein that are not defined shall have the respective meanings ascribed thereto in the Agreement). The Borrower hereby gives notice of its intention to request the [issuance, amendment, or renewal] of Letters of
Credit as is further described on the Letter of Credit Application attached hereto and that the requested Letter of Credit will be a(n) [commercial documentary letter of credit, an SPT-Related Standby Letter of Credit, or other standby letter of
credit1]. 
  
  

	1	 With respect to any Letter of Credit that is characterized as an “other standby letter of credit” a purpose should be specified for such
“other standby letter of credit” so that clause (ii) might read “(ii) that the requested Letter of Credit will be an other standby letter of credit for the purpose of purchasing natural gas from a source other than a Physical
Trade Bank.” 

  
 A-1

 The Borrower represents and warrants, as of the date hereof and as of the date any Letter of
Credit is issued, amended or renewed, that (i) no Default or Event of Default has occurred and is continuing on the date hereof, nor will any thereof occur after giving effect to the Letters of Credit requested above; (ii) that the lesser
of the Borrowing Base Advance Cap or the Total Available Committed Line Portion will not be exceeded after giving effect to the Letters of Credit requested above; and (iii) all of Borrower’s representations and warranties under the
Agreement are true and correct, to Borrower’s knowledge, as of the date hereof. 
  

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC,
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A-2

 FORM OF NOTICE OF BORROWING 

(REVOLVING LOAN) 
 [Date] 
 BNP Paribas 
 787 Seventh Avenue 
 New York, New York 10019 

Attention: Andrew Stratos 
 Telephone:
(917) 472-4717 
 Facsimile: (212) 841-2536 
  

			
	Re:	 	Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), by and among
ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are parties thereto, BNP PARIBAS, as Administrative Agent

 Ladies and Gentlemen: 
 Reference is made to the Agreement (capitalized terms used
herein that are not defined shall have the respective meanings ascribed thereto in the Agreement). The Borrower hereby gives notice of its intention to borrow under the Borrowing Base Line. 
 Please advance a Revolving Loan as follows: 
  

									
	Revocable/Irrevocable	  	[ ̈]    Revocable	  	
	  (check one)	  	[ ̈]    Irrevocable	  	

							
	Date of Borrowing [a-1]	 	:	 	  
	 	
	Amount	 	:	 	  
	 	
	 Type of Advance
 (Base
Rate or Offshore Rate)
	 	:	 	  
	 	
	 Interest Period
 (if
Offshore Rate)
	 	:	 	                             
                              .	 	

 The Borrower represents and warrants, as of the date hereof and as of the date any Revolving Loan
is made or renewed, that (i) no Default or Event of Default has occurred and is continuing on the date hereof, nor will any thereof occur after giving effect to the Revolving Loan requested above; (ii) that none of the Borrowing Base
Advance Cap, the Total Available Committed Line Portion, or the Dollar Advance Cap will be exceeded after giving effect to the Revolving Loan requested above; and (iii) all of Borrower’s representations and warranties under the Agreement
are true and correct, to Borrower’s knowledge, as of the date hereof. 
  

 

	a-1	 The aggregate amount of the Borrowing comprised of Offshore Rate Loans must be made in an amount equal to the Offshore Effective Amount. The date of
the Borrowing must be a Business Day. With respect to any revocable notice, the Borrower must give four (4) Business Days’ advance notice for Borrowings comprised of Offshore Rate Loans, and two (2) Business Days’ advance notice
for Borrowings comprised of Base Rate Loans; provided that with respect to any irrevocable notice, the Borrower must give three (3) Business Days’ and one (1) Business Day’s advance notice, respectively.

  
 A-3

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC,
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A-4

 FORM OF NOTICE OF BORROWING 

(SWING LINE LOAN) 
 [Date] 
 BNP Paribas 
 787 Seventh Avenue 
 New York, New York 10019 

Attention: Andrew Stratos 
 Telephone:
(917) 472-4717 
 Facsimile: (212) 841-2536 
  

			
	Re:	 	Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), by and among
ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are parties thereto, BNP PARIBAS, as Administrative Agent

 Ladies and Gentlemen: 
 Reference is made to the Agreement (capitalized terms used
herein that are not defined shall have the respective meanings ascribed thereto in the Agreement). The Borrower hereby gives notice of its intention to borrow under the Borrowing Base Line. 
 Please advance a Revolving Loan as follows: 
  

							
	Date of Borrowing a-1	 	:	  	  
	  	
	Amount	 	:	  	  
	  	
	 Type of Advance
 (Base Rate or
Offshore Rate)
	 	:	  	  
	  	
	 Interest Period
 (if Offshore
Rate)
	 	:	  	                             
                                 .	  	

 The Borrower represents and warrants, as of the date hereof and as of the date any Swing Line Loan
is made or renewed, that (i) no Default or Event of Default has occurred and is continuing on the date hereof, nor will any thereof occur after giving effect to the Swing Line Loan requested above; (ii) that none of the Borrowing Base
Advance Cap, the Total Available Committed Line Portion, or the Swing Line Dollar Advance Cap will be exceeded after giving effect to the Swing Line Loan requested above; and (iii) all of Borrower’s representations and warranties under the
Agreement are true and correct, to Borrower’s knowledge, as of the date hereof. 
  

 

	a-1	 The aggregate amount of the Borrowing comprised of Offshore Rate Loans must be made in an amount equal to the Offshore Effective Amount. The date of
the Borrowing must be a Business Day. Borrower must give four (4) Business Days advance notice for Borrowings comprised of Offshore Rate Loans, and the same Business Day advance notice for Borrowings comprised of Base Rate Loans.

  
 A-5

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC,
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A-6

 EXHIBIT B 

FORM OF 

NOTICE OF CONVERSION/CONTINUATION 
 [Date] 
 BNP Paribas 
 787 Seventh Avenue 
 New York, New York 10019 

Attention: Andrew Stratos 
 Telephone:
(917) 472-4717 
 Facsimile: (212) 841-2536 
  

			
	Re:	 	Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), by and among
ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are parties thereto, BNP PARIBAS, as Administrative Agent

 Ladies and Gentlemen: 
 The Borrower hereby gives you irrevocable notice pursuant
to Section 2.04 of the Agreement that the undersigned hereby requests a [conversion] [continuation] of [outstanding Borrowings] [an outstanding Borrowing] into a new Borrowing (the “Proposed Borrowing”) on the terms set
forth below: 
  

							
	Form of Notice	 		 		 	
			
	Revocable/Irrevocable	 	[ ̈]    Revocable	 	
	  (check one)	 	[ ̈]    Irrevocable	 	

							
				
	Outstanding Borrowing #1	 		 		 	
				
	Date of Borrowing	 	:	 	  
	 	
	Aggregate Amount for Conversion4	 	:	 	  
	 	
	Type of Advance	 	:	 	  
	 	
	Interest Period	 	:	 	  
	 	

  
  

	4	 The aggregate amount for conversion with respect to Borrowings comprised of Offshore Rate Loans must be made in an amount equal to the Offshore
Effective Amount or, if the remaining outstanding amount of such Borrowing would be less than an amount equal to the Offshore Effective Amount following the conversion or continuation, in the remaining outstanding amount of such Borrowing.

  
 B-1

							
	Proposed Borrowing	  		  		  	
				
	Date of Conversion or Continuation5	  	:	  	  
	  	
	Aggregate Amount	  	:	  	  
	  	
	Type of Advance	  	:	  	  
	  	
	Interest Period	  	:	  	  
	  	

 The undersigned hereby certifies that the following statements are true on the date hereof, and
will be true on the date of the proposed Borrowing: 
 (a) the representations and warranties contained in the Agreement are
correct in all material respects, before and after giving effect to the proposed Borrowing and the application of the proceeds therefrom, as though made on the date of the proposed Borrowing; 

(b) no Default has occurred and remains uncured, nor would result from the proposed Borrowing; and 

(c) neither the Borrowing Base Advance Cap nor the Total Available Committed Line Portion will be exceeded after giving effect to the
proposed Borrowing. 
  

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC,
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 
  

	5	 The date of the proposed conversion or continuation must be a Business Day. Borrower must give not less than four (4) Business Days’ advance
notice for conversions into or continuations of Borrowings comprised of Offshore Rate Loans, and not less than two (2) Business Days’ advance notice for conversions into or continuations of Borrowings comprised of Base Rate Loans;
provided that with respect to any irrevocable notice, the Borrower must provide not less than three (3) Business Days’ notice and one (1) Business Day’s notice, respectively. 

  
 B-2

 EXHIBIT C 

FORM OF 

COMPLIANCE CERTIFICATE 
 [Date] 
 BNP Paribas 
 787 Seventh Avenue 
 New York, New York 10019 

Attention: Andrew Stratos 
 Telephone:
(917) 472-4717 
 Facsimile: (212) 841-2536 
  

			
	Re:	 	Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), by and among
ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are parties thereto, BNP PARIBAS, as Administrative Agent

 Ladies and Gentlemen: 
 The Borrower, acting through its duly authorized
Responsible Officers (as that term is defined in the Agreement), certifies to each of the Banks that the Borrower is in compliance with the Agreement and in particular certifies the following
as of                     : 
  

					
	(i)	  	Net Working Capital	  	$                    ;
			
	(ii)	  	Tangible Net Worth	  	$                    ;
			
	(iii)	  	 Ratio of Total Liabilities to Tangible
 Net Worth
	  	                      :1;
			
	(iv)	  	Borrowing Base Sub-Cap	  	$                    ;
			
	(v)	  	Excess Tangible Net Worth	  	$                    .

Further, the undersigned hereby certify that the Net Position has at no time exceeded the limitations set forth in
Section 8.11, of the Agreement and that the undersigned has no knowledge of any Defaults under the Agreement which existed as of
[                    ] or which exist as of the date of this letter. 
 The undersigned also certifies that the accompanying financial statements present fairly, in all material respects, the financial condition of the Borrower as of
[                    ], and the related results of operations for the
[                    ] then ended, in conformity with generally accepted accounting principles. 

  
 C-1

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 C-2

 EXHIBIT D 

FORM OF 

ASSIGNMENT AND ACCEPTANCE 
 [Date] 
 Reference is made to the Fifth Amended and Restated Credit Agreement,
dated as of December 8, 2010 (as amended or supplemented from time to time, the “Agreement”), among ATMOS ENERGY MARKETING, LLC (the “Borrower”), the banks that from time to time are signatories thereto, and
BNP PARIBAS, as Administrative Agent. Capitalized terms used herein but not defined herein shall have the meanings specified in the Agreement. 
 Pursuant to the terms of the Agreement, [                    ] (“Assignor”),
wishes to assign and delegate to [                    ] (“Assignee”),
[            ]% of its rights and obligations under the Agreement. Therefore, Assignor, Assignee, and Administrative Agent agree as follows: 

Section 1. The Assignor hereby sells and assigns and delegates to the Assignee, and the Assignee hereby purchases and assumes from
the Assignor, without recourse to the Assignor and without representation or warranty except for the representations and warranties specifically set forth in clauses (i), (ii), and (iii) of Section 2 of this Assignment and
Acceptance, a [                    ]% interest in and to all of the Assignor’s rights and obligations under the Agreement and the other
Loan Documents as of the Effective Date (as defined below), including such percentage interest in the Assignor’s Committed Line Portion, the Loans owing to the Assignor, the Assignor’s Pro Rata Advance Share of the Letters of Credit, and
the Note held by the Assignor. 
 Section 2. The Assignor (i) represents and warrants that, prior to executing this
Assignment and Acceptance, its Committed Line Portion is $[                    ], the aggregate outstanding principal amount of Loans owed by
the Borrower to the Assignor is $[                    ], and its Pro Rata Advance Share of the outstanding Effective Amount of L/C
Obligations is $[                    ]; (ii) represents and warrants that it is the legal and beneficial owner of the interest being
assigned by it hereunder and that such interest is free and clear of any adverse claim; (iii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties, or representations made in or in
connection with the Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Agreement or any other Loan Document or any other instrument or document furnished pursuant
thereto; (iv) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under the Agreement or any other
Loan Document or any other instrument or document furnished pursuant thereto; and (v) attaches the Note referred to in Section 1 above and requests that Administrative Agent exchange such Note for a new Note dated
[                    ], in the principal amount of
$[                    ] payable to the order of the Assignee[, and a new Note dated in the principal amount of
$[                    ] payable to the order of Assignor]. 

  
 D-1

 3. The Assignee (i) confirms that it has received a copy of the Agreement, together
with copies of the financial statements referred to in Section 7.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(ii) agrees that it will, independently and without reliance upon Administrative Agent, the Assignor or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Agreement or any other Loan Document; (iii) appoints and authorizes Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Agreement and any other
Loan Document as are delegated to Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (iv) agrees that it will perform in accordance with their terms all of the obligations which by the
terms of the Agreement or any other Loan Document are required to be performed by it as a Bank; (v) specifies as its Lending Office (and address for notices) the office set forth beneath its name on the signature pages hereof;
(vi) attaches the forms prescribed by the Internal Revenue Service of the United States certifying as to the Assignee’s status for purposes of determining exemption from United States withholding taxes with respect to all payments to be
made to the Assignee under the Agreement and Notes or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty; and (vii) represents that it is an Eligible
Assignee. 
 4. The effective date for this Assignment and Acceptance shall be
[                    ] (“Effective Date”), and following the execution of this Assignment and Acceptance, Administrative
Agent will record it in its records of the transactions under the Agreement. 
 5. Upon such recording, from and after the
Effective Date, Administrative Agent shall make all payments under the Agreement and the Notes in respect of the interest assigned hereby (including all payments of principal, interest, and fees) to the Assignee. The Assignor and Assignee shall make
all appropriate adjustments in payments under the Agreement and the Notes for periods prior to the Effective Date directly between themselves. 
 6. This Assignment and Acceptance shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. 

The parties hereto have caused this Assignment and Acceptance to be duly executed as of the date first above written. 

  
 D-2

			
	[ASSIGNOR]
		
	By:	 	
 

			
	Name:	 	
 

			
	Title:	 	
 

			
		
	Address:	 	
 

			
	  

	  

	Attention:	 	
 

			
	Telecopy No:	 	
 

			
	
	[ASSIGNEE]
		
	By:	 	
 

			
	Name:	 	
 

			
	Title:	 	
 

			
	
	Lending Office:
		
	Address:	 	
 

			
	  

	  

	Attention:	 	
 

			
	Telecopy No:	 	
 

			
	
	 BNP Paribas,
 as
Administrative Agent

		
	By:	 	
 

			
	Name:	 	
 

			
	Title:	 	  

  
 D-3

 EXHIBIT E 

ATMOS ENERGY MARKETING, LLC, BORROWING BASE 
 COLLATERAL POSITION REPORT AS OF [DATE] 
 In my capacity as Responsible
Officer for ATMOS ENERGY MARKETING, LLC, I hereby certify that as of the date written above, the amounts indicated below were accurate and true as of the date of preparation. I also certify that the net long or short position has not exceeded the
limitations set forth in Section 8.11, of the Credit Agreement. 
  

																					
	I.	  	COLLATERAL	  				 				  				  			
		  	A.	  	Cash Collateral	  	$	            	  	 	 	100%	  	  				  	$	            	  
		  	B.	  	 Equity in Eligible Broker

accounts
	  	$	            	  	 	 	90%	  	  				  	$	            	  
		  	C.	  	Tier I Accounts	  	$	            	  	 	 	90%	  	  				  	$	            	  
		  	D.	  	Tier II Accounts	  	$	            	  	 	 	85%	  	  				  	$	            	  
		  	E.	  	Tier I Unbilled Accounts	  	$	            	  	 	 	85%	  	  				  	$	            	  
		  	F.	  	Tier II Unbilled Accounts	  	$	            	  	 	 	80%	  	  				  	$	            	  
		  	G.	  	Eligible Hedged Inventory	  	$	            	  	 	 	85%	  	  				  	$	            	  
		  	H.	  	Eligible Unhedged Inventory	  	$	            	  	 	 	80%	  	  				  	$	            	  
		  	I.	  	Eligible Exchange Receivables	  	$	            	  	 	 	80%	  	  				  	$	            	  
		  	J.	  	Undelivered Product Value	  	$	            	  	 	 	80%	  	  				  	$	            	  
		  	K.	  	Realizable Unrealized Profits, up to a maximum amount of $50,000,000; less	  	$	            	  	 	 	70%	  	  				  	$	            	  
		  	L.	  	First purchaser liability; less	  	$	  (            	) 	 	 	100%	  	  				  	$	(            	) 
		  	M.	  	Physical Trade Bank Prompt Close-Out Amounts; less	  	$	            	  	 	 	100%	  	  				  	$	            	  
		  	N.	  	SPT Close-Out Amounts (other than Physical Trade Bank Prompt Close-Out Amounts)	  	$	            	  	 	 	125%	  	  				  	$	                	  
		  	 TOTAL COLLATERAL
	  	$	            	  	 				  	 	            	  	  	 	                
	  
		  	 BORROWING BASE SUB-CAP
	  	 	            	  	 				  	 	            	  	  	$	                	  
		  	 BORROWING BASE ADVANCE CAP
	  				 				  				  	$	                	  
		  	 TOTAL AVAILABLE COMMITTED LINE PORTION
	  				 				  				  	 	                	  
						
	 II.
	  	BANK OUTSTANDINGS	  				 				  				  	$	                	  
		  	A.	  	Loans from the Banks	  				 				  				  	$	                	  
		  	B.	  	L/C’s from the Banks	  				 				  				  	$	                	  
					
	 TOTAL OUTSTANDINGS UNDER BORROWING BASE LINE
	  				 				  				  	 	                	  
	 III.
	  	EXCESS/(DEFICIT) (I-II)	  				 				  				  	 	                	  
	 IV.
	  	NET SHORT OR LONG POSITION                     
MMBTUS	  				 				  				  	$	                	  

 Attached hereto are
(i) an aging report, (ii) a schedule of netted Eligible Exchange Receivables, (iii) a schedule of Eligible Inventory, (iv) a schedule of Realizable Unrealized Profits, (v) a schedule of any net Mark-to-Market losses, and
(vi) a schedule of all contras applied against (i) – (v). 
  

			
	By:	 	  

		 	Responsible Officer

  
 E-1

 EXHIBIT F 

FORM OF NET POSITION REPORT AND EXPOSURE REPORT 
 [Date] 
 BNP Paribas 
 787 Seventh Avenue 
 New York, New York 10019 

Attention: Andrew Stratos 
 Telephone:
(917) 472-4717 
 Facsimile: (212) 841-2536 
  

	 	Re:	Net Positions 

 In my capacity
as Responsible Officer of ATMOS ENERGY MARKETING, LLC, I hereby certify to you that as of the date written above, such company’s aggregate net positions are as follows: 

 

					
	 	  	MMBTUS of
Natural Gas	 
	 Long
	  	 	        	  
	   (Short)
	  	 	        	  
	 Net Position
	  	 	        	  

 To the best of
my knowledge, these net positions have at no time exceeded the limitations set forth in Section 8.11, of that certain Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010, as amended or supplemented from time to
time, by and among ATMOS ENERGY MARKETING, LLC, the banks that from time to time are parties thereto, BNP Paribas, as Administrative Agent. 
 Furthermore, at no time has the sum of the following: 
 (a) 25% of
the Borrower’s Net Position Value, $                    , plus 

(b) Borrower’s Storage and Unhedged Transportation Exposure,
$                    , plus 
 (c) Borrower’s Below Index Sales Exposure, $                    , exceeded 33% of
Borrower’s Net Working Capital. 

  
 F-1

					
	Very truly yours,
	
	ATMOS ENERGY MARKETING, LLC,
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Date:                     

  
 F-2

 EXHIBIT G 

SUBORDINATION AGREEMENT 
 THIS SUBORDINATION AGREEMENT (this “Agreement”) is made as of the              day of
            , 20    , by and between BNP PARIBAS, a bank organized under the laws of France (“Administrative Agent”), as
Administrative Agent for the ratable benefit of the Secured Parties (as defined in the Credit Agreement (hereinafter defined)),
                             (the “Subordinated Creditor”) and acknowledged by
ATMOS ENERGY MARKETING, LLC, a Delaware limited liability company (“Borrower”). 
 RECITALS

 WHEREAS, Administrative Agent and the Banks have made, or in the future may make, credit accommodations available to
Borrower, pursuant to the terms and provisions of that certain Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Credit Agreement”) among Administrative Agent, the Borrower and the banks and financial institutions from time to time party thereto (collectively, the “Banks”); and 

WHEREAS, Subordinated Creditor has made, or in the future may make, credit accommodations available to Borrower; and 

WHEREAS, in order to induce Administrative Agent to consider making the credit accommodations described above available to Borrower in
the future, Subordinated Creditor has agreed to subordinate certain of its rights and claims now existing or hereafter arising against Borrower to the rights and claims of Administrative Agent now existing or hereafter arising against Borrower, all
in accordance with the terms and provisions of this Agreement; and 
 WHEREAS, the parties hereto are entering into this
Agreement in order to set forth their agreements as to payment of the Senior Indebtedness (hereinafter defined) and the Junior Indebtedness (hereinafter defined) and their agreements as to certain other matters including but not limited to lien
priorities. 
 NOW, THEREFORE, for and in consideration of the premises and the mutual agreements contained herein, the parties
hereto hereby agree as follows: 
 AGREEMENT 
 ARTICLE I DEFINITIONS 
 As used in this Agreement, the terms defined above
shall have their respective meanings set forth above and the following terms shall have the following meanings: 

“Collateral” shall mean any and all property which now constitutes or hereafter will constitute collateral or other
security for payment of the Senior Indebtedness pursuant to the Senior Documents or otherwise. 
 “Default”
shall have the meaning set forth in the Credit Agreement. 

  
 G-1

 “Distribution” by any Person shall mean (a) with respect to any stock
or membership interest issued by such Person, the retirement, redemption, purchase or other acquisition for value of any such stock or membership interest, (b) the declaration or payment of any dividend or other distribution on or with respect
to any such stock or membership interest, (c) any loan or advance by such Person to, or other investment by such Person in, the holder of any such stock or membership interest, and (d) any other payment (other than ordinary salaries to
employees or advances made in the ordinary course of business to employees for travel or other expenses incurred in the ordinary course of business) by such Person to or for the benefit of the holder of any such stock or membership interest.

 “Event of Default” shall have the meaning set forth in the Credit Agreement. 

“Federal Bankruptcy Code” shall have the meaning set forth in Article VIII of this Agreement. 

“Junior Creditor” shall mean the Subordinated Creditor and its successors and assigns. 

“Junior Documents” shall mean any and all agreements, documents and instruments evidencing, together with all
amendments, supplements and restatements thereof, evidencing, governing or executed or delivered in connection with the Junior Indebtedness. 
 “Junior Indebtedness” shall mean any and all indebtedness, obligations and liabilities of every kind and character of Borrower now or hereafter owing to any party to this Agreement other
than Senior Creditor, including, without limitation, the indebtedness evidenced and to be evidenced by the Junior Documents, whether such indebtedness, obligations and liabilities are direct or indirect, primary or secondary, joint, several or joint
and several, fixed or contingent and whether incurred by Borrower as maker, endorser, guarantor or otherwise. 

“Permitted Payments” shall have the meaning set forth in Article IV of this Agreement. 

“Person” shall mean and include an individual, a partnership, a corporation, a business trust, a joint stock company, a
trust, an unincorporated association, a joint venture or other entity or a governmental authority. 

“Proceeds” shall have the meaning assigned to it under the Uniform Commercial Code, shall also include
“products” (as defined in the Uniform Commercial Code), and, in any event, shall include, but not be limited to (a) any and all proceeds of any insurance, indemnity, warranty, letter of credit or guaranty or collateral security
payable to any grantor from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to the owner of the Collateral from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental body, authority, bureau or agency (or any Person acting under color of governmental authority) and (c) any and all other amounts from
time to time paid or payable under or in connection with any of the Collateral. 
 “Senior Creditor” shall mean
Administrative Agent and its successors and assigns. 
 “Senior Documents” shall mean any and all agreements,
documents and instruments, together with all amendments, supplements and restatements thereof, evidencing, governing or executed or delivered in connection with the Senior Indebtedness or the Senior Creditor’s interests in the Collateral,
including, without limitation, the Credit Agreement. 

  
 G-2

 “Senior Indebtedness” shall mean any and all indebtedness, obligations and
liabilities of every kind and character of Borrower now or hereafter owing to Senior Creditor, whether such indebtedness, obligations and liabilities are direct or indirect, primary or secondary, joint, several or joint and several, fixed or
contingent and whether incurred by Borrower as maker, endorser, guarantor or otherwise, including, without limitation, any and all indebtedness, obligations and liabilities of Borrower now or hereafter owing to Senior Creditor pursuant to or
evidenced by the Senior Documents. 
 ARTICLE II RIGHTS IN COLLATERAL 

2.1 Priorities Regarding Collateral. The Junior Creditor covenants and agrees that it will not take or hold any liens or security
interests on any property of Borrower. If for any reason, however, the Junior Creditor does obtain a lien or security interest in the Collateral, any and every lien and security interest in the Collateral in favor of or held for the benefit of the
Senior Creditor has and shall have priority over any lien or security interest that Junior Creditor has or might have or acquire in the Collateral notwithstanding any statement or provision contained in the Junior Documents or otherwise to the
contrary and irrespective of the time or order of filing or recording of financing statements, deeds of trust, mortgages or other notices of security interests, liens or assignments granted pursuant thereto, and irrespective of anything contained in
any filing or agreement to which any party hereto or its respective successors and assigns may now or hereafter be a party, and irrespective of the ordinary rules for determining priorities under the Uniform Commercial Code or under any other law
governing the relative priorities of secured creditors. 
 2.2 Management of Collateral. Senior Creditor shall have the
exclusive right to manage, perform and enforce the terms of the Senior Documents with respect to the Collateral, to exercise and enforce all privileges and rights thereunder according to its discretion and the exercise of its business judgment
including, but not limited to, the exclusive right to take or retake possession of the Collateral and to hold, prepare for sale, process, sell, lease, dispose of, or liquidate the Collateral, pursuant to a foreclosure or otherwise. Notwithstanding
any rights or remedies available to the Junior Creditor under applicable law or under any document or instrument evidencing, securing or otherwise executed in connection with the incurrence of the obligations contemplated by the Junior Documents,
Junior Creditor shall not be permitted to foreclose upon its security interest in any of the Collateral, or to exercise similar remedies with respect thereto, so long as any of the Senior Indebtedness shall continue to exist, and only the Senior
Creditor shall have the right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of Collateral. Junior Creditor will not in any manner interfere with Senior Creditor’s security interests in the Collateral
unless and until Borrower has satisfied in full the Senior Indebtedness and Senior Creditor has given Junior Creditor written notice thereof. The Junior Creditor waives notice of, and agrees not to challenge the method, manner, time, place or terms,
of any disposition of the Collateral by Senior Creditor. Accordingly, should Senior Creditor elect to exercise its rights and remedies with respect to any of the Collateral, Senior Creditor may proceed to do so without regard to any interest of the
Junior Creditor, and the Junior Creditor waives any claims that it may have against Senior Creditor for any disposition of the Collateral. The Junior Creditor agrees, whether or not a default has occurred in the payment of any indebtedness or the
performance of any other obligations to it, that any liens on and security interests in the Collateral or any portion thereof that it might have or acquire shall automatically be fully released ipso facto as to all indebtedness and other obligations
secured thereby owing to Junior Creditor if and when Senior Creditor releases its lien in and security interest on such Collateral in the event of any sale, disposition or other realization by Senior Creditor (or any agent therefor) upon such
Collateral. 

  
 G-3

 ARTICLE III PROCEEDS 

3.1 Distribution of Proceeds of Collateral. At any time during which all or any part of the Senior Indebtedness remains
outstanding, and whether or not the same is then due and payable, the Proceeds of any sale, disposition or other realization by Senior Creditor (or any agent therefor) upon all or any part of the Collateral shall be applied first to the payment in
full of all Senior Indebtedness in such order as Senior Creditor shall determine in its sole discretion exercised in good faith. 
 3.2 Contingent Obligations. For purposes of distributing the Proceeds of Collateral pursuant to this Article III, the portion of Senior Indebtedness consisting of loans or advances not yet
made by Senior Creditor to Borrower under the Senior Documents (including, but not limited to, amounts with respect to letters of credit outstanding and reimbursement for fees, costs and expenses) shall be considered Senior Indebtedness then
outstanding, and the Senior Creditor shall have the right to retain, in a cash collateral account, cash collateral equal to the amount thereof which Senior Creditor determines, in its sole good faith discretion, may arise or exist from time to time.

 3.3 Holding of Proceeds in Trust. Except as provided for in Article IV of this Agreement, in the event the
Junior Creditor receives Proceeds of the Collateral, Junior Creditor shall be deemed to hold all of such Proceeds in trust for the benefit of Senior Creditor until the proper application thereof in accordance with Section 3.1 hereof. The
Junior Creditor shall not seek to challenge the validity, enforceability, priority or perfection of any of the Senior Documents if the purpose or effect thereof would in any manner defeat or delay the distribution of the Proceeds of any Collateral
in the manner set forth in Section 3.1 hereof. 
 ARTICLE IV SUBORDINATION 

The Junior Creditor covenants and agrees that the Junior Indebtedness, howsoever evidenced and whether now existing or hereafter
incurred, shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Senior Indebtedness: 
 (a) The holder of the Senior Indebtedness shall first be finally and irrevocably paid in cash an aggregate amount equal to the principal thereof and termination fees, if any, interest at the time due
thereon, and all other costs, fees, expenses and/or obligations now or hereafter owing thereunder, before any payment or Distribution of any character, whether in cash, securities or other property, shall be made on account of the Junior
Indebtedness or otherwise to or for the benefit of Junior Creditor; and any payment or Distribution of any character, whether in cash, securities or other property, which would otherwise, but for the provisions of this Article IV, be payable
or deliverable in respect of the Junior Indebtedness or otherwise shall be paid or delivered directly to the holder of the Senior Indebtedness (or its duly authorized representatives), until all the Senior Indebtedness shall have been paid in full.

 (b) Notwithstanding the provisions of subparagraph (a) of this Article IV, Borrower may (i) pay
interest on the unpaid principal balance of the Junior Indebtedness on a monthly basis in arrears and make both scheduled payments and prepayments of principal on the terms and conditions set forth in the Junior Documents and (ii) make
Distributions to Atmos Energy Holdings, Inc., a Delaware corporation (the “Permitted Payments”); provided, however, that as a condition precedent to Borrower’s right to make (and the Junior Creditor’s rights
to receive) any and all such Permitted Payments, there shall not have occurred or then exist a Default or Event of Default under any of the Senior Indebtedness or any of the Senior Documents, or an event or condition which with notice, lapse of time
or the making of such payment or Distribution would constitute a Default or Event of Default under any of the foregoing. 

  
 G-4

 (c) The Junior Creditor agrees to promptly notify the Senior Creditor in writing of any
default or event of default on any Junior Indebtedness or otherwise or under any of the Junior Documents and further agrees not to exercise any right or remedy or take any enforcement action with respect to any default or event of default on any of
the Junior Indebtedness or otherwise or under any of the Junior Documents until such time as the Senior Indebtedness has been paid in full. Without limiting any of the foregoing, any failure of Borrower to perform any of its obligations to Junior
Creditor as a result of any of the prohibitions, restrictions or limitations set forth in this Agreement shall not constitute the basis for a default or event of default on any Junior Indebtedness or under any Junior Documents. 

(d) No reimbursement, payment, direct or indirect, or disbursement of other property or assets of Borrower shall be made by Borrower on
account of the Junior Indebtedness or otherwise or received, accepted, retained or applied by the Junior Creditor (except for the account and benefit of Senior Creditor, which shall be held in trust for Senior Creditor or except for Permitted
Payments as allowed in subparagraph (b) of this Article IV) until such time as the Senior Indebtedness has been finally and irrevocably paid in full in cash. 

(e) Without affecting Junior Creditor’s obligations set forth in this Agreement not to exercise any remedy as set forth in this
Agreement, in the event that the Junior Creditor receives any payment of any character, whether in cash, securities, or other properties, payable or deliverable in respect of the Junior Indebtedness and (i) such payment would cause an event or
condition to occur which, with notice, lapse of time, or both, would cause a Default or an Event of Default to occur under the Senior Documents; or (ii) such payment is made after a Default or an Event of Default has occurred under the Senior
Documents; or (iii) such payment is made at a time that the management of Borrower knew or reasonably should have known that a Default or an Event of Default had occurred under the Senior Documents, or that such payment could reasonably be
expected to cause a Default or an Event of Default to occur under the Senior Documents, then such cash, securities or other properties shall be held in trust for the benefit of the holder of the Senior Indebtedness and shall be paid or delivered to
the holder of the Senior Indebtedness (or its authorized representatives), in the proportions in which it holds same, until all the Senior Indebtedness shall have been paid in full. 

(f) The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the holder of the
Junior Indebtedness, on the one hand, and the holder of the Senior Indebtedness on the other hand. Nothing contained in this Agreement is intended to or shall impair, as between Borrower and its creditors other than the holder of the Senior
Indebtedness and the holder of the Junior Indebtedness, the obligations of Borrower which are absolute and unconditional, to pay to the holder of the Junior Indebtedness the principal thereof and interest thereon as and when the same shall become
due and payable in accordance with its terms, or is intended to or shall affect the relative rights against Borrower of the holder of the Senior Indebtedness. 
 (g) No right of any present or future holder of any of the Senior Indebtedness to enforce the subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure
to act on the part of Borrower or by any act in good faith or failure to act in good faith by any such holder, or by any noncompliance by Borrower with the covenants, agreements and conditions of the Junior Indebtedness, regardless of any knowledge
thereof any such holder may have or be otherwise charged with. 
 (h) Senior Creditor shall have no obligation to preserve the
rights of the Collateral against any prior parties or to marshal any of the Collateral for the benefit of any Person. 

  
 G-5

 ARTICLE V BENEFIT OF AGREEMENT; AMENDMENT 

This Agreement shall constitute a continuing offer to any person who, in reliance upon such provisions, become a Senior Creditor, and
such provisions are made for the benefit of each Senior Creditor, acting on behalf of the Banks, and each of them may enforce such provisions. The Junior Creditor agrees not to assign or transfer, at any time this Agreement remains in effect, any
rights, claim or interest of any kind in or to any Junior Indebtedness without first notifying Senior Creditor and making such assignment expressly subject to this Agreement. The provisions of the Junior Documents as in effect on the date hereof may
not be amended or modified in any respect without the prior written consent of Senior Creditor. 
 ARTICLE VI FURTHER
ASSURANCES 
 Each of the parties hereto hereby agrees to promptly execute and deliver to the other parties hereto any and all such further
instruments and documents and take such further action as such other parties may reasonably request in order to fully effect the purposes of this Agreement. 
 ARTICLE VII REPRESENTATIONS AND WARRANTIES 
 7.1 Senior Creditor and
Junior Creditor. Each of the parties hereto hereby represents and warrants to the other party hereto that: 
 (a) such party
has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement; and 

(b) this Agreement constitutes a legal, valid and binding obligation of such party enforceable against it in accordance with its terms
except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (whether considered
in a suit at law or in equity). 
 ARTICLE VIII BANKRUPTCY 

Junior Creditor agrees not to commence, or to join with any other creditor in commencing any case under Title 11 of the United States
Code, as amended and/or superseded (the “Federal Bankruptcy Code”) by or against Borrower or any of its property without the prior written consent of Senior Creditor. The provisions of this Agreement shall continue in full force and
effect, notwithstanding the commencement of a case under the Federal Bankruptcy Code by or against Borrower. In furtherance of the foregoing, if Junior Creditor receives any property of, or payments from Borrower after the commencement of such a
case on account of a secured claim which is subordinated by the terms of this Agreement (whether as “adequate protection” payments or otherwise), Junior Creditor shall immediately turn such property or payments over to Senior Creditor. To
the extent that Junior Creditor has or acquires any rights under Section 363 or Section 364 of the Federal Bankruptcy Code with respect to the Collateral, the Junior Creditor hereby agrees not to assert such rights without
the prior written consent of Senior Creditor. Junior Creditor hereby grants to Senior Creditor the right, but Senior Creditor shall not be obligated, to file, prove and vote claims on account of the Junior Indebtedness in any receivership,
bankruptcy, or other proceeding under the Federal Bankruptcy Code commenced by or against Borrower. 

  
 G-6

 ARTICLE IX MISCELLANEOUS 

9.1 No Waiver, Cumulative Remedies. No failure to exercise, and no delay in exercising on the part of any party hereto, any right,
power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies provided in this Agreement are cumulative and shall not be exclusive of any rights or remedies provided by law. 
 9.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telegraph, telecopier, or telex) and, unless otherwise
expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or five days after being deposited in the mail, postage prepaid, or, in the case of telegraphic notice, when delivered to the telegraph
company, or in the case of telex notice, when sent, answer back received, addressed as set forth below or to such address or other address as may be hereafter notified by the respective parties hereto: 

 

							
	To Senior Creditor:	  	 BNP Paribas
 787
Seventh Avenue
 New York, New York 10019

Attention: Andrew Stratos
 Telephone: (917)
472-4717
 Facsimile: (212) 841-2536
	  	
			
	To Junior Creditor:	  	  

 
  
	  	
		  	Attention:                         
                              	  	
		  	Telephone:	  	  
	  	
		  	Facsimile:	  	  
	  	

 9.3 GOVERNING LAW. THIS AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK AND SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE
SUCCESSORS, TRANSFEREES AND ASSIGNS. 
 9.4 Amendments and Waivers. Neither this Agreement nor any of the terms hereof
may be amended, waived, discharged or terminated unless such amendment, waiver, discharge or termination is in writing signed by each of the parties hereto. 
 9.5 Exculpation. Neither Senior Creditor nor its agents have made to the other parties hereto nor do any of them hereby or otherwise make any representations or warranties, express or implied, nor
do they assume any liability with respect to (i) obligors under any instruments of guarantee; (ii) the enforceability, validity, value or collectibility of Senior Indebtedness, any Collateral therefor, or any guarantee or security which
may have been granted to any of them in connection with the Senior Documents; or (iii) Borrower’s title or right to transfer any collateral or security. No party hereto shall be liable to any other party hereto for any action or failure to
act or any error of judgment, negligence, or mistake or oversight whatsoever on its part or its respective agents, officers, employees or attorneys with respect to any transaction relating to the Collateral or this Agreement. To the maximum extent
permitted by law, except as otherwise provided herein, Junior Creditor waives any claim it might have against Senior Creditor with respect to, or arising out of, the handling of the Collateral (including, without limitation, any such claim
based upon the timing or method of realizing upon such Collateral). 

  
 G-7

 9.6 Third Party Rights. This Agreement is solely for the benefit of the parties
hereto and their respective successors and assigns, and no other Person shall have any right, benefit, priority or other interest under, or because of the existence of, this Agreement. 

9.7 Termination. This Agreement shall terminate upon the final and indefeasible payment in full of all the Senior Indebtedness and
the termination of all of the Senior Documents. 
 9.8 Counterparts. This Agreement may be executed by one or more of the
parties hereto in any number of separate counterparts, each of which shall be an original, but all of which shall constitute but one agreement. 
 9.9 Legend. All promissory notes issued in connection with the Junior Indebtedness shall contain a legend substantially in the form of the following: 

“THIS PROMISSORY NOTE, AND PAYMENT AND ENFORCEMENT HEREOF, IS SUBJECT TO THE TERMS AND PROVISIONS OF THAT CERTAIN SUBORDINATION
AGREEMENT DATED AS OF             , 20     BETWEEN BNP PARIBAS, AS ADMINISTRATIVE AGENT, AND
                                         
                   , AS SUCH SUBORDINATION AGREEMENT MAY BE AMENDED FROM TIME TO TIME.” 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
 [EXECUTION PAGES TO FOLLOW] 

  
 G-8

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

			
	SENIOR CREDITOR:
	
	 BNP PARIBAS,

as Administrative Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 G-9

  

			
	JUNIOR CREDITOR:
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 G-10

 ACKNOWLEDGMENT BY ATMOS ENERGY MARKETING, LLC 

ATMOS ENERGY MARKETING, LLC hereby acknowledges receipt of a copy of the foregoing Subordination Agreement and agrees that, except as
otherwise provided by the foregoing Subordination Agreement, it will not pay any indebtedness subordinated by the foregoing Subordination Agreement until all the Senior Indebtedness shall have been paid in full. 

 

			
	ATMOS ENERGY MARKETING, LLC,
	a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 G-11

 EXHIBIT H 
 BAILEE ACKNOWLEDGEMENT 
  

					
	 BNP PARIBAS
 787 Seventh Avenue, 30th Floor
 New York, New York 10019

Attention: Andrew Stratos
 Fax: (212) 841-2536
 Telephone: (917) 472-4717
	  		  	 ATMOS ENERGY MARKETING, LLC

13430 Northwest Freeway, Suite 700
 Houston, Texas 77040
 Attention: Ronald W. Bahr

Fax: (713) 688-5124

Telephone: (713) 688-7771

 [Date]                     
 To [NAME OF BAILEE/CONSIGNEE] 
       [ADDRESS] 

 

	 	Re:	[NAME OF GRANTOR] 

 Ladies and Gentlemen:

 Atmos Energy Marketing, LLC (“Atmos”) hereby notifies and acknowledges to [NAME OF BAILEE/CONSIGNEE] (the
“Company”) that it has granted to BNP Paribas, on its own behalf and on behalf of certain secured parties (the “Collateral Agent”), a security interest in all [INSERT DESCRIPTION OF COMMODITY HELD] and the proceeds
thereof currently held or which may be delivered from time to time to the Company [for storage/on consignment] at its facility located at
[                            ] (the “Product”). 

Atmos remains the owner of the Product and the Company can follow any and all instructions of Atmos until the Company shall have received notice from the
Collateral Agent (a “Control Notice”) instructing the Company to no longer take instruction from Atmos. After receipt of a Control Notice, Atmos irrevocably authorizes and instructs the Company to take instructions only from the
Collateral Agent with respect to the Product and any warehouse receipts or documents of title related thereto. The Company shall be fully protected in relying upon any Control Notice and any subsequent instructions from the Collateral Agent. Atmos
hereby irrevocably agrees that delivery of any or all of the Product by the Company in accordance with any such notification and instruction from the Collateral Agent shall constitute delivery of such Product to a person whose receipt was rightful
as against Atmos, notwithstanding that Atmos is the holder or the party to which delivery is to be made under or pursuant to any warehouse receipt or other document of title. 

  
 H-1

 By countersigning below, the Company (a) acknowledges the Collateral Agent’s security interest in
the Product, (b) confirms that no party has advised the Company that such party claims a security interest or lien in the Product or requested the Company to hold the Product, or any portion thereof, for its benefit, and (c) agrees that,
without prior notice to the Collateral Agent, the Company will not issue negotiable warehouse receipts or documents of title covering the Product. [For a Consignee Add: If the Company purchases any of the Product, it will pay the purchase
price to Account Number                     6 at BNP Paribas or to such other account as instructed jointly by Atmos and the Collateral Agent or, after any Control
Notice, as instructed by the Collateral Agent. On payment to such account, title to the Product purchased will pass to the Customer free and clear of any security interest or lien of the Collateral Agent.] 

[SIGNATURE PAGES FOLLOW] 
  

 

	6	 A Controlled Account. 

  
 H-2

			
	Sincerely,
	
	BNP PARIBAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 H-3

			
	ATMOS ENERGY MARKETING, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 H-4

 ACKNOWLEDGED AND AGREED: 
 [NAME OF BAILEE/CONSIGNEE] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 [INSERT CONTACT INFORMATION] 

  
 H-5

 EXHIBIT I 
 FORM OF EMBEDDED VALUE REPORT 
 [Provided Separately] 

  
 I-1

 EXHIBIT J 

SPT ACTIVITY REPORT AS OF [DATE] 
 In my capacity as Responsible Officer for ATMOS ENERGY MARKETING, LLC, I hereby certify that as of the date written 
 above, the amounts indicated below were accurate and true as of the date of preparation. I also certify that SPT Contract related activity has not exceeded the limitations set forth in
Section 8.16 of the Credit Agreement. 
  

																													
	 SPT Bank
	 	Maximum
Swap Bank
Close-Out
Amount	 	 	Maximum
Physical Trade
Bank Close-
Out Amount	 	 	Maximum
SPT
Bank
Close-Out
Amount	 	 	Current Swap
Bank Close-
Out
Amount	 	 	Current
Physical Trade
Bank Close-Out
Amount	 	 	Current
Aggregate
SPT Bank
Close-Out
Amount	 	 	Available
SPT Close-
Out 
Amount	 
	 BNP Paribas
	 	$	50,000,000	  	 	$	50,000,000	  	 	$	50,000,000	  	 				 				 				 			
	 Société Générale
	 	$	50,000,000	  	 	$	50,000,000	  	 	$	50,000,000	  	 				 				 				 			
	 Royal Bank of Scotland
	 	$	25,000,000	  	 	$	25,000,000	  	 	$	25,000,000	  	 				 				 				 			
	 Natixis
	 	$	25,000,000	  	 	 	N/A	  	 	$	25,000,000	  	 				 				 				 			
	 Brown Brothers Harriman & Co.
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 				 			
	 Credit Agricole
	 	$	25,000,000	  	 	 	N/A	  	 	$	25,000,000	  	 				 				 				 			
	 DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 				 			
	 Lloyds TSB Bank plc
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 				 			
	 Rabobank
	 	$	25,000,000	  	 	 	N/A	  	 	$	25,000,000	  	 				 				 				 			
	 Trustmark National Bank
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 				 			
	 Totals
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 				 			

  
 J-1

 CALCULATION OF SPT ACTIVITY UTILIZATION RATIO 

 

							
	 Total Current

Aggregate SPT Bank
 Close-Out Amount
 (“Total CO Amount”)7
	  	
Amount of Outstanding SPT-Related
Standby Letters of Credit (excluding all
Physical 
Trade Delivery-Related
Standby Letters of Credit)
 (“Total SPT L/C
Amount”)
	  	Covenant Cap
(“Covenant
Cap”)8	  	 “SPT Activity Utilization Ratio”

=

((Total CO Amount) + (Total SPT L/C Amount))
/(Covenant Cap)

 

[expressed as a percentage, rounded to the ninth

decimal place]

	 $40,000,000
	  	[                    ]	  	$100,000,000	  	

  

			
	 By:
	 	  

		 	 Responsible Officer

  

 

	7	 Determined by reference to the U.S. Dollar amount listed in the last row under the heading “Current Aggregate SPT Bank Close-Out Amount

	8	 Determined by reference to the limit set in Section 8.16 of the Credit Agreement, which as of the closing of the Fifth Amended & Restated
Credit Agreement is $100,000,000. 

  
 J-2

 EXHIBIT K 
 (AGENT BANK LETTERHEAD) 
 FORM OF ADMINISTRATIVE AGENT CONFIRMATION OF

 LETTER OF CREDIT ISSUANCE/ AMENDMENT APPROVAL 

[DATE] 
 To: [Issuing Bank]

  

	 	Re:	Confirmation of Approval 

 Dear [Issuing Bank]:

 Reference is made herein to that certain Fifth Amended and Restated Credit Agreement, dated as of December 8, 2010 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among ATMOS ENERGY MARKETING, LLC, a Delaware limited liability company (the “Borrower”), BNP PARIBAS, a bank organized under
the laws of France, as a Bank, an Issuing Bank, Administrative Agent and Collateral Agent, SOCIETE GENERALE, as Co-Syndication Agent, an Issuing Bank and a Bank, ROYAL BANK OF SCOTLAND, as Co-Syndication Agent and a Bank, CREDIT AGRICOLE, NATIXIS
and RABOBANK, as Co-Documentation Agents and Banks, and each other financial institution which may become a party hereto (collectively the “Banks”). 
 Pursuant to Section 3.02(a) of the Credit Agreement, the Administrative Agent hereby confirms that the [Issuance/Amendment] of the Letter of Credit requested by the Borrower as of
[            ], 20[    ], pursuant to its submission of the [L/C Application/ LC Amendment Application] attached hereto as Annex 1 is permitted
in accordance with the terms of the Credit Agreement [and, immediately prior to and after giving effect to the Issuance of such Letter of Credit, no condition set forth in Section 3.01(b) of the Credit Agreement shall exist or result
therefrom]. 

  
 K-1

			
	 BNP PARIBAS, a bank organized under the laws of
 France, as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 K-2

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