Document:

Document

Exhibit 10.6

EXECUTION VERSION

			
	

U.S. $400,000,000
CREDIT AGREEMENT
dated as of October 18, 2021,
by and among
MONONGAHELA POWER COMPANY,
and
THE POTOMAC EDISON COMPANY,
as Borrowers,
THE BANKS NAMED HEREIN,
as Banks,
MIZUHO BANK, LTD.,
as Administrative Agent,
and
THE FRONTING BANKS
PARTY HERETO FROM TIME TO TIME
as Fronting Banks
			
	

						
	

JPMORGAN CHASE BANK, N.A.
PNC CAPITAL MARKETS LLC
MUFG BANK, LTD.
BARCLAYS BANK PLC
BofA SECURITIES, INC.
	

MIZUHO BANK, LTD.
CITIBANK, N.A.
MORGAN STANLEY SENIOR FUNDING, INC.
THE BANK OF NOVA SCOTIA
ROYAL BANK OF CANADA1

as Joint Lead Arrangers

1 RBC Capital Markets is a brand name for the capital markets business of Royal Bank of Canada and its affiliates

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TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS AND ACCOUNTING TERMS.................................................. 1
Section 1.01.    Certain Defined Terms........................................................................ 1
Section 1.02.    Computation of Time Periods........................................................... 26
Section 1.03.    Accounting Terms............................................................................. 26
Section 1.04.    Terms Generally................................................................................ 26
Section 1.05.    Divisions............................................................................................. 27
Section 1.06.    Interest Rates; LIBOR Notification.................................................. 27

ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT .................................................................................................................................. 28
Section 2.01.    The Advances...................................................................................... 28
Section 2.02.    Making the Advances.......................................................................... 28
Section 2.03.    [Reserved]............................................................................................ 30
Section 2.04.    Letters of Credit................................................................................... 30
Section 2.05.    Fees...................................................................................................... 37
Section 2.06.    Adjustment of the Commitments; Borrower Sublimits...................... 38
Section 2.07.    Repayment of Advances...................................................................... 40
Section 2.08.    Interest on Advances........................................................................... 40
Section 2.09.    Additional Interest on Advances......................................................... 41
Section 2.10.    Interest Rate Determination................................................................ 41
Section 2.11.    Conversion of Advances...................................................................... 42
Section 2.12.    Prepayments......................................................................................... 43
Section 2.13.    Increased Costs.................................................................................... 44
Section 2.14.    Illegality................................................................................................ 45
Section 2.15.    Payments and Computations............................................................... 45
Section 2.16.    Taxes.................................................................................................... 47
Section 2.17.    Sharing of Payments, Etc.................................................................... 52
Section 2.18.    Noteless Agreement; Evidence of Indebtedness................................. 52
Section 2.19.    Extension of Termination Date........................................................... 53
Section 2.20.    Several Obligations.............................................................................. 55
Section 2.21.    Defaulting Lenders.............................................................................. 55
Section 2.22.    Mitigation Obligations; Replacement of Lenders............................... 57
Section 2.23.    Benchmark Replacement Setting........................................................ 59

ARTICLE III CONDITIONS OF LENDING AND ISSUING LETTERS OF CREDIT........ 61
Section 3.01.    Conditions Precedent to Initial Extension of Credit.......................... 61
Section 3.02.    Conditions Precedent to Each Extension of Credit............................ 62

ARTICLE IV REPRESENTATIONS AND WARRANTIES.................................................. 63
Section 4.01.    Representations and Warranties of the Borrowers............................. 63

ARTICLE V COVENANTS OF THE BORROWERS............................................................. 67
Section 5.01.    Affirmative Covenants of the Borrowers............................................. 67
Section 5.02.    Financial Covenant.............................................................................. 71
									
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TABLE OF CONTENTS
(continued)
Page

Section 5.03.    Negative Covenants of the Borrowers.............................................. 71

ARTICLE VI EVENTS OF DEFAULT................................................................................ 74
Section 6.01.    Events of Default............................................................................... 74

ARTICLE VII THE ADMINISTRATIVE AGENT............................................................... 77
Section 7.01.    Authorization and Action................................................................... 77
Section 7.02.    Administrative Agent’s Reliance, Limitation of Liability, Etc.......... 80
Section 7.03.    Posting of Communications............................................................... 81
Section 7.04.    The Administrative Agent Individually.............................................. 82
Section 7.05.    Successor Administrative Agent......................................................... 83
Section 7.06.    Acknowledgements of Lenders and Fronting Banks........................ 84
Section 7.07.    Certain ERISA Matters...................................................................... 86

ARTICLE VIII MISCELLANEOUS...................................................................................... 87
Section 8.01.    Amendments, Etc................................................................................ 87
Section 8.02.    Notices, Etc......................................................................................... 88
Section 8.03.    Electronic Communications.............................................................. 89
Section 8.04.    No Waiver; Remedies......................................................................... 89
Section 8.05.    Costs and Expenses; Indemnification............................................... 89
Section 8.06.    Right of Set-off................................................................................... 91
Section 8.07.    Binding Effect.................................................................................... 91
Section 8.08.    Assignments and Participations........................................................ 92
Section 8.09.    Governing Law................................................................................... 97
Section 8.10.    Consent to Jurisdiction; Waiver of Jury Trial.................................. 97
Section 8.11.    Severability......................................................................................... 97
Section 8.12.    Entire Agreement............................................................................... 98
Section 8.13.    Execution in Counterparts; Electronic Execution........................... 98
Section 8.14.    USA PATRIOT Act Notice................................................................ 98
Section 8.15.    No Fiduciary Duty............................................................................. 98
Section 8.16.    Acknowledgment and Consent to Bail-In of Affected Financial Institutions............................................................................................................................. 99
Section 8.17.    Treatment of Certain Information; Confidentiality......................... 99

									
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SCHEDULES AND EXHIBITS

Schedule I    -    List of Commitments and Lending Offices
Schedule II    -    List of L/C Fronting Bank Commitments
Schedule III    -    Existing Letters of Credit
Schedule IV    -    Disclosure Documents
Schedule V    -    Approvals

Exhibit A    -    Form of Assignment and Assumption
Exhibit B    -    Form of Note
Exhibit C    -    Form of Notice of Borrowing
Exhibit D    -    Form of Letter of Credit Request
Exhibit E-1    -    Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are                                                  
Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit E-2    -    Form of U.S. Tax Compliance Certificate (For Foreign Participants That 
Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit E-3    -    Form of U.S. Tax Compliance Certificate (For Foreign Participants That 
Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit E-4    -    Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are
Partnerships For U.S. Federal Income Tax Purposes)

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CREDIT AGREEMENT
CREDIT AGREEMENT, dated as of October 18, 2021, by and among MONONGAHELA POWER COMPANY (“MP”) and THE POTOMAC EDISON COMPANY (“PE”, and together with MP, the “Borrowers”), the banks and other financial institutions (the “Banks”) party hereto from time to time, MIZUHO BANK, LTD.  (“Mizuho”), as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders hereunder and the fronting banks party hereto from time to time.
PRELIMINARY STATEMENTS
(1)    The Borrowers have requested that the Lenders establish a five-year unsecured revolving credit facility in the amount of $400,000,000 in favor of the Borrowers, all of which may be used for general corporate purposes (including, without limitation, the refinancing of the Existing FE Credit Agreement (as defined herein)) and $100,000,000 of which may be used for the issuance of Letters of Credit.
(2)    Subject to the terms and conditions of this Agreement, the Lenders severally, to the extent of their respective Commitments (as defined herein), are willing to establish the requested revolving credit facility in favor of the Borrowers.
NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
Section 1.01.Certain Defined Terms.
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Account Party” has the meaning set forth in Section 2.04(a).
“Additional Commitment Lender” has the meaning set forth in Section 2.19(d).
“Additional Lender” has the meaning set forth in Section 2.06(b).
“Administrative Agent” has the meaning set forth in the preamble hereto.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Advance” means an advance by a Lender to any Borrower made as part of a Borrowing pursuant to Section 2.02.

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“Affected Financial Institution” means (i) any EEA Financial Institution or (ii) any UK Financial Institution.
“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person.
“Agreement” means this Credit Agreement, as amended, restated, amended and restated, modified and supplemented from time to time in accordance with its terms.
“Alternate Base Rate” means, for any period, a fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the highest of (i) the prime rate as most recently published by The Wall Street Journal from time to time, (ii) the sum of 1/2 of 1% per annum plus the Federal Funds Rate in effect from time to time and (iii) the rate of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on the Service equal to the one-month London interbank offered rate for deposits in Dollars as determined at approximately 11:00 a.m. (London time) on such day (or if such day is not a Business Day, on the next preceding Business Day), plus 1%.
“Alternate Base Rate Advance” means an Advance that bears interest as provided in Section 2.08(a).
“Anniversary Date” has the meaning set forth in Section 2.19(a).
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Covered Entities or their respective activities from time to time concerning or relating to terrorism, money-laundering, bribery or corruption, including, without limitation, (i) the United States Foreign Corrupt Practices Act of 1977, as amended from time to time, and the applicable regulations thereunder, and (ii) the United Kingdom’s Anti-Bribery Act 2010, as amended from time to time.
“Applicable Law” means all applicable laws, statutes, treaties, rules, codes, ordinances, regulations, permits, certificates, orders, interpretations, licenses and permits of any Governmental Authority and judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other judicial or quasi-judicial tribunal of competent jurisdiction (including those pertaining to health, safety or the environment or otherwise).
“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of an Alternate Base Rate Advance, and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance.
“Applicable Margin” means, for any Alternate Base Rate Advance or any Eurodollar Rate Advance made to any Borrower, the interest rate per annum set forth in the relevant row of the table immediately below, determined by reference to the Reference Ratings for such Borrower from time to time in effect (and, solely in the case that there are no Reference Ratings, Applicable Margin shall be at Level 6):
    

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	BASIS FOR PRICING	LEVEL 1

Reference Ratings at least A- by S&P or 
A3 by Moody’s
	LEVEL 2

Reference Ratings lower than Level 1 but at least BBB+ by S&P or Baa1 by Moody’s
	LEVEL 3

Reference Ratings lower than Level 2 but at least BBB by S&P or Baa2 by Moody’s
	LEVEL 4

Reference Ratings lower than Level 3 but at least BBB- by S&P or Baa3 by Moody’s
	LEVEL 5

Reference Ratings lower than Level 4 but at least BB+ by S&P or Ba1 by Moody’s
	LEVEL 6

Reference Ratings lower than Level 5 

	Applicable Margin for Eurodollar Rate Advances	1.125%	1.25%	1.50%	1.75%	2.00%	2.50%
	Applicable Margin for Alternate Base Rate Advances	0.125%	0.25%	0.50%	0.75%	1.00%	1.50%

For purposes of the foregoing, (i) if there is a difference of one level in Reference Ratings of S&P and Moody’s and the higher of such Reference Ratings falls in Level 1, Level 2, Level 3, Level 4 and Level 5 then the higher Reference Rating will be used to determine the pricing level and (ii) if there is a difference of more than one level in Reference Ratings of S&P and Moody’s, the Reference Rating that is one level above the lower of such Reference Ratings will be used to determine the pricing level, unless the lower of such Reference Ratings falls in Level 6, in which case the lower of such Reference Ratings will be used to determine the pricing level.  If there exists only one Reference Rating, such Reference Rating will be used to determine the pricing level.
“Approval” means each approval of FERC under the Federal Power Act or of the “state commission” (as that term is defined under 18 C.F.R. 1.101(k)) that has jurisdiction over a Borrower and that is identified on Schedule V.
“Approved Electronic Platform” has the meaning assigned to it in Section 7.03(a).
“Approved Fund” means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 8.08(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit A hereto or any other form approved by the Administrative Agent (so long as such other form is not disadvantageous to any Borrower in any respect).
“ATSI” means American Transmission Systems, Incorporated, an Ohio corporation.
    

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“Attributable Securitization Obligations” has the meaning set forth in the definition of “Permitted Securitization”.
“Authorized Officer” means, with respect to any notice, certificate or other communication to be delivered by any Borrower hereunder, the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of such Borrower, which officer shall have all necessary corporate or limited liability company authorization to deliver such notice, certificate or other communication.
“Available Commitment” means, for each Lender, the excess of such Lender’s Commitment over such Lender’s Percentage of the Outstanding Credits.  “Available Commitments” shall refer to the aggregate of the Lenders’ Available Commitments hereunder.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. 
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended from time to time, and any Federal law with respect to bankruptcy, insolvency, reorganization, liquidation, moratorium or similar laws affecting creditors’ rights generally.
“Bankruptcy Event” means, with respect to any Person, such Person has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that the acquisition of an ownership interest in such Person by a Governmental Authority or instrumentality thereof shall not, itself, alone constitute a Bankruptcy Event, provided, further, that such ownership interest does not result in or provide such Person with immunity from the 
    

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jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Banks” has the meaning set forth in the preamble hereto.
“Benchmark” means, initially, USD LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 2.23, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof. 
“Benchmark Replacement” means, for any Available Tenor: 
(1) For purposes of Section 2.23(a), the first alternative set forth below that can be determined by the Administrative Agent: 
(a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, or 
(b) the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in Section 2.23(a); and 
(2) For purposes of Section 2.23(b), the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been reasonably selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; 
provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate”, the definition of “Business Day”, the definition of “Interest Period”, timing and frequency of determining rates and making payments 
    

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of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 
“Benchmark Transition Event” means, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored. 
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230, as amended, or any successor thereto.
“Beneficiary” means any Person designated by an Account Party to whom a Fronting Bank is to make payment, or on whose order payment is to be made, under a Letter of Credit.
“Borrower” has the meaning set forth in the preamble hereto.
“Borrower Communications” has the meaning set forth in Section 8.03.
“Borrower Extension Notice Date” has the meaning set forth in Section 2.19(a).
    

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“Borrower Sublimit” means, as to any Borrower, the amount set forth opposite such Borrower’s name below, as modified from time to time pursuant to Section 2.06:

						
	Borrower	Borrower Sublimit
	MP	$250,000,000
	PE	$150,000,000

“Borrowing” means a borrowing consisting of simultaneous Advances of the same Type made by each of the Lenders pursuant to Section 2.02 or Converted pursuant to Section 2.10 or 2.11.
“Business Day” means a day of the year on which banks are not required or authorized to close in New York City or Akron, Ohio and, if the applicable Business Day relates to any Eurodollar Rate Advances, a day on which dealings are carried on in the London interbank market.
“CEI” means The Cleveland Electric Illuminating Company, an Ohio corporation.
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change (other than any change by way of imposition or increase of reserve requirements included in the Eurodollar Rate Reserve Percentage) in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (iii) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines and directives promulgated thereunder, and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to have been introduced or adopted after the date of this Agreement, regardless of the date enacted or adopted.
“Change of Control” has the meaning set forth in Section 6.01(j).
“Closing Date” means October 18, 2021.
“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the applicable regulations thereunder.
“Commitment” means, as to any Lender, the amount set forth opposite such Lender’s name on Schedule I hereto or, if such Lender has entered into any Assignment and Assumption, set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 8.08(c), as such amount may be reduced pursuant to Section 2.06(a) or increased pursuant to Section 2.06(b).
    

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“Commitment Increase” has the meaning set forth in Section 2.06(b).
“Commodity Trading Obligations” means the obligations of any Person under any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, commodity forward contract or derivative transaction and any put, call or other agreement, arrangement or transaction, including natural gas, power, emissions forward contracts, renewable energy credits, or any combination of any such arrangements, agreements and/or transactions, employed in the ordinary course of such Person’s business, including such Person’s energy marketing, trading and asset optimization business.  The term “commodity” shall include electric energy and/or capacity, transmission rights, coal, petroleum, natural gas, fuel transportation rights, emissions allowances, weather derivatives and related products and by-products and ancillary services.
“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Fronting Bank by means of electronic communications pursuant to Section 7.03, including through an Approved Electronic Platform.
“Consolidated Debt” means, with respect to any Borrower at any date of determination the aggregate Indebtedness of such Borrower and its Consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP, but shall not include (i) Nonrecourse Indebtedness of such Borrower and any of its Subsidiaries, (ii) obligations under leases that shall have been or should be, in accordance with GAAP, recorded as operating leases in respect of which such Borrower or any of its Consolidated Subsidiaries is liable as a lessee, (iii) the aggregate principal and/or face amount of Attributable Securitization Obligations of such Borrower and its Consolidated Subsidiaries and (iv) the aggregate principal amount of Trust Preferred Securities and Junior Subordinated Deferred Interest Debt Obligations not exceeding 15% of the Total Capitalization of such Borrower and its Consolidated Subsidiaries (determined, for purposes of such calculation, without regard to the amount of Trust Preferred Securities and Junior Subordinated Deferred Interest Debt Obligations outstanding of such Borrower); provided that the amount of any mandatory principal amortization or defeasance of Trust Preferred Securities or Junior Subordinated Deferred Interest Debt Obligations prior to the latest Termination Date shall be included in this definition of Consolidated Debt.
“Consolidated Subsidiary” means, as to any Person, any Subsidiary of such Person the accounts of which are or are required to be consolidated with the accounts of such Person in accordance with GAAP.
“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control that, together with any Borrower, are treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.
    

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“Convert”, “Conversion” and “Converted” each refers to a conversion of Advances of one Type into Advances of another Type or the selection of a new, or the renewal of the same, Interest Period for Eurodollar Rate Advances pursuant to Section 2.10 or 2.11.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Covered Entity” means, with respect to any Borrower (i) such Borrower and each of its Subsidiaries and (ii) each Person that, directly or indirectly, is in control of a Person described in clause (i) above.  For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.
“Credit Parties” has the meaning set forth in Section 8.15.
“Criminal Information” means the Criminal Information in United States v. FirstEnergy Corporation, filed in the United States District Court for the Southern District of Ohio on July 22, 2021.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Date of Issuance” means the date of issuance by a Fronting Bank of a Letter of Credit under this Agreement.
“Debt to Capitalization Ratio” means, for any Borrower, the ratio of Consolidated Debt of such Borrower to Total Capitalization of such Borrower.
“Defaulting Lender” means any Lender that (i) has failed, within two Business Days of the date required to be funded or paid, to (A) fund any portion of its Advances, (B) fund any portion of its participations in Letters of Credit or (C) pay over to the Administrative Agent or any Fronting Bank any other amount required to be paid by it hereunder, unless, in the case of clause (A) or (B) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (ii) has notified any Borrower or the Administrative Agent or any Fronting Bank in writing, or 
    

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has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (iii) has failed, within three Business Days after request by the Administrative Agent or any Fronting Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Advances and participations in then outstanding Letters of Credit under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iii) upon the Administrative Agent’s or such Fronting Bank’s (as applicable) receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (iv) has become the subject of a Bankruptcy Event or (v) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.
“Disclosure Documents” means, with respect to each Borrower, its (A) consolidated balance sheet as of December 31, 2020, and the related consolidated statements of income, retained earnings and cash flows for the fiscal year then ended, certified by PricewaterhouseCoopers LLP, with, in each case, any accompanying notes, (B) unaudited consolidated balance sheet as of June 30, 2021, and the related consolidated statements of income, retained earnings and cash flows for the six-month period then ended, in each case with respect to the foregoing clauses (A) and (B), prepared in accordance with GAAP (but, in the case of such statements that are unaudited, subject to year-end adjustments and the exclusion of detailed footnotes) and copies of which have been furnished to each Lender and each Fronting Bank and (C) the matters, if any, described in the portion of Schedule IV hereto applicable to such Borrower as indicated thereon.
“Dollars” and “$” each means lawful currency of the United States of America.
“Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to the Administrative Agent.
“DPA” means the Deferred Prosecution Agreement, dated as of July 21, 2021, between the United States Attorney’s Office for the Southern District of Ohio and FE.
“Drawing” means a drawing by a Beneficiary under any Letter of Credit.
“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the 
    

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Majority Lenders; provided however, that the Administrative Agent, the Lenders and the Borrowers may select a later date as specified in such notice. 
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (1) a notification by the Administrative Agent to (or the request by the Borrowers to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and (2) the joint election by the Administrative Agent and the Borrowers to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders. 
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority, any Governmental Authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 8.08(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 8.08(b)(iii)).
“Environmental Laws” means any federal, state or local laws, ordinances or codes, rules, orders, or regulations relating to pollution or protection of the environment, including, without limitation, laws relating to hazardous substances, laws relating to reclamation of land and waterways and laws relating to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes into the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollution, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes.
    

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“ERISA” means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder, each as amended, modified and in effect from time to time.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor thereto), as in effect from time to time.
“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.
“Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Administrative Agent.
“Eurodollar Rate” means, for the Interest Period for any Eurodollar Rate Advance made in connection with any Borrowing, the greater of (a) 0.00% and (b) the rate of interest per annum (rounded upward to the nearest 1/100 of 1%) as calculated by ICE Benchmark Administration Limited (or any other Person which takes over the administration of that rate) and obtained through a nationally recognized service such as the Dow Jones Market Service (Telerate), Reuters or other such service then being used by the Administrative Agent to ascertain such rates of interest (in each case, the “Service”) as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period; provided, however, that if an event set forth in Section 2.23(a) or Section 2.23(b) and its related effective date have occurred with respect to USD LIBOR or the then-current Benchmark, then the rate described in clause (b) above shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has become effective pursuant to Section 2.23.
“Eurodollar Rate Advance” means an Advance that bears interest as provided in Section 2.08(b).
“Eurodollar Rate Reserve Percentage” of any Lender for the Interest Period for any Eurodollar Rate Advance means the reserve percentage applicable during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period.
“Event of Default” has the meaning set forth in Section 6.01.
    

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“Exchange Act” means the Securities Exchange Act of 1934, and the regulations promulgated thereunder, in each case as amended and in effect from time to time.
“Excluded Taxes” means, with respect to any Recipient of any payment to be made by or on account of any obligation of any Borrower hereunder, (i) income, franchise or branch profits Taxes (A) imposed on (or measured by) the Recipient’s net income by the United States, or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its Applicable Lending Office is located or (B) that are Other Connection Taxes, (ii) any U.S. federal withholding Taxes that are imposed on amounts payable to a Lender at the time such Lender becomes a Lender under this Agreement (other than pursuant to an assignment request by any Borrower under Section 2.22(b)) or designates a new lending office, except in each case to the extent that amounts with respect to such Taxes were payable either (A) to such Lender’s assignor immediately before such Lender became a Lender under this Agreement, or (B) to such Lender immediately before it designated a new lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 2.16(g), and (iv) withholding Taxes imposed under FATCA.
“Existing FE Credit Agreement” means the Credit Agreement, dated as of December 6, 2016, by and among FE, CEI, Met-Ed, OE, Penn, TE, JCP&L, MP, Penelec, PE and West-Penn, as borrowers, the lenders party thereto, Mizuho Bank, Ltd., as administrative agent, the fronting banks party thereto and the swing line lenders party thereto, as amended, restated or otherwise modified from time to time and in effect on the Closing Date.
“Existing Letters of Credit” means those Letters of Credit outstanding on the Closing Date and identified on Schedule III hereto.
“Existing Termination Date” has the meaning set forth in Section 2.19(a).
“Expiration Date” means, with respect to a Letter of Credit, its stated expiration date.
“Extension of Credit” means the making of any Advance or the issuance, extension or renewal, or any amendment that increases the Stated Amount, of a Letter of Credit.
“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
“FE” means FirstEnergy Corp., a public utility holding company.
“Federal Funds Rate” means, for any period, the greater of (a) 0.00% and (b) a fluctuating interest rate per annum (rounded upward, if necessary, to the nearest whole multiple of 1/100 of 1% per annum) equal for each day during such period to the weighted average of the 
    

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rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average rate (rounded upward to the nearest whole multiple of 1/100 of 1% per annum, if such average is not such a multiple) charged to Mizuho on such day on such transactions as determined by the Administrative Agent.
“Fee Letters” means (i) the fee letter, dated September 23, 2021, by and among the Borrowers, FE, certain of FE’s other Subsidiaries, JPMorgan, Mizuho, PNC Capital Markets LLC, PNC Bank, National Association, Barclays Bank PLC, BofA Securities, Inc., Bank of America, N.A., Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and The Bank of Nova Scotia, (ii) the fee letter, dated September 23, 2021, by and among the Borrowers, FE, certain of FE’s other Subsidiaries, JPMorgan and Mizuho, and (iii) the fee letter, dated September 23, 2021, by and among the Borrowers, FE certain of FE’s other Subsidiaries, and Mizuho, in each case, as amended, modified or supplemented from time to time.
“FERC” means the Federal Energy Regulatory Commission or successor organization.
“FET” means FirstEnergy Transmission, LLC, a Delaware limited liability company.
“First Mortgage Indenture” means a first mortgage indenture pursuant to which any Borrower or any Subsidiary of any Borrower may issue bonds, notes or similar instruments secured by a lien on all or substantially all of such Borrower’s or such Subsidiary’s fixed assets, as the case may be.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero.
“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrowers are resident for tax purposes.  For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Fraction” means, for any Borrower at any time, a fraction, the numerator of which shall be the Borrower Sublimit of such Borrower at such time, and the denominator of which shall be (i) for purposes of Section 2.06(c), the amount of the aggregate Commitments at such time and (ii) for all other purposes, the sum of the Borrower Sublimits of all Borrowers at such time.
“Fronting Bank” means each Lender identified as a “Fronting Bank” on Schedule II and any other Lender (in each case, acting directly or through an Affiliate) that delivers an instrument in form and substance satisfactory to the Borrowers and the Administrative Agent whereby such other Lender (or its Affiliate) agrees to act as “Fronting Bank” hereunder and that specifies the 
    

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maximum aggregate Stated Amount of Letters of Credit that such other Lender (or its Affiliates) will agree to issue hereunder.
“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to any Fronting Bank, such Defaulting Lender’s Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Fronting Bank other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.
“GAAP” means generally accepted accounting principles in the United States in effect from time to time.
“Governmental Action” means all authorizations, consents, approvals, waivers, exceptions, variances, orders, licenses, exemptions, publications, filings, notices to and declarations of or with any Governmental Authority (other than requirements the failure to comply with which will not affect the validity or enforceability of any Loan Document or have a material adverse effect on the transactions contemplated by any Loan Document or any material rights, power or remedy of any Person thereunder or any other action in respect of any Governmental Authority).
“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).
“Granting Lender” has the meaning set forth in Section 8.08(g).
“Hedging Obligations” mean, with respect to any Person, the obligations of such Person under any interest rate or currency swap agreement, interest rate or currency future agreement, interest rate collar agreement, interest rate or currency hedge agreement, and any put, call or other agreement or arrangement designed to protect such Person against fluctuations in interest rates or currency exchange rates.
“Hostile Acquisition” means any Target Acquisition (as defined below) involving a tender offer or proxy contest that has not been recommended or approved by the board of directors (or similar governing body) of the Person that is the subject of such Target Acquisition.  
    

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As used in this definition, the term “Target Acquisition” means any transaction, or any series of related transactions, by which any Person directly or indirectly (i) acquires all or substantially all of the assets or ongoing business of any other Person, whether through purchase of assets, merger or otherwise, (ii) acquires (in one transaction or as the most recent transaction in a series of transactions) control of at least a majority in ordinary voting power of the securities of any such Person that have ordinary voting power for the election of directors or (iii) otherwise acquires control of more than a 50% ownership interest in any such Person.
“Increasing Lender” has the meaning set forth in Section 2.06(b).
“Indebtedness” means, with respect to any Person, at any date, without duplication, (i) all obligations of such Person for borrowed money, or with respect to deposits or advances of any kind, or for the deferred purchase price of property or services other than trade accounts payable, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations under leases that shall have been or should be, in accordance with GAAP, recorded as capital leases in respect of which such Person is liable as lessee, (v) withdrawal liability incurred under ERISA by such Person or any of its affiliates to any Multiemployer Plan, (vi) reimbursement obligations of such Person (whether contingent or otherwise) in respect of letters of credit, bankers acceptances, surety or other bonds and similar instruments, (vii) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person and (viii) obligations of such Person under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to above.
“Indemnified Person” has the meaning set forth in Section 8.05(c).
“Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes.
“Information” has the meaning set forth in Section 8.17.
“Interest Period” means, for each Eurodollar Rate Advance made to any Borrower as part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Advance into such Eurodollar Rate Advance and ending on the last day of the period selected by such Borrower pursuant to the provisions below and, thereafter in the case of Advances, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by such Borrower pursuant to the provisions below.  The duration of each such Interest Period shall be, in the case of any Eurodollar Rate Advance, one, three or six months, in each case, as the applicable Borrower may select by notice to the Administrative Agent pursuant to Section 2.02(a) or Section 2.11(a); provided, however, that:
    

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(i)    no Borrower may select any Interest Period that ends after the latest Termination Date;
(ii)    Interest Periods commencing on the same date for Advances made as part of the same Borrowing shall be of the same duration;
(iii)    no more than five different Interest Periods shall apply to outstanding Eurodollar Rate Advances with respect to any Borrower on any date of determination, and no more than ten different Interest Periods shall apply to outstanding Eurodollar Rate Advances with respect to all Borrowers on any date of determination; and
(iv)    whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day.
“IRS” means the United States Internal Revenue Service. 
“JCP&L” means Jersey Central Power & Light Company, a New Jersey corporation.
“JPMorgan” means JPMorgan Chase Bank, N.A.
“Junior Subordinated Deferred Interest Debt Obligations” means subordinated deferrable interest debt obligations of any Borrower or any of its Subsidiaries (i) for which the maturity date is subsequent to the latest Termination Date and (ii) that are fully subordinated in right of payment to the Indebtedness hereunder.
“L/C Commitment Amount” means $100,000,000 as the same may be reduced permanently from time to time pursuant to Section 2.06.
“L/C Fronting Bank Commitment” means, with respect to any Fronting Bank, the aggregate Stated Amount of all Letters of Credit that such Fronting Bank agrees to issue, as modified from time to time pursuant to an agreement signed by such Fronting Bank.  With respect to each Lender that is a Fronting Bank on the date hereof, such Fronting Bank’s L/C Fronting Bank Commitment shall equal such Fronting Bank’s “L/C Fronting Bank Commitment” listed on Schedule II, and (ii) with respect to any Lender that becomes a Fronting Bank after the date hereof, such Lender’s L/C Fronting Bank Commitment shall equal the amount agreed upon between the Borrowers and such Lender at the time that such Lender becomes a Fronting Bank, in each case as such L/C Fronting Bank Commitment may be modified in accordance with the terms of this Agreement.
“L/C Obligations” means, on any date of determination, an amount equal to (i) the Lenders’ participation interests in the aggregate undrawn amount of all issued Letters of Credit outstanding on such date plus (ii) the aggregate amount of Reimbursement Obligations outstanding on such date.
    

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“Lender Extension Notice Date” has the meaning set forth in Section 2.19(b).
“Lenders” means the Banks listed on the signature pages hereof and each assignee of a Bank or another Lender that shall become a party hereto pursuant to Section 8.08.
“Letter of Credit” means any standby letter of credit issued hereunder and includes the Existing Letters of Credit.
“Letter of Credit Cash Cover” has the meaning set forth in Section 6.01.
“Letter of Credit Request” has the meaning set forth in Section 2.04(c).
“Lien” means, with respect to any asset, any mortgage, deed of trust, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset.  For the purposes of this Agreement, a Person or any of its Subsidiaries shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.
“Loan Documents” means this Agreement, any Note and the Fee Letters.
“MAIT” means Mid-Atlantic Interstate Transmission, LLC, a Delaware limited liability company.
“Majority Lenders” means, at any time prior to the latest Termination Date, Lenders having in the aggregate more than 50% of the Commitments (without giving effect to any termination in whole of the Commitments pursuant to Section 6.01) and at any time on or after the latest Termination Date, Lenders having more than 50% of the then aggregate Outstanding Credits of the Lenders; provided, that for purposes hereof, no Borrower, nor any of its Affiliates, if a Lender, shall be included in (i) the Lenders having such amount of the Commitments or the Advances or (ii) determining the total amount of the Commitments or the Outstanding Credits.  
“Margin Stock” has the meaning assigned to that term in Regulation U issued by the Board of Governors of the Federal Reserve System, and as amended and in effect from time to time.
“Material Adverse Effect” means, with respect to any Borrower, (i) any material adverse effect on, or a material adverse change in, the business, property, assets, operations, condition (financial or otherwise), liabilities (actual or contingent) or prospects of such Borrower and its Consolidated Subsidiaries, taken as a whole, (ii) any material adverse effect on the legality, validity, binding effect or enforceability against such Borrower of this Agreement or any other Loan Document to which it is a party or (iii) a material impairment of the ability of such Borrower to perform any of its obligations under this Agreement or any other Loan Document to which it is a party.
“Maximum Accordion Amount” has the meaning set forth in Section 2.06(b).
    

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“Met-Ed” means Metropolitan Edison Company, a Pennsylvania corporation.
 “Mizuho” has the meaning set forth in the preamble hereto.
“Moody’s” means Moody’s Investors Service, Inc.
“MP” has the meaning set forth in the preamble hereto.
“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Borrower or any member of the Controlled Group has, or may reasonably be expected to have, an obligation to make contributions, or with respect to which any Borrower has, or may reasonably be expected to incur, liability.
“Non-Approving Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all affected Lenders in accordance with the terms of Section 8.01 and (ii) has been approved by the Majority Lenders.
“Noncompliance Event” means the Criminal Information and the DPA, and the entry by FE into the DPA, together with those events, actions, or omissions to act that are described in the Criminal Information and the Statement of Facts attached thereto.
“Nonconsenting Lender” has the meaning set forth in Section 2.19(b).
“Nonrecourse Indebtedness” means, with respect to any Borrower and its Subsidiaries, (i) any Indebtedness that finances the acquisition, development, construction or improvement of an asset in respect of which the Person to which such Indebtedness is owed has no recourse whatsoever to such Borrower or any of its Affiliates and (ii) any Indebtedness existing on the date of this Agreement that finances the ownership or operation of an asset in respect of which the Person to which such Indebtedness is owed has no recourse whatsoever to such Borrower or any of its Affiliates, in each case of clauses (i) and (ii), other than:
(A)    recourse to the named obligor with respect to such Indebtedness (the “Debtor”) for amounts limited to the cash flow or net cash flow (other than historic cash flow) from the asset; and
(B)    recourse to the Debtor for the purpose only of enabling amounts to be claimed in respect of such Indebtedness in an enforcement of any security interest or lien given by the Debtor over the asset or the income, cash flow or other proceeds deriving from the asset (or given by any shareholder or the like in the Debtor over its shares or like interest in the capital of the Debtor) to secure the Indebtedness, but only if the extent of the recourse to the Debtor is limited solely to the amount of any recoveries made on any such enforcement; and
(C)    recourse to the Debtor generally or indirectly to any Affiliate of the Debtor, under any form of assurance, undertaking or support, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be 
    

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calculated in a specified way) for a breach of an obligation (other than a payment obligation or an obligation to comply or to procure compliance by another with any financial ratios or other tests of financial condition) by the Person against which such recourse is available.
“Note” means any promissory note issued at the request of a Lender pursuant to Section 2.18 in the form of Exhibit B hereto.
“Notice of Borrowing” means a notice of a Borrowing pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit C.
“OE” means Ohio Edison Company, an Ohio corporation.
“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury.
“Organizational Documents” means, as applicable to any Person, the charter, code of regulations, articles of incorporation, by-laws, certificate of formation, operating agreement, certificate of partnership, limited liability company agreement, operating agreement, partnership agreement, certificate of limited partnership, limited partnership agreement or other constitutive documents of such Person.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.22(b)).
“Outstanding Credits” means, on any date of determination, an amount equal to (i) the aggregate principal amount of all Advances outstanding on such date plus (ii) the aggregate undrawn amount of all issued Letters of Credit outstanding on such date plus (iii) the aggregate amount of Reimbursement Obligations outstanding on such date (excluding Reimbursement Obligations that, on such date of determination, are repaid with the proceeds of Advances made in accordance with Sections 2.04(f) and (g), to the extent the principal amount of such Advances is included in the determination of the aggregate principal amount of all outstanding Advances as provided in clause (i) of this definition).  The Outstanding Credits of a Lender on any date of determination shall be an amount equal to the outstanding Advances made by such Lender plus 
    

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the amount of such Lender’s participation interest in outstanding Letters of Credit and Reimbursement Obligations included in the definition of “Outstanding Credits”.
“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Parent Credit Agreement” means that Credit Agreement, dated as of the date hereof, by and among FE and FET as borrowers, the banks and other financial institutions party thereto from time to time, and JPMorgan as administrative agent, as amended, amended and restated or otherwise modified from time to time.
“Participant” has the meaning set forth in Section 8.08(d).
“Participant Register” has the meaning set forth in Section 8.08(d).
“Patriot Act” means the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as in effect from time to time.
“Payment” has the meaning set forth in Section 7.06(c).
“Payment Date” means the date on which payment of a Drawing is made by a Fronting Bank.
“Payment Notice” has the meaning set forth in Section 7.06(c).
“PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.
“PE” has the meaning set forth in the preamble hereto.
“Penelec” means Pennsylvania Electric Company, a Pennsylvania corporation.
 “Penn” means Pennsylvania Power Company, a Pennsylvania corporation.
 “Percentage” means, in respect of any Lender on any date of determination, the quotient (expressed as a percentage) obtained by (i) dividing such Lender’s Commitment on such day by the total of the Commitments on such day or (ii) if the Commitments have terminated or expired, dividing the Outstanding Credits of such Lender on such day by the aggregate Outstanding Credits on such day.
“Permitted Obligations” mean (i) nonspeculative Hedging Obligations of any Person and its Subsidiaries arising in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading 
    

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Obligations.  For the avoidance of doubt, such transactions shall be considered nonspeculative with respect to any Borrower, if undertaken in conformance with the FE Corporate Risk Management Policy then in effect, as approved by FE’s Audit Committee, together with the Approved Business Unit Risk Management Policies referenced thereunder.
“Permitted Securitization” means, for any Borrower and its Subsidiaries, any sale, assignment, conveyance, grant and/or contribution, or series of related sales, assignments, conveyances, grants and/or contributions, by such Borrower or any of its Subsidiaries of Receivables (or purported sale, assignment, conveyance, grant and/or contribution) to a trust, corporation or other entity, where the purchase of such Receivables may be funded or exchanged in whole or in part by the incurrence or issuance by the applicable Securitization SPV, if any, of Indebtedness or securities (such Indebtedness and securities being “Attributable Securitization Obligations”) that are to be secured by or otherwise satisfied by payments from, or that represent interests in, the cash flow derived primarily from such Receivables (provided, however, that “Indebtedness” as used in this definition shall not include Indebtedness incurred by a Securitization SPV owed to any Borrower or any of its Subsidiaries, which Indebtedness represents all or a portion of the purchase price or other consideration paid by such Securitization SPV for such receivables or interests therein), where (i) any representation, warranty, covenant, recourse, repurchase, hold harmless, indemnity or similar obligations of such Borrower or any of its Subsidiaries, as applicable, in respect of Receivables sold, assigned, conveyed, granted or contributed, or payments made in respect thereof, are customary for transactions of this type, and do not prevent the characterization of the transaction as a true sale under Applicable Laws (including debtor relief laws) and (ii) any representation, warranty, covenant, recourse, repurchase, hold harmless, indemnity or similar obligations of any Securitization SPV in respect of Receivables sold, assigned, conveyed, granted or contributed or payments made in respect thereof, are customary for transactions of this type.
“Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.
“Plan” means, at any time, an “employee pension benefit plan” (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 or 430 of the Code and (i) is (A) maintained by or contributed to by (or to which there is or may be an obligation to contribute to by) any Borrower or any member of the Controlled Group, or (B) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer makes contributions, or (ii) as to which any Borrower or a member of the Controlled Group has within the preceding five plan years maintained, contributed to or had an obligation to contribute to.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.
    

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“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“Receivables” means any accounts receivable, payment intangibles, notes receivable, rights to receive future payments and related rights (whether now existing or arising or acquired in the future, whether constituting accounts, chattel paper, instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), including (i) financial transmission rights (“FTRs”) or any other rights to payment from PJM Interconnection, L.L.C. or another regional transmission authority of the Borrower or any of its Subsidiaries or (ii) the right to impose, charge, collect and receive special, irrevocable, nonbypassable charges based upon the consumption of electricity imposed pursuant to Applicable Law on any Borrower’s or any of its Subsidiaries’ ratepayers, and any supporting obligations and other financial assets related thereto (including all collateral securing such accounts receivables, FTRs or other assets, contracts and contract rights, all guarantees with respect thereto, and all proceeds thereof) that are transferred, or in respect of which security interests are granted in one or more transactions that are customary for asset securitizations of such Receivables.
“Recipient” means, as applicable, (i) the Administrative Agent, (ii) any Lender and (iii) any Fronting Bank.
“Reference Ratings” means, with respect to any Borrower, the ratings assigned by S&P and Moody’s to the senior unsecured non-credit enhanced debt of such Borrower; provided that, if there is no such rating, “Reference Ratings” shall mean the ratings that are one level below the respective ratings assigned by S&P and Moody’s to the senior secured debt of such Borrower.
“Register” has the meaning set forth in Section 8.08(c).
“Reimbursement Obligation” means the obligation of each Borrower to reimburse a Fronting Bank for any Drawing paid by such Fronting Bank pursuant to Section 2.04(g).
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.
“Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Corruption Law or any predicate crime to any Anti-Corruption Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Corruption Law.
    

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“Required Reimbursement Date” has the meaning set forth in Section 2.04(f)(i).
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“S&P” means S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc.
“Sanctioned Country” means, at any time, a region, country or territory which is, or whose government is, the subject or target of any Sanctions (at the date of this Agreement, the Crimea region of Ukraine, Cuba, Iran, North Korea and Syria).
“Sanctioned Person” means (a) any Person named on the list of Specially Designated Nationals maintained by OFAC, or any other Sanctions-related list of designated Persons maintained by the U.S. Department of State, the U.S. Department of Commerce, the U.S. Department of the Treasury or any other U.S. Governmental Authority, or maintained by the United Nations Security Council, Her Majesty’s Treasury of the United Kingdom, the European Union or any member state thereof, as may be amended, supplemented or substituted from time to time, (b) any Person that is (i) operating, located, organized or resident in a Sanctioned Country, to the extent such presence in the Sanctioned Country means that such Person is the target of Sanctions, or (ii) the subject or target of any Sanctions, or (c) any Person controlled by any such Person described in the foregoing clause (a) or clause (b).  For purposes of the foregoing clause (c), “control” shall have the meaning ascribed to such term in the definition of “Covered Entity”.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce or the U.S. Department of Treasury, or (b) the United Nations Security Council, the European Union or any member state thereof, Her Majesty’s Treasury of the United Kingdom or any other Governmental Authority with jurisdiction over any of the parties to this Agreement.
“SEC” means the United States Securities and Exchange Commission.
“Securitization SPV” means any trust, partnership or other Person established by any Borrower or a Subsidiary of such Borrower to implement a Permitted Securitization.
“Service” has the meaning set forth in the definition of “Eurodollar Rate”.
“Significant Subsidiaries” means, with respect to each Borrower, each significant subsidiary of such Borrower (as such term is defined in Regulation S-X of the SEC (17 C.F.R. §210.1-02(w)), or any successor provision) (excluding Securitization SPVs).
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the 
    

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Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time) on the immediately succeeding Business Day.
“SPC” has the meaning set forth in Section 8.08(g).
“Specified Date” has the meaning set forth in Section 2.19(c).
“Specified Disposition” means the sale by FE or any Borrower, directly or indirectly, of up to 20% of the issued and outstanding voting equity in any of its Significant Subsidiaries (solely with respect to FE, as such term is defined in the Parent Credit Agreement) at the time of such disposition, and for which such Borrower and FE shall have received all necessary and applicable Governmental Action.
“Specified Event” means the occurrence of an Event of Default pursuant to Section 6.01(k) of the Parent Credit Agreement.
“Stated Amount” means the maximum amount available to be drawn by a Beneficiary under a Letter of Credit.
“Subsidiary” means, with respect to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the Board of Directors or other persons performing similar functions are at the time directly or indirectly owned by such a Person, or one or more Subsidiaries, or by such Person and one or more of its Subsidiaries.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“TE” means The Toledo Edison Company, an Ohio corporation.
“Term SOFR” means, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Termination Date” means October 18, 2026, subject, for certain Lenders, to the extension described in Section 2.19 hereof, or, in any case, the earlier date of termination in whole of the Commitments pursuant to Section 2.06 or Section 6.01 hereof.
“Termination Event” means (i) a Reportable Event described in Section 4043(c) of ERISA and the regulations issued thereunder (other than a Reportable Event not subject to the provision for 30-day notice to the PBGC with respect to a Plan under such regulations), or (ii) the withdrawal of any Borrower or any member of the Controlled Group from a Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, or 
    

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(iii) a cessation of operations with respect to which any Borrower or any member of the Controlled Group has incurred liability under Section 4062(e) of ERISA, or (iv) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 or 4042 of ERISA, or (v) the institution of proceedings to terminate a Plan by the PBGC, or (vi) any other event or condition that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment by a court of competent jurisdiction of a trustee to administer, any Plan.
“Total Capitalization” means, with respect to any Borrower at any date of determination, the sum, without duplication, of (i) Consolidated Debt of such Borrower, (ii) the capital stock (but excluding treasury stock and capital stock subscribed and unissued) and other equity accounts (including retained earnings and paid in capital but excluding accumulated other comprehensive income and loss) of such Borrower and its Consolidated Subsidiaries, (iii) consolidated equity of the preference stockholders of such Borrower and its Consolidated Subsidiaries, and (iv) the aggregate principal amount of Trust Preferred Securities and Junior Subordinated Deferred Interest Debt Obligations of such Borrower and its Consolidated Subsidiaries.
“TrAILCo” means Trans-Allegheny Interstate Line Company, a Maryland and Virginia corporation.
“Trust Preferred Securities” means any securities, however denominated, (i) issued by any Borrower or any Consolidated Subsidiary of any Borrower, (ii) that are not subject to mandatory redemption or the underlying securities, if any, of which are not subject to mandatory redemption, (iii) that are perpetual or mature no less than 30 years from the date of issuance, (iv) the indebtedness issued in connection with which, including any guaranty, is subordinate in right of payment to the unsecured and unsubordinated indebtedness of the issuer of such indebtedness or guaranty, and (v) the terms of which permit the deferral of the payment of interest or distributions thereon to a date occurring after the latest Termination Date.
“Type” means the designation of a Borrowing or an Advance as a Eurodollar Rate Borrowing or Advance or as an Alternate Base Rate Borrowing or Advance.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“United States” and “U.S.” each means the United States of America.
    

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“Unmatured Default” means any event that, with the giving of notice or the passage of time, or both, would constitute an Event of Default.
 “USD LIBOR” means the London interbank offered rate for U.S. dollars.
“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.16(g)(ii)(B)(iii).
“West-Penn” means West Penn Power Company, a Pennsylvania corporation.
 “Withholding Agent” means any Borrower and the Administrative Agent.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
Section 1.02.Computation of Time Periods.
In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”.
Section 1.03.Accounting Terms.
All accounting terms not specifically defined herein shall be construed in accordance with GAAP consistent with those applied in the preparation of the financial statements referred to in Section 4.01(g). Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein, and the determination of Indebtedness hereunder, shall be made without giving effect to Financial Accounting Standards Board (FASB) Standard ASC 842 (Leases) (or any other applicable financial accounting standard having a similar result or effect) and related interpretations, in each case, to the extent any lease (or similar arrangement conveying the right to use) would be required to be treated as a capital lease thereunder where such lease (or similar arrangement) would have been treated as an operating lease under GAAP as in effect immediately prior to the effectiveness of the ASC 842.
    

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Section 1.04.Terms Generally.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provisions hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, and (v) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Section 1.05.Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.
Section 1.06.Interest Rates; LIBOR Notification.
The interest rate on a Eurodollar Rate Advance is determined by reference to the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that:  immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored.  There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published.  Each party to this Agreement should consult its own advisors to stay informed of any such developments.  Public 
    

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and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.  On the earlier of (i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, Section 2.23 provides a mechanism for determining an alternative rate of interest.  The Administrative Agent will promptly notify the Borrowers, pursuant to Section 2.23(d), of any change to the reference rate upon which the interest rate on Eurodollar Rate Advances is based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to LIBOR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation,  any such alternative, successor or replacement rate implemented pursuant to Section 2.23(a) or (b), whether upon the occurrence of an event described in Section 2.23(a), a Benchmark Transition Event, or an Early Opt-in Election, and  the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.23(c)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, LIBOR or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain LIBOR or such alternative, successor or replacement rate, in each case pursuant to the terms of this Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT
Section 2.01.The Advances.
Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to each Borrower in Dollars only from time to time on any Business Day during the period from the date hereof until the Termination Date applicable to such Lender in an aggregate amount not to exceed at any time outstanding the Available Commitment of such Lender.  Each Borrowing shall be in an aggregate amount not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof and shall consist of Advances of the same Type and, in the case of Eurodollar Rate Advances, having the same Interest Period made or Converted on the same day by the Lenders ratably according to their respective Commitments.  Within the limits of each Lender’s Available Commitment, and subject to the conditions set forth in Article III and the other terms and conditions hereof, each Borrower may from time to time borrow, prepay 
    

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pursuant to Section 2.12 and reborrow under this Section 2.01; provided, that in no case shall any Lender be required to make an Advance to any Borrower hereunder if (i) the amount of such Advance would exceed such Lender’s Available Commitment, (ii) the making of such Advance, together with the making of the other Advances constituting part of the same Borrowing, would cause the total amount of all Outstanding Credits to exceed the aggregate amount of the Commitments or (iii) the amount of such Advance, together with all other Outstanding Credits for the account of such Borrower, would exceed such Borrower’s Borrower Sublimit.
Section 2.02.Making the Advances.
(a)Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof.  Each such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing.  Each Borrower may request that more than one Borrowing be made on any date.  Each Lender shall, before 1:00 p.m. (New York time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage of such Borrowing.  After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower at the Administrative Agent’s aforesaid address.
(b)Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower.  In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date.
(c)Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New 
    

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York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount.  If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate.  If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement.
(d)The obligations of the Lenders hereunder to make Advances are several and not joint.  The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.
Section 2.03.[Reserved].
Section 2.04.Letters of Credit.
(a)Agreement of Fronting Banks.  Subject to the terms and conditions of this Agreement, each Fronting Bank agrees to issue and amend (including, without limitation, to extend or renew) for the account of any Borrower or any Subsidiary thereof (each such Person, an “Account Party”) one or more Letters of Credit from and including the date hereof to the third Business Day preceding the Termination Date applicable to such Fronting Bank, in an aggregate Stated Amount at any time outstanding not to exceed such Fronting Bank’s L/C Fronting Bank Commitment, up to a maximum aggregate Stated Amount of all Letters of Credit at any one time outstanding equal to the L/C Commitment Amount minus Reimbursement Obligations outstanding at such time.  Each Letter of Credit may be renewable (if so requested by the applicable Borrower), shall have a Stated Amount not less than $100,000 and shall have an Expiration Date of no later than the earlier of (x) the third Business Day preceding the then-scheduled Termination Date applicable to the Fronting Bank issuing such Letter of Credit and (y) the date occurring one year after the Date of Issuance of such Letter of Credit; provided, however, that no Fronting Bank will issue or amend a Letter of Credit if, immediately following such issuance or amendment, (i) the Stated Amount of such Letter of Credit would (A) exceed the Available Commitments or (B) when aggregated with (1) the Stated Amounts of all other outstanding Letters of Credit and (2) the outstanding Reimbursement Obligations, exceed the L/C Commitment Amount or (ii) the total amount of all Outstanding Credits would exceed the 
    

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aggregate amount of the Commitments.  Letters of Credit shall be denominated in Dollars only.  Notwithstanding that any Letter of Credit issued or outstanding hereunder may be in support of any obligations of, or for the account of, a Subsidiary of any Borrower, any Borrower that requests the issuance of any such Letter of Credit in support of any obligations of, or for the account of, any of its Subsidiaries shall be obligated to reimburse the applicable Fronting Bank for any and all drawings under such Letter of Credit. Each Borrower that requests the issuance of any such Letter of Credit hereby acknowledges that the issuance of Letters of Credit for the account of its Subsidiaries inures to such Borrower’s benefit and that such Borrower’s business derives substantial benefits from the businesses of such Subsidiary.  No Fronting Bank shall be under any obligation to issue any Letter of Credit if (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Fronting Bank from issuing such Letter of Credit, or if the Approvals are no longer in effect or no longer provide approval for the issuance of such Letter of Credit, (B) any law applicable to such Fronting Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Fronting Bank shall prohibit, or request that such Fronting Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Fronting Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Fronting Bank is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Fronting Bank any unreimbursed loss, cost or expense that was not applicable on the date hereof and that such Fronting Bank in good faith deems material to it, (C) the issuance of such Letter of Credit would violate one or more policies of such Fronting Bank or (D) such Fronting Bank is not required to make any Extension of Credit in connection with a Letter of Credit under Section 2.21(e).
(b)Forms.  Each Letter of Credit shall be in a form customarily used by the Fronting Bank that is to issue such Letter of Credit or in such other form as has been approved by such Fronting Bank.  At the time of issuance or amendment, subject to the terms and conditions of this Agreement, the amount and the terms and conditions of each Letter of Credit shall be subject to approval by the applicable Fronting Bank and the applicable Borrower.
(c)Notice of Issuance; Application.  The applicable Borrower shall give the applicable Fronting Bank and the Administrative Agent written notice, or telephonic notice confirmed in writing, in any case, at least two (2) Business Days (or such shorter period as such Fronting Bank may agree in its sole discretion) prior to the requested Date of Issuance of a Letter of Credit, such notice to be in substantially the form of Exhibit D hereto (a “Letter of Credit Request”).  Such Borrower shall also execute and deliver such customary letter of credit application forms as requested from time to time by such Fronting Bank.  Such application forms shall indicate the identity of the Account Party and that such Borrower is the “Applicant” or shall otherwise indicate that such Borrower is the obligor in respect of any Letter of Credit to be issued thereunder.  If the terms or conditions of the application forms conflict with any provision of this Agreement, the terms of this Agreement shall govern.
(d)Issuance.  Provided that the applicable Borrower has given the notice prescribed by Section 2.04(c) and subject to the other terms and conditions of this Agreement, 
    

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including the satisfaction of the applicable conditions precedent set forth in Article III, the applicable Fronting Bank shall issue the requested Letter of Credit on the requested Date of Issuance as set forth in the applicable Letter of Credit Request for the benefit of the stipulated Beneficiary and shall deliver the original of such Letter of Credit to the Beneficiary at the address specified in the notice.  At the request of the applicable Borrower, such Fronting Bank shall deliver a copy of each Letter of Credit to such Borrower within a reasonable time after the Date of Issuance thereof.  Upon the request of such Borrower, such Fronting Bank shall deliver to such Borrower a copy of any Letter of Credit proposed to be issued hereunder prior to the issuance thereof.
(e)Notice of Drawing.  Each Fronting Bank shall promptly notify the applicable Borrower by telephone, facsimile or other telecommunication of any Drawing under a Letter of Credit issued for the account of such Borrower by such Fronting Bank.
(f)Payments.  Each Borrower hereby agrees to pay to each Fronting Bank, in the manner provided in subsection (g) below:
(i)on the date of receipt by such Borrower of notice of any Drawing pursuant to a subsection (e) above, if such notice is received not later than 11:00 a.m. (New York City time), or on the first Business Day following receipt of such notice by such Borrower, if such notice is received later than 11:00 a.m. (New York City time), an amount equal to the amount paid by such Fronting Bank in connection with such Drawing (such date being the “Required Reimbursement Date”); and
(ii)if any Drawing shall be reimbursed to any Fronting Bank after 12:00 p.m. (New York time) on the applicable Payment Date, interest on any and all amounts required to be paid pursuant to clause (i) of this subsection (f) from and after such Payment Date until payment in full, payable on demand, at the annual rate of interest applicable to Alternate Base Rate Advances as in effect from time to time, provided, however, that from and after the Required Reimbursement Date with respect to such Drawing until payment in full, such interest rate shall be increased by 2.00% per annum.
(g)Method of Reimbursement.  Each Borrower shall reimburse each Fronting Bank for each Drawing under any Letter of Credit issued for the account of such Borrower by such Fronting Bank pursuant to subsection (f) above in the following manner:
(i)such Borrower shall reimburse such Fronting Bank in the manner described in subsection (f) above and Section 2.15; or
(ii)if (A) such Borrower has not reimbursed such Fronting Bank pursuant to paragraph (i) above, (B) the applicable conditions to Borrowing set forth in Articles II and III have been fulfilled, and (C) the Available Commitments in effect at such time exceed the amount of the Drawing to be reimbursed, such Borrower may reimburse such Fronting Bank for such Drawing with the proceeds of an Alternate Base 
    

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Rate Advance or, if the conditions specified in the foregoing clauses (A), (B) and (C) have been satisfied and a Notice of Borrowing requesting a Eurodollar Rate Advance has been given, in accordance with Section 2.02, three (3) Business Days prior to the relevant Payment Date, with the proceeds of a Eurodollar Rate Advance.
(h)Nature of Fronting Banks’ Duties.  In determining whether to honor any Drawing under any Letter of Credit issued by any Fronting Bank, such Fronting Bank shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit.  Each Borrower otherwise assumes all risks of the acts and omissions of, or misuse of any Letter of Credit issued by any Fronting Bank for the account of such Borrower by, the Beneficiary of such Letter of Credit.  In furtherance and not in limitation of the foregoing, but consistent with Applicable Law, no Fronting Bank shall be responsible, absent gross negligence or willful misconduct (as determined by the final, non-appealable judgment of a court of competent jurisdiction), (i) for the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of any drawing honored under a Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, facsimile or otherwise, whether or not they be in cipher; (iv) for errors in interpretation of technical terms; (v) for any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit, or the proceeds thereof; (vi) for the misapplication by the Beneficiary of any such Letter of Credit or of the proceeds of any drawing honored under such Letter of Credit; and (vii) for any consequences arising from causes beyond the control of such Fronting Bank.  None of the above shall affect, impair or prevent the vesting of any of such Fronting Bank’s rights or powers hereunder.  Not in limitation of the foregoing, any action taken or omitted to be taken by any Fronting Bank under or in connection with any Letter of Credit shall not create against such Fronting Bank any liability to the Borrowers or any Lender, except for actions or omissions resulting from the gross negligence or willful misconduct (as determined by the final, non-appealable judgment of a court of competent jurisdiction) of such Fronting Bank or any of its agents or representatives, and such Fronting Bank shall not be required to take any action that exposes such Fronting Bank to personal liability or that is contrary to this Agreement or Applicable Law.
(i)Obligations of Borrowers Absolute.  The obligation of each Borrower to reimburse each Fronting Bank for Drawings honored under the Letters of Credit issued for the account of such Borrower by such Fronting Bank shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances including, without limitation, the following circumstances:
(i)any lack of validity or enforceability of any Letter of Credit;
    

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(ii)the existence of any claim, set-off, defense or other right that any Borrower, any Account Party or any Affiliate of any Borrower or any Account Party may have at any time against a Beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such Beneficiary or transferee may be acting), such Fronting Bank or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction;
(iii)any draft, demand, certificate or any other documents 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;
(iv)the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents;
(v)any non-application or misapplication by the Beneficiary of the proceeds of any Drawing under a Letter of Credit; or
(vi)the fact that an Event of Default or an Unmatured Default shall have occurred and be continuing.
No payment made under this Section 2.04 shall be deemed to be a waiver of any claim any Borrower may have against any Fronting Bank or any other Person.
(j)Participations by Lenders.  By the issuance of a Letter of Credit and without any further action on the part of any Fronting Bank or any Lender in respect thereof, each Fronting Bank shall hereby be deemed to have granted to each Lender, and each Lender shall hereby be deemed to have acquired from such Fronting Bank, an undivided interest and participation in such Letter of Credit (including any letter of credit issued by such Fronting Bank in substitution or exchange for such Letter of Credit pursuant to the terms thereof) equal to such Lender’s Percentage of the Stated Amount of such Letter of Credit, effective upon the issuance of such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to such Fronting Bank, in accordance with this subsection (j), such Lender’s Percentage of each payment made by such Fronting Bank in respect of an unreimbursed Drawing under a Letter of Credit.  Such Fronting Bank shall notify the Administrative Agent of the amount of such unreimbursed Drawing honored by it not later than (x) 12:00 p.m. (New York time) on the date of payment of a draft under a Letter of Credit, if such payment is made at or prior to 11:00 a.m. (New York time) on such day, and (y) the close of business (New York time) on the date of payment of a draft under a Letter of Credit, if such payment is made after 11:00 a.m. (New York time) on such day, and the Administrative Agent shall notify each Lender of the date and amount of such unreimbursed Drawing under such Letter of Credit honored by such Fronting Bank and the amount of such Lender’s Percentage therein no later than (1) 1:00 p.m. (New York time) on such day, if such payment is made at or prior to 11:00 a.m. (New York time) on such day, and (2) 11:00 a.m. (New York time) on the next following Business Day, if such payment is made after 11:00 a.m. (New York time) on such day.  Not later than 2:00 p.m. (New York time) on the date of receipt of a notice of an unreimbursed 
    

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Drawing by a Lender, such Lender agrees to pay to such Fronting Bank an amount equal to the product of (A) such Lender’s Percentage and (B) the amount of the payment made by such Fronting Bank in respect of such unreimbursed Drawing.
If payment of the amount due pursuant to the preceding sentence from a Lender is received by such Fronting Bank after the close of business on the date it is due, such Lender agrees to pay to such Fronting Bank, in addition to (and along with) its payment of the amount due pursuant to the preceding sentence, interest on such amount at a rate per annum equal to (i) for the period from and including the date such payment is due to but excluding the second succeeding Business Day, the Federal Funds Rate, and (ii) for the period from and including the second Business Day succeeding the date such payment is due to but excluding the date on which such amount is paid in full, the Federal Funds Rate plus 2.00% per annum.
(k)Obligations of Lenders Absolute.  Each Lender acknowledges and agrees that (i) its obligation to acquire a participation in any Fronting Bank’s liability in respect of the Letters of Credit and (ii) its obligation to make the payments specified herein, and the right of each Fronting Bank to receive the same, in the manner specified herein, are absolute and unconditional and shall not be affected by any circumstances whatsoever, including, without limitation, (A) the occurrence and continuance of any Event of Default or Unmatured Default; (B) any other breach or default by any Borrower, the Administrative Agent or any Lender hereunder; (C) any lack of validity or enforceability of any Letter of Credit or any Loan Document; (D) the existence of any claim, setoff, defense or other right that the Lender may have at any time against any Borrower, any other Account Party, any Beneficiary, any Fronting Bank or any other Lender; (E) the existence of any claim, setoff, defense or other right that any Borrower may have at any time against any Beneficiary, any Fronting Bank, the Administrative Agent, any Lender or any other Person, whether in connection with this Agreement or any other documents contemplated hereby or any unrelated transactions; (F) any amendment or waiver of, or consent to any departure from, all or any of the Letters of Credit or this Agreement; (G) any statement or any 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; (H) payment by any Fronting Bank under any Letter of Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit, so long as such payment is not the consequence of such Fronting Bank’s gross negligence or willful misconduct (as determined by the final, non-appealable judgment of a court of competent jurisdiction) in determining whether documents presented under a Letter of Credit comply with the terms thereof; (I) the occurrence of the Termination Date; or (J) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.  Nothing herein shall prevent the assertion by any Lender of a claim by separate suit or compulsory counterclaim, nor shall any payment made by a Lender under Section 2.04 be deemed to be a waiver of any claim that a Lender may have against any Fronting Bank or any other Person.
(l)Proceeds of Reimbursements.  Upon receipt of a payment from any Borrower pursuant to subsection (f) hereof, the applicable Fronting Bank shall promptly transfer to each Lender that has funded its participation in the applicable Drawing pursuant to subsection (j) above, such Lender’s pro rata share (determined in accordance with such Lender’s 
    

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Percentage) of such payment.  All payments due to the Lenders from any Fronting Bank pursuant to this subsection (l) shall be made to the Lenders if, as, and, to the extent possible, when such Fronting Bank receives payments in respect of Drawings under the Letters of Credit pursuant to subsection (f) hereof, and in the same funds in which such amounts are received; provided that if any Lender to which such Fronting Bank is required to transfer any such payment (or any portion thereof) pursuant to this subsection (l) does not receive such payment (or portion thereof) prior to (i) the close of business on the Business Day on which such Fronting Bank received such payment from such Borrower, if such Fronting Bank received such payment prior to 1:00 p.m. (New York time) on such day, or (ii) 1:00 p.m. (New York time) on the Business Day next succeeding the Business Day on which such Fronting Bank received such payment from the Borrower, if such Fronting Bank received such payment after 1:00 p.m. (New York time) on such day, such Fronting Bank agrees to pay to such Lender, along with its payment of the portion of such payment due to such Lender, interest on such amount at a rate per annum equal to (A) for the period from and including the Business Day when such payment was required to be made to the Lenders to but excluding the second succeeding Business Day, the Federal Funds Rate and (B) for the period from and including the second Business Day succeeding the Business Day when such payment was required to be made to the Lenders to but excluding the date on which such amount is paid in full, the Federal Funds Rate plus 2.00% per annum.
(m)Concerning the Fronting Banks.  Each Fronting Bank will exercise and give the same care and attention to the Letters of Credit issued by it as it gives to its other letters of credit and similar obligations, and each Lender agrees that each Fronting Bank’s sole liability to such Lender shall be (i) to distribute promptly, as and when received by such Fronting Bank, and in accordance with the provisions of subsection (l) above, such Lender’s Percentage of any payments to such Fronting Bank by the Borrowers pursuant to subsection (f) above in respect of Drawings under the Letters of Credit issued by such Fronting Bank, (ii) to exercise or refrain from exercising any right or to take or to refrain from taking any action under this Agreement or any Letter of Credit issued by such Fronting Bank as may be directed in writing by the Majority Lenders (or, when expressly required by the terms of this Agreement, all of the Lenders) or the Administrative Agent acting at the direction and on behalf of the Majority Lenders (or, when expressly required by the terms of this Agreement, all of the Lenders), except to the extent required by the terms hereof or thereof or by Applicable Law, and (iii) as otherwise expressly set forth in this Section 2.04.  No Fronting Bank shall be liable for any action taken or omitted at the request or with approval of the Majority Lenders (or, when expressly required by the terms of this Agreement, all of the Lenders) or of the Administrative Agent acting on behalf of the Majority Lenders (or, when expressly required by the terms of this Agreement, all of the Lenders) or for the nonperformance of the obligations of any other party under this Agreement, any Letter of Credit or any other document contemplated hereby or thereby.  Without in any way limiting any of the foregoing, each Fronting Bank may rely upon the advice of counsel concerning legal matters and upon any written communication or any telephone conversation that it believes to be genuine or to have been signed, sent or made by the proper Person and shall not be required to make any inquiry concerning the performance by any Borrower, any Beneficiary or any other Person of any of their respective obligations and liabilities under or in respect of this Agreement, any Letter of Credit or any other documents contemplated hereby or 
    

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thereby.  No Fronting Bank shall have any obligation to make any claim, or assert any Lien, upon any property held by such Fronting Bank or assert any offset thereagainst in satisfaction of all or any part of the obligations of the Borrowers hereunder; provided that each Fronting Bank shall, if so directed by the Majority Lenders or the Administrative Agent acting on behalf of and with the consent of the Majority Lenders, have an obligation to make a claim, or assert a Lien, upon property held by such Fronting Bank in connection with this Agreement, or assert an offset thereagainst.
Each Fronting Bank may accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of banking or trust business with the Borrowers or any of their Affiliates, or any other Person, and receive payment on such loans or extensions of credit and otherwise act with respect thereto freely and without accountability in the same manner as if it were not a Fronting Bank hereunder.
Each Fronting Bank makes no representation or warranty and shall have no responsibility with respect to: (i) the genuineness, legality, validity, binding effect or enforceability of this Agreement or any other documents contemplated hereby; (ii) the truthfulness, accuracy or performance of any of the representations, warranties or agreements contained in this Agreement or any other documents contemplated hereby; (iii) the collectibility of any amounts due under this Agreement; (iv) the financial condition of the Borrowers or any other Person; or (v) any act or omission of any Beneficiary with respect to its use of any Letter of Credit or the proceeds of any Drawing under any Letter of Credit.
(n)Indemnification of Fronting Banks by Lenders.  To the extent that any Fronting Bank is not reimbursed and indemnified by the Borrowers under Section 8.05 hereof, each Lender agrees to reimburse and indemnify such Fronting Bank on demand, pro rata in accordance with such Lender’s Percentage, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by or asserted against such Fronting Bank, in any way relating to or arising out of this Agreement, any Letter of Credit or any other document contemplated hereby or thereby, or any action taken or omitted by such Fronting Bank under or in connection with this Agreement, any Letter of Credit or any other document contemplated hereby or thereby; provided, however, that such Lender shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Fronting Bank’s gross negligence or willful misconduct as determined by the final, non-appealable judgment of a court of competent jurisdiction; and provided further, however, that such Lender shall not be liable to such Fronting Bank or any other Lender for the failure of any Borrower to reimburse such Fronting Bank for any drawing made under a Letter of Credit issued for the account of such Borrower with respect to which such Lender has paid such Fronting Bank such Lender’s pro rata share (determined in accordance with such Lender’s Percentage), or for such Borrower’s failure to pay interest thereon.  Each Lender’s obligations under this subsection (n) shall survive the payment in full of all amounts payable by such Lender under subsection (j) above, and the termination of this Agreement and the Letters of Credit.  Nothing in this subsection (n) is intended to limit any Lender’s reimbursement obligation contained in subsection (j) above.
    

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(o)Representations of Lenders.  As between any Fronting Bank and the Lenders, by its execution and delivery of this Agreement each Lender hereby represents and warrants solely to such Fronting Bank that (i) it is duly organized and validly existing in good standing under the laws of the jurisdiction of its formation, and has full corporate power, authority and legal right to execute, deliver and perform its obligations to such Fronting Bank under this Agreement; and (ii) this Agreement constitutes its legal, valid and binding obligation enforceable against it in accordance with the terms hereof, except as such enforceability may be limited by applicable bank organization, moratorium, conservatorship or other laws now or hereafter in effect affecting the enforcement of creditors rights in general and the rights of creditors of banks, and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity).
(p)Existing Letters of Credit.  All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.
(q)Successor Fronting Bank.  Any Fronting Bank may resign at any time by giving written notice thereof to the Lenders, the other Fronting Banks and the Borrowers, as long as such Fronting Bank has no Letters of Credit outstanding under this Agreement.  Upon such resignation, the Borrowers may designate one or more Lenders as Fronting Banks to replace the retiring Fronting Bank.  If a Fronting Bank has any Letters of Credit outstanding under this Agreement and delivers a written notice of its intent to resign to the Lenders, the other Fronting Banks and the Borrowers, such Fronting Bank shall continue to honor its obligations under this Agreement, but shall have no obligation to issue any new Letter of Credit.  Upon receipt of such notice of intent to resign, the Borrowers and such Fronting Bank may agree to replace or terminate the outstanding Letters of Credit issued by such Fronting Bank and to designate one or more Lenders as Fronting Banks to replace such Fronting Bank.
Section 2.05.Fees.
(a)Each Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee on the amount of such Lender’s Available Commitment at such time from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Assumption pursuant to which it became a Lender in the case of each other Lender until the Termination Date applicable to such Lender, payable quarterly in arrears on the last Business Day of each March, June, September and December during such period, and on such Termination Date, at the rate per annum set forth below determined by reference to the Reference Ratings of such Borrower from time to time in effect (and, solely in the case that there are no Reference Ratings, the rate shall be at Level 6):
    

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	BASIS FOR PRICING	LEVEL 1

Reference Ratings at least A- by S&P or A3 by Moody’s
	LEVEL 2

Reference Ratings lower than Level 1 but at least BBB+ by S&P or Baa1 by Moody’s
	LEVEL 3

Reference Ratings lower than Level 2 but at least BBB by S&P or Baa2 by Moody’s
	LEVEL 4

Reference Ratings lower than Level 3 but at least BBB- by S&P or Baa3 by Moody’s
	LEVEL 5

Reference Ratings lower than Level 4 but at least BB+ by S&P or Ba1 by Moody’s
	LEVEL 6

Reference Ratings lower than Level 5 

	Commitment Fee	0.125%	0.175%	0.225%	0.275%	0.350%	0.50%

For purposes of the foregoing, (i) if there is a difference of one level in Reference Ratings of S&P and Moody’s and the higher of such Reference Ratings falls in Level 1, Level 2, Level 3, Level 4  or Level 5, then the higher Reference Rating will be used to determine the commitment fee, and (ii) if there is a difference of more than one level in Reference Ratings of S&P and Moody’s, the Reference Rating that is one level above the lower of such Reference Ratings will be used to determine the commitment fee, unless the lower of such Reference Ratings falls in Level 6, in which case the lower of such Reference Ratings will be used to determine the commitment fee.  If there exists only one Reference Rating, such Reference Rating will be used to determine the commitment fee.
(b)Each Borrower agrees to pay the fees payable by such Borrower in such amounts and payable on such terms as set forth in the Fee Letters.
(c)Each Borrower agrees to pay to the Administrative Agent, for the account of the Lenders, a fee in an amount equal to the then Applicable Margin for Eurodollar Rate Advances for such Borrower multiplied by the Stated Amount of each Letter of Credit issued for the account of such Borrower, in each case for the number of days that such Letter of Credit is issued and outstanding, payable quarterly in arrears on the last day of each March, June, September and December and on the date such Letter of Credit expires.
(d)Each Borrower agrees to pay to each Fronting Bank, for its own account, certain fees payable by such Borrower in such amounts and payable on such terms as set forth in the Fee Letter to which such Fronting Bank is a party.
Section 2.06.Adjustment of the Commitments; Borrower Sublimits.
(a)Commitment Reduction.  The Borrowers shall have the right, upon at least two Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or in an integral multiple of $1,000,000 in excess thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate Stated Amount of outstanding Letters of Credit.  Subject to the foregoing, any reduction of the Commitments to an 
    

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amount below $100,000,000 shall also result in a reduction of the L/C Commitment Amount to the extent of such deficit (with automatic reductions in the amount of each L/C Fronting Bank Commitment ratably in proportion to the amount of such reduction of the L/C Commitment Amount).  Each such notice of termination or reduction shall be irrevocable; provided, further, that, if, after giving effect to any reduction of the Commitments, any Borrower Sublimit exceeds the amount of the aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess.  Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.
(b)Commitment Increase.       On any date prior to the latest Termination Date, the Borrowers may increase the aggregate amount of the Commitments by an amount not less than $50,000,000 for any such increase but not more than $200,000,000 (the “Maximum Accordion Amount”) for all such increases (any such increase, a “Commitment Increase”) by designating one or more of the existing Lenders or one or more Affiliates thereof (each of which, in its sole discretion, may determine whether and to what degree to participate in such Commitment Increase) or one or more other Persons that at the time agree, in the case of any existing Lender, to increase its Commitment (an “Increasing Lender”) and, in the case of any other Person or an Affiliate of a Lender (an “Additional Lender”), to become a party to this Agreement; provided that (i) each Additional Lender shall be acceptable to the Administrative Agent, and each Increasing Lender and each Additional Lender shall be acceptable to the Fronting Banks, (ii) the allocations of the Commitment Increase among the Increasing Lenders shall be determined by the Administrative Agent in consultation with each Borrower, and (iii) the amount of the Commitment of each Additional Lender shall not be less than $5,000,000.  The sum of the increases in the Commitments of the Increasing Lenders pursuant to this subsection (b) plus the Commitments of the Additional Lenders upon giving effect to the Commitment Increase shall not exceed the amount of the Commitment Increase.  The Borrowers shall provide prompt notice of any proposed Commitment Increase pursuant to this Section 2.06(b) to the Administrative Agent, which shall promptly provide a copy of such notice to the Lenders and the Fronting Banks.
(ii)Any Commitment Increase shall become effective upon (A) the receipt by the Administrative Agent of an agreement in form and substance satisfactory to the Administrative Agent signed by each Borrower, each Increasing Lender and each Additional Lender, setting forth the new Commitment of each such Lender and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof binding upon each Lender, (B) the funding by each Lender of the Advance(s) to be made by each such Lender described in paragraph (iii) below, (C) receipt by the Administrative Agent of a certificate (the statements contained in which shall be true) of an Authorized Officer of each Borrower stating that both before and after giving effect to such Commitment Increase (1) no Event of Default has occurred and is continuing and (2) all representations and warranties made by such Borrower in this Agreement are true and correct in all material respects (or in the case of any representation or warranty already qualified by materiality, true and correct in all respects) and (D) receipt by the Administrative Agent of a certificate of the Secretary 
    

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or an Assistant Secretary of each Borrower, in each case, certifying, with respect to itself, that attached thereto are true and correct copies of (1) the resolutions of the Board of Directors (or appropriate committee thereof) of such Borrower approving such Commitment Increase and the corresponding Borrower Sublimit increase and (2) all governmental and regulatory authorizations and approvals required to be obtained by such Borrower for such Commitment Increase and increase in its Borrower Sublimit.
(iii)Upon the effective date of any Commitment Increase, the Borrowers shall prepay the outstanding Advances (if any) in full, and shall simultaneously make new Advances hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Advances are held ratably by the Lenders in accordance with their respective Commitments (after giving effect to such Commitment Increase).  Prepayments made under this paragraph (iii) shall not be subject to the notice requirements of Section 2.12.
(iv)Notwithstanding any provision contained herein to the contrary, from and after the date of any Commitment Increase and the making of any Advances on such date pursuant to paragraph (iii) above, all calculations and payments of the commitment fee, Letter of Credit fees and interest on the Advances shall take into account the actual Commitment of each Lender and the principal amount outstanding of each Advance made by such Lender during the relevant period of time. 
(c)Borrower Sublimit Increase.  In connection with any Commitment Increase, each Borrower may increase its Borrower Sublimit by an amount equal to its Fraction (calculated as of the Closing Date) of such Commitment Increase by delivering a notice to the Administrative Agent requesting such increase.
Section 2.07.Repayment of Advances.
Each Borrower agrees to repay the principal amount of each Advance made by each Lender to such Borrower no later than the earlier of (i) 364 days after the date such Advance is made and (ii) the latest Termination Date applicable to such Lender; provided, however, that if any Borrower shall deliver to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent (including, without limitation, certified copies of governmental approvals and legal opinions) that such Borrower is authorized under Applicable Law to incur Indebtedness hereunder maturing more than 364 days after the date of incurrence of such Indebtedness, such Borrower shall repay each Advance made to it by a Lender no later than the latest Termination Date applicable to such Lender.
Section 2.08.Interest on Advances.
Each Borrower agrees to pay interest on the unpaid principal amount of each Advance made by each Lender to such Borrower from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum, subject to Section 2.15(f):
    

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(a)Alternate Base Rate Advances.  If such Advance is an Alternate Base Rate Advance, a rate per annum equal at all times to the Alternate Base Rate in effect from time to time plus the Applicable Margin for such Alternate Base Rate Advance in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December, on the Termination Date applicable to such Lender and on the date such Alternate Base Rate Advance shall be Converted or be paid in full and as provided in Section 2.12; and
(b)Eurodollar Rate Advances.  If such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during the Interest Period for such Advance to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin for such Eurodollar Rate Advance in effect from time to time, payable on the last day of each Interest Period for such Eurodollar Rate Advance (and, in the case of any Interest Period of six months, on the last day of the third month of such Interest Period), on the Termination Date applicable to such Lender and on the date such Eurodollar Rate Advance shall be Converted or be paid in full and as provided in Section 2.12.
Section 2.09.Additional Interest on Advances.
Each Borrower agrees to pay to each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Rate Advance made by such Lender to such Borrower, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such Advance; provided, that no Lender shall be entitled to demand additional interest under this Section 2.09 more than 90 days following the last day of the Interest Period in respect of which such demand is made; provided further, however, that the foregoing proviso shall in no way limit the right of any Lender to demand or receive such additional interest to the extent that such additional interest relates to the retroactive application by the Board of Governors of the Federal Reserve System of any regulation described above if such demand is made within 90 days after the implementation of such retroactive regulation.  Such additional interest shall be determined by such Lender and notified to the applicable Borrower through the Administrative Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Section 2.10.Interest Rate Determination.
(a)The Administrative Agent shall give prompt notice to the applicable Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.08(a) or (b).
    

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(b)If, with respect to any Eurodollar Rate Advances, the Majority Lenders notify the Administrative Agent that (i) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Advances, (ii) adequate and reasonable means do not exist for determining the Eurodollar Rate or (iii) the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Majority Lenders of making or funding their respective Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrowers and the Lenders, whereupon
(i)each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into an Alternate Base Rate Advance, and
(ii)the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrowers and the Lenders that the circumstances causing such suspension no longer exist.
(c)Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and the obligation of the Lenders to make or to Convert Advances into, Eurodollar Rate Advances shall be suspended.
Section 2.11.Conversion of Advances.
(a)Voluntary.  Any Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 a.m. (New York time) on the third Business Day prior to the date of any proposed Conversion into Eurodollar Rate Advances, and on the date of any proposed Conversion into Alternate Base Rate Advances, and subject to the provisions of Sections 2.10 and 2.14, Convert all Advances of one Type made to such Borrower in connection with the same Borrowing into Advances of another Type or Types or Advances of the same Type having the same or a new Interest Period; provided, however, that any Conversion of, or with respect to, any Eurodollar Rate Advances into Advances of another Type or Advances of the same Type having the same or new Interest Periods, shall be made on, and only on, the last day of an Interest Period for such Eurodollar Rate Advances, unless the applicable Borrower shall also reimburse the Lenders in respect thereof pursuant to Section 8.05(b) on the date of such Conversion.  Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into, or with respect to, Eurodollar Rate Advances, the duration of the Interest Period for each such resulting Advance.
(b)Mandatory.  (i)     If any Borrower shall fail to select the Type of any Advance or the duration of any Interest Period for any Borrowing comprising Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01 and Section 2.11(a), or if any proposed Conversion of a Borrowing that is to 
    

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comprise Eurodollar Rate Advances upon Conversion shall not occur as a result of the circumstances described in subsection (c) below, the Administrative Agent will forthwith so notify such Borrower and the Lenders, and such Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Alternate Base Rate Advances.
     (ii)    If at any time the Outstanding Credits with respect to any Borrower on any date hereunder shall exceed the Borrower Sublimit for such Borrower, such Borrower agrees to (A) prepay on such date Advances in a principal amount equal to such excess and/or (B) pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to all or a portion of the amount available for drawing under the Letters of Credit outstanding to such Borrower at such time, which prepayment under clause (A) and payment under clause (B) shall, when taken together, result in the amount of Outstanding Credits minus the amount paid to the Administrative Agent pursuant to clause (B) being less than or equal to the aggregate amount of the applicable Borrower Sublimit hereunder on such date.
(c)Failure to Convert.  Each notice of Conversion given by any Borrower pursuant to subsection (a) above shall be irrevocable and binding on such Borrower.  In the case of any Borrowing that is to comprise Eurodollar Rate Advances upon Conversion, the applicable Borrower agrees to indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure of such Conversion to occur pursuant to the provisions of Section 2.10(c), including, without limitation, any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund such Eurodollar Rate Advances upon such Conversion, when such Conversion does not occur.  Each Borrower’s obligations under this subsection (c) shall survive the repayment of all other amounts owing by such Borrower to the Lenders and the Administrative Agent under this Agreement and any Note and the termination of the Commitments.
Section 2.12.Prepayments.
(a)Optional.  Any Borrower may at any time prepay the outstanding principal amounts of the Advances made to such Borrower as part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid, upon notice thereof given to the Administrative Agent by such Borrower not later than 11:00 a.m. (New York time) (i) on the date of any such prepayment in the case of Alternate Base Rate Advances and (ii) on the second Business Day prior to any such prepayment in the case of Eurodollar Rate Advances; provided, however, that (x) each partial prepayment of any Borrowing shall be in an aggregate principal amount not less than $5,000,000 and (y) in the case of any such prepayment of a Eurodollar Rate Advance, such Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.05(b) on the date of such prepayment.
(b)Mandatory.  If and to the extent that the Outstanding Credits on any date hereunder shall exceed the aggregate amount of the Commitments hereunder on such date, each Borrower agrees to (A) prepay on such date a principal amount of Advances and/or (B) pay to 
    

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the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to all or a portion of the amount available for drawing under the Letters of Credit outstanding at such time, which prepayment under clause (A) and payment under clause (B) shall, when taken together result in the amount of Outstanding Credits minus the amount paid to the Administrative Agent pursuant to clause (B) being less than or equal to the aggregate amount of the Commitments hereunder on such date. Any prepayment of Advances shall be accompanied by accrued interest on the amount prepaid to the date of such prepayment and, in the case of any such prepayment of Eurodollar Rate Advances, the applicable Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.05(b).
Section 2.13.Increased Costs.
(a)If, due to any Change in Law, there shall be any increase in the cost (other than in respect of Taxes, which are addressed exclusively in Section 2.16) to any Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Advances or any increase in the cost to any Fronting Bank or any Lender of issuing, maintaining or participating in Letters of Credit, then each Borrower shall from time to time, upon demand by such Lender or such Fronting Bank (as the case may be) (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender or such Fronting Bank (as the case may be) additional amounts sufficient to compensate such Lender or such Fronting Bank (as the case may be) for such increased cost.  A certificate as to the amount of such increased cost and the basis therefor, submitted to each Borrower and the Administrative Agent by such Lender or such Fronting Bank (as the case may be), shall constitute such demand and shall be conclusive and binding for all purposes, absent manifest error.
(b)If any Lender or any Fronting Bank determines that any Change in Law affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or such Fronting Bank (as the case may be) or any corporation controlling such Lender or such Fronting Bank (as the case may be) and that the amount of such capital or liquidity is increased by or based upon the existence of (i) such Lender’s commitment to lend or participate in Letters of Credit hereunder and other commitments of this type or (ii) the Advances made by such Lender or (iii) the participations in Letters of Credit acquired by such Lender or (iv) in the case of any Fronting Bank, such Fronting Bank’s commitment to issue, maintain and honor drawings under Letters of Credit hereunder, or (v) the honoring of Letters of Credit by any Fronting Bank hereunder, then, upon demand by such Lender or such Fronting Bank (as the case may be) (with a copy of such demand to the Administrative Agent), each Borrower shall immediately pay to the Administrative Agent for the account of such Lender or such Fronting Bank (as the case may be), from time to time as specified by such Lender or such Fronting Bank (as the case may be), additional amounts sufficient to compensate such Lender, such Fronting Bank or such corporation in the light of such circumstances, to the extent that such Lender or such Fronting Bank (as the case may be) determines such increase in capital or liquidity to be allocable to (i) in the case of such Lender, the existence of such Lender’s commitment to lend hereunder or the Advances made by such Lender or (ii)  the participations in Letters of Credit acquired by such Lender or (iii) in the case of any Fronting Bank, such Fronting Bank’s 
    

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Commitment to issue, maintain and honor drawings under Letters of Credit hereunder, or (iv) the honoring of Letters of Credit by any Fronting Bank hereunder.  A certificate as to such amounts submitted to each Borrower and the Administrative Agent by such Lender or such Fronting Bank (as the case may be) shall constitute such demand and shall be conclusive and binding for all purposes, absent manifest error.
(c)Each Borrower shall be liable for each payment to be made by the Borrowers under subsections (a) and (b) of this Section 2.13; provided, however, that if and to the extent that any such liabilities are reasonably determined by the Borrowers (subject to the approval of the Administrative Agent, which approval shall not be unreasonably withheld) to be directly attributable to Advances made to a specific Borrower, then only such Borrower shall be liable for such payments.
(d)Failure or delay on the part of any Lender or Fronting Bank to demand compensation pursuant to this Section 2.13 shall not constitute a waiver of such Lender’s or Fronting Bank’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender or Fronting Bank pursuant to this Section 2.13 for any increased costs or additional amounts incurred more than 180 days prior to the date that such Lender or Fronting Bank notifies the Borrowers of such Lender’s or Fronting Bank’s intention to claim such compensation (except that, if such Change in Law giving rise to such increased costs is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof).
(e)The Borrowers’ obligations under this Section 2.13 shall survive (x) the repayment of all amounts owing to the Lenders, the Fronting Banks and the Administrative Agent under this Agreement and any Note, (y) the termination of the Commitments, the commitments of the Fronting Banks hereunder and any Letters of Credit and (z) the termination of this Agreement, in each case to the extent such obligations were incurred prior to such repayment and termination.
Section 2.14.Illegality.
Notwithstanding any other provision of this Agreement, if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, (i) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrowers and the Lenders that the circumstances causing such suspension no longer exist and (ii) the Borrowers shall forthwith prepay in full all Eurodollar Rate Advances of all Lenders then outstanding, together with interest accrued thereon, unless (A) the Borrowers, within five Business Days of notice from the Administrative Agent, Converts all Eurodollar Rate Advances of all Lenders then outstanding into Advances of another Type in accordance with Section 2.11 or (B) the Administrative Agent notifies the Borrowers that the circumstances causing such 
    

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prepayment no longer exist.  Any Lender that becomes aware of circumstances that would permit such Lender to notify the Administrative Agent of any illegality under this Section 2.14 shall use its best efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office if the making of such change would avoid or eliminate such illegality and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
Section 2.15.Payments and Computations.
(a)Each Borrower shall make each payment hereunder and under any Note not later than 12:00 p.m. (New York time) on the day when due in Dollars to the Administrative Agent or, with respect to payments made in respect of Reimbursement Obligations, to the applicable Fronting Bank, at its address referred to in Section 8.02 in same day funds, without set-off, counterclaim or defense and any such payment to the Administrative Agent or any Fronting Bank (as the case may be) shall constitute payment by such Borrower hereunder or under any Note, as the case may be, for all purposes, and upon such payment the Lenders shall look solely to the Administrative Agent or such Fronting Bank (as the case may be) for their respective interests in such payment.  The Administrative Agent or such Fronting Bank (as the case may be) will promptly after any such payment cause to be distributed like funds relating to the payment of principal or interest or commitment fees or Reimbursement Obligations ratably (other than amounts payable pursuant to Section 2.02(c), 2.05, 2.09, 2.11(c), 2.13, 2.16, 2.21 or 8.05(b)) (according to the Lenders’ respective Percentages) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement.  Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 8.08(d), from and after the effective date specified in such Assignment and Assumption, the Administrative Agent and each Fronting Bank shall make all payments hereunder and under any Note in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
(b)Each Borrower hereby authorizes each Lender and each Fronting Bank, if and to the extent payment owed to such Lender or such Fronting Bank (as the case may be) is not made by such Borrower to the Administrative Agent or such Fronting Bank (as the case may be) when due hereunder or under any Note held by such Lender, to charge from time to time against any or all of such Borrower’s accounts (other than any payroll account maintained by such Borrower with such Lender or such Fronting Bank (as the case may be) if and to the extent that such Lender or such Fronting Bank (as the case may be) shall have expressly waived its set-off rights in writing in respect of such payroll account) with such Lender or such Fronting Bank (as the case may be) any amount so due.
(c)All computations of interest based on the Alternate Base Rate (based upon The Wall Street Journal’s published “prime rate”) shall be made by the Administrative Agent on 
    

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the basis of a year of 365 or 366 days, as the case may be, and all computations of commitment fees and of interest based on the Alternate Base Rate (based upon the Federal Funds Rate or upon clause (iii) of the definition of Alternate Base Rate), the Eurodollar Rate or the Federal Funds Rate shall be made by the Administrative Agent, and all computations of interest pursuant to Section 2.09 shall be made by a Lender, on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such commitment fees or interest are payable.  Each determination by the Administrative Agent (or, in the case of Section 2.09, by a Lender) of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(d)Whenever any payment hereunder or under any Note shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment fees, as the case may be; provided, however, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.
(e)Unless the Administrative Agent shall have received notice from any Borrower prior to the date on which any payment is due to the Lenders hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that each Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender.  If and to the extent that any Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate.
(f)The principal amount of any Advance (or any portion thereof) payable by any Borrower hereunder or under any Note that is not paid when due (whether at stated maturity, by acceleration or otherwise) shall (to the fullest extent permitted by law) bear interest from the date when due until paid in full at a rate per annum equal at all times to the rate otherwise applicable to such Advance plus 2% per annum, payable upon demand.  Any other amount payable by any Borrower hereunder or under any Note that is not paid when due (whether at stated maturity, by acceleration or otherwise) shall (to the fullest extent permitted by law) bear interest from the date when due until paid in full at a rate per annum equal at all times to the rate of interest applicable to Alternate Base Rate Advances plus 2% per annum, payable upon demand.
(g)To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent, any Fronting Bank or any Lender, or the Administrative Agent, any Fronting Bank or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or 
    

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preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such Fronting Bank or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any bankruptcy, insolvency or other similar law now or hereafter in effect or otherwise, then (i) 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 setoff had not occurred, and (ii) each Lender and each Fronting Bank severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the Fronting Banks under clause (ii) of the preceding sentence shall survive the payment in full of any amounts hereunder and the termination of this Agreement.
Section 2.16.Taxes.
(a)Defined Terms.  For purposes of this Section 2.16, (i) the term “Applicable Law” includes FATCA and (ii) the term “Lender” includes any Fronting Bank.
(b)Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by each Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(c)Payment of Other Taxes by the Borrowers.  Each Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
(d)Indemnification by the Borrowers.  Each Borrower shall indemnify each Recipient, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.16) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Borrower by a Lender (with a copy to the Administrative Agent), or by the 
    

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Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 30 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 8.08(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection (e).
(f)Evidence of Payments.  As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 2.16, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(g)Status of Lenders.   Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to each Borrower and the Administrative Agent, at the time or times reasonably requested by such Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by such Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by any Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.16(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)Without limiting the generality of the foregoing, in the event that any Borrower is a U.S. Person,
    

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(A)any Lender that is a U.S. Person shall deliver to such Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable:
(i)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(ii)executed copies of IRS Form W-8ECI;
(iii)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of such Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or
(iv)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E -2 or Exhibit E -3, IRS Form W-9, and/or 
    

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other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E -4 on behalf of each such direct and indirect partner;
(C)        any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)        if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to such Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by such Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify each Borrower and the Administrative Agent in writing of its legal inability to do so.
(h)On or before the date on which the Administrative Agent (including any successor or replacement Administrative Agent) becomes the Administrative Agent hereunder, it shall deliver to such Borrower two executed copies of either (a) IRS Form W-9 or (b) with respect to amounts received on its own account, IRS Form W-8ECI and with respect to amounts received on account of any Lender, IRS Form W-8IMY certifying that it is a U.S. branch that has 
    

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agreed to be treated as a U.S. Person for U.S. federal tax purposes or a qualified intermediary that has agreed to assume primary withholding obligations for Chapter 3 and Chapter 4 of the Code with respect to payments received by it from such Borrower in its capacity as Administrative Agent, as applicable.
(i)Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (i) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection (i), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection (i) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(j)Survival.  Each party’s obligations under this Section 2.16 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the repayment, satisfaction or discharge of all obligations under any Loan Document.
Section 2.17.Sharing of Payments, Etc.
(a)If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of the Advances made by it or participations in Letters of Credit acquired by it (other than pursuant to Section 2.02(c), 2.09, 2.11(c), 2.13, 2.16, 2.21 or 8.05(b)) in excess of its ratable share of payments on account of the Advances or Letters of Credit (as the case may be) obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made by them or participations in Letters of Credit acquired by them (as the case may be) as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of 
    

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(a) the amount of such Lender’s required repayment to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.17 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation.
(b)If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c) or 2.04(j), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or any Fronting Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
Section 2.18.Noteless Agreement; Evidence of Indebtedness.
(a)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Advance made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(b)The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Advance made hereunder, the Borrower thereof, the Type thereof and the Interest Period (if any) with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from such Borrower to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agent hereunder from each Borrower and each Lender’s share thereof.
(c)Subject to Section 8.08(c), the entries maintained in the accounts maintained pursuant to subsections (a) and (b) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of each Borrower to repay such obligations in accordance with their terms.
(d)Any Lender may request that its Advances be evidenced by a Note.  In such event, each Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender or its registered assigns.  Thereafter, the Advances evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to Section 8.08) be represented by one or more Notes payable to the payee named therein, or to its registered assigns pursuant to Section 8.08, except to the extent that any such Lender or assignee subsequently 
    

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returns any such Note for cancellation and requests that such Borrowings once again be evidenced as described in subsections (a) and (b) above.
Section 2.19.Extension of Termination Date.
(a)The Borrowers may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not earlier than 60 days prior to any anniversary of the Closing Date (the “Anniversary Date”) but no later than 30 days prior to such Anniversary Date (the date of delivery of any such notice being the “Borrower Extension Notice Date”), request that each Lender extend such Lender’s Termination Date for an additional one year after the Termination Date then in effect for such Lender hereunder (the “Existing Termination Date”).  The Borrowers may request no more than two extensions pursuant to this Section 2.19.
(b)Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not earlier than 30 days prior to the applicable Anniversary Date and not later than the date (the “Lender Extension Notice Date”) that is 20 days prior to the applicable Anniversary Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Existing Termination Date (a “Nonconsenting Lender”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Lender Extension Notice Date), and any Lender that does not so advise the Administrative Agent on or before the Lender Extension Notice Date shall be deemed to be a Nonconsenting Lender.  The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(c)The Administrative Agent shall notify the Borrowers of each Lender’s determination under this Section 2.19 no later than the date 15 days prior to the applicable Anniversary Date, or, if such date is not a Business Day, on the next preceding Business Day (the “Specified Date”).
(d)The Borrowers shall have the right on or before the fifth Business Day after the Specified Date to replace each Nonconsenting Lender (i) with an existing Lender, and/or (ii) by adding as “Lenders” under this Agreement in place thereof, one or more Persons (each Lender in clauses (i) and (ii), an “Additional Commitment Lender”), in each case, with the approval of the Administrative Agent and the Fronting Banks (which approvals shall not be unreasonably withheld), each of which Additional Commitment Lenders shall have entered into an agreement in form and substance satisfactory to the Borrowers and the Administrative Agent pursuant to which such Additional Commitment Lender shall, effective as of the Specified Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder on such date); provided that the aggregate amount of the Commitments for all Additional Commitment Lenders shall be no more than the aggregate amount of the Commitments of all Nonconsenting Lenders.
(e)If (and only if) the aggregate amount of the Commitments of the Lenders that have agreed to extend their Existing Termination Dates plus the aggregate additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate 
    

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amount of the Commitments in effect immediately prior to the Specified Date, then, effective as of the Specified Date, the Existing Termination Date of each Lender agreeing to an extension and of each Additional Commitment Lender shall be extended to the date that is one year after the Existing Termination Date, and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement.
(f)Notwithstanding the foregoing, the extension of a Lender’s Existing Termination Date pursuant to this Section 2.19 shall be effective with respect to such Lender on the Specified Date but only if (i) the following statements shall be true: (A) no event has occurred and is continuing, or would result from the extension of the Existing Termination Date, that constitutes an Event of Default or an Unmatured Default and (B) the representations and warranties contained in Section 4.01 are correct in all material respects (or in the case of any such representation or warranty already qualified by materiality, true and correct in all respects) on and as of the Specified Date, before and after giving effect to such extension, as though made on and as of such date, except for those made specifically as of another date, in which case such representations and warranties shall be true as of such other date, provided that, for purposes of the representations and warranties in Sections 4.01(f) and the last sentence of 4.01(g), the Disclosure Documents shall include all the SEC filings made by FE and the Borrowers prior to the applicable Borrower Extension Notice Date and (ii) on or prior to the Specified Date the Administrative Agent shall have received the following, each dated the Specified Date and in form and substance satisfactory to the Administrative Agent: (x) a certificate of an Authorized Officer of each Borrower to the effect that as of the Specified Date the statements set forth in clauses (A) and (B) above are true, (y) certified copies of the resolutions of the Board of Directors of each Borrower authorizing such extension and the performance of this Agreement on and after the Specified Date, and of all documents evidencing other necessary corporate action and Governmental Action with respect to this Agreement and such extension of the Existing Termination Date and (z) an opinion of counsel to the Borrowers, as to such matters related to the foregoing as the Administrative Agent or the Lenders through the Administrative Agent may reasonably request.
(g)Subject to subsection (d) above, the Commitment of any Nonconsenting Lender shall automatically terminate on its Existing Termination Date (without regard to any extension by any other Lender).
(h)Each Fronting Bank may, in its sole discretion, elect not to serve in such capacity following any extension of the Termination Date; provided that, (i) the Borrowers and the Administrative Agent may appoint a replacement for any such resigning Fronting Bank and (ii) the extension of the Termination Date may become effective without regard to whether such replacement is found.
Section 2.20.Several Obligations.
Each Borrower’s obligations hereunder are several and not joint.  Any action taken by or on behalf of the Borrowers shall not result in one Borrower being held responsible for the 
    

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actions, debts or liabilities of the other Borrowers.  Nothing contained herein shall be interpreted as requiring the Borrowers to effect Borrowings jointly.
Section 2.21.Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)fees shall cease to accrue on the Percentage of such Defaulting Lender in the unused portion of the Commitments pursuant to Section 2.05(a);
(b)any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from such Defaulting Lender pursuant to Section 8.06 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Fronting Bank hereunder; third, to cash collateralize the Fronting Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with this Section 2.21; fourth, as the Borrower may request (so long as no Unmatured Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement and (y) cash collateralize future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section 2.21; sixth, to the payment of any amounts owing to the Lenders, or the Fronting Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender, or Fronting Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Unmatured Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or Reimbursement Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 3.02 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and Reimbursement Obligations owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or Reimbursement Obligations owed to, such Defaulting Lender until such time as all Advances and funded and unfunded participations in the applicable 
    

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Borrower’s obligations corresponding to such Defaulting Lender’s L/C Obligations are held by the Lenders pro rata in accordance with their respective Percentages without giving effect to clause (d) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this subsection (e) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;
(c)the Commitment and Outstanding Credits of such Defaulting Lender shall not be included in determining whether the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 8.02); provided that this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;
(d)if any Letter of Credit or Reimbursement Obligation is outstanding at the time such Lender becomes a Defaulting Lender then:
(i)all or any part of the L/C Obligations of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Outstanding Credits to exceed its Commitment;
(ii)if the reallocation described in clause (i) above cannot, or can only partially, be effected, each Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Fronting Banks only such Borrower’s obligations corresponding to such Defaulting Lender’s L/C Obligations (after giving effect to any partial reallocation pursuant to clause (i) above) in a manner consistent with Section 6.01 as set forth therein with respect to the Letter of Credit Cash Cover for so long as such L/C Obligations are outstanding;
(iii)if any Borrower cash collateralizes any portion of such Defaulting Lender’s L/C Obligations pursuant to clause (ii) above, such Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.05(c) or Section 2.05(d) with respect to such Defaulting Lender’s L/C Obligations during the period such Defaulting Lender’s L/C Obligations is cash collateralized;
(iv)if the L/C Obligations of the non-Defaulting Lenders are reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.05(a), Section 2.05(c) and Section 2.05(d) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)if all or any portion of such Defaulting Lender’s L/C Obligations are neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Fronting Bank or any other Lender 
    

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hereunder, all fees payable under Section 2.05(c) and Section 2.05(d) with respect to such Defaulting Lender’s L/C Obligations shall be payable to the Fronting Banks until and to the extent that such L/C Obligations are reallocated and/or cash collateralized; and
(e)so long as such Lender is a Defaulting Lender, no Fronting Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Obligations will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(d), and L/C Obligations related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(d)(i) (and such Defaulting Lender shall not participate therein).
If a Bankruptcy Event or a Bail-In Action with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue, no Fronting Bank shall be required to issue, amend or increase any Letter of Credit, unless the Fronting Banks shall have entered into arrangements with the applicable Borrower or such Lender, reasonably satisfactory to such Fronting Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.
In the event that each of the Administrative Agent, the applicable Borrower and each Fronting Bank agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Advances of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Advances in accordance with its Percentage.
Section 2.22.Mitigation Obligations; Replacement of Lenders.
(a)Designation of a Different Lending Office.
(i)If any Lender requests compensation from any Borrower under Section 2.13, or requires any Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall (at the request of such Borrower) use reasonable efforts to designate a different Applicable Lending Office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.16, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
(ii)Any Lender that becomes aware of circumstances that would permit such Lender to notify the Administrative Agent of any illegality under 
    

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Section 2.14 shall use its commercially reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office if the making of such change would avoid or eliminate such illegality and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
(iii)Each Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)Replacement of Lenders.  If any Lender requests compensation under Section 2.13 or delivers any notice to the Administrative Agent pursuant to Section 2.14 resulting in the suspension of obligations of the Lenders with respect to Eurodollar Rate Advances, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, and, in each case, such Lender has declined or is unable to designate a different Applicable Lending Office in accordance with Section 2.22(a), or if any Lender is a Defaulting Lender or a Non-Approving Lender, then such Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 8.08(b)), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.13, 2.14 or 2.16) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
(i)such Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 8.08(b);
(ii)such Lender shall have received payment of an amount equal to the outstanding principal amount of its Advances, accrued interest thereon and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 8.05(b)) from the assignee (to the extent of such outstanding principal and accrued interest) or such Borrower (in the case of all other amounts);
(iii)in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter;
(iv)such assignment does not conflict with Applicable Law; and
(v)in the case of any assignment resulting from a Lender becoming a Non-Approving Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.
    

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A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling such Borrower to require such assignment and delegation cease to apply.
Section 2.23.Benchmark Replacement Setting.
Notwithstanding anything to the contrary herein or in any other Loan Document:
(a)Replacing USD LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12- month USD LIBOR tenor settings.  On the earlier of (i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document; provided that, in the Administrative Agent’s sole discretion and without obligation to do so, if the Administrative Agent determines that Term SOFR has become available and has been recommended for use by the Relevant Governmental Body, is administratively feasible for the Administrative Agent and would have been identified as the Benchmark Replacement in accordance with the foregoing if it had been so available at the time that the Benchmark Replacement then in effect was so identified, and the Administrative Agent notifies the Borrowers of such availability, then, from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration (provided that, if the Benchmark Replacement as determined pursuant to the foregoing would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents). If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
(b)Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide 
    

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such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrowers may revoke any request for a borrowing of, conversion to or continuation of Advances to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrowers’ receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to Alternate Base Rate Advances. During the period referenced in the foregoing sentence, the component of Alternate Base Rate based upon the Benchmark will not be used in any determination of Alternate Base Rate. 
(c)Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 
(d)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.23, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.23, and shall not be a basis of any claim of liability of any kind or nature by any party hereto, all such claims being hereby waived individually by each party hereto. 
(e)Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings. 

    

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ARTICLE III
CONDITIONS OF LENDING AND ISSUING LETTERS OF CREDIT
Section 3.01.Conditions Precedent to Initial Extension of Credit.
The obligation of each Lender to make its initial Advance to any Borrower, and the obligation of each Fronting Bank to issue its initial Letter of Credit, are subject to the conditions precedent that on or before the date of any such Extension of Credit:
(a)The Administrative Agent shall have received the following, each dated the same date (except for the financial statements referred to in paragraph (iv)), in form and substance satisfactory to the Administrative Agent and (except for any Note) with one copy for each Fronting Bank and each Lender:
(i)This Agreement, duly executed by each of the parties hereto, and Notes requested by any Lender pursuant to Section 2.18(d), duly completed and executed by each Borrower and payable to such Lender;
(ii)Certified copies of the resolutions of the Board of Directors of each Borrower approving this Agreement and the other Loan Documents to which it is, or is to be, a party and of all documents evidencing any other necessary corporate action with respect to this Agreement and such Loan Documents;
(iii)A certificate of the Secretary or an Assistant Secretary of each Borrower certifying (A) the names and true signatures of the officers of such Borrower authorized to sign each Loan Document to which such Borrower is, or is to become, a party and the other documents to be delivered hereunder and (B) that attached thereto are true and correct copies of the Organizational Documents of such Borrower, in each case as in effect on such date;
(iv)Copies of all the Disclosure Documents (it being agreed that those Disclosure Documents publicly available on the SEC’s EDGAR Database or on FE’s website no later than the Business Day immediately preceding the date of such Extension of Credit will be deemed to have been delivered under this clause (iv));
(v)An opinion of Jones Day, special counsel for each Borrower; 
(vi)A certificate of an Authorized Officer of each Borrower certifying the satisfaction of the conditions specified in Section 3.02(i) with respect to such Borrower; and
(vii)Such other certifications, opinions, financial or other information, approvals and documents as the Administrative Agent, any Fronting Bank or any other Lender may reasonably request, all in form and substance satisfactory to the Administrative Agent, such Fronting Bank or such other Lender (as the case may be).
    

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(b)The Administrative Agent shall have received the Fee Letters, duly executed by each of the parties thereto.
(c)The Borrowers shall have paid, or caused to be paid, all of the fees payable in accordance with the Fee Letters.
(d)Prior to or concurrently with the making of such initial Extension of Credit, all amounts outstanding under the Existing FE Credit Agreement, in each case, whether for principal, interest, fees or otherwise, shall have been paid in full, all commitments to lend thereunder shall have been terminated, and the Existing FE Credit Agreement shall have been terminated.
(e)The Administrative Agent shall have received all documentation and information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act (including, for the avoidance of doubt, Beneficial Ownership Certifications), to the extent such documentation or information is requested by the Administrative Agent on behalf of the Lenders prior to the date hereof.
Section 3.02.Conditions Precedent to Each Extension of Credit.
The obligation of each Lender to make an Advance to any Borrower as part of any Borrowing (including the initial Borrowing) that would increase the aggregate principal amount of Advances outstanding hereunder, and the obligation of each Fronting Bank to issue, amend, extend or renew a Letter of Credit (including the initial Letter of Credit for the account of such Borrower), in each case, as part of an Extension of Credit, shall be subject to the further conditions precedent that on the date of such Extension of Credit:
(i)The following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Letter of Credit Request and the acceptance by such Borrower of the proceeds of such Borrowing or the acceptance of a Letter of Credit by the Beneficiary thereof, as the case may be, shall constitute a representation and warranty by such Borrower that on the date of such Extension of Credit such statements are true):
(A)The representations and warranties of such Borrower contained in Section 4.01 with respect to any Extension of Credit following the initial Extension of Credit are true and correct on and as of the date of such Extension of Credit, before and after giving effect to such Extension of Credit and to the application of the proceeds therefrom, as though made on and as of such date (other than, as to any such representation or warranty that by its terms refers to a specific date other than the date of such Extension of Credit, in which case, such representation and warranty shall be true and correct as of such specific date);
    

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(B)No event has occurred and is continuing, or would result from such Extension of Credit or from the application of the proceeds therefrom, that constitutes an Event of Default or an Unmatured Default with respect to such Borrower;
(C)Immediately following such Extension of Credit, (1) the aggregate amount of Outstanding Credits shall not exceed the aggregate amount of the Commitments then in effect, (2) the Outstanding Credits of any Lender shall not exceed the amount of such Lender’s Commitment, (3) the aggregate principal amount of Advances outstanding for such Borrower shall not exceed the amounts authorized under such Borrower’s Approval, (4) the Outstanding Credits for the account of any Borrower shall not exceed the Borrower Sublimit for such Borrower and (5) if such Extension of Credit relates to a Letter of Credit, the Stated Amount thereof, when aggregated with (x) the Stated Amount of each other Letter of Credit that is outstanding or with respect to which a Letter of Credit Request has been received and (y) the outstanding Reimbursement Obligations, shall not exceed the L/C Commitment Amount; and
(D)No event has occurred and is continuing, or would result from such Extension of Credit or from the application of the proceeds therefrom, that constitutes a Specified Event.
(ii)Such Borrower shall have delivered to the Administrative Agent a duly executed Notice of Borrowing.
(iii)Such Borrower shall have delivered to the Administrative Agent copies of such other approvals and documents as the Administrative Agent, any Fronting Bank or any other Lender (through the Administrative Agent) may reasonably request.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
Section 4.01.Representations and Warranties of the Borrowers.
Each Borrower represents and warrants as follows:
(a)Existence and Power.  It is a corporation or limited liability company, as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation, is duly qualified to do business as a foreign corporation or limited liability company in and is in good standing under the laws of each state in which the ownership of its properties or the conduct of its business makes such qualification necessary, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower, and has all corporate or limited liability company powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as 
    

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now conducted except where the failure to do so, in each case, would not reasonably be expected to have a Material Adverse Effect.
(b)Due Authorization.  The execution, delivery and performance by it of each Loan Document to which it is, or is to become, a party, have been duly authorized by all necessary corporate action on its part and do not, and will not, require the consent or approval of its shareholders or members, as the case may be, other than such consents and approvals as have been duly obtained, given or accomplished.
(c)No Violation, Etc.  Neither the execution, delivery or performance by it of this Agreement or any other Loan Document to which it is, or is to become, a party, nor the consummation by it of the transactions contemplated hereby or thereby, nor compliance by it with the provisions hereof or thereof, contravenes or will contravene, or results or will result in a breach of, any of the provisions of its Organizational Documents, any Applicable Law, or any indenture, mortgage, deed of trust, lease, license or any other agreement or instrument to which it or any of its Subsidiaries is party or by which its property or the property of any of its Subsidiaries is bound, or results or will result in the creation or imposition of any Lien upon any of its property or the property of any of its Subsidiaries except as provided herein, except to the extent such contravention or breach, or the creation or imposition of any such Lien, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower.  Each Borrower and each of its Subsidiaries is in compliance with all laws (including, without limitation, ERISA and Environmental Laws), regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower.
(d)Governmental Actions.  No Governmental Action is or will be required in connection with the execution, delivery or performance by it, or the consummation by it of the transactions contemplated by this Agreement or any other Loan Document to which it is, or is to become, a party other than such Borrower’s Approval, as applicable, which has been duly issued and is in full force and effect.  
(e)Execution and Delivery.  This Agreement and the other Loan Documents to which it is, or is to become, a party have been or will be (as the case may be) duly executed and delivered by it, and this Agreement is, and upon execution and delivery thereof each other Loan Document will be, the legal, valid and binding obligation of it enforceable against it in accordance with its terms, subject, however, to the application by a court of general principles of equity and to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally.
(f)Litigation.  Except as disclosed in the Disclosure Documents, there is no pending or, to such Borrower’s knowledge, threatened action or proceeding (including, without limitation, any proceeding relating to or arising out of Environmental Laws) affecting such 
    

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Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator that would reasonably be expected to have a Material Adverse Effect with respect to such Borrower.
(g)Financial Statements; Material Adverse Change.  The consolidated balance sheet of such Borrower and its Subsidiaries, as at December 31, 2020, and the related consolidated statements of income, retained earnings and cash flows of such Borrower and its Subsidiaries, certified by PricewaterhouseCoopers LLP, independent public accountants, and the unaudited consolidated balance sheet of such Borrower and its Subsidiaries, as at June 30, 2021, and the related consolidated statements of income, retained earnings and cash flows of such Borrower and its Subsidiaries, for the six months then ended, copies of which have been furnished to each Lender and each Fronting Bank, in all cases as amended and restated to the date hereof, present fairly in all material respects the consolidated financial position of such Borrower and its Subsidiaries as at the indicated dates and the consolidated results of the operations of such Borrower and its Subsidiaries for the periods ended on the indicated dates, all in accordance with GAAP consistently applied (in the case of such statements that are unaudited, subject to year-end adjustments and the exclusion of detailed footnotes). Except as disclosed in the Disclosure Documents, there has been no change, event or occurrence since December 31, 2020 that has had a Material Adverse Effect with respect to such Borrower.
(h)ERISA.  Except as would not reasonably be expected to have a Material Adverse Effect:
(i)No Plan is in at-risk status within the meaning of Section 430 of the Code or Section 303 of ERISA  and no Multiemployer Plan is endangered or in critical status within the meaning of Section 432 of the Code or Section 305 of ERISA.
(ii)No failure to (A) meet the minimum funding standard of Section 303 of ERISA with respect to any Plan, (B) timely make a required installment under Section 430(j) of the Code with respect to any Plan, or (C) make any required contribution to a Multiemployer Plan has occurred.
(iii)No Termination Event has occurred or is reasonably expected to occur with respect to any Plan.
(iv)Schedule SB (Actuarial Information) to the most recent annual report (Form 5500 Series) with respect to each Plan, copies of which have been filed with the Department of Labor and furnished (or made available) to the Lenders, (A) is complete and accurate, (B) fairly presents the funding status of such Plan, and (C) since the date of such Schedule SB there has been no change in such funding status.
(v)Neither it nor any member of the Controlled Group has incurred or reasonably expects to incur any withdrawal liability under ERISA with respect to any Multiemployer Plan.
    

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(vi)No Multiemployer Plan is insolvent and no action has been taken to terminate any Multiemployer Plan under Section 4041A of ERISA.
(i)Margin Stock.  After applying the proceeds of each Extension of Credit, not more than 25% of the value of the assets of such Borrower and its Subsidiaries subject to the restrictions of Section 5.03(a) or (b) will consist of or be represented by Margin Stock.  Such Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Extension of Credit will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock.
(j)Investment Company.  Such Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
(k)No Event of Default.  No event has occurred and is continuing that constitutes an Event of Default or an Unmatured Default in each case with respect to such Borrower.
(l)No Material Misstatements.  The reports, financial statements and other written information furnished by or on behalf of such Borrower to the Administrative Agent, any Fronting Bank or any Lender pursuant to or in connection with the Loan Documents and the transactions contemplated thereby, when taken together with the Disclosure Documents, do not contain and will not contain, when taken as a whole, any untrue statement of a material fact and do not omit and will not omit, when taken as a whole, to state any fact necessary to make the statements therein, in the light of the circumstances under which they were or will be made, not misleading in any material respect.
(m)Anti-Corruption Laws and Sanctions.  Such Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance with Anti-Corruption Laws and Sanctions in all respects by the Covered Entities and their respective directors, officers, employees and agents under the control and acting on behalf of the Covered Entities. The Covered Entities are in compliance in all material respects with (i) the Trading with the Enemy Act, as amended, and each of the regulations promulgated by OFAC (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive orders relating thereto, and (ii) the Patriot Act. The Covered Entities and their respective officers and employees and, to the knowledge of such Borrower, the Covered Entities’ directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects, except for the Noncompliance Event. None of the Covered Entities or any of their respective directors, officers or employees or, to the knowledge of such Borrower, any agent of the Covered Entities (i) is a Sanctioned Person, (ii) has assets located in Sanctioned Countries in violation of applicable Sanctions, (iii) does business in or with, or derives its operating income from investments in, or transactions with, Sanctioned Persons or (iv) does business in or with, or derives its operating income from investments in, or transactions with, 
    

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Sanctioned Countries. No Borrowing, no Letter of Credit or use of proceeds thereof will violate Anti-Corruption Laws or applicable Sanctions.
(n)Affected Financial Institutions.  No Borrower is an Affected Financial Institution.
(o)Beneficial Ownership Certification.  The information included in the most recent Beneficial Ownership Certification delivered by the Borrowers to the Administrative Agent and the Lenders is true and correct in all respects.
(p)Taxes.  Such Borrower and each of its Subsidiaries have filed all federal, state and other Tax returns and reports required to be filed, and have paid all federal, state and other Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.
ARTICLE V
COVENANTS OF THE BORROWERS
Section 5.01.Affirmative Covenants of the Borrowers.
Unless the Majority Lenders shall otherwise consent in writing, so long as any amount payable by any Borrower hereunder shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, such Borrower will:
(a)Preservation of Corporate Existence, Etc.  (i) Without limiting the right of such Borrower to merge with or into or consolidate with or into any other corporation or entity in accordance with the provisions of Section 5.03(c), preserve and maintain its corporate or limited liability company (as the case may be) existence under the laws of a State of the United States or the District of Columbia, (ii) qualify and remain qualified as a foreign corporation or limited liability company (as the case may be) in each jurisdiction in which such qualification is reasonably necessary in view of its business and operations or the ownership of its properties and (iii) preserve, renew and keep in full force and effect the rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in the case of clauses (ii) and (iii) above, to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect with respect to such Borrower; provided, however, that any Borrower may change its form of organization from a corporation to a limited liability company or from a limited liability company to a corporation if the Administrative Agent is reasonably satisfied that such change shall not affect any obligations of such Borrower under the Loan Documents.
(b)Compliance with Laws, Etc.  Comply, and cause each of its Subsidiaries to comply, in all material respects with all applicable laws, rules, regulations, and orders of any Governmental Authority, the noncompliance with which would reasonably be expected to result 
    

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in a Material Adverse Effect with respect to such Borrower, such compliance to include, without limitation, compliance with the Patriot Act, regulations promulgated by OFAC, Environmental Laws, FERC and each “state commission” (as that term is defined under 18 C.F.R. 1.101(k)) having jurisdiction over such Borrower, and ERISA and paying before the same become delinquent all material taxes, assessments and governmental charges imposed upon it or upon its property, except to the extent compliance with any of the foregoing is then being contested in good faith by appropriate legal proceedings.
(c)Maintenance of Insurance, Etc.  Maintain insurance with responsible and reputable insurance companies or associations or through its own program of self-insurance in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which such Borrower operates.
(d)Inspection Rights.  At any reasonable time and from time to time as the Administrative Agent, any Fronting Bank or any Lender may reasonably request (upon five Business Days’ prior notice delivered to the applicable Borrower and no more than once a year, unless an Event of Default has occurred and is continuing), permit the Administrative Agent, such Fronting Bank or such Lender or any agents or representatives thereof to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, such Borrower and any of its Subsidiaries, and to discuss the affairs, finances and accounts of such Borrower and any of its Subsidiaries with any of their respective officers or directors; provided, however, that (x) such Borrower reserves the right to restrict access to any of its Subsidiaries’ facilities in accordance with reasonably adopted procedures relating to safety and security and (y) neither Borrower nor any of its Subsidiaries shall be required to disclose to the Administrative Agent, any Fronting Bank or any Lender or any agents or representatives thereof any information that is the subject of attorney-client privilege or attorney work-product privilege properly asserted by the applicable Person to prevent the loss of such privilege in connection with such information or that is prevented from disclosure pursuant to a confidentiality agreement with third parties (provided that such Borrower agrees to use commercially reasonable efforts to obtain any required third-party consent to such disclosure, subject to customary nondisclosure restrictions applicable to the Administrative Agent, any Fronting Bank or the Lenders, as applicable).  The Administrative Agent, each Fronting Bank and each Lender agree to use reasonable efforts to ensure that any information concerning such Borrower or any of its Subsidiaries obtained by the Administrative Agent, such Fronting Bank or such Lender pursuant to this subsection (d) or subsection (g) below that is not contained in a report or other document filed with the SEC, distributed by such Borrower or FE to its security holders or otherwise generally available to the public, will, to the extent permitted by law and except as may be required by valid subpoena or in the normal course of the Administrative Agent’s, such Fronting Bank’s or such Lender’s business operations be treated confidentially by the Administrative Agent, such Fronting Bank or such Lender, as the case may be, and will not be distributed or otherwise made available by the Administrative Agent, such Fronting Bank or such Lender, as the case may be, to any Person, other than the Administrative Agent’s, such Fronting Bank’s or 
    

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such Lender’s employees, authorized agents or representatives (including, without limitation, attorneys and accountants).
(e)Keeping of Books.  Keep, and cause each Subsidiary to keep, proper books of record and account in which entries shall be made of all financial transactions and the assets and business of such Borrower and each of its Subsidiaries in accordance with GAAP.
(f)Maintenance of Properties.  Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties (except such properties the failure of which to maintain or preserve would not have, individually or in the aggregate, a Material Adverse Effect with respect to such Borrower) that are used or that are useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, and in accordance with prudent industry practices applicable to the industry of such Borrower, in all material respects, and (subject to subsection (b) above) Applicable Law it being understood that this covenant relates only to the good working order and condition of such properties and shall not be construed as a covenant of such Borrower or any of its Subsidiaries not to dispose of such properties by sale, lease, transfer or otherwise.
(g)Reporting Requirements.  Furnish, or cause to be furnished, to the Administrative Agent, with sufficient copies for each Lender and each Fronting Bank, the following:
(i)promptly after becoming aware of the occurrence of any Event of Default with respect to such Borrower continuing on the date of such statement, the statement of an Authorized Officer of such Borrower setting forth details of such Event of Default and the action that such Borrower has taken or proposes to take with respect thereto;
(ii)as soon as available and in any event within 60 days after the close of each of the first three quarters in each fiscal year of such Borrower, consolidated balance sheets of such Borrower and its Subsidiaries as at the end of such quarter and consolidated statements of income of such Borrower and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, fairly presenting in all material respects the financial condition of such Borrower and its Subsidiaries as at such date and the results of operations of such Borrower and its Subsidiaries for such period and setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding fiscal year, all in reasonable detail and duly certified (subject to year-end adjustments and the exclusion of detailed footnotes) by the chief financial officer, treasurer, assistant treasurer or controller of such Borrower as having been prepared in accordance with GAAP consistently applied (in the case of such statements that are unaudited, subject to year-end adjustments and the exclusion of detailed footnotes);
(iii)as soon as available and in any event within 105 days after the end of each fiscal year of such Borrower, a copy of the annual report for such year for such 
    

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Borrower and its Subsidiaries, containing consolidated and consolidating financial statements of such Borrower and its Subsidiaries for such year certified by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing as fairly presenting, in all material respects, the financial position of such Borrower and its Subsidiaries as at the end of such year and the results of their operations and their cash flows for the three-year period (or, if such Borrower is not then required to file reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, the two-year period) ending as at the end of such year in conformity with GAAP;
(iv)concurrently with the delivery of the financial statements specified in clauses (ii) and (iii) above a certificate of the chief financial officer, treasurer, assistant treasurer or controller of such Borrower (A) stating whether such Borrower has any knowledge of the occurrence and continuance at the date of such certificate of any Event of Default not theretofore reported pursuant to the provisions of clause (i) of this subsection (g), and, if so, stating the facts with respect thereto, and (B) setting forth in a true and correct manner, the calculation of the ratio contemplated by Section 5.02, as of the date of the most recent financial statements accompanying such certificate, to show such Borrower’s compliance with or the status of the financial covenant contained in Section 5.02;
(v)promptly after the sending or filing thereof, copies of any reports that such Borrower sends to any of its securityholders, and copies of all reports on Form 10-K, Form 10-Q or Form 8-K, if any, that such Borrower or any of its Subsidiaries files with the SEC;
(vi)as soon as possible and in any event within 20 days after such Borrower or any member of the Controlled Group knows or has reason to know that any Termination Event with respect to any Plan has occurred or is reasonably likely to occur, that would reasonably be expected to result in liability exceeding $100,000,000 to such Borrower or such member of the Controlled Group, a statement of the chief financial officer of such Borrower describing such Termination Event and the action, if any, that such Borrower or such member of the Controlled Group, as the case may be, proposes to take with respect thereto;
(vii)promptly upon reasonable request by the Administrative Agent or any Lender, after the filing thereof with the Department of Labor, copies of each Schedule SB (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Plan;
(viii)promptly upon request and in any event within five Business Days after receipt thereof by such Borrower or any member of the Controlled Group from a Multiemployer Plan sponsor, a copy of each notice received by such Borrower or such member of the Controlled Group concerning the imposition of withdrawal liability pursuant to Section 4202 of ERISA;
    

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(ix)promptly and in any event within five Business Days (or one Business Day, if such change would require a prepayment under Section 2.12(b)(iv)) after Moody’s or S&P has changed any relevant Reference Rating, notice of such change;
(x)(A) promptly upon the occurrence of a Reportable Compliance Event, notice of such occurrence, and (B) promptly after any Borrower becomes aware of any change in the information provided in a Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification, a written notice specifying any such change; and
(xi)such other information respecting the condition or operations, financial or otherwise, of such Borrower or any of its Subsidiaries, including, without limitation, copies of all reports and registration statements that such Borrower or any Subsidiary files with the SEC or any national securities exchange, as the Administrative Agent, any Fronting Bank or any Lender (through the Administrative Agent) may from time to time reasonably request.
The financial statements and reports described in paragraphs (ii), (iii) and (v) above will be deemed to have been delivered hereunder if publicly available on the SEC’s EDGAR Database or on FE’s website no later than the date specified for delivery of same under paragraph (ii), (iii) or (v), as applicable, above.  If any financial statements or report described in paragraph (ii) or (iii) above is due on a date that is not a Business Day, then such financial statements or report shall be delivered on the next succeeding Business Day.
(h)Maintenance of Ratings.  Use commercially reasonable efforts to maintain a senior unsecured non-credit enhanced debt rating from each of S&P and Moody’s.
(i)Compliance with Anti-Corruption Laws and Sanctions. (i) Maintain in effect and enforce, and cause the other Covered Entities to maintain in effect and enforce, policies and procedures designed to ensure compliance with Anti-Corruption Laws and applicable Sanctions in all respects by the Covered Entities and their respective directors, officers, employees and, to the extent commercially reasonable, agents under the control and acting on behalf of the Covered Entities, and (ii) comply, and cause the other Covered Entities to comply, in all material respects with Anti-Corruption Laws and Sanctions applicable to it or its property.
Section 5.02.Financial Covenant.
Debt to Capitalization Ratio.  Unless the Majority Lenders shall otherwise consent in writing, so long as any amount payable by any Borrower hereunder shall remain unpaid, any Letter of Credit for the account of any Borrower shall remain outstanding or any Lender shall have any Commitment to any Borrower hereunder, each Borrower will maintain a Debt to Capitalization Ratio, as of the last day of each fiscal quarter of such Borrower, commencing with the fiscal quarter ending December 31, 2021, of no more than 0.65 to 1.00 (determined as of the last day of each fiscal quarter).
    

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Section 5.03.Negative Covenants of the Borrowers.
Unless the Majority Lenders shall otherwise consent in writing, so long as any amount payable by any Borrower hereunder shall remain unpaid, any Letter of Credit for the account of any Borrower shall remain outstanding or any Lender shall have any Commitment to any Borrower hereunder, such Borrower will not:
(a)Sales, Etc.  (i) Sell, lease, transfer or otherwise dispose of any shares of common stock of any Significant Subsidiary of such Borrower, whether now owned or hereafter acquired by such Borrower, or permit any Significant Subsidiary of such Borrower to do so; provided, however, the limitation in this clause (i) shall not in any way restrict, and shall not apply to, any Specified Disposition; or (ii) sell, lease, transfer or otherwise dispose of (whether in one transaction or a series of transactions) or permit any of its Subsidiaries to sell, lease, transfer or dispose of (whether in one transaction or a series of transactions) assets located in the United States (other than any assets that are purported to be conveyed in connection with a Permitted Securitization but including assets purported to be conveyed pursuant to any sale leaseback transaction) having an aggregate book value (determined as of the date of such transaction for all such transactions since the date hereof) that is greater than 20% of the book value of all of the consolidated fixed assets of such Borrower, as reported on the most recent consolidated balance sheet of such Borrower prior to the date of such sale, lease, transfer or disposition to any entity other than such Borrower or any of its wholly owned direct or indirect Subsidiaries; provided, however, that the limitation in this clause (ii) shall not in any way restrict, and shall not apply to, (A) [reserved], (B) the sale, lease, transfer or other disposition of the Bath County hydroelectric generation facility located in Warm Springs, Virginia, or (C) the sale, lease, transfer or other disposition of any Borrower’s assets to another Borrower, a Subsidiary of another Borrower or a newly-formed Person to which all or substantially all of the assets and liabilities of such Borrowers or their Subsidiaries are being transferred, in each case under this clause (C), pursuant to a transaction permitted under subsection (c) below.
(b)Liens, Etc.  Create or suffer to exist, or permit any Significant Subsidiary of such Borrower to create or suffer to exist, any Lien upon or with respect to any of its properties (including, without limitation, any shares of any class of equity security of any Significant Subsidiary of such Borrower), in each case to secure or provide for the payment of Indebtedness, other than (i) liens consisting of (A) pledges or deposits in the ordinary course of business to secure obligations under worker’s compensation laws or similar legislation, (B) deposits in the ordinary course of business to secure, or in lieu of, surety, appeal, or customs bonds to which such Borrower or Significant Subsidiary is a party, (C) [reserved], (D) pledges or deposits in the ordinary course of business to secure performance in connection with bids, tenders or contracts (other than contracts for the payment of money), or (E) materialmen’s, mechanics’, carriers’, workers’, repairmen’s or other like Liens incurred in the ordinary course of business for sums not yet due or currently being contested in good faith by appropriate proceedings diligently conducted, or deposits to obtain in the release of such Liens; (ii) purchase money liens or purchase money security interests upon or in any property acquired or held by such Borrower or Significant Subsidiary in the ordinary course of business, which secure the purchase price of such property or secure indebtedness incurred solely for the purpose of 
    

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financing the acquisition of such property; (iii) Liens existing on property acquired by such Borrower or Significant Subsidiary or on the property of any Person at the time that such Person becomes a direct or indirect Significant Subsidiary of such Borrower or Significant Subsidiary or is merged into or consolidated with such Borrower or Significant Subsidiary; provided, in each case, that such Liens were not created to secure the acquisition of such Person; (iv) Liens in existence on the date of this Agreement; (v) Liens created by any First Mortgage Indenture, so long as under the terms thereof no “event of default” (howsoever designated) in respect of any bonds issued thereunder will be triggered by reference to an Event of Default or Unmatured Default; (vi) Liens securing Attributable Securitization Obligations on the assets purported to be sold in connection with the applicable Permitted Securitization; (vii) Liens securing Nonrecourse Indebtedness; (viii)  Liens on cash or cash equivalents deposited on behalf of or pledged to counterparties with respect to Permitted Obligations of such Borrower or any of its Significant Subsidiaries; (ix) Liens on cash or cash equivalents to defease Indebtedness of such Borrower or any of its Subsidiaries; (x) Liens on cash or cash equivalents constituting proceeds from a disposition of assets otherwise not prohibited under subsection (a) above, which proceeds are deposited in escrow accounts for indemnification, adjustment of purchase price or similar obligations to the purchaser of such assets; (xi) Liens securing obligations in respect of pollution control or industrial revenue bonds or nuclear fuel leases, provided that such Liens extend to only the equipment, project, nuclear fuel or other assets financed with the proceeds of such financing; (xii) Liens arising in connection with leases that shall have been or should be, in accordance with GAAP, recorded as capital leases in respect of which such Borrower or Significant Subsidiary is liable as lessee; provided, that no such Lien shall extend to or cover any assets of such Borrower or Significant Subsidiary other than the assets of such Borrower or Significant Subsidiary subject to such lease and proceeds thereof; and (xiii) Liens created for the sole purpose of refinancing, extending, renewing or replacing in whole or in part Indebtedness secured by any Lien referred to in the foregoing clauses (i) through (xii); provided, however, that the principal amount of Indebtedness (or, if greater, the aggregate lending commitment) secured thereby shall not exceed the principal amount of Indebtedness (or, if greater, the aggregate lending commitment) so secured at the time of such refinancing, extension, renewal or replacement, and that such refinancing, extension, renewal or replacement, as the case may be, shall be limited to all or a part of the property or Indebtedness that secured the Lien so extended, renewed or replaced (and any improvements on such property).
(c)Mergers, Etc.  Merge with or into or consolidate with or into any other Person, or permit any of its Subsidiaries to do so unless (i) immediately after giving effect thereto, no event shall have occurred and be continuing that constitutes an Event of Default, (ii) the consolidation or merger shall not materially and adversely affect the ability of such Borrower (or its successor by merger or consolidation as contemplated by clause (A) of this subsection (c)) to perform its obligations hereunder or under any other Loan Document, and (iii) in the case of any merger or consolidation to which such Borrower is a party, the Person formed by such consolidation or into which such Borrower shall be merged shall (1) assume such Borrower’s obligations under this Agreement and the other Loan Documents to which it is a party in a writing reasonably satisfactory in form and substance to the Administrative Agent and (2) be organized under the laws of a State of the United States or the District of Columbia.  
    

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Without limiting the foregoing, (A) any Borrower may merge with or into or consolidate with or into (x) another Borrower or into a newly-formed Person into which one or more Borrowers are being merged or consolidated (which Person will become a Borrower hereunder and a wholly-owned Subsidiary of such Borrower) or (y) a wholly-owned Subsidiary of another Borrower (in which case only such other Borrower will continue as a Borrower hereunder), and (B) any Borrower may transfer all or substantially all of its assets and liabilities to another Borrower, to a wholly-owned Subsidiary of another Borrower (in which case only such other Borrower will continue as a Borrower hereunder) or to a newly-formed Person to which all or substantially all of the assets and liabilities of one or more Borrowers are being transferred (which Person will become a Borrower hereunder and a wholly-owned Subsidiary of such Borrower), in each case of clauses (A) and (B), if (1) the surviving Person, transferee or Person otherwise specified above to become a Borrower hereunder, as applicable, assumes such Borrower’s or Borrowers’, as applicable, obligations under this Agreement and the other Loan Documents pursuant to an instrument in form and substance reasonably satisfactory to the Administrative Agent, (2) the Reference Ratings of the surviving or resulting Borrower are not, after giving effect to such transactions, any lower than the Reference Ratings of each Borrower that was a party to such transactions immediately prior to the consummation of such transactions, unless the Reference Ratings of such surviving or resulting Borrower are at least BBB- and Baa3, and (3) the parties to such transaction deliver to the Administrative Agent certified copies of all corporate or limited liability, equity holder and Governmental Authority approvals required in connection with such transactions and legal opinions of counsel to such parties relating to such transactions and the assumption agreement described in clause (1) above.
(d)Compliance with ERISA.  (i) Enter into any nonexempt “prohibited transaction” (within the meaning of Section 4975 of the Code or Section 406 of ERISA) involving any Plan that may result in any liability of such Borrower to any Person that (in the opinion of the Majority Lenders and the Fronting Banks) would reasonably be expected to have a Material Adverse Effect with respect to any Borrower or (ii) allow or suffer to exist any event or condition that results in any liability of such Borrower to the PBGC, any Plan, or any Multiemployer Plan that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to any Borrower.
(e)Use of Proceeds.  Use the proceeds of any Borrowing or any Letter of Credit for any purpose other than (i) refinancing the Existing FE Credit Agreement and (ii) working capital and other general corporate purposes of such Borrower and its Subsidiaries (which, for the avoidance of doubt, shall include intercompany loans and advances by any Borrower to any of its Subsidiaries); provided, however, that (A) such Borrower may not use such proceeds in connection with any Hostile Acquisition and (B) no Borrower may, directly or indirectly, use such proceeds to repay any Indebtedness other than (1) to repay any Advances or (2) to make scheduled repayments or other repayments of other Indebtedness in the ordinary course of business.
(f)[Reserved].
    

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(g)Compliance with Anti-Corruption Laws and Sanctions.  Request any Borrowing or any Letter of Credit, or use, or permit any of the other Covered Entities and its or their respective directors, officers, employees and agents to use, the proceeds of any Borrowing or any Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, (iii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Country, or (iv) in any manner that would result in the violation of any Sanctions applicable to, or the imposition of any Sanctions on, any Covered Entity or, to the knowledge of such Borrower, any other party hereto.

ARTICLE VI
EVENTS OF DEFAULT

Section 6.01.Events of Default.
If any of the following events shall occur and be continuing with respect to any Borrower (as to such Borrower, an “Event of Default”):
(a)(i) Any principal of any Advance or any Reimbursement Obligation shall not be paid by such Borrower when the same becomes due and payable, or (ii) any interest on any Advance or any fees or other amounts payable hereunder shall not be paid by such Borrower within three Business Days after the same becomes due and payable; or
(b)Any representation or warranty made by such Borrower (or any of its officers) in any Loan Document or in connection with any Loan Document shall prove to have been incorrect or misleading in any material respect when made; or
(c)(i) Such Borrower shall fail to perform or observe any covenant set forth in Section 5.01(a)(i), Section 5.01(g)(i),  Section 5.01(i), Section 5.02 or Section 5.03 on its part to be performed or observed, or (ii) such Borrower shall fail to perform or observe any other term, covenant or agreement (other than those covenants otherwise covered in clause (a) or (c)(i) of this Section 6.01) contained in this Agreement or any other Loan Document on its part to be performed or observed and such failure shall remain unremedied for 30 days after written notice thereof shall have been given to such Borrower by the Administrative Agent or any Lender; or
(d)Any material provision of this Agreement or any other Loan Document shall at any time and for any reason cease to be valid and binding upon such Borrower, except pursuant to the terms thereof, or shall be declared to be null and void, or the validity or enforceability thereof shall be contested in any manner by such Borrower or any Governmental Authority, or such Borrower shall deny in any manner that it has any or further liability or obligation under this Agreement or any other Loan Document; or
    

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(e)Such Borrower or any Significant Subsidiary of such Borrower shall fail to pay any principal of or premium or interest on any Indebtedness (other than Indebtedness of such Borrower under this Agreement) that is outstanding in a principal amount in excess of $100,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or
(f)Such Borrower or any Significant Subsidiary of such Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Borrower or any Significant Subsidiary of such Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition or arrangement with creditors, a readjustment of its debts, in each case under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted or acquiesced in by it), either such proceeding shall remain undismissed or unstayed for a period of 60 consecutive days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or any Borrower or any Significant Subsidiary of such Borrower shall take any corporate action to authorize or to consent to any of the actions set forth above in this subsection (f); or
(g)Any judgment or order for the payment of money exceeding any applicable insurance coverage by more than $100,000,000 shall be rendered by a court of final adjudication against such Borrower or any Significant Subsidiary of such Borrower and either (i) valid enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or
(h)Any Termination Event with respect to a Plan shall have occurred or any Borrower or any member of the Controlled Group as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan, and, 30 days after notice thereof shall have been given to such Borrower by the Administrative Agent or any Lender, such Termination Event (if correctable) shall not have been corrected, and, as applicable, (1) the actual liability in respect of such Termination Event to such Borrower would reasonably be expected to exceed $100,000,000, or (2) as a result of such complete or partial withdrawal 
    

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from a Multiemployer Plan, such Borrower would reasonably be expected to incur withdrawal liability in an amount exceeding $100,000,000; or
(i)(i) FE shall fail to own directly or indirectly 100% of the issued and outstanding shares of common stock of each Borrower (with any such failure constituting an Event of Default with respect to such Borrower), (ii) any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the Exchange Act), directly or indirectly, of securities of any Borrower (or other securities convertible into such securities) representing 30% or more of the combined voting power of all securities of such Borrower, as applicable, entitled to vote in the election of directors; or (iii) commencing after the date of this Agreement, individuals who as of the date of this Agreement were directors shall have ceased for any reason to constitute a majority of the Board of Directors of such Borrower, as applicable, unless the Persons replacing such individuals were nominated by the stockholders or the Board of Directors of such Borrower in accordance with such Borrower’s Organizational Documents (each a “Change of Control”); provided, however, that any Specified Disposition shall not constitute a Change of Control; or
(j)(i) Any indictment shall be issued against any Borrower or any of its Affiliates arising from a purported violation of any Anti-Corruption Law, or (ii) any Borrower or any of its Affiliates shall have entered into any deferred prosecution agreement (or similar agreement) with respect to a purported violation of any Anti-Corruption Law (other than the DPA); or
(k)Any Borrower shall breach any of its obligations under the DPA, which breach results in an enforcement action including, without limitation, the filing of any charging document, by any Governmental Authority, the imposition of penalties on such Borrower or the withdrawal from, or termination of, the DPA with respect to such Borrower;
then, and in any such event, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, (i) by notice to the defaulting Borrower, declare the obligation of each Lender to make Advances to such Borrower and the obligation of the Fronting Banks to issue Letters of Credit for the account of such Borrower, to be terminated, whereupon the same shall forthwith terminate, and (ii) by notice to such Borrower, declare the Advances made to such Borrower, an amount equal to the aggregate Stated Amount of all issued but undrawn Letters of Credit issued for the account of such Borrower, (such amount being the “Letter of Credit Cash Cover”) and all other amounts payable under this Agreement and the other Loan Documents by such Borrower to be forthwith due and payable, whereupon such Advances and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by such Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Borrower or any Significant Subsidiary of such Borrower under the Bankruptcy Code, (A) the obligation of each Lender to make Advances to such Borrower and the obligation of the Fronting Banks to issue Letters of Credit for the account of such Borrower shall automatically be terminated and (B) all Advances made to such Borrower, the Letter of Credit Cash Cover with respect to such Borrower and all other amounts payable under this Agreement by such Borrower 
    

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shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by such Borrower.  In the event that any Borrower is required to pay the Letter of Credit Cash Cover pursuant to this Section 6.01, such payment shall be made in immediately available funds to the Administrative Agent, which shall hold such funds as collateral pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Fronting Banks to secure Reimbursement Obligations in respect of Letters of Credit then outstanding, for the benefit of the Lenders and the Fronting Banks.

ARTICLE VII
THE ADMINISTRATIVE AGENT

Section 7.01.Authorization and Action.
(a)Each Lender and each Fronting Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and each Fronting Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Fronting Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.
(b)As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Fronting Bank; provided, however, that the Administrative Agent shall not be required to take any action that  the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Fronting Banks with respect to such action or  is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Majority Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided.  Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have 
    

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any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.  Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(c)In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Fronting Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature.  Without limiting the generality of the foregoing:
(i)the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, Fronting Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether an Unmatured Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and
(ii)nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.
(d)The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
    

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(e)None of the “Joint Lead Arrangers” shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.
(f)In case of the pendency of any proceeding with respect to any Borrower under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Advance or any Reimbursement Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(i)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances, Reimbursement Obligations and all other obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Fronting Banks and the Administrative Agent (including any claim under Sections 2.05, 2.08, 2.13, 2.16 and 8.05) allowed in such judicial proceeding; and
(ii)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender and each Fronting Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders or the Fronting Banks, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 8.05).  Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Fronting Bank any plan of reorganization, arrangement, adjustment or composition affecting the obligations of any Borrower hereunder or the rights of any Lender or Fronting Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Fronting Bank in any such proceeding.
(g)The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Fronting Banks, and, except solely to the extent of any Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrowers or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions.

    

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Section 7.02.Administrative Agent’s Reliance, Limitation of Liability, Etc.
(a)Neither the Administrative Agent nor any of its Related Parties shall be  liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or  responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Borrower to perform its obligations hereunder or thereunder.
(b)The Administrative Agent shall be deemed not to have knowledge of any  notice of any of the events or circumstances set forth or described in Section 5.01 unless and until written notice thereof stating that it is a “notice under Section 5.01” in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrowers, or  notice of any Unmatured Default or Event of Default unless and until written notice thereof (stating that it is a “notice of an Unmatured Default” or a “notice of an Event of Default”) is given to the Administrative Agent by any Borrower, a Lender or a Fronting Bank.  Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into  any statement, warranty or representation made in or in connection with any Loan Document,  the contents of any certificate, report or other document delivered thereunder or in connection therewith,  the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Unmatured Default or Event of Default,  the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or  the satisfaction of any condition set forth in Article III or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent.  Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any liabilities, costs or expenses suffered by any Borrower, any Subsidiary, any Lender or any Fronting Bank as a result of, any determination of the Outstanding Credit Available, any of the component amounts thereof or any portion thereof attributable to each Lender or Fronting Bank.
    

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(c)Without limiting the foregoing, the Administrative Agent  may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 8.08,  may rely on the Register to the extent set forth in Section 8.08(c),  may consult with legal counsel (including counsel to any Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts,  makes no warranty or representation to any Lender or Fronting Bank and shall not be responsible to any Lender or Fronting Bank for any statements, warranties or representations made by or on behalf of any Borrower in connection with this Agreement or any other Loan Document,  in determining compliance with any condition hereunder to the making of an Advance, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Fronting Bank, may presume that such condition is satisfactory to such Lender or Fronting Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Fronting Bank sufficiently in advance of the making of such Advance or the issuance of such Letter of Credit and  shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).
Section 7.03.Posting of Communications.
(a)The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Fronting Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
(b)Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Fronting Banks and each of the Borrowers acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution.  Each of the Lenders, each of the Fronting Banks and each of the Borrowers hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
    

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(c)THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.  IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY JOINT LEAD ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY BORROWER, ANY LENDER, ANY FRONTING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.
(d)Each Lender and each Fronting Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each Lender and Fronting Bank agrees  to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Fronting Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and  that the foregoing notice may be sent to such email address.
(e)Each of the Lenders, each of the Fronting Banks and each of the Borrowers agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.
(f)Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Fronting Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
Section 7.04.The Administrative Agent Individually.
With respect to its Commitment, Advances, L/C Fronting Bank Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the 
    

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same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Fronting Bank, as the case may be.  The terms “Fronting Banks”, “Lenders”, “Majority Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Fronting Bank or as one of the Majority Lenders, as applicable.  The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, any Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Fronting Banks.
Section 7.05.Successor Administrative Agent.
(a)The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Fronting Banks and the Borrowers, whether or not a successor Administrative Agent has been appointed.  Upon any such resignation, the Majority Lenders shall have the right to appoint a successor Administrative Agent.  If no successor Administrative Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Fronting Banks, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank.  In either case, such appointment shall be subject to the prior written approval of the Borrowers (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing).  Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent.  Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents.  Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.
(b)Notwithstanding paragraph (a) of this Section 7.05, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Fronting Banks and the Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice,  the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and  the Majority Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that  all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and  all notices and other 
    

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communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and each Fronting Bank.  Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 8.05, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.
Section 7.06.Acknowledgements of Lenders and Fronting Banks.
(a)Each Lender and each Fronting Bank represents and warrants that  the Loan Documents set forth the terms of a commercial lending facility,  it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or Fronting Bank, in each case in the ordinary course of business, and is making the Advances hereunder as commercial loans in the ordinary course of its business and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Fronting Bank agrees not to assert a claim in contravention of the foregoing),  it has, independently and without reliance upon the Administrative Agent, any “Joint Lead Arranger” or any other Lender or Fronting Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Advances hereunder and  it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Fronting Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.  Each Lender and each Fronting Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any “Joint Lead Arranger” or any other Lender or Fronting Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
(b)Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Closing Date or the Effective Date of such Assignment and Assumption, as applicable.
    

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(c) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 7.06(c) shall be conclusive, absent manifest error.
(ii)Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(iii)Each Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by such Borrower.
    

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(iv)Each party’s obligations under this Section 7.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.
(v)Each Borrower shall be liable to the Administrative Agent for any erroneous Payment not returned or paid to it by any Lender that receives such Payment pursuant to, and in accordance with, this Section 7.06, and agrees to indemnify and hold the Administrative Agent harmless from and against any and all liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Advances) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing.
Section 7.07.Certain ERISA Matters.
(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one of the following is and will be true:
(i)such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Plans in connection with the Advances, the Letters of Credit or the Commitments,
(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement,
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, 
    

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administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement, or
(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that none of the Administrative Agent, or any “Joint Lead Arranger” or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).
(c)The Administrative Agent, and each “Joint Lead Arranger” hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof  may receive interest or other payments with respect to the Advances, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents  may recognize a gain if it extended the Advances, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Advances, the Letters of Credit or the Commitments by such Lender or  may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

ARTICLE VIII
MISCELLANEOUS

Section 8.01.Amendments, Etc.
Subject to Section 2.21(b) and except as otherwise expressly provided in the definition of “Eurodollar Rate” set forth in Section 1.01, no amendment or waiver of any provision of this 
    

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Agreement or any Note, nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Lenders (and notified to the Administrative Agent) and, in the case of any such amendment, the Borrower or Borrowers to which such amendment is applicable, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders affected thereby (other than, in the case of clause (a), (f) or (g)(ii) below, any Defaulting Lender), do any of the following: (a) waive any of the conditions specified in Section 3.01 or 3.02, (b) increase or extend the Commitments of the Lenders or subject the Lenders to any additional obligations, (c) change any provision hereof in a manner that would alter the pro rata sharing of payments or the pro rata reduction of Commitments among the Lenders, (d) reduce the principal of, or interest (or rate of interest) on, the Advances or any fees or other amounts payable hereunder, (e) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, (f) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, the aggregate undrawn amount of outstanding Letters of Credit or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder, (g) waive or amend (i) this Section 8.01, (ii) the definition of “Majority Lenders”, (iii) clause (x) of Section 2.04(a) or (iv) the proviso contained in Section 8.07, (h) extend the obligation of any Lender pursuant to Section 2.04(j) to participate in any Letter of Credit to any date later than the Termination Date applicable to such Lender, (i) subordinate the obligations hereunder or under the other Loan Documents, to any other Indebtedness or Liens (including, without limitations, Indebtedness issued under this Agreement) or (j) amend the sublimits and the amounts set forth in the definition of “Borrower Sublimit”; and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or Section 2.21; (ii) no amendment, waiver or consent that would adversely affect the rights of, or increase the obligations of, any Fronting Bank, or that would alter any provision hereof relating to or affecting Letters of Credit issued by such Fronting Bank or modify or waive Section 2.21, shall be effective unless agreed to in writing by such Fronting Bank or modify or waive Section 2.21; (iii) [reserved]; (iv) Section 8.08(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Advances are being funded by an SPC at the time of such amendment, waiver or other modification; and (v) this Agreement may be amended and restated without the consent of any Lender, any Fronting Bank or the Administrative Agent if, upon giving effect to such amendment and restatement, such Lender, such Fronting Bank or the Administrative Agent, as the case may be, shall no longer be a party to this Agreement (as so amended and restated) or have any Commitment or other obligation hereunder (including, without limitation, any obligation to make payment on account of a Drawing) and shall have been paid in full all amounts payable hereunder to such Lender, such Fronting Bank or the Administrative Agent, as the case may be. Notwithstanding the foregoing, the Borrowers and the Administrative Agent may amend this Agreement and the other Loan Documents without the consent of any Lender or any Fronting Bank to the extent necessary (a) to cure any ambiguity, omission, mistake, error, defect or inconsistency (as determined by the Administrative Agent in its reasonable discretion) 
    

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or (b) to make administrative changes of a technical or immaterial nature, provided, that, in each case, (x) such amendment does not adversely affect the rights of any Lender or any Fronting Bank and (y) the Lenders and the Fronting Banks shall have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders and the Fronting Banks, a written notice from the Majority Lenders or any Fronting Bank stating that the Majority Lenders or such Fronting Bank, as the case may be, object to such amendment.
Section 8.02.Notices, Etc.
Unless specifically provided otherwise in this Agreement, all notices and other communications provided for hereunder shall be in writing (including facsimile) and delivered by hand or overnight courier service, mailed or sent by facsimile, if to any Borrower, to it in care of FE at its address at 76 South Main Street, Akron, Ohio 44308, Attention: Treasurer, Facsimile: (330) 384-3772; if to any Bank, at its Domestic Lending Office specified opposite its name on Schedule I hereto; if to any other Lender, at its Domestic Lending Office specified in the Assignment and Assumption pursuant to which it became a Lender; if to the Administrative Agent, at its address at, Mizuho Bank, Ltd., Harborside Financial Center, 1800 Plaza Ten, Jersey City, New Jersey 07311, Attention: Joyce Raynor, Phone: (201) 626-9330, Email: lau_agent@mizuhogroup.com; if to any Fronting Bank identified on Schedule II hereto, at the address specified opposite its name on Schedule II hereto; if to any other Fronting Bank, at such address as shall be designated by such Fronting Bank in a written notice to the other parties; or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties.  Subject to the other notice requirements of this Agreement, all notices and communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service, mailed or sent by facsimile to such party and received during the normal business hours of such party as provided in this Section 8.02 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 8.02.  If such notices and communications are received after the normal business hours of such party, receipt shall be deemed to have been given upon the opening of the recipient’s next Business Day.
Section 8.03.Electronic Communications.
Each Borrower hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other Extension of Credit (including any election of an interest rate or Interest Period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Unmatured Default or Event of Default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other Extension of Credit hereunder (all such non-excluded communications being referred to herein 
    

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collectively as “Borrower Communications”), by transmitting the Borrower Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to lau_agent@mizuhogroup.com.  In addition, each Borrower agrees to continue to provide the Borrower Communications to the Administrative Agent in the manner otherwise specified in this Agreement, but only to the extent requested by the Administrative Agent.
Section 8.04.No Waiver; Remedies.
No failure on the part of any Lender, any Fronting Bank or the Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
Section 8.05.Costs and Expenses; Indemnification.
(a)Each Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent and each Fronting Bank in connection with the preparation, execution, delivery, syndication administration, modification and amendment of this Agreement, any Note, any Letter of Credit and the other documents to be delivered hereunder, including, without limitation, the reasonable fees and outofpocket expenses of counsel for the Administrative Agent and the Fronting Banks with respect thereto and with respect to advising the Administrative Agent and the Fronting Banks as to their rights and responsibilities under this Agreement.  Each Borrower further agrees to pay on demand all reasonable out-of-pocket costs and expenses, if any (including, without limitation, reasonable counsel fees and expenses of counsel), incurred by the Administrative Agent, the Fronting Banks and the Lenders in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, any Note and the other documents to be delivered hereunder, including, without limitation, counsel fees and expenses in connection with the enforcement of rights under this Section 8.05(a). Each Borrower’s obligations under this subsection (a) shall survive the repayment of all other amounts owing to the Lenders, the Fronting Banks and the Administrative Agent under this Agreement and any Note and the termination of the Commitments.
(b)Except as otherwise expressly provided to the contrary herein, if any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.11 or 2.14 or a prepayment pursuant to Section 2.12 or acceleration of the maturity of any amounts owing hereunder pursuant to Section 6.01 or upon an assignment made upon demand of any Borrower pursuant to Section 2.22(b) or for any other reason, the applicable Borrower shall, upon demand by any Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds 
    

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acquired by any Lender to fund or maintain such Advance.  Each Borrower’s obligations under this subsection (b) shall survive the repayment of all other amounts owing to the Lenders and the Administrative Agent under this Agreement and any Note and the termination of the Commitments.
(c)Each Borrower hereby agrees to indemnify and hold each Lender, each Fronting Bank, the Administrative Agent and their respective Related Parties (each, an “Indemnified Person”) harmless from and against any and all claims, damages, liabilities, obligations, losses, penalties, costs or expenses (including reasonable attorney’s fees and expenses, whether or not such Indemnified Person is named as a party to any proceeding or is otherwise subjected to judicial or legal process arising from any such proceeding) that any of them may incur or that may be claimed against any of them by any Person (including any Borrower) by reason of or in connection with or arising out of any investigation, litigation or proceeding related to the Commitments or the commitment of any Fronting Bank hereunder and any use or proposed use by any Borrower of the proceeds of any Extension of Credit or the existence or use of any Letter of Credit or the amounts drawn thereunder, except to the extent such claim, damage, liability, obligation, loss, penalty, cost or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Person’s gross negligence or willful misconduct.  Each Borrower’s obligations under this Section 8.05(c) shall survive (x) the repayment of all amounts owing to the Lenders, the Fronting Banks and the Administrative Agent under this Agreement and any Note, (y) the termination of the Commitments, the commitments of the Fronting Banks hereunder and any Letters of Credit and (z) the termination of this Agreement.  If and to the extent that the obligations of the Borrowers under this Section 8.05(c) are unenforceable for any reason, each Borrower agrees to make the maximum payment in satisfaction of such obligations that are not unenforceable that is permissible under Applicable Law or, if less, such amount that may be ordered by a court of competent jurisdiction.
(d)To the extent permitted by law, each Borrower also agrees not to assert any claim against any Indemnified Person on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) in connection with, arising out of, or otherwise relating to this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances.
(e)Each Borrower shall be liable for any payment to be made by the Borrowers under this Section 8.05; provided, however, that if and to the extent that any such liabilities are reasonably determined by the Borrowers (subject to the approval of the Administrative Agent which approval shall not be unreasonably withheld) to be directly attributable to a specific Borrower, only such Borrower shall be liable for such payments.
(f)This Section 8.05 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

    

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Section 8.06.Right of Set-off.
Upon the occurrence and during the continuance of any Event of Default each Lender and each Fronting Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, excluding, however, any payroll accounts maintained by the Borrowers with such Lender or such Fronting Bank (as the case may be) if and to the extent that such Lender or such Fronting Bank (as the case may be) shall have expressly waived its set-off rights in writing in respect of such payroll account) at any time held and other indebtedness at any time owing by such Lender or such Fronting Bank (as the case may be) to or for the credit or the account of the Borrowers against any and all of the obligations of the Borrowers now or hereafter existing under this Agreement and any Note held by such Lender, whether or not such Lender or such Fronting Bank (as the case may be) shall have made any demand under this Agreement or such Note and although such obligations may be unmatured.  Each Lender and each Fronting Bank agrees promptly to notify the Borrowers after any such setoff and application made by such Lender or such Fronting Bank (as the case may be), provided that the failure to give such notice shall not affect the validity of such setoff and application.  The rights of each Lender and each Fronting Bank under this Section 8.06 are in addition to other rights and remedies (including, without limitation, other rights of setoff) that such Lender or such Fronting Bank (as the case may be) may have.
Section 8.07.Binding Effect.
This Agreement shall become effective when it shall have been executed by the Borrowers and the Administrative Agent and when the Administrative Agent shall have been notified by each Bank and each Fronting Bank that such Bank or such Fronting Bank (as the case may be) has executed it and thereafter shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent, each Fronting Bank and each Lender and their respective successors and permitted assigns; provided, that the Borrowers shall not have the right to assign their rights or obligations hereunder or any interest herein except (x) with the prior written consent of each Lender and each Fronting Bank (and any such assignment (other than any assignment pursuant to the following clause (y)) without such consent shall be null and void ab initio) or (y) pursuant to Section 5.03(c).
Section 8.08.Assignments and Participations.
(a)Successors and Assigns Generally.  No Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section 8.08, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section 8.08, (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section 8.08, or (iv) to an SPC in accordance with the provisions of subsection (g) of this Section 8.08 (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in 
    

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subsection (d) of this Section 8.08 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)Minimum Amounts.
(A)in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Advances at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in subsection (b)(i)(B) of this Section 8.08 in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B)in any case not described in subsection (b)(i)(A) of this Section 8.08, the aggregate amount of the Commitment (which for this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if the “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, or an integral multiple of $1,000,000 in excess thereof, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided that the Borrowers shall be deemed to have consented to any such assignment unless they shall object thereto by giving written notice to the Administrative Agent within five Business Days after having received notice thereof.
(ii)Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned.
(iii)Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section 8.08 and, in addition:
    

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(A)the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrowers shall be deemed to have consented to any such assignment unless they shall object thereto by giving written notice to the Administrative Agent within five Business Days after having received notice thereof, and provided, further, that the Borrowers’ consent shall not be required during the primary syndication hereof;
(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and
(C)the consent of each Fronting Bank shall be required for all assignments, other than pursuant to subsection (e) below; provided that the consent of any Fronting Bank shall not be required if the L/C Fronting Bank Commitments of such Fronting Bank have been terminated and no Letters of Credit issued by such Fronting Bank are outstanding.
(iv)Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and the tax forms required by Section 2.16(g).
(v)No Assignment to Certain Persons.  No such assignment shall be made to (A) the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).
(vi)No Assignment to Natural Persons.  No such assignment shall be made to a natural Person (or to a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).
(vii)Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, 
    

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or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Fronting Bank and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Advances and participations in Letters of Credit in accordance with its Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section 8.08, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.13, 2.16 and 8.05 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties and subject to Section 8.16, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section 8.08.
(c)Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(d)Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrowers, the Fronting Banks or the Administrative Agent, sell participations to any Person (other than a Person described in Section 8.08(b)(v) or (vi)) (each, a “Participant”) in 
    

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all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Borrowers, the Administrative Agent, the Fronting Banks and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clauses (a) through (g) of Section 8.01 that affects such Participant.  The Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.13, 2.16 and 8.05(b) (subject to the requirements and limitations therein, including the requirements under Section 2.16(g) (it being understood that the documentation required under Section 2.16(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section 8.08; provided that such Participant (A) agrees to be subject to the provisions of Section 2.22 as if it were an assignee under subsection (b) of this Section 8.08 and (B) shall not be entitled to receive any greater payment under Section 2.13 or 2.16, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent (x) such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation or (y) the sale to such Participant is made with the Borrowers’ prior written consent.  Each Lender that sells a participation to any Participant agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.22(b) with respect to such Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.06 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.17 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Advances, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Advance, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
    

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(e)Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(f)Disclosure of Certain Information.  Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 8.08, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrowers furnished to such Lender by or on behalf of the Borrowers; provided, that prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to the Borrowers received by it from such Lender.
(g)Special Purpose Funding Vehicles.  Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any part of any Advance that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Advance, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.15(e).  Each party hereto hereby agrees that (A) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of any Borrower under this Agreement (including its obligations under Section 2.13), (B) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder.  The making of an Advance by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender.  In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof.  Notwithstanding anything to the contrary contained herein, any SPC may (1) with notice to, but without prior consent of, the Borrowers and the Administrative Agent and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Advance to the Granting Lender and (2) disclose on a confidential basis any non-public information relating to its funding of 
    

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Advances to any rating agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such SPC.
Section 8.09.Governing Law.
THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 8.10.Consent to Jurisdiction; Waiver of Jury Trial.
(a)To the fullest extent permitted by law, each Borrower hereby irrevocably (i) submits to the exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan, New York City and any appellate court from any thereof in any action or proceeding arising out of or relating to this Agreement, any other Loan Document or any Letter of Credit, and (ii) agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or in such Federal court.  Each Borrower hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each Borrower also irrevocably consents, to the fullest extent permitted by law, to the service of any and all process in any such action or proceeding by the mailing by certified mail of copies of such process to such Borrower at its address specified in Section 8.02.  Each Borrower agrees, to the fullest extent permitted by law, that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
(b)EACH BORROWER, THE ADMINISTRATIVE AGENT, EACH FRONTING BANK AND THE LENDERS HEREBY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY LETTER OF CREDIT, OR ANY OTHER INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.
Section 8.11.Severability.
Any provision of this Agreement that is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction.
Section 8.12.Entire Agreement.
This Agreement and the Notes issued hereunder constitute the entire contract among the parties relative to the subject matter hereof.  Any previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement, except (i) as expressly agreed in any such previous agreement and (ii) for the Fee Letters.  Except as is expressly provided for herein, nothing in this Agreement, expressed or implied, is intended to confer upon 
    

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any party other than the parties hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.
Section 8.13.Execution in Counterparts; Electronic Execution.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  The words “execution,” “signed,” “signature,” and words of like import in any Loan Document shall in each case be deemed to include Electronic Signatures, signatures exchanged by electronic transmission, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart.
Section 8.14.USA PATRIOT Act Notice.
Each Lender that is subject to the Patriot Act, each Fronting Bank and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers pursuant to the requirements of the Patriot Act that it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Lender, such Fronting Bank or the Administrative Agent, as applicable, to identify the Borrowers in accordance with the Patriot Act.
Section 8.15.No Fiduciary Duty.
The Administrative Agent, each Fronting Bank, each Lender and their respective Affiliates (collectively, the “Credit Parties”), may have economic interests that conflict with those of the Borrowers, their stockholders and/or their affiliates.  Each Borrower agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Credit Party, on the one hand, and such Borrower, its stockholders or its affiliates, on the other.  The Borrowers acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Credit Parties, on the one hand, and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Credit Party has assumed an advisory or fiduciary responsibility in favor of any Borrower, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Credit Party has advised, is currently advising or will advise any Borrower, its stockholders or its Affiliates on other matters) or any other obligation to any Borrower except the obligations expressly set forth 
    

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in the Loan Documents and (y) each Credit Party is acting solely as principal and not as the agent or fiduciary of any Borrower, its management, stockholders, creditors or any other Person.  Each Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.  Each Borrower agrees that it will not claim that any Credit Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Borrower, in connection with such transaction or the process leading thereto.
Section 8.16.Acknowledgment and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party hereto acknowledges that any liability of any Lender or Fronting Bank that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or Fronting Bank that is an Affected Financial Institution; and
(b)the effects of any Bail-in Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
Section 8.17.Treatment of Certain Information; Confidentiality.
Each of the Administrative Agent, the Lenders and the Fronting Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its auditors and its Related Parties, including, without limitation, their respective accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such 
    

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Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable Laws or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 8.17, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating any Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of any Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 8.17 or (y) becomes available to the Administrative Agent, any Lender, any Fronting Bank or any of their respective Affiliates on a non-confidential basis from a source other than any Borrower; in the event of any required disclosure by the Administrative Agent, any Lender or any Fronting Bank under clause (c) above, the Administrative Agent, such Lender or such Fronting Bank, as applicable, agrees to use reasonable efforts to inform the Borrowers as promptly as practicable to the extent legally permitted to do so.  In addition, the Administrative Agent, the Lenders and the Fronting Banks may disclose the existence of this Agreement and information about this Agreement to market data collectors and similar service providers to the lending industry, such information to consist of deal terms and other information customarily found in Gold Sheets and similar industry publications.
For purposes of this Section 8.17, “Information” means all information received from any Borrower or any of its Subsidiaries relating to any Borrower or any Subsidiary of any Borrower or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Fronting Bank on a non-confidential basis prior to disclosure by such Borrower or such Subsidiary, provided that, in the case of information received from any Borrower or any Subsidiary of any Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section 8.17 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH) FURNISHED TO IT BY ANY BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF 
    

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ADMINISTERING, THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, REQUESTS FOR WAIVERS AND AMENDMENTS) MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING ANY BORROWER AND ITS AFFILIATES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
[Signatures to Follow]
    

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
MONONGAHELA POWER COMPANY
THE POTOMAC EDISON COMPANY 

By /s/ Steven R. Staub    
Name: Steven R. Staub
Title:   Vice President and Treasurer

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

MIZUHO BANK, LTD., as Administrative Agent, as a Bank and as a Fronting Bank

By /s/ Edward Sacks    
Name: Edward Sacks
Title:   Authorized Signatory

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

JPMORGAN CHASE BANK, N.A., as a Bank

By /s/ Nancy R. Barwig    
Name: Nancy R. Barwig
Title:  Executive Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

PNC BANK, NATIONAL ASSOCIATION, as a Bank

By /s/ Ryan Rockwood    
Name: Ryan Rockwood
Title:   Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

BARCLAYS BANK PLC, as a Bank and as a Fronting Bank

By /s/ Sydney G. Dennis    
Name: Sydney G. Dennis
Title:   Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

BANK OF AMERICA, N.A., as a Bank and as a Fronting Bank

By /s/ Holli Balzer    
Name: Holli Balzer
Title:   Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

CITIBANK, N.A., as a Bank

By /s/ Richard Rivera    
Name: Richard Rivera
Title:   Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

MORGAN STANLEY BANK, N.A., as a Bank

By /s/ Michael King    
Name: Michael King
Title:  Authorized Signatory

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

MUFG BANK, LTD., as a Bank

By /s/ Jeffrey Fesenmaier    
Name:  Jeffrey Fesenmaier
Title:  Managing Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

THE BANK OF NOVA SCOTIA, as a Bank

By /s/ Frank Sandler    
Name: Frank Sandler
Title:   Managing Director
    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

Royal Bank of Canada, as a Bank

By /s/ Frank Lambrinos    
Name: Frank Lambrinos
Title:  Authorized Signatory

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

Canadian Imperial Bank of Commerce, New York Branch, as a Bank

By /s/ Anju Abraham    
Name: Anju Abraham
Title:  Executive Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

KEYBANK NATIONAL ASSOCIATION, as a Bank

By /s/ Renee M. Bonnell    
Name: Renee M. Bonnell
Title:  Senior Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

SUMITOMO MITSUI BANKING CORPORATION, as a Bank

By /s/ Rosa Pritsch    
Name: Rosa Pritsch
Title:  Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

TD Bank, N.A., as a Bank

By /s/ Steve Levi    
Name: Steve Levi
Title:  Senior Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

Truist Bank, as a Bank

By /s/ Andrew Johnson    
Name: Andrew Johnson
Title:  Managing Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

U.S. Bank National Association, as a Bank

By /s/ Joe Horrigan    
Name: Joe Horrigan
Title:  Managing Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

CITIZENS BANK, NATIONAL ASSOCIATION, as a Bank

By /s/ Stephen A. Maenhout    
Name: Stephen A. Maenhout
Title:  Senior Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

Fifth Third Bank, National Association, as a Bank

By /s/ Larry Hayes    
Name: Larry Hayes
Title:  Director

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

THE BANK OF NEW YORK MELLON, as a Bank

By /s/ Tak Cheng    
Name: Tak Cheng
Title:  Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

HUNTINGTON NATIONAL BANK, as a Bank

By /s/ Brian H. Gallagher    
Name: Brian H. Gallagher
Title:  Senior Vice President

    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744221928

First National Bank of Pennsylvania, as a Bank

By /s/ Robert E. Heuler    
Name: Robert E. Heuler
Title:  Vice President
    [Signature Page to West Virginia & Maryland Utilities Credit Agreement]
    

744222473

SCHEDULE I
List of Commitments and Lending Offices

																					
	Lender	Commitment
Amount
	Domestic Lending Office	Eurodollar Lending Office
				
	JPMorgan Chase Bank, N.A.	$23,021,582.72	GR. FLR., 1ST- 6TH FLR., PLATINA BLOCK-3,  
KODBISANHAL, FLR. 04
Bengaluru, IN-KA, 560103, India

Contact: Vithal Giri
Phone: (+91-80) 67905186 ext. 75186
Email: vithal.giri@jpmorgan.com
	Same as Domestic Lending Office
				
	Mizuho Bank, Ltd.	$23,021,582.73	1271 Avenue of the Americas
New York, NY 10020

Contact: Joseph Chan
Email: Joseph.chan@mizuhogroup.com
	Same as Domestic Lending Office
				
	PNC Bank, National Association	$23,021,582.73	300 Fifth Avenue
Pittsburgh, PA 15222

Contact: Montreal Phillips, Loan Support Analyst
Phone: (440) 546-9431
Email: Montreal.Phillips@pnc.com
	Same as Domestic Lending Office
				
	Barclays Bank PLC	$23,021,582.73	745 Seventh Avenue, 8th Floor
New York, NY 10019

Contact: Oksana Shtogrin
Phone: (212) 526 3441
Email: Oksana.shtogrin@barclays.com
	Same as Domestic Lending Office

    I-1

744222473

																					
	Bank of America, N.A.	$23,021,582.73	Bank of America Tower – Charlotte
NC1-030-24-02
620 S Tryon St
Charlotte, NC 2825

Contact: Holli Balzer
Phone: (704) 302-7836
Email: holli.deyerle@bofa.com
	Same as Domestic Lending Office
				
	Citibank, N.A.	$23,021,582.73	388 Greenwich St.
New York, NY 10013

Contact: Ashwani Khubani
Phone: (212) 816-3690
Email: ashwani.khubani@citi.com
	Same as Domestic Lending Office
				
	Morgan Stanley Bank, N.A.	$23,021,582.73	1300 Thames Street Wharf, 4th Floor
Baltimore, MD 21231

Contact: Morgan Stanley Loan Servicing
Phone: (443) 627-6648
Email: msloanservicing@morganstanley.com
	Same as Domestic Lending Office
				
	MUFG Bank, Ltd.	$23,021,582.73	1251 Avenue of the Americas
New York, NY 10020-1104

Contact: Nadia Sleiman
Phone: (212) 782-6974
Email: CCD-docunit@us.mufg.jp
	Same as Domestic Lending Office
				
	The Bank of Nova Scotia	$23,021,582.73	250 Vesey Street, 23rd floor
New York, NY 10281

Contact: Sandy Dewar
Phone: (917) 439-2391
Email: sandy.dewar@scotiabank.com
	Same as Domestic Lending Office

    I-2

744222473

																					
				
	Royal Bank of Canada	$23,021,582.73	3 World Financial Center
200 Vesey St 
New York, NY 10281

Contact: Frank Lambrinos
Phone: (212) 858-7374
Email: frank.lambrinos@rbccm.com
	Same as Domestic Lending Office
				
	Canadian Imperial Bank of Commerce, New York Branch	$18,225,419.67	300 Madison Ave
New York, NY 10017

Contact: Anju Abraham
Phone: (212) 856-3769
Email: Anju.Abraham@cibc.com
	Same as Domestic Lending Office
				
	KeyBank National Association	$18,225,419.67	127 Public Square
Cleveland, OH 44114

Contact: Renee Bonnell
Phone: (216) 689-7729
Email:  renee.bonnell@key.com KAS_servicing@keybank.com
	Same as Domestic Lending Office
				
	Sumitomo Mitsui Banking Corporation	$18,225,419.67	277 Park Avenue 
New York, NY 10172

Contact: Emily Estevez
Phone: (212) 224-4177
Email: eestevez@smbc-Lf.com
	Same as Domestic Lending Office
				
	TD Bank, N.A.	$18,225,419.67	222 Bay Street, 15th Floor
Toronto, ON M5K 1A2

Contact: Diana Macecevic
Phone: (416) 350-9135
Email: TDBNANotices@tdsecurities.com
	Same as Domestic Lending Office

    I-3

744222473

																					
				
	Truist Bank	$18,225,419.67	3333 Peachtree Road NE
3rd Floor
Atlanta, GA 30326

Contact: Jackie Johnson
Email: TeammateA.gaccs.rightfax@suntrust.com
	Same as Domestic Lending Office
				
	U.S. Bank National Association	$18,225,419.67	400 City Center
Oshkosh, WI 54901

Contact: CLS Syndication Services
Phone: 920-237-7601
Email: CLSSyndicationServicesteam@usbank.com
	Same as Domestic Lending Office
				
	Citizens Bank, National Association	$13,429,256.60	71 S. Wacker Drive, 29th Floor
Chicago, IL 60606

Contact: Stephen Maenhout
Phone: (312) 777-3454
Email: stephen.a.maenhout@citizensbank.com
	Same as Domestic Lending Office
				
	Fifth Third Bank, National Association	$13,429,256.60	38 Fountain Square Plaza Cincinnati, OH 45263

Contact: Larry Hayes
Phone: (713) 470-9248
Email: Lawrence.Hayes@53.com
	Same as Domestic Lending Office
				

    I-4

744222473

																					
	The Bank of New York Mellon	$13,429,256.60	240 Greenwich Street
New York, NY 10286

Contact: Steve Murphy
Phone: (315) 765-4317
Email: Cbla2@bnymellon.com or CBLA6@bnymellon.com
	Same as Domestic Lending Office
				
	Huntington National Bank	$13,429,256.60	41 South High St. 
HCO520  
Columbus, OH 43287

Contact: Debbie Cabungcal
Phone: (614) 480-1283
Email: Debbie.cabungcal@huntington.com
	Same as Domestic Lending Office
				
				
	First National Bank of Pennsylvania	$6,714,628.29	12 Federal Street
One Northshore Ctr., Suite 500
Pittsburgh PA  15212

Contact: Robert E Heuler
Phone: (412) 359-2612
Email: HeulerR@fnb-corp.com
	Same as Domestic Lending Office
				
				
				
				
	TOTAL	$400,000,000.00		

    I-5

744222473

SCHEDULE II
List of L/C Fronting Bank Commitments

									
	Fronting Bank	Fronting Bank Address	L/C Fronting Bank Commitment
			
	Barclays Bank PLC	745 Seventh Avenue, 8th Floor
New York, NY 10019

Attention: Nnamdi Otudoh
Phone: (212) 526-8527
Email: xrabdmlcsupport@barclays.com
	$15,000,000
			
	Bank of America, N.A.	1 Fleet Way 
Scranton, PA 18507
Attention: Scranton Standby
	$15,000,000

    II-1

744222473

SCHEDULE III
Existing Letters of Credit

                    
None.

    III-1

744222473

SCHEDULE IV
Disclosure Documents
None.

    IV-1

744222473

SCHEDULE V
Approvals

1.The order of the FERC, Docket No. ES19-65-000, dated December 20, 2019, that authorizes MP to obtain Extensions of Credit until December 19, 2021, as amended, extended, supplemented, replaced or renewed from time to time (169 FERC ¶ 62,113)
2.The order of the FERC, Docket No. ES19-68-000, dated December 20, 2019, that authorizes PE to obtain Extensions of Credit until December 19, 2021, as amended, extended, supplemented, replaced or renewed from time to time (169 FERC ¶ 62,113)

    V-1

744222473

EXHIBIT A
Form of Assignment and Assumption
ASSIGNMENT AND ASSUMPTION
This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”).  [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.
For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters of credit and guarantees included in such facilities), and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively 

1 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed language.
2 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.
3 Select as appropriate.
4 Include bracketed language if there are either multiple Assignors or multiple Assignees.
    A-1

744222473

as [the][an] “Assigned Interest”).  Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.
1.    Assignor[s]:    ________________________________
______________________________
[Assignor [is] [is not] a Defaulting Lender]
2.    Assignee[s]:            ______________________________
______________________________
[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
3.    Borrowers:    Monongahela Power Company and The Potomac Edison Company
4.    Administrative Agent:    Mizuho Bank, Ltd., as the administrative agent under the Credit Agreement

5.    Credit Agreement:    The $400,000,000 Credit Agreement, dated as of October 18, 2021, among Monongahela Power Company and The Potomac Edison Company, as Borrowers, the Lenders parties thereto, Mizuho Bank, Ltd., as Administrative Agent, and the fronting banks party thereto
6.    Assigned Interest[s]:

																		
	Assignor[s]5	Assignee[s]6	Aggregate Amount of Commitment/Advances for all Lenders7	Amount of Commitment/Advances Assigned8
	Percentage Assigned of Commitment/
Advances8	CUSIP Number
	

	

	$	$	%	
	

	

	$	$	%	
	

	

	$	$	%	

[7.    Trade Date:    ______________]9

5 List each Assignor, as appropriate.
6 List each Assignee, as appropriate.
7 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
8 Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder.
9 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.
    A-2

744222473

Effective Date:   _____________ ___, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]
The terms set forth in this Assignment and Assumption are hereby agreed to:
ASSIGNOR[S]10

[NAME OF ASSIGNOR]

By______________________________
Name:
Title:

[NAME OF ASSIGNOR]

By______________________________
Name:
Title:

ASSIGNEE[S]11

[NAME OF ASSIGNEE]

By:______________________________
Name:
Title:

[NAME OF ASSIGNEE]

By:______________________________
Name:
Title:
[Consented to and]12 Accepted:
MIZUHO BANK, LTD., as
  Administrative Agent

10 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).
11 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).
12 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.
    A-3

744222473

By: _________________________________
      Name:
      Title:
Consented to:
[LIST ALL FRONTING BANKS], as a Fronting Bank
By: _________________________________
      Name:
      Title:
[MONONGAHELA POWER COMPANY
THE POTOMAC EDISON COMPANY]13

By: _________________________________
      Name:
      Title:

13 To be added only if the consent of the Borrowers are required by the terms of the Credit Agreement.
    A-4

744222473

ANNEX 1
$400,000,000 Credit Agreement, dated as of October 18, 2021, among Monongahela Power Company and The Potomac Edison Company, as Borrowers, the Lenders parties thereto, Mizuho Bank, Ltd., as Administrative Agent, and the fronting banks party thereto
STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
1.    Representations and Warranties.
1.1    Assignor[s].  [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrowers, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.
1.2.    Assignee[s].  [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 8.08(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 8.08(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01(g) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into 

    A-5

744222473

this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is not a U.S. Person, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement (including pursuant to Section 2.16(g) of the Credit Agreement), duly completed and executed by [the][such] Assignee; (b) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (c) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
2.    Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.
3.    General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

    A-6

744222473

EXHIBIT B
Form of Note
PROMISSORY NOTE
U.S.$[______________]    _______ __, 20__
FOR VALUE RECEIVED, the undersigned, [MONONGAHELA POWER COMPANY] [THE POTOMAC EDISON COMPANY], a[n] [___________] [corporation][limited liability company] (the “Borrower”), HEREBY PROMISES TO PAY to [_____________] (the “Lender”) for the account of its Applicable Lending Office (such term and other capitalized terms herein being used as defined in the Credit Agreement referred to below), or its registered assigns, the principal sum of U.S.$[______________] or, if less, the aggregate principal amount of the Advances made by the Lender to the Borrower pursuant to the Credit Agreement outstanding on the Termination Date, payable on the Termination Date.
The Borrower promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement.
Both principal and interest are payable in lawful money of the United States of America to Mizuho Bank, Ltd., as Administrative Agent, at [INSERT PAYMENT ADDRESS], in same day funds.  Each Advance made by the Lender to the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note.
This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, [Monongahela Power Company,] [The Potomac Edison Company,] the banks named therein and the other Lenders party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent for the Lenders thereunder, and the fronting banks party thereto from time to time.  The Credit Agreement, among other things, (i) provides for the making of Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified.
The Borrower hereby waives presentment, demand, protest and notice of any kind.  No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.
    B-1

744222473

THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[MONONGAHELA POWER COMPANY]
[THE POTOMAC EDISON COMPANY]

By    
Name:
Title:

    B-2

744222473

EXHIBIT C
Form of Notice of Borrowing
Mizuho Bank, Ltd., as Administrative Agent
  for the Lenders party to the Credit Agreement
  referred to below
____ __, 20__
Ladies and Gentlemen:
The undersigned refers to the Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, [Monongahela Power Company,] [The Potomac Edison Company,] the banks named therein and the other Lenders party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent for the Lenders thereunder, and the fronting banks party thereto from time to time, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests [a] Borrowing[s] under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing[s] (the “Proposed Borrowing[s]”) as required by Section 2.02(a) of the Credit Agreement:
(i)    The Business Day of the Proposed Borrowing[s] is __________________, ____.
(ii)    The Type of Advance to be made in connection with the [First] Proposed Borrowing is [an Alternate Base Rate Advance] [a Eurodollar Rate Advance].  The aggregate amount of such Proposed Borrowing is $____________.  [The Interest Period for each Eurodollar Rate Advance made as part of such Proposed Borrowing is ____ [month[s]].]
[(iii)    The Type of Advance to be made in connection with the [Second] Proposed Borrowing is [an Alternate Base Rate Advance] [a Eurodollar Rate Advance].  The aggregate amount of such Proposed Borrowing is $____________.  [The Interest Period for each Eurodollar Rate Advance made as part of such Proposed Borrowing is ____ [month[s]].]
[(iii)][(iv)]    The Borrower requesting the Proposed Borrowing[s] is _______________.
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[s]:
    C-1

744222473

(A)    the representations and warranties of such Borrower contained in Section 4.01 of the Credit Agreement are correct, before and after giving effect to the Proposed Borrowing[s] and to the application of the proceeds therefrom, as though made on and as of such date (other than, as to any such representation or warranty that by its terms refers to a specific date other than the date of the Proposed Borrowing[s], in which case, such representation and warranty is true and correct as of such specific date);
(B)    no event has occurred and is continuing, or would result from such Proposed Borrowing[s] or from the application of the proceeds therefrom, that constitutes an Event of Default or an Unmatured Default with respect to such Borrower; and
(C)    immediately following such Proposed Borrowing[s], (1) the aggregate amount of Outstanding Credits shall not exceed the aggregate amount of the Commitments then in effect, (2) the Outstanding Credits of any Lender shall not exceed the amount of such Lender’s Commitment and (3) the Outstanding Credits for the account of any Borrower shall not exceed the Borrower Sublimit for such Borrower.
Please transfer or credit the funds to the following account:
Bank:  ___________
Address:  _________________
ABA #:  __________________
Account #:  _______________
Beneficiary:  ______________
[remainder of page intentionally left blank]

    C-2

744222473

Very truly yours,14

[MONONGAHELA POWER COMPANY]
[THE POTOMAC EDISON COMPANY]

By    
Name:
Title:

** Please use a separate Notice of Borrowing for each Borrower.
    C-3

744222473

EXHIBIT D
Form of Letter of Credit Request
_____ __, 20__
Mizuho Bank, Ltd., as Administrative Agent
[INSERT ADMINISTRATIVE AGENT’S 
ADDRESS]
Attn:_______________________

[___________________, as Fronting Bank
[ADDRESS]]
Ladies and Gentlemen:
The undersigned, [MONONGAHELA POWER COMPANY] [THE POTOMAC EDISON COMPANY] a[n] [___________] [corporation][limited liability company] (the “Borrower”), refers to that certain Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, [Monongahela Power Company,] [The Potomac Edison Company,] the banks named therein and the other Lenders party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent for the Lenders thereunder, and the fronting banks party thereto from time to time.  Capitalized terms used herein, and not otherwise defined herein, shall have their respective defined meanings as set forth in the Credit Agreement.
Pursuant to Section 2.04(d) of the Credit Agreement, the Borrower irrevocably requests that the Fronting Bank to which this Letter of Credit Request is addressed issue a Letter of Credit on the following terms:
1.    Date of Issuance:
2.    Expiration Date:
3.    Stated Amount:
4.    Beneficiary:
5.    Account Party:
and the terms set forth in the attached application for said Letter of Credit.
The Borrower hereby further certifies that (i) as of the date hereof, (ii) as of the Date of Issuance and (iii) after the issuance of the Letter of Credit requested hereby:
    D-1

744222473

(A)    the representations and warranties of such Borrower contained in Section 4.01 of the Credit Agreement are true and correct on and as of the date hereof, before and after giving effect to the issuance of such Letter of Credit and to the application of the proceeds therefrom, as though made on and as of such date (other than, as to any such representation or warranty that by its terms refers to a specific date other than the date of the issuance of such Letter of Credit, in which case, such representation and warranty is true and correct as of such specified date);
(B)    no event has occurred and is continuing, or would result from the issuance of the Letter of Credit requested hereby or from the application of the proceeds therefrom, that constitutes an Event of Default or an Unmatured Default with respect to such Borrower; and
(C)    immediately following the issuance of such Letter of Credit, (1) the aggregate amount of Outstanding Credits shall not exceed the aggregate amount of the Commitments then in effect, (2) the Outstanding Credits of any Lender shall not exceed the amount of such Lender’s Commitment, (3) the Stated Amount thereof, when aggregated with (x) the Stated Amount of each other Letter of Credit that is outstanding or with respect to which a Letter of Credit Request has been received and (y) the outstanding Reimbursement Obligations, shall not exceed the L/C Commitment Amount, and (4) the aggregate Stated Amount of all outstanding Letters of Credit issued by the Fronting Bank to which this Letter of Credit Request is addressed will not exceed $[_______]15.
If notice of the request for the above referenced Letter of Credit has been given by the Borrower previously by telephone, then this notice shall be considered a written confirmation of such telephone notice as required by Section 2.04(d) of the Credit Agreement.
[remainder of page intentionally left blank]

Insert applicable Fronting Bank’s L/C Fronting Bank Commitment.
    D-2

744222473

Very truly yours,
[MONONGAHELA POWER COMPANY]
[THE POTOMAC EDISON COMPANY]

By ___________________________
Name:
Title:

    D-3

744222473

EXHIBIT E-1
Form of U.S. Tax Compliance Certificate
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the $400,000,000 Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among each of Monongahela Power Company and The Potomac Edison Company (each, a “Borrower” and collectively, the “Borrowers”), the Lenders named therein and party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent, and the Fronting Banks named therein and party thereto from time to time.
Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Advance(s) (as well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:_____________________________
Name:
Title:
Date: ________ __, 20[  ]
    E-1-1

744222473

EXHIBIT E-2
Form of U.S. Tax Compliance Certificate
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the $400,000,000 Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among each of Monongahela Power Company and The Potomac Edison Company (each, a “Borrower” and collectively, the “Borrowers”), the Lenders named therein and party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent, and the Fronting Banks named therein and party thereto from time to time.
Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF PARTICIPANT]
By:_____________________________
Name:
Title:
Date: ________ __, 20[  ]
    E-2-1

744222473

EXHIBIT E-3
Form of U.S. Tax Compliance Certificate
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the $400,000,000 Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among each of Monongahela Power Company and The Potomac Edison Company (each, a “Borrower” and collectively, the “Borrowers”), the Lenders named therein and party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent, and the Fronting Banks named therein and party thereto from time to time.
Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or  IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICPANT]
By:_____________________________
Name:
Title:
Date: ________ __, 20[  ]
    E-3-1

744222473

EXHIBIT E-4
Form of U.S. Tax Compliance Certificate
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the $400,000,000 Credit Agreement, dated as of October 18, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among each of Monongahela Power Company and The Potomac Edison Company (each, a “Borrower” and collectively, the “Borrowers”), the Lenders named therein and party thereto from time to time, Mizuho Bank, Ltd., as Administrative Agent, and the Fronting Banks named therein and party thereto from time to time.
Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Advance(s) (as well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Advance(s) (as well as any Note(s) evidencing such Advance(s)), (iii) with respect to each extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or an IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:_____________________________
Name:
Title:
    E-4-1

744222473

Date: ________ __, 20[  ]

    E-4-2

744222473EX-4.1

 Exhibit 4.1 
  

 
  

TSMC ARIZONA CORPORATION, 

as the Issuer 
 TAIWAN
SEMICONDUCTOR MANUFACTURING COMPANY LIMITED, 
 as the Guarantor 

and 
 CITIBANK, N.A.,

 as the Trustee 

INDENTURE 
 Dated as of
October 18, 2021 
  
  

DEBT SECURITIES 
  

 
  

 TSMC ARIZONA CORPORATION, AS THE ISSUER 

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED, AS THE GUARANTOR 

Reconciliation and tie between the Trust Indenture Act of 1939 

and this Indenture, dated as of October 18, 20211 

 

									
	 Trust Indenture Act Section
	 	 	 	  	 Indenture Section

	 Section 310
	  	(a)(1)	 				  	Section 7.10(a)
		  	(a)(2)	 				  	Section 7.10(a)
		  	(a)(3)	 				  	N.A.
		  	(a)(4)	 				  	N.A.
		  	(a)(5)	 				  	N.A.
		  	(b)	 				  	Section 7.7; Section 7.10(b)
				
	 Section 311
	  	(a)	 				  	Section 7.1(e); Section 7.3
		  	(b)	 				  	Section 7.1(e)
				
	 Section 312
	  	(a)	 				  	Section 4.6
		  	(b)	 				  	Section 7.11
		  	(c)	 				  	Section 7.11
				
	 Section 313
	  	(a)	 				  	Section 4.8(a)
		  	(b)(1)	 				  	Section 4.8(a)
		  	(b)(2)	 				  	Section 4.8(b)
		  	(c)	 				  	Section 4.8(b)
		  	(d)	 				  	Section 4.8(b)
				
	 Section 314
	  	(a)	 				  	Section 4.5; Section 4.7
		  	(b)	 				  	N.A.
		  	(c)(1)	 				  	Section 12.6
		  	(c)(2)	 				  	Section 12.6
		  	(c)(3)	 				  	N.A.
		  	(d)	 				  	N.A.
		  	(e)	 				  	Section 12.6

  

	1 	 Note: This reconciliation and tie shall not be deemed to be part of the indenture for any purpose.

							
	 Trust Indenture Act Section
	 	 	  	 Indenture Section

	 Section 315
	  	(a)(l)	 		  	Section 7.1(c)(i)
		  	(a)(2)	 		  	Section 7.1(c)(ii)
		  	(b)	 		  	Section 7.5
		  	(c)	 		  	Section 7.1(b)
		  	(d)	 		  	Section 7.1(d)
		  	(e)	 		  	Section 6.10
				
	 Section 316
	  	(a)(last sentence)	 		  	Section 1.1 (definition of “Outstanding”)
		  	(a)(l)(A)	 		  	Section 6.8
		  	(a)(l)(B)	 		  	Section 6.8(d)
		  	(b)	 		  	Section 6.6
		  	(c)	 		  	Section 8.2(c); Section 15.3(b)
				
	 Section 317
	  	(a)(l)	 		  	Section 6.1(c)
		  	(a)(2)	 		  	Section 6.1(c)
		  	(b)	 		  	Section 4.4
				
	 Section 318
	  	(a)	 		  	Section 12.4

 TABLE OF CONTENTS 

 

							
	 ARTICLE ONE 

DEFINITIONS
	 
			
	 SECTION 1.1
	  	Certain Terms Defined	  	 	1	 
	 SECTION 1.2
	  	New York Time	  	 	5	 
	 SECTION 1.3
	  	Other Definitions	  	 	6	 
	 SECTION 1.4
	  	Incorporation by Reference of Trust Indenture Act	  	 	6	 
	 SECTION 1.5
	  	Rules of Construction	  	 	6	 
	
	 ARTICLE TWO 

THE DEBT SECURITIES
	 
			
	 SECTION 2.1
	  	Issuable in Series; Amount Unlimited	  	 	7	 
	 SECTION 2.2
	  	Authentication and Delivery of Debt Securities	  	 	8	 
	 SECTION 2.3
	  	Execution of Debt Securities	  	 	9	 
	 SECTION 2.4
	  	Certificate of Authentication	  	 	9	 
	 SECTION 2.5
	  	Form of Debt Securities	  	 	9	 
	 SECTION 2.6
	  	Registration, Transfer and Exchange of Debt Securities	  	 	11	 
	 SECTION 2.7
	  	Legends	  	 	12	 
	 SECTION 2.8
	  	Mutilated, Defaced, Destroyed, Stolen and Lost Debt Securities; Cancellation and Destruction of Debt Securities	  	 	12	 
	
	 ARTICLE THREE 

REDEMPTION
	 
			
	 SECTION 3.1
	  	Redemption	  	 	13	 
	 SECTION 3.2
	  	Notice to Trustee	  	 	13	 
	 SECTION 3.3
	  	Selection of Debt Securities to Be Redeemed or Purchased	  	 	13	 
	 SECTION 3.4
	  	Notice of Redemption	  	 	13	 
	 SECTION 3.5
	  	Effect of Notice of Redemption	  	 	15	 
	 SECTION 3.6
	  	Deposit of Redemption or Purchase Price	  	 	15	 
	 SECTION 3.7
	  	Debt Securities Redeemed or Purchased in Part	  	 	16	 
	
	 ARTICLE FOUR 

COVENANTS
	 
			
	 SECTION 4.1
	  	Payment of Principal and Interest	  	 	16	 
	 SECTION 4.2
	  	Offices for Payments	  	 	16	 
	 SECTION 4.3
	  	Appointment to Fill a Vacancy in Office of Trustee	  	 	16	 
	 SECTION 4.4
	  	Payments	  	 	16	 
	 SECTION 4.5
	  	Reports by Issuer and Guarantor	  	 	18	 
	 SECTION 4.6
	  	Holders’ Lists	  	 	18	 
	 SECTION 4.7
	  	Compliance Certificate	  	 	18	 
	 SECTION 4.8
	  	Reports by Trustee	  	 	18	 
	
	 ARTICLE FIVE 

SUCCESSOR COMPANY
	 
			
	 SECTION 5.1
	  	Merger, Consolidation and Sale of Assets	  	 	19	 

							
	 ARTICLE SIX 

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	 
			
	 SECTION 6.1
	  	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	 	20	 
	 SECTION 6.2
	  	Application of Proceeds	  	 	20	 
	 SECTION 6.3
	  	Suits for Enforcement	  	 	21	 
	 SECTION 6.4
	  	Restoration of Rights on Abandonment of Proceedings	  	 	21	 
	 SECTION 6.5
	  	Limitations on Suits by Holders	  	 	21	 
	 SECTION 6.6
	  	Unconditional Right of Holders to Receive Principal and Interest	  	 	22	 
	 SECTION 6.7
	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	 	22	 
	 SECTION 6.8
	  	Control by Holders; Waiver of Past Defaults	  	 	22	 
	 SECTION 6.9
	  	Payments After a Default	  	 	23	 
	 SECTION 6.10
	  	Undertaking for Costs	  	 	23	 
	 SECTION 6.11
	  	Collection of Indebtedness by Trustee	  	 	23	 
	
	 ARTICLE SEVEN 

CONCERNING THE TRUSTEE
	  

 

			
	 SECTION 7.1
	  	General	  	 	23	 
	 SECTION 7.2
	  	Certain Rights of Trustee	  	 	25	 
	 SECTION 7.3
	  	Individual Rights of Trustee	  	 	27	 
	 SECTION 7.4
	  	Trustee’s Disclaimer	  	 	28	 
	 SECTION 7.5
	  	Notice of Default	  	 	28	 
	 SECTION 7.6
	  	Compensation and Indemnity	  	 	28	 
	 SECTION 7.7
	  	Resignation and Removal; Appointment of Successor	  	 	29	 
	 SECTION 7.8
	  	Successor Trustee by Consolidation, Merger, Conversion or Transfer	  	 	30	 
	 SECTION 7.9
	  	Money Held In Trust	  	 	30	 
	 SECTION 7.10
	  	Eligibility; Disqualification	  	 	30	 
	 SECTION 7.11
	  	Communications by Holders with Other Holders	  	 	31	 
	
	 ARTICLE EIGHT 

CONCERNING THE HOLDERS
	  

 

			
	 SECTION 8.1
	  	Evidence of Action Taken by Holders	  	 	31	 
	 SECTION 8.2
	  	Proof of Execution of Instruments and of Holding of Debt Securities	  	 	31	 
	 SECTION 8.3
	  	Holders to Be Treated as Owners	  	 	31	 
	 SECTION 8.4
	  	Right of Revocation of Action Taken	  	 	32	 
	
	 ARTICLE NINE 

SUPPLEMENTAL INDENTURES
	  

 

			
	 SECTION 9.1
	  	Supplemental Indentures Without Consent of Holders	  	 	32	 
	 SECTION 9.2
	  	Supplemental Indentures with Consent of Holders	  	 	33	 
	 SECTION 9.3
	  	Effect of Supplemental Indenture	  	 	34	 
	 SECTION 9.4
	  	Documents to Be Given to Trustee	  	 	34	 
	 SECTION 9.5
	  	Notation on Debt Securities in Respect of Supplemental Indentures	  	 	34	 
	
	 ARTICLE TEN 

DEFEASANCE; SATISFACTION AND DISCHARGE
	  

 

			
	 SECTION 10.1
	  	Legal Defeasance and Covenant Defeasance	  	 	34	 
	 SECTION 10.2
	  	Conditions to Defeasance	  	 	35	 
	 SECTION 10.3
	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	36	 
	 SECTION 10.4
	  	Repayment to the Issuer	  	 	37	 
	 SECTION 10.5
	  	Reinstatement	  	 	37	 
	 SECTION 10.6
	  	Satisfaction and Discharge	  	 	37	 
	 SECTION 10.7
	  	Application of Trust Money	  	 	38	 

							
	 ARTICLE ELEVEN 

GUARANTEES
	  

 

			
	 SECTION 11.1
	  	Guarantees	  	 	38	 
	 SECTION 11.2
	  	Termination, Release and Discharge	  	 	40	 
	 SECTION 11.3
	  	No Subrogation	  	 	40	 
	 SECTION 11.4
	  	Limitation on Guarantor Liability	  	 	40	 
	
	 ARTICLE TWELVE 

MISCELLANEOUS PROVISIONS
	  

 

			
	 SECTION 12.1
	  	Officers and Directors of Issuer and Guarantor Exempt from Individual Liability	  	 	41	 
	 SECTION 12.2
	  	Provisions of Indenture for the Sole Benefit of Parties and Holders	  	 	41	 
	 SECTION 12.3
	  	Successors and Assigns of the Issuer Bound by Indenture	  	 	41	 
	 SECTION 12.4
	  	Trust Indenture Act Controls	  	 	41	 
	 SECTION 12.5
	  	Notices and Demands on Trustee and Holders	  	 	41	 
	 SECTION 12.6
	  	Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein	  	 	43	 
	 SECTION 12.7
	  	Payments Due on Non-New York Business Days	  	 	43	 
	 SECTION 12.8
	  	Governing Law; Consent to Jurisdiction; Waiver of Immunities	  	 	44	 
	 SECTION 12.9
	  	Counterparts	  	 	44	 
	 SECTION 12.10
	  	Waiver of Jury Trial	  	 	44	 
	 SECTION 12.11
	  	Effect of Headings	  	 	44	 
	 SECTION 12.12
	  	Severability	  	 	44	 
	
	 ARTICLE THIRTEEN 

PROVISIONS FOR MEETINGS OF HOLDERS
	  

 

			
	 SECTION 13.1
	  	Meeting of Holders	  	 	44	 
	
	 ARTICLE FOURTEEN 

IMMUNITY OF CERTAIN PERSONS
	  

 

			
	 SECTION 14.1
	  	No Personal Liability	  	 	46	 
	
	 ARTICLE FIFTEEN 

MODIFICATIONS
	  

 

			
	 SECTION 15.1
	  	Without Consent of Holders	  	 	46	 
	 SECTION 15.2
	  	With Consent of Holders	  	 	48	 
	 SECTION 15.3
	  	Revocation and Effect of Consents	  	 	49	 
	 SECTION 15.4
	  	Notation on or Exchange of Debt Securities	  	 	49	 
	 SECTION 15.5
	  	Trustee to Sign Amendments, etc	  	 	49	 
			
	 EXHIBIT A
	  	Form of Face of Global Security	  			
	 EXHIBIT B
	  	Form of Face of Certificated Security	  			
	 EXHIBIT C
	  	Form of Reverse of Security—Terms and Conditions	  			
	 EXHIBIT D
	  	Form of Guarantee	  			
	 EXHIBIT E
	  	Form of Authorization	  			
	 EXHIBIT F
	  	Form of Incumbency Certificate	  			
	 EXHIBIT G
	  	Form of Transfer Certificate	  			

 THIS INDENTURE (this “Indenture”), dated as of October 18, 2021, by and
among TSMC Arizona Corporation, a corporation incorporated under the laws of the State of Arizona, U.S.A, (the “Issuer”), Taiwan Semiconductor Manufacturing Company Limited, a company limited by shares organized and existing under
the law of the Republic of China (the “Guarantor”), and Citibank, N.A., as trustee (the “Trustee”). 
 W
I T N E S S E T H : 
 WHEREAS, each of the Issuer and the Guarantor has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of the Issuer’s debentures, notes, bonds or other evidences of indebtedness (herein generally called the “Debt Securities”), to be issued in one or more Series (each, a
“Series”), as provided in this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid indenture and
agreement in accordance with its terms have been done; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Debt Securities by the Holders thereof, the Issuer, the Guarantor and the Trustee
mutually covenant and agree, for the equal and proportionate benefit of all Holders from time to time of the Debt Securities, as follows: 

ARTICLE ONE 
 DEFINITIONS

 SECTION 1.1 Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context
otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. The words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article One include the plural as well as the singular. 

“Additional Amounts” shall have the meaning set forth in paragraph 3(a) of the Terms. 

“Additional Securities” means the Issuer’s Debt Securities originally issued after the date hereof pursuant to
Section 2.1. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, co-registrar, Paying Agent, additional paying agent or
Transfer Agent. 
 “Authorized Officer” means a director, the chairman of the board, the chief executive officer, the chief
financial officer or treasurer of the Issuer or any other person duly authorized by the board of directors of the Issuer to act in respect of matters relating to this Indenture. 

  
 1 

 “Business Day” means a day other than a Saturday, Sunday or a day on which
banking institutions or trust companies in the State of New York and Hong Kong are authorized or obligated by law, regulation or executive order to remain closed. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any Preferred Shares and limited liability or partnership interests (whether general or limited), but excluding any Debt Securities convertible or
exchangeable into such equity, prior to conversion or exchange. 
 “Certificated Security” means a Debt Security in
fully-registered certificated form (other than a Global Security) evidencing all or part of a Series of Debt Securities, issued in accordance with Article Two. 

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

“Corporate Trust Office” means the principal office of the Trustee at which at any time this Indenture shall be administered,
which office at the date hereof is located at 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust—TSMC Arizona Corporation or such other address as the Trustee may designate from time to time by notice to the Holders
and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 

“CUSIP” means the identification number provided by Committee on Uniform Securities Identification Procedures. 

“Custodian” means the custodian with respect to any Global Security appointed by the Depositary, or any successor Person
thereto, and shall initially be the Trustee. 
 “Debt Securities” has the meaning stated in the first recital of this
Indenture and more particularly means any Debt Securities authenticated and delivered under this Indenture. 
 “Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 

“Depositary” means, with respect to the Debt Securities of any Series issued in whole or in part in the form of one or more
Global Securities, DTC or such other Person as shall be designated as Depositary by the Issuer pursuant to Section 2.5(d) until a successor Depositary shall have been appointed pursuant to the applicable provision of this Indenture, and
thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Debt Securities of any Series shall
mean the Depositary with respect to the Debt Securities of such Series. 
 “Dollar” or “US$” means such
currency of the United States as at the time of payment is legal tender for the payment of public and private debts. 

“DTC” means the Depository Trust Company, its nominees and their respective successors and assigns, or such other Depositary
institution hereinafter appointed by the Issuer. 
 “Event of Default” in respect of any Series of Debt Securities, means
any event or condition specified as such in the terms of such Series of Debt Securities established pursuant to Section 2.1(c). 

  
 2 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Global Security” means a Debt Security evidencing all or part of a Series of Debt Securities, issued to the
Depositary for such Series in accordance with Article Two and bearing the legend prescribed in Section 2.7. 

“Guarantee” means, with respect to any Series of Debt Securities, the guarantee to each Holder of such Debt Securities of the
Obligations under this Indenture and such Series of Debt Securities. 
 “Holder” and “holder” in relation
to any Debt Security, means the Person in whose name a Debt Security is registered in the Register. 
 “IFRSs” are to,
collectively, the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations issued by the International Accounting Standards Board; 

“Independent Legal Counsel” means an independent legal firm of internationally recognized standing that is reasonably
acceptable to the Trustee. 
 “Independent Tax Consultant” means an independent accounting firm or consultant of
internationally recognized standing that is reasonably acceptable to the Trustee, provided that the Trustee shall have no liability for the selection or approval of such agent. 

“Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as
so amended or supplemented and, unless the context otherwise requires, shall include the terms of a particular Series of Debt Securities established pursuant to Section 2.1(c). 

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

“Issuer” means TSMC Arizona Corporation. 

“Majority” means greater than 50%. 

“Modification” means any modification, amendment, supplement or waiver to this Indenture or the terms of the Debt Securities
of one or more Series pursuant to Article Fifteen hereof. 
 “New York Business Day” means a day other than a Saturday,
Sunday or a day on which banking institutions or trust companies in the State of New York are authorized or obligated by law, regulation or executive order to remain closed. 

“Obligations” means, with respect to any Series of Debt Securities, all of the obligations of the Issuer for payments of
principal, interest (including Additional Amounts, if any) penalties, premiums (if any), duly authorized fees, indemnifications, duly authorized reimbursements and expenses, damages and other liabilities payable or otherwise owned or to be performed
under this Indenture and such Series of Debt Securities. 
 “Officer” means a director or the chairman of the board, the
chief executive officer, the vice chairman, the chief financial officer, any vice president (whether or not designated by a number or numbers or word or words added before or after the title “vice president”), the treasurer or the
secretary of the Guarantor or any other officer duly authorized by the board of directors of the Guarantor to act in respect of matters relating to this Indenture or, in the case of the Issuer, any Authorized Officer, or in the case of any successor
Person to the Issuer or the Guarantor, a director of such successor Person. 

  
 3 

 “Officers’ Certificate” means a certificate signed by two Officers of
each of the Issuer or the Guarantor or any successor Person to the Issuer or the Guarantor, as applicable, one of whom is a director, the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer
of such Issuer or Guarantor. 
 “Opinion of Counsel” means an opinion in writing signed by an Independent Legal Counsel or in-house counsel to the Issuer that is reasonably acceptable to the Trustee. 

“Outstanding” means, in respect of the Debt Securities of any Series, the Debt Securities of that Series authenticated and
delivered pursuant to this Indenture except: 
 (i) Debt Securities of that Series theretofore canceled by the Trustee or delivered
to the Trustee for cancellation or held by the Trustee for reissuance but not reissued by the Trustee; 
 (ii) Debt Securities of that
Series that have been called for redemption in accordance with their terms or which have become due and payable at maturity or otherwise and with respect to which monies sufficient to pay the principal thereof (and premium, if any) and any interest
thereon shall have been made available to the Trustee; and 
 (iii) Debt Securities of a Series in lieu of or in substitution for which
other Debt Securities of a Series shall have been authenticated and delivered pursuant to this Indenture; 
 provided, however, that in
determining whether the Holders of the requisite principal amount of Debt Securities of a Series Outstanding have performed any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action) hereunder, Debt Securities owned by the Issuer, the Guarantor or any other obligor upon the Debt Securities of such Series or any Affiliate of the Issuer, the Guarantor or of such other obligor shall be disregarded and deemed not to be
Outstanding unless the Issuer, the Guarantor, such Affiliate or such other obligor owns all of such Debt Securities, except that, in determining whether the Trustee shall be protected in relying upon any such action, only Securities of such
Series for which the Trustee has received written notice to be so owned shall be so disregarded; provided further, that Debt Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
its right so to act with respect to such Debt Securities and that the pledgee is not the Issuer, the Guarantor or any Subsidiary of either of them. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any
Debt Securities on behalf of the Issuer pursuant to Section 2.6 and includes any additional paying agent. 
 “Person”
means any individual, corporation, firm, limited liability company, partnership, joint venture, undertaking, association, joint stock company, trust, unincorporated organization, state, government or any agency or political subdivision thereof or
any other entity (in each case whether or not being a separate legal entity). 
 “Preferred Shares” as applied to the
Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends upon liquidation, dissolution or winding up. 

“R.O.C” means the Republic of China. 

  
 4 

 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Stated Maturity” means, with respect to a Series of Debt Securities, the maturity date as stated in the terms of such Series
of Debt Securities established pursuant to Section 2.1(c). 
 “Subsidiary” of any Person means (i) any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Voting Stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or Persons performing similar functions) or (ii) any partnership, joint venture, limited liability company or similar entity of which more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, is, in the case of clauses (i) and (ii), at the time owned or controlled, directly or
indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary
of the Guarantor. 
 “Transfer Agent” means any Person authorized by the Issuer to effectuate
the exchange or transfer of any Debt Security on behalf of the Issuer hereunder. 
 “Trust Indenture Act” or
“TIA” means the Trust Indenture Act of 1939, as amended. 
 “Trustee” means Citibank, N.A., in its
capacity as such, until any successor trustee for any Series shall have become such pursuant to Section 7.7 or a separate trustee shall be appointed for any particular Series pursuant to Section 9.1, and thereafter shall mean or include
each Person who is a Trustee for one or more Series hereunder. If at any time there is more than one Trustee, then “Trustee” as used with respect to the Debt Securities of any Series shall mean the Trustee with respect to that Series. 

“U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (ii) obligations of an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depositary receipt. 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote
in the election of directors, managers or trustees, as applicable, of such Person. 
 SECTION 1.2 New York Time. All times
referred to in this Indenture or the Debt Securities are local time in the State of New York, United States of America, except as otherwise specified. 

  
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 SECTION 1.3 Other Definitions. 

 

			
	TERM	  	DEFINED IN
SECTION
	 “Agent Parties”
	  	Section 7.2(m)
	 “Applicable Par Call Date”
	  	Exhibit C
	 “Authorization”
	  	Section 2.1(c)
	 “Comparable Treasury Issue”
	  	Exhibit C
	 “Comparable Treasury Price”
	  	Exhibit C
	 “Covenant Defeasance”
	  	Section 10.1(c)
	 “Guaranteed Obligations”
	  	Section 11.1
	 “Incumbency Certificate”
	  	Section 2.3 
	 “Independent Investment Banker”
	  	Exhibit C
	 “Issue Date”
	  	Exhibit C
	 “Legal Defeasance”
	  	Section 10.1(b)
	 “Payment Date”
	  	Section 4.4(a)
	 “Primary Treasury Dealer”
	  	Exhibit C
	 “Record”
	  	Section 2.6
	 “Record Date”
	  	Exhibit C
	 “Reference Treasury Dealer”
	  	Exhibit C
	 “Reference Treasury Dealer Quotations”
	  	Exhibit C
	 “Register”
	  	Section 2.6
	 “Registrar”
	  	Section 2.6
	 “Remaining Scheduled Payments”
	  	Exhibit C
	 “Remaining Term”
	  	Exhibit C
	 “Series”
	  	Recital
	 “Taxes”
	  	Section 7.6(e)
	 “Terms”
	  	Section 2.1(b)
	 “Treasury Rate”
	  	Exhibit C

 SECTION 1.4 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA term used in this Indenture have the following meanings: 

“obligor” on the indenture securities means the Issuer, the Guarantor and any successor obligor upon the Debt Securities.

 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein are used herein as so defined. 
 SECTION 1.5 Rules of Construction. Unless the
context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRSs; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) provisions apply to successive events and transactions; 

  
 6 

 (f) “will” shall be interpreted to express a command; and 

(g) “include” shall mean “including, without limitation”. 

ARTICLE TWO 
 THE DEBT
SECURITIES 
 SECTION 2.1 Issuable in Series; Amount Unlimited. (a) The Issuer may from time to time issue Debt
Securities in one or more separate Series. The aggregate principal amount of Debt Securities that may be authenticated and delivered under this Indenture is unlimited. 

(b) Debt Securities of all Series shall contain or incorporate by reference the terms and conditions (the “Terms”) set forth
in Exhibit C hereto, except to the extent modified or superseded by the terms set forth in the Authorization with respect to a specific Series. 

(c) The specific terms of each Series of Debt Securities shall be authorized by the Issuer in an authorization (each, an
“Authorization”) substantially in the form set forth in Exhibit E hereto, executed on behalf of the Issuer, which shall set forth at least the following with respect to that Series: 

(i) the title of the Debt Securities of that Series (which shall distinguish the Debt Securities of that Series from all other
Series of Debt Securities); 
 (ii) the limit, if any, upon the aggregate principal amount of Debt Securities of that Series
that may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Debt Securities of that Series pursuant to the provisions hereof or of the
Debt Securities of that Series); 
 (iii) the dates on which or periods during which the Debt Securities of that Series may
be issued, and the dates on, or the range of dates within which, the principal of (and premium, if any, on) the Debt Securities of that Series are or may be payable; 

(iv) the rate or rates or the method of determination thereof at which the Debt Securities of that Series shall bear interest,
if any, the date or dates from which such interest shall accrue, the Payment Dates on which such interest shall be payable, and the method, if any, for determining the Holders of the Debt Securities of that Series to whom any such interest will be
payable; 
 (v) the places, if any, in addition to or instead of the specified office of the Paying Agent, where the
principal of (and premium, if any) and interest on Debt Securities of that Series shall be payable; 
 (vi) the obligation,
if any, of the Issuer to redeem or purchase Debt Securities of that Series pursuant to any sinking fund or analogous provisions or at the option of a Holder and the periods within which or the dates on which, the prices at which and the terms and
conditions upon which Debt Securities of that Series shall be redeemed or repurchased, in whole or in part, pursuant to such obligation; 

(vii) the periods within which or the dates on which, the prices at which and the terms and conditions upon which Debt
Securities of that Series may be redeemed, if any, in whole or in part, at the option of the Issuer or otherwise; 

  
 7 

 (viii) the denominations in which individual Debt Securities of that Series
shall be issuable; 
 (ix) whether the Debt Securities of that Series are to be issued at a discount and the amount of
discount with which that Debt Securities shall be issued; 
 (x) provisions, if any, for the defeasance of Debt Securities of
that Series; 
 (xi) whether the Debt Securities of that Series are to be issued in whole or in part in the form of one or
more Global Securities and, in such case, the Depositary for such Global Security or Securities and the terms and conditions, if any, upon which interests in such Global Security or Securities may be exchanged in whole or in part for the
Certificated Securities represented thereby; 
 (xii) if other than Dollars, the currency in which Debt Securities of that
Series shall be denominated or in which payment of the principal of (and premium, if any) and interest on Debt Securities of that Series may be made and any other terms concerning such payment; 

(xiii) if the principal of (and, premium, if any) or interest on Debt Securities of that Series are to be payable, at the
election of the Issuer or a Holder thereof, in a currency other than that in which the Debt Securities are denominated or payable without such election, the periods within which and the terms and conditions upon which such election may be made and
the time and the manner of determining the exchange rate between the currency in which the Debt Securities are denominated or payable without such election and the currency in which the Debt Securities are to be paid if such election is made; 

(xiv) any additional Events of Default or restrictive covenants provided for with respect to Debt Securities of that Series;

 (xv) any other terms of that Series; and 

(xvi) CUSIP, ISIN or other identifying numbers with respect to the Debt Securities. 

(d) All Debt Securities of any one Series shall be substantially identical except as to denomination and as may otherwise be provided in the
Authorization for, or any supplemental indenture with respect to, that Series. 
 (e) The Debt Securities may have notations, legends or
endorsements as specified in Section 2.7 or as otherwise required by law, stock exchange rule or DTC rule or usage. The Issuer shall approve the form of the Debt Securities and any notation, legend or endorsement on them. 

(f) The Trustee shall not be required to authenticate any Debt Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties, or immunities under the Debt Securities and the Indenture. 
 SECTION 2.2
Authentication and Delivery of Debt Securities. Upon the execution and delivery of this Indenture, or from time to time thereafter, Debt Securities of any Series in an aggregate principal amount not in excess of such principal amount as shall
have been set forth in an Authorization for such Series may be executed and delivered by the Issuer to the Trustee for authentication, accompanied by an Officers’ Certificate of the Issuer directing such authentication (an
“Authentication Order”), and the Trustee shall thereupon authenticate and deliver such Debt Securities to or upon the written order of the Issuer, signed by an Authorized Officer, without any further action by the Issuer. 

  
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 SECTION 2.3 Execution of Debt Securities. (a) The Debt Securities of any
Series shall be signed on behalf of the Issuer by one Authorized Officer. Each such signature may be the manual, electronic or facsimile signature of the Authorized Officer. With the delivery of this Indenture, the Issuer is furnishing, and from
time to time thereafter may furnish, a certificate substantially in the form of Exhibit F (an “Incumbency Certificate”), identifying and certifying the incumbency and specimen signatures of the Authorized Officers authorized to act
and to give and receive instructions and notices on behalf of the Issuer hereunder. Until the Trustee receives a subsequent Incumbency Certificate, the Trustee shall be entitled to rely on the last Incumbency Certificate delivered to it for purposes
of determining the Authorized Officers. Typographical and other minor errors or defects in any signature shall not affect the validity or enforceability of any Debt Security which has been duly authenticated and delivered by the Trustee. 

(b) In case any Authorized Officer who shall have signed any of the Debt Securities shall cease to be an Authorized Officer before the Debt
Security so signed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of the Issuer, such Debt Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Debt Security
had not ceased to be an Authorized Officer; and any Debt Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Debt Security, shall be Authorized Officers, although at the date of the
execution and delivery of this Indenture any such person was not an Authorized Officer. 
 SECTION 2.4 Certificate of
Authentication. Only such Debt Securities as shall bear thereon a certification of authentication substantially as set forth below in this Section 2.4, executed by the Trustee by manual, electronic or facsimile signature of one of its
authorized officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certification by the Trustee upon any Debt Security executed by or on behalf of the Issuer shall be conclusive evidence that the
Debt Security so authenticated has been duly authenticated and delivered hereunder and that the Holder thereof is entitled to the benefits of this Indenture. 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities issued under the within-mentioned Indenture. 

 

									
		 		 	 CITIBANK, N.A., as Trustee

				
		 	 Date:
	 		 	 By:

		 		 		 		 	Authorized Signatory

 SECTION 2.5 Form of Debt Securities. (a) The Debt Securities of each Series will be issued in
fully registered form without coupons, substantially in the form of Exhibit A hereto (for Global Securities), Exhibit B hereto (for Certificated Securities) or such other form as shall be set forth in the Authorization for such Series. 

(b) Each Debt Security shall be dated the date of its authentication. 

(c) If the Issuer shall establish pursuant to an Authorization that the Debt Securities of a Series are to be issued in whole or in part in
the form of one or more Global Securities, then the Authorized Officers shall execute and the Trustee shall authenticate and deliver one or more Global Securities that (i) shall represent an aggregate amount equal to the aggregate principal
amount of the Debt Securities of such Series to be represented by one or more Global Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall
be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear the appropriate legend, as set forth in Section 2.7 and Exhibit A. 

  
 9 

 (d) Each Depositary designated pursuant to this Section must, at the time of its designation
and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

(e) If at any time the Depositary for any Series of Debt Securities represented by a Global Security notifies the Issuer that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time the Depositary for such Global Security ceases to be a “clearing agency” registered under the Exchange Act or if at any time the Depositary for such Global
Security shall no longer be eligible to act as such under this Section 2.5, the Issuer shall appoint a successor Depositary with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Issuer
within 90 days after the Issuer receives notice from the Depositary or becomes aware of such ineligibility, the Issuer’s election pursuant to this Section 2.5 that Debt Securities of that Series be represented by a Global Security shall no
longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Officers’ Certificate of the Issuer directing the authentication and delivery of Certificated Securities and an adequate supply of Certificated Securities,
will authenticate and deliver, without charge, Certificated Securities of that Series in any authorized denominations in an aggregate principal amount equal to the principal amount of such Global Security in exchange for such Global Security. 

(f) The Issuer, at its option, may at any time determine to terminate the book-entry system through the Depositary for any Series and make
Certificated Securities of such Series available to the Holders of Debt Securities of such Series or their nominees. 
 (g) If the Trustee
has instituted or has been directed to institute any judicial proceeding in a court to enforce the rights of the Holders of Debt Securities of any Series thereunder and the Trustee has been advised by counsel that in connection with such proceeding
it is necessary or appropriate for the Trustee to obtain possession of the Debt Securities of such Series, the Trustee may in accordance with such legal advice determine that the Debt Securities of such Series represented by a Global Security or
Securities shall no longer be represented by such Global Security or Securities. 
 (h) In any event described in Section 2.5(f) or
Section 2.5(g), the Issuer hereby agrees to execute and the Trustee, upon receipt from the Issuer of an adequate supply of Certificated Securities of such Series, will authenticate and deliver, in exchange for Global Securities of such Series,
Certificated Securities of such Series (and, if the Trustee has in its possession Certificated Securities of such Series previously executed by the Issuer, the Trustee will authenticate and deliver such Certificated Securities), in authorized
denominations, in an aggregate principal amount equal to the principal amount of the Global Securities of such Series. 
 (i) If an Event of
Default has occurred and is continuing with respect to Debt Securities of any Series, an owner of a beneficial interest in the Global Securities evidencing the Debt Securities of that Series will be entitled to registration in its name of a
principal amount of such Debt Securities equal to its beneficial interest in such Global Securities and to physical delivery of Certificated Securities if such owner so elects. Upon receiving notice of such election, the Issuer hereby agrees to
execute and the Trustee, upon receipt from the Issuer of an adequate supply of Certificated Securities, shall authenticate and deliver, in exchange for the beneficial interest of such owner in such Global Securities, Certificated Securities, in
authorized denominations, in a principal amount equal to the beneficial interest of such owner in such Global Securities. 

  
 10 

 (j) Certificated Securities will only be issued in exchange for interests in a Global
Security as described in Section 2.5(e) through Section 2.5(i) hereof. 
 SECTION 2.6 Registration, Transfer and Exchange
of Debt Securities. (a) The Issuer will keep books for the exchange and registration of Debt Securities at the specified office of the Registrar. The Trustee will act as registrar (the “Registrar”) and will keep a record of
all Debt Securities (the “Register”) at the specified office of the Registrar. The Register will show the principal amount of each Series of Debt Securities, the date of issue, all subsequent transfers and changes of ownership in
respect thereof and the names, tax identifying numbers and addresses of the Holders of each Series. The Registrar will also maintain a record (the “Record”) which will include notations as to whether Debt Securities have been paid
or cancelled, and, in the case of mutilated, destroyed, stolen or lost Debt Securities, whether such Debt Securities have been replaced. In the case of the replacement of any of the Debt Securities, the Record will include notations of the Debt
Security so replaced, and the Debt Security issued in replacement thereof. In the case of the cancellation of any Series of Debt Securities, the Record will include notations of the Series of Debt Securities so cancelled and the date on which such
Series was cancelled. The Registrar will at all reasonable times upon reasonable notice during office hours make the Register and the Record available to the Issuer or any Person authorized by the Issuer in writing for inspection and for the taking
of copies thereof or extracts therefrom, and, at the expense by the Issuer, the Registrar will deliver to such Persons all lists of Holders of Debt Securities, their addresses and amounts of such holdings as such Person may request. 

The Register and the Record will be in the English language in written form or in any other form capable of being converted into such form
within a reasonable time. 
 (b) The Issuer will keep or maintain an office or agency where the Debt Securities may be presented for payment
(the “Paying Agent”). 
 (c) The Issuer will appoint a Transfer Agent to effectuate the exchange or transfer of any Debt
Security on behalf of the Issuer hereunder. Subject to the requirements of paragraph 10(c) of the Terms, the Holder of a Certificated Security may transfer the same in whole or in part (in an amount equal to the authorized denomination or any
integral multiple thereof) by surrendering such Certificated Security at the Corporate Trust Office or at the specified office of the Transfer Agent, together with an executed instrument of transfer substantially in the form of Exhibit G to this
Indenture. In exchange for a Certificated Security of any Series properly presented for transfer, the Trustee will, within three Business Days of such request if made at such Corporate Trust Office, authenticate and deliver at such Corporate Trust
Office or at the office of such Transfer Agent, as the case may be, to the transferee or send by first class mail (at the risk of the transferee) to such address as the transferee may request, a Certificated Security or Securities, as the case may
require, of such Series for like aggregate principal amount and of such authorized denomination or denominations as may be requested. The presentation for transfer of any Certificated Security will not be valid unless made at the specified office of
the Transfer Agent by the registered Holder in person, or by a duly authorized attorney-in-fact. The Issuer will ensure that the Trustee will be provided with an
adequate supply of Certificated Securities for authentication and delivery pursuant to the terms of this Section 2.6. 
 (d) Subject to
the requirements of paragraph 10(b) of the Terms, at the option of the Holder, a Certificated Security may at any time be presented for exchange into an equal aggregate principal amount of Certificated Securities in different authorized
denominations, but only at the specified office of a Paying Agent together with a written request for the exchange. Subject to this Section 2.6(d) and paragraph 10(b) of the Terms, in exchange for a Certificated Security of any Series properly
presented for exchange, the Trustee will, within three Business Days of such request if made at such Corporate Trust Office, authenticate and deliver a Certificated Security or Securities of such Series for a like aggregate principal amount and of
such authorized denomination or denominations as may be requested. The Issuer will ensure that the Trustee will be provided with an adequate supply of Certificated Securities for authentication and delivery pursuant to the terms of this
Section 2.6(d). 

  
 11 

 (e) The Issuer may change the Paying Agent, the Registrar and the Transfer Agent without
notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of the Paying Agent, the Registrar and/or the Transfer Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as the
Paying Agent, the Registrar or the Transfer Agent, the Trustee shall act as such. The Issuer initially appoints the Trustee to act as the Paying Agent, the Registrar and the Transfer Agent with respect to the Debt Securities. 

(f) The costs and expenses of effecting any transfer, registration or exchange pursuant to this Section 2.6 will be borne by the Issuer,
except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or governmental charge or insurance charge that may be imposed in relation thereto. Registration of the transfer
of a Debt Security by the Registrar will be deemed to be the acknowledgment of such transfer on behalf of the Issuer. 
 (g) Members of, or
participants in, the Depositary shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or by the Trustee as its Custodian under the Global Security, and the Depositary may be treated by
the Issuer, the Trustee, the Paying Agent, the Registrar and the Transfer Agent and any of their respective agents as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Issuer, the Trustee, the Paying Agent, the Registrar or the Transfer Agent or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and participants, the operation of customary practices governing the exercise of the rights of a Holder of any Global Security. 

SECTION 2.7 Legends. Each Global Security will bear the legend specified therefor in Exhibit A on the face thereof. 

SECTION 2.8 Mutilated, Defaced, Destroyed, Stolen and Lost Debt Securities; Cancellation and Destruction of Debt Securities.
(a) The Issuer shall execute and deliver to the Trustee Debt Securities in such amounts and at such times as to enable the Trustee to fulfill its responsibilities under this Indenture and the Debt Securities. 

(b) The Trustee is hereby authorized, in accordance with and subject to the conditions set forth in paragraph 10(a) of the Terms, to
authenticate and deliver from time to time Debt Securities of any Series in exchange for or in lieu of Debt Securities of such Series which become mutilated, defaced, destroyed, stolen or lost. Each Debt Security delivered in exchange for or in lieu
of any Debt Security shall carry all the rights to interest (including rights to accrued and unpaid interest) which were carried by such Debt Security. 

(c) All Debt Securities surrendered for payment or exchange shall be delivered to the Trustee. The Trustee shall cancel all such Debt
Securities surrendered for payment or exchange in accordance with its usual practices, and shall deliver a certificate of cancellation to the Issuer upon written request. 

(d) Upon the issuance of any substitute Debt Security, the Holder of such Debt Security, if so requested by the Issuer, shall pay a sum
sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expense (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Debt
Security. 

  
 12 

 (e) All Debt Securities issued upon any transfer or exchange of Debt Securities shall be
valid obligations of the Issuer, evidencing the same debt and entitled to the same benefits under this Indenture, as the Debt Securities surrendered upon such transfer or exchange. 

ARTICLE THREE 

REDEMPTION 

SECTION 3.1 Redemption. The Issuer may redeem the Debt Securities of any Series as set forth in the Terms, subject to the
conditions and at the redemption prices specified therein. 
 SECTION 3.2 Notice to Trustee. If the Issuer elects to redeem any
of the Debt Securities, it shall furnish to the Trustee, at least two New York Business Days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.4 (unless a shorter notice shall be agreed to
by the Trustee in writing) but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the Debt Securities to be redeemed (including CUSIP, ISIN or Common Code number, if applicable), (2) the paragraph or
subparagraph of such Debt Securities or Section of this Indenture pursuant to which the redemption shall occur, (3) the redemption date, (4) the principal amount of the Debt Securities to be redeemed and (5) the redemption price, if
then ascertainable. 
 SECTION 3.3 Selection of Debt Securities to Be Redeemed or Purchased. 

(a) If less than all of a Series of Debt Securities are to be redeemed at any time, the Debt Securities to be redeemed or purchased will be
selected as follows (1) if the Debt Securities are in global form, in compliance with the requirements of the clearing system through which the Debt Securities are being held or (2) if the Debt Securities are in certificated form, on a pro
rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem fair and appropriate, unless otherwise required by the procedures of an applicable stock exchange or clearing system. The amount to be redeemed shall be
notified to the Trustee by the Issuer. 
 (b) The Trustee shall as soon as reasonably practicable notify the Issuer in writing of the Debt
Securities selected for redemption or purchase following such selection and, in the case of any Debt Securities selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Debt Securities and portions of
Debt Securities selected shall be in amounts of US$1,000 or whole number multiples of US$1,000; no Debt Securities of US$200,000 or less shall be redeemed in part, except that if all of the Debt Securities of a Holder are to be redeemed or
purchased, the entire Outstanding amount of Debt Securities held by such Holder, even if not US$200,000 or a multiple of US$1,000 in excess thereof, shall be redeemed or purchased. No Debt Securities of any Holder shall remain Outstanding after a
redemption in part in a minimum amount of less than US$200,000. Except as provided in the preceding sentence, provisions of this Indenture that apply to Debt Securities called for redemption or purchase also apply to portions of Debt Securities
called for redemption or purchase. 
 (c) In the case of Certificated Securities, after the redemption date, upon surrender of a Debt
Security to be redeemed in part only, a new Debt Security or Debt Securities in principal amount equal to the unredeemed portion of the original Debt Securities, representing the same indebtedness to the extent not redeemed, shall be issued in the
name of the Holder of the Debt Securities upon cancellation of the original Debt Security (or appropriate book entries shall be made to reflect such partial redemption). 

SECTION 3.4 Notice of Redemption. 

  
 13 

 (a) Notice of redemption of the Debt Securities shall be given to the Holders not less than
10 nor more than 60 days prior to the date fixed for redemption, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with Article Ten. 

(b) The notice shall identify the Debt Securities to be redeemed (including CUSIP, ISIN or Common Code number, if applicable) and shall state:

  

	 	(1)	 the redemption date; 

 

	 	(2)	 in connection with a redemption pursuant to paragraph 5 of the Terms, the redemption price (if known)
(including the portion thereof representing any accrued and unpaid interest and Additional Amounts) or the formula pursuant to which the redemption price is to be determined if the redemption price cannot be determined at the time the notice is
given. If the redemption price cannot be determined at the time such notice is to be given, the actual redemption price, calculated as described in paragraph 5 of the Terms, shall be set forth in an Officers’ Certificate delivered to the
Trustee no later than two New York Business Days prior to the redemption date; and in connection with a redemption pursuant to paragraph 4 of the Terms, the notice need not set forth the redemption price but only the manner of calculation;

  

	 	(3)	 if any Debt Security is to be redeemed in part only, the portion of the principal amount of that Debt Security
that is to be redeemed; 

  

	 	(4)	 the name and address of the Paying Agent; 

 

	 	(5)	 that Debt Securities called for redemption, if in certificated form, must be surrendered to the Paying Agent to
collect the redemption price, including the portion thereof representing any accrued and unpaid interest and Additional Amounts, if any; 

  

	 	(6)	 that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from
making such payment pursuant to the terms of this Indenture, interest on Debt Securities called for redemption ceases to accrue on and after the redemption date; 

 

	 	(7)	 the paragraph or subparagraph of the Debt Securities or Section of this Indenture pursuant to which the Debt
Securities called for redemption are being redeemed; 

  

	 	(8)	 that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if
any, listed in such notice or printed on the Debt Securities; and 

  

	 	(9)	 if applicable, any condition to such redemption. 

(c) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense;
provided that the Issuer shall have delivered to the Trustee, at least two New York Business Days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to this Section 3.4 (unless a shorter notice
shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.4(b). 

  
 14 

 (d) Any notice of redemption of Debt Securities delivered in connection with a redemption
pursuant to paragraph 5 of the Terms may, at the Issuer’s discretion, be given subject to one or more conditions precedent, including, but not limited to, the completion of a corporate transaction that is pending (such as an equity or
equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction involving a change of control in the Issuer or another entity). If such redemption is so subject to the satisfaction of one or more conditions
precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or otherwise waived on or prior to the New York Business Day immediately preceding
the relevant redemption date. The Issuer shall notify holders and the Trustee of any such rescission as soon as reasonably practicable after it determines that such conditions precedent will not be able to be satisfied or the Issuer shall not be
able or willing to waive such conditions precedent. Once the notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Debt Securities called for redemption will become
due and payable on the redemption date and at the applicable redemption price as set forth in paragraph 5 of the Terms. 
 SECTION 3.5
Effect of Notice of Redemption. Once notice of redemption is sent in accordance with Section 3.4 and subject to any conditions precedent in such notice, Debt Securities called for redemption become irrevocably due and payable on the date
fixed for redemption and will be paid at the redemption price together with accrued and unpaid interest, if any, to but not including, the date fixed for redemption, at the place or places of payment and in the manner specified in the Debt
Securities. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any
Debt Security designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security. Subject to this Section 3.5, from and after the redemption date, if moneys for the
redemption of the Debt Securities shall have been made available as provided in this Indenture for redemption on the redemption date, the Debt Securities shall cease to bear interest, and the only right of the Holders of the Debt Securities shall be
to receive payment of the redemption price and accrued and unpaid interest, if any, to, but not including, the date fixed for redemption. 

SECTION 3.6 Deposit of Redemption or Purchase Price. 

(a) No later than 2:00 p.m. New York Time on one Business Day prior to the redemption or purchase date, the Issuer shall deposit with the
Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Debt Securities to be redeemed or purchased on that date. If a Debt Security is redeemed or purchased on or after a
Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name such Debt Security was
registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Debt Securities shall be subject to redemption by the Issuer. The Paying Agent shall as soon as reasonably practicable mail to each
Holder whose Debt Securities are to be redeemed or repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall as soon as reasonably practicable return to the Issuer
any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all Debt Securities to be redeemed or purchased. 

(b) If the Issuer complies with the provisions of Section 3.6(a), on and after the redemption or purchase date, interest shall cease to
accrue on the Debt Securities or the portions of Debt Securities called for redemption or purchase. If any Debt Security called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the
Issuer to comply with Section 3.6(a), interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and, to the extent lawful, on any interest accrued to the redemption or purchase date not
paid on such unpaid principal, in each case at the rate provided in the Debt Securities and in this Indenture. 

  
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 SECTION 3.7 Debt Securities Redeemed or Purchased in Part. In the case of
Certificated Securities, upon surrender of a Debt Security that is redeemed or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall as soon as reasonably practicable authenticate and mail to the
Holder (or cause to be transferred by book entry) at the expense of the Issuer a new Debt Security equal in principal amount to the unredeemed or unpurchased portion of the Debt Security surrendered representing the same indebtedness to the extent
not redeemed or purchased; provided that each new Debt Security shall be in a principal amount of US$200,000 or an integral multiple of US$1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the
contrary, only an Authentication Order and not an Opinion of Counsel or Officers’ Certificate is required for the Trustee to authenticate such new Debt Security. 

ARTICLE FOUR 
 COVENANTS

 SECTION 4.1 Payment of Principal and Interest. The Issuer covenants and agrees that it will duly and punctually pay or
cause to be paid the principal of and interest (including Additional Amounts, if any) on each of the Debt Securities and any other payments to be made by the Issuer under the Debt Securities and this Indenture, at the place or places, at the
respective times and in the manner provided in the Debt Securities and this Indenture. 
 SECTION 4.2 Offices for Payments. So
long as any of the Debt Securities remain Outstanding, the Issuer will maintain (a) an office or agency where the Debt Securities may be presented for payment, (b) an office or agency where the Debt Securities may be presented for
exchange, transfer and registration of transfer as in this Indenture provided and (c) an office or agency where notices and demands to or upon the Issuer in respect of the Debt Securities or of this Indenture may be served. The Issuer hereby
initially designates the office of the Paying Agent as the office or agency for each such purpose and as the place where the Register will be maintained; provided, however, that the Paying Agent shall not be deemed an agent of the Issuer for service
of process. In case the Issuer shall fail to maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the
Corporate Trust Office. The Issuer will give to the Trustee prompt written notice of the location of any such office or agency and of any change of location thereof. 

SECTION 4.3 Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section 7.7, a Trustee, so that there shall at all times be a Trustee hereunder for each Series of Debt Securities. 

SECTION 4.4 Payments. (a) In order to provide for the payment of principal of and interest (including Additional Amounts, if
any) on the Debt Securities as the same shall become due and payable, the Issuer hereby agrees to pay or to cause to be paid to the account of the Paying Agent in its designated account (or, in the case of payments denominated in a currency other
than Dollars, at such other place as set forth in an Authorization), on or prior to each interest payment date or the maturity date (each, a “Payment Date”) of such Debt Securities, not later than 2:00 p.m. New York Time on one
Business Day prior to each Payment Date, in such currency of the United States of America (or in such other currency as shall be specified in the Terms of the Debt Securities of the Series with respect to which payment is to be made) as at the time
of payment shall be legal tender for the payment of public and private debts, in immediately available funds, an amount which (together with any funds then held by the Trustee and available for the purpose) shall be sufficient to pay the aggregate
amount of interest (including Additional Amounts, if any) or principal or both, as the case may be, becoming due in respect of such Debt Securities on such Payment Date. The Trustee shall apply such amount to the payment due on such date and,
pending such application, such amounts shall be held in trust by the Trustee as provided by the Trust Indenture Act for the benefit of the Persons entitled thereto and the Issuer shall have no proprietary interest in such amounts. The Paying Agent
shall provide payment instructions to the Issuer no less than 15 days prior to each Payment Date. The Issuer, no later than 2:00 p.m. New York Time on the second Business Day immediately preceding each Payment Date, shall confirm instructions for
such payment or shall procure confirmation of such payment from the bank through which the payment instruction is to be effected to the Paying Agent relating to such payment, and the Paying Agent shall promptly notify the Trustee (if other than the
Paying Agent) upon such confirmation. 

  
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 (b) At least five New York Business Days prior to the first date for payment of interest on
each Series of Debt Securities and, if there has been any change with respect to the matters set forth in the below-mentioned certificate, at least five New York Business Days prior to each date thereafter for the payment of principal of or interest
on such Debt Securities, the Issuer shall furnish the Trustee with a certificate of any one of the Authorized Officers specifically instructing the Trustee as to any circumstances in which payments of principal of or interest on such Debt Securities
due on such date shall be subject to deduction or withholding for or on account of any taxes described in paragraph 3(a) of the Terms or otherwise and the rate of any such deduction or withholding. If any such deduction or withholding shall be
required and if the Issuer therefore becomes liable to pay Additional Amounts pursuant to paragraph 3(a) of the Terms or otherwise, then at least five New York Business Days prior to the date of any such payment of principal or interest, the Issuer
will furnish the Trustee and the Paying Agent (if other than the Trustee) with a certificate that specifies the amount required to be withheld on such payment to Holders of such Debt Securities and the Additional Amounts, if any, due to Holders of
such Debt Securities, and simultaneously will pay to the Trustee or the Paying Agent (if other than the Trustee) such Additional Amounts as shall be required to be paid to such Holders. 

(c) Whenever the Issuer shall appoint a Paying Agent other than the Trustee or an affiliate of the Trustee for the purpose of paying amounts
due in respect of the Debt Securities of any Series, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee and the Issuer subject to the provisions of this Section, 

(i) that it will hold all sums received by it as such agent for the payment of the Debt Securities of that Series in trust as
provided by the Trust Indenture Act for the benefit of the Holders of the Debt Securities of that Series or of the Trustee, 

(ii) that it will give the Trustee notice of any failure by the Issuer to make any payment of the principal of or interest or
any Additional Amounts on the Debt Securities of that Series and any other payments to be made by or on behalf of the Issuer under this Indenture, when the same shall be due and payable, and 

(iii) that it will pay any such sums so held by it to the Trustee upon the Trustee’s written request at any time during
the continuance of a failure referred to in clause (ii) above. 
 Anything in this Section to the contrary notwithstanding, the Issuer
may at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held by any Paying Agent hereunder, as required by this Section, such sums to be
held by the Trustee upon the trusts herein contained. 
 Anything in this Section to the contrary notwithstanding, the agreements to hold
sums in trust as provided in this Section are subject to the provisions of Section 10.3 and Section 10.4. 

  
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 SECTION 4.5 Reports by Issuer and Guarantor. 

So long as any Debt Securities are Outstanding, the Issuer and the Guarantor shall file with the Trustee and the SEC, and transmit to Holders,
such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture Act; provided that, any such information,
documents or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 30 days after the same is filed with the SEC; provided further that the reports of such
entity shall not be required to include condensed consolidating financial information for the Issuer or the Guarantor in a footnote to the financial statements of such entity. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s and the Guarantor’s compliance with any of their covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). It is expressly understood that materials transmitted electronically by the Issuer or the Guarantor to the Trustee or filed pursuant to the
SEC’s EDGAR system (or any successor electronic filing system) shall be deemed filed with the Trustee and transmitted to Holders for purposes of this Section 4.5. 

SECTION 4.6 Holders’ Lists. The Issuer and the Guarantor covenant and agree to furnish or cause to be furnished to the
Trustee: 
 (a) semi-annually, within 15 days after each Record Date, but in any event not less frequently than semi-annually, a list in
such form as the Trustee may reasonably require of the names and addresses of the Holders to which such Record Date applies, as of such Record Date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided, however,
that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 
 SECTION 4.7 Compliance
Certificate. Each of the Issuer and the Guarantor shall furnish to the Trustee (a) annually, within 120 days after the end of each fiscal year of the Guarantor and, (b) upon written request by the Trustee, within 14 days of such
request, a brief certificate from the principal executive officer, principal financial officer, principal accounting officer or treasurer of each of the Issuer and the Guarantor as to his or her knowledge of the Issuer or the Guarantor’s
compliance with all conditions and covenants under this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture), specifying if any Default has occurred and, in the
event that any Default has occurred, specifying each such Default and the nature and status thereof of which such person may have knowledge. Upon becoming aware of any Default, the Issuer shall promptly provide notice thereof to the Trustee. 

SECTION 4.8 Reports by Trustee. (a) So long as any Debt Securities are Outstanding, the Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided therein. 

(b) The Trustee shall, at the time of the transmission to the Holders of Securities of any report pursuant to the provisions of this
Section 4.8, file a copy of such report with each securities exchange upon which the Debt Securities are listed or each automated quotation system on which the Debt Securities are quoted, if any, and also with the SEC in respect of a Debt
Security listed and registered on a national securities exchange or automated quotation system, if any. The Issuer and the Guarantor agree to notify the Trustee when, as and if the Debt Securities become listed or delisted on any securities exchange
or admitted to trading on any automated quotation system and of any delisting thereof. 

  
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 ARTICLE FIVE 

SUCCESSOR COMPANY 

SECTION 5.1 Merger, Consolidation and Sale of Assets. (a) Prior to the satisfaction and discharge of this Indenture,
the Guarantor and the Issuer may not consolidate with or merge into any other Person in a transaction or, directly or indirectly, convey, transfer or lease all or substantially all of its properties and assets to any Person, unless either: 

(i) in the case of a consolidation or merger, the Guarantor or the Issuer is the continuing and surviving Person and no Default
or Event of Default shall have occurred and be continuing; or 
 (ii) (A) the Person formed by such consolidation or into
which the Issuer or the Guarantor is merged or to whom the Issuer or the Guarantor has conveyed, transferred or leased all or substantially all of its properties and assets expressly assumes by an indenture supplemental to this Indenture all the
obligations of the Issuer or the Guarantor, as applicable, under this Indenture and the applicable Debt Securities and Guarantee, including the obligation to pay Additional Amounts, with respect to any jurisdiction in which the Person is organized
or resident for tax purposes also being considered a “Relevant Jurisdiction” for purposes of the Additional Amounts provision; 

 (B) immediately before and after giving effect to the transaction, no Default or Event of Default under the applicable
Series of Debt Securities shall have occurred and be continuing; and 
  (C) the Issuer or the Guarantor, as applicable,
has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Indenture and that all conditions
precedent therein provided for relating to such transaction have been complied with. 
 (b) An assumption of the Issuer’s Obligations
under a Series of Debt Securities by any Person might be deemed for U.S. federal income tax purposes to be an exchange of such Debt Securities for new Debt Securities by the beneficial owners thereof, resulting in the recognition of gain or loss for
such purposes and possibly certain other adverse tax consequences. Investors should consult their own tax advisors regarding the tax consequences of such an assumption. 

  
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 ARTICLE SIX 

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT 

SECTION 6.1 Collection of Indebtedness by Trustee; Trustee May Prove Debt. (a) The Issuer covenants that if
(i) there shall be a Default in the payment of any interest (including Additional Amounts, if any) on a Series of Debt Securities when such interest (including Additional Amounts, if any) shall have become due and payable, and such
Default shall have continued for the period specified in the terms and conditions of such Debt Securities, or (ii) there shall be a Default in the payment of all or any part of the principal of a Series of the Debt Securities when the
same Series shall have become due and payable, whether upon maturity or by acceleration or otherwise, and such Default shall have continued for the period specified in the terms and conditions of such Series of Debt Securities, then upon demand of
the Trustee acting on the direction of the Holders of 25% of the aggregate principal amount of such Series of Debt Securities then Outstanding, the Issuer will pay to the Trustee for the benefit of the Holders of such Series of Debt Securities, and
only such Series, the whole amount that shall have become due and payable on all Outstanding Debt Securities of such Series, and only such Series, for principal or interest (including Additional Amounts, if any), as the case may be (with interest to
the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the rate of overdue interest specified in such Series of Debt
Securities); and in addition thereto, the Issuer shall pay or cause to be paid such further amount as shall be sufficient to cover the reasonable and documented costs and expenses of collection, including reasonable compensation to the Trustee and
each predecessor trustee, their respective agents, attorneys and counsel, and any reasonable and documented expenses and liabilities, and all reasonable and documented advances, by the Trustee and each predecessor trustee except as a result of their
gross negligence, fraud or willful misconduct. 
 (b) Until such demand is made by the Trustee, the Issuer may pay the principal of, and
interest on (including Additional Amounts, if any), the Debt Securities to the Holders, whether or not any payment under the Debt Securities shall be overdue. 

(c) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, file any and all
claims, proofs of claim, proofs of debt, petitions, consents, other papers and documents and amendments of any thereof, as may be necessary or advisable in order to have the claims of the Trustee and of any of such Holders in respect of any of the
Debt Securities allowed in any such proceeding, and may enforce any such judgment or final decree against the Issuer and collect in the manner provided by law out of the property of the Issuer, wherever situated, the monies adjudged or decreed to be
payable, subject in all cases to the limitations set forth in Section 12.8. 
 (d) All rights of action and of asserting claims under
this Indenture or the Debt Securities of any Series may be enforced by the Trustee without the possession of any Debt Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor trustee and their
respective agents and attorneys, shall be for the ratable benefit of the Holders of the Debt Securities of that Series in respect of which such judgment has been recovered. 

(e) In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to
which the Trustee shall be a party) with respect to one or several Series of Debt Securities, the Trustee shall be held to represent all the Holders of such Series of Debt Securities, and it shall not be necessary to make any such Holders parties to
any such proceedings. 
 SECTION 6.2 Application of Proceeds. Any monies collected by the Trustee pursuant to this Article shall
be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of principal or interest (including Additional Amounts), upon presentation of the Debt Securities of the Series in
respect of which money has been collected and stamping (or otherwise noting) thereon the payment, or issuing Debt Securities in reduced principal amounts in exchange for the presented Debt Securities if only partially paid, or upon surrender thereof
if fully paid: 
 FIRST: To the Trustee and the agents to the extent necessary to reimburse the Trustee and the Agents for any expenses
incurred in connection with the collection or distribution of such amounts held or realized and any fees and expenses (including indemnity payments) incurred in connection with carrying out its functions under this Indenture (including reasonable
legal fees); 

  
 20 

 SECOND: To the payment of the amounts then due and unpaid for principal of and premium, if
any, and interest on the Debt Securities of the relevant Series in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on the Debt
Securities of such Series for principal and premium, if any, and interest, respectively; and 
 THIRD: Any surplus remaining after such
payments will be paid to the Issuer or to whomever may be lawfully entitled thereto. 
 SECTION 6.3 Suits for Enforcement. If an
Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion (but is not required to) proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 SECTION 6.4
Restoration of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been
determined adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Holders
shall continue as though no such proceedings had been taken. 
 SECTION 6.5 Limitations on Suits by Holders. Except as provided
in Section 6.6, no Holder of any Debt Securities of any Series shall have any right by virtue of or by availing itself of any provision of this Indenture or of the Debt Securities of such Series to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or of the Debt Securities, or for any other remedy hereunder or under the Debt Securities, unless (a) such Holder previously shall have given to the Trustee written notice
of Default and of the continuance thereof with respect to such Series of Debt Securities, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Debt Securities of such Series shall have made specific written
request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee indemnity and/or other security to its satisfaction as it may require against the costs, expenses and
liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity and/or other security, shall have failed to institute any such action, suit or proceeding
and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.8; it being understood and intended, and being expressly covenanted by every Holder of Debt Securities of a Series with
every other Holder of Debt Securities of such Series and the Trustee, that no one or more Holder shall have any right in any manner whatever by virtue or by availing itself of any provision of this Indenture or of the Debt Securities to affect,
disturb or prejudice the rights of any other Holder of Debt Securities of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture or under the Debt Securities of such Series, except
in the manner herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities of such Series; for the protection and enforcement of this Section, each and every Holder and the Trustee shall be entitled to such relief
as can be given either at law or in equity. 

  
 21 

 SECTION 6.6 Unconditional Right of Holders to Receive Principal and Interest.
Notwithstanding Section 6.5, each Holder of Debt Securities shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on (including Additional Amounts) its Debt Security on the Stated
Maturity date for such payment expressed in such Debt Security (as such Debt Security may be amended or modified pursuant to Article Fifteen) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder. 
 SECTION 6.7 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.
(a) Except as otherwise provided herein or in the Terms, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Debt Securities is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 (b) No delay
or omission of the Trustee or of any Holder of Debt Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or be construed to be a waiver of any such
Event of Default or an acquiescence therein; and, subject to Section 6.5, every power and remedy given by this Indenture or by law to the Trustee or to the Holders of Debt Securities may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by such Holders. 
 SECTION 6.8 Control by Holders; Waiver of Past Defaults.
(a) Subject to Section 6.8(c), the Holders of a Majority in aggregate principal amount Outstanding of the Debt Securities of any Series shall have the right to direct the time, method, and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee by this Indenture with respect to the Debt Securities of such Series. 

(b) Any direction pursuant to Section 6.8(a) shall only be in accordance with law and the provisions of this Indenture, and (subject to
the provisions of Section 7.1) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the
Trustee determines in good faith that the action or proceedings so directed would involve the Trustee in personal liability. 
 (c) Nothing
in this Indenture shall impair the right of the Trustee at its sole and absolute discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction by the Holders of the Debt Securities with respect to which
such action is to be taken. 
 (d) The Holders of not less than a Majority in principal amount of the Outstanding Debt Securities of any
Series may, by written notice to the Trustee, on behalf of the Holders of all the Debt Securities of such Series waive any existing or past Default or Event of Default hereunder with respect to such Series and its consequences, except a continuing
Default or Event of Default (i) in the payment of the principal of, or interest on (or Additional Amounts payable in respect of), the relevant Debt Securities then Outstanding, in which event the consent of all Holders of such Series is
required, and (ii) in respect of a covenant or provision which under Section 15.2(e) cannot be modified or amended without the consent of each Holder of such Series of the Debt Securities then Outstanding affected thereby. Upon any such
waiver, the Issuer, the Guarantor, the Trustee and the Holders of the Debt Securities of such Series shall be restored to their former positions and rights hereunder, respectively; provided that no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.8, said Default or Event of Default shall for all purposes of
the Debt Securities of such Series and this Indenture be deemed to have been cured and to be not continuing. 

  
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 SECTION 6.9 Payments After a Default. Upon the occurrence of an Event of Default
and the subsequent declaration by the Trustee that the principal amount of all the Debt Securities of a Series is due and payable immediately (pursuant to paragraph 9 of the Terms), the Trustee may by notice in writing: (a) to the Issuer and
any Paying Agent, require each Paying Agent (if any) to deliver all Debt Securities of such Series and all monies, documents and records held by them with respect to the Debt Securities of such Series to the Trustee or as the Trustee otherwise
directs in such notice; and (b) require any Paying Agent to act as agent of the Trustee under this Indenture and the Debt Securities of such Series, and thereafter to hold all Debt Securities of such Series and all monies, documents and records
held by it in respect of Debt Securities of such Series to the order of the Trustee. 
 SECTION 6.10 Undertaking for Costs. All
parties to this Indenture and each Holder of any Debt Security, by such Holder’s acceptance thereof, shall be deemed to have agreed that any court may in its discretion require, in any action, suit or proceeding for the enforcement of any right
or remedy under this Indenture, or in any action, suit or proceeding against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such action, suit or proceeding of an undertaking to pay the costs of such
action, suit or proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such action, suit or proceeding, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 6.10 shall not apply to any action, suit or proceeding instituted by the Trustee, to any action, suit or proceeding
instituted by any one or more Holders of Debt Securities holding in the aggregate more than 10% in principal amount of the Debt Securities of any Series Outstanding, or to any action, suit or proceeding instituted by any Holder of Debt Securities of
any Series for the enforcement of the payment of the principal of, premium, if any, or the interest, on, any of the Debt Securities of such Series, on or after the respective due dates expressed in such Debt Securities. 

SECTION 6.11 Collection of Indebtedness by Trustee. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relating to the Issuer, the Guarantor or its or their respective creditors, any custodian or other party making payment in any such judicial proceeding is
hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6 hereof. No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding. 
 ARTICLE SEVEN 

CONCERNING THE TRUSTEE 

SECTION 7.1 General. (a) The duties, rights, remedies and responsibilities of the Trustee are as set forth herein and the
Terms. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. The rights, protections, indemnities and
immunities afforded to the Trustee under this Article Seven will also apply to the Agents. 
 (b) In case an Event of Default has occurred
and is continuing, the Trustee will exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 

  
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 (c) Unless and until an Event of Default with respect to the Debt Securities of any Series
shall have happened which at the time is continuing, 
 (i) the Trustee undertakes to perform such duties and only such
duties with respect to the Debt Securities of such Series as are specifically set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee, whose duties and obligations shall be determined
solely by the express provisions of this Indenture; and 
 (ii) the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express provisions of this Indenture; provided that, in
the case of any such certificates or opinions which, by the provisions of this Indenture, are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(d) None of the provisions of this Indenture shall be construed as relieving the Trustee from liability for its own negligent action,
negligent failure to act, or its own willful misconduct, except that, anything in this Indenture contained to the contrary notwithstanding, 

(i) the Trustee shall not be liable to any Holder of Debt Securities or to any other Person for any error of judgment made in
good faith by the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(ii) the Trustee shall not be liable to any Holder of Debt Securities or to any other Person with respect to any action taken
or omitted to be taken by it in good faith, in accordance with the direction of Holder of Debt Securities given as provided in Section 6.8, relating to the time, method and place of conducting any proceeding for any remedy available to it or
exercising any trust or power conferred upon it by this Indenture; 
 (iii) none of the provisions of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise to incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate security, pre-funding and/or indemnity against such risk or liability is not reasonably assured to it; and 

(iv) this subsection (d) shall not be construed to limit the effect of subsection (c) of this Section 7.1. 

(e) If and when the Trustee shall be or become a creditor of the Issuer or the Guarantor, the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Issuer or the Guarantor. 
 (f) Notwithstanding anything herein to
the contrary, the Trustee will not be responsible for recitals, statements, warranties or representations of any party contained in this Indenture or any other agreement or other document, entered into in connection herewith or therewith and will
assume the accuracy and correctness thereof and will not be responsible for the execution, legality, effectiveness, adequacy, genuineness, validity or enforceability or admissibility in evidence of any such agreement or other document or any trust
or security thereby constituted or evidenced, and the Trustee will not be bound to investigate or make any enquiry into whether or not any default or failure is or was known to the Trustee or might be, or might have been, discovered upon
examination, inquiry or investigation and whether or not capable of remedy. Notwithstanding the generality of the foregoing, each Holder will be solely responsible for making its own independent appraisal of and investigation into the financial
condition, creditworthiness, condition, affairs, status and nature of the Issuer and the Guarantor, and the Trustee will not at any time have any responsibility for the same and each Holder may not rely on the Trustee in respect thereof. The Trustee
will have no obligation or duty to monitor, determine or inquire as to compliance with any of the provisions in this Indenture or the financial performance of the Issuer and the Guarantor, and shall be entitled to assume that the Issuer and the
Guarantor are in compliance with all the provisions of this Indenture unless notified to the contrary in writing. 

  
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 (g) For so long as any of the Debt Securities are listed on the Singapore Exchange and the
rules of the Singapore Exchange so require, the Issuer shall appoint and maintain a Paying Agent in Singapore, where the Debt Securities may be presented or surrendered for payment or redemption, in the event that a Global Securities is exchanged
for Certificated Securities. In addition, in the event that a Global Security is exchanged for Certificated Securities, an announcement of such exchange shall be made by or on behalf of the Issuer through the Singapore Exchange and such announcement
will include all material information with respect to the delivery of the Certificated Securities, including details of the Paying Agent in Singapore. 

SECTION 7.2 Certain Rights of Trustee. 

Subject to Section 7.1: 

(a) In the absence of bad faith, gross negligence or willful misconduct on its part, the Trustee may conclusively rely, and will be protected
in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgement, bond, debenture, note, other evidence of indebtedness or other paper or document
(whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document that is
specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee will examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). The Trustee, in its sole and absolute discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both, in each
case conforming to Section 12.6, and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

(c) The Trustee may act through its attorneys, delegates and agents and will not be responsible for supervising any attorney, delegate or
agent or for the misconduct or negligence of any attorney, delegate or agent appointed with due care by it hereunder. To the extent an agent has been named by the Trustee in connection with this Indenture, the parties hereto will cooperate to ensure
that such agent can perform the duties for which it was appointed. Upon an Event of Default, the Trustee will be entitled to require all agents (including the Paying and Transfer Agent) to act solely in accordance with its directions. 

(d) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders, unless such Holders have offered to the Trustee security and/or indemnity satisfactory to it against any costs, loss, liability or expenses that might be incurred by it in compliance with such request or direction. 

  
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 (e) The Trustee will not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with the provisions of this Indenture relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 

(f) The Trustee may engage and consult with counsel or other professional advisors of its selection, and the written advice of such counsel or
advisors or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. The Issuer and the Guarantor agree to jointly and
severally reimburse the Trustee upon its request in writing for all reasonable and documented out-of-pocket expenses, disbursements and advances (including cost of
collection) incurred or made by the Trustee in accordance with this paragraph in connection with engagement or consultation with counsel, except any such expense, disbursement or advance as may be caused by the Trustee’s own gross negligence,
fraud or willful misconduct. 
 (g) No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives security and/or indemnity satisfactory to it against any loss, liability or expense. 

(h) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate. 

(i) In connection with the exercise by it of its trusts, powers, authorities or discretions as a prudent person would exercise or use under
the circumstances (if an Event of Default shall have occurred and be continuing), the Trustee will have regard to the general interests of the Holders as a class but will not have regard to any interests arising from circumstances particular to
individual Holders (whatever their number) and in particular, but without limitation, will not have regard to the consequences of the exercise of its trusts, powers, authorities or discretions for individual Holders (whatever their number) resulting
from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any country, state or territory and a Holder shall not be entitled to require, nor shall any Holder be entitled to claim, from
the Issuer, the Guarantor, the Trustee or any other Person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Holders except to the extent already provided in paragraph 3 of the Terms and/or any
undertaking given in addition to, or in substitution for, paragraph 3 of the Terms pursuant to this Indenture. The permissive rights or the discretionary powers of the Trustee enumerated herein will not be construed as duties . Wherever in this
Indenture, the Global Security, or other documents relating thereto, or by law, the Trustee is provided with discretion or permissive power, it may decline to exercise the same unless it has been instructed by the Holders according to this Indenture
and subject to being indemnified and/or secured to its satisfaction. 
 (j) In the event the Trustee or the Paying and Transfer Agent
receives inconsistent or conflicting requests and indemnity and/or security from two or more groups of Holders, each representing less than a Majority in aggregate principal amount of the Debt Securities then Outstanding, pursuant to the provisions
of this Indenture, the Trustee, in its sole and absolute discretion, may determine what action, if any, will be taken. 

  
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 (k) Under no circumstance will the Trustee be liable for any special, indirect, punitive or
consequential loss or damage of any kind whatsoever (inter alia, being loss of business, goodwill, opportunity or profit), whether or not foreseeable, even if the Trustee has been advised of such loss or damage and regardless of the form of action.

 (l) The Trustee will not be liable for any failure or delay in the performance of its obligations under this Indenture or any other
transaction document because of circumstances beyond the Trustee’s control, including, without limitation, acts of God, flood, war (whether declared or undeclared), terrorism, pandemic, epidemic, fire, riot, embargo, any laws, ordinances,
regulations or the like which restrict or prohibit the performance of the obligations contemplated by this Indenture or any other transaction document, inability to obtain or the failure of equipment, or interruption of communications or computer
facilities, and other causes beyond the Trustee’s control whether or not of the same class or kind as specifically named above. 
 (m)
Each of the Issuer and the Guarantor hereby irrevocably waives, in favor of the Trustee and the Agents, any conflict of interest that may arise by virtue of the Trustee and/or the Agents acting in various capacities under the Debt Securities, the
Guarantees or this Indenture or for other customers of the Trustee and the Agents. Each of the Issuer and the Guarantor acknowledges that the Trustee and the Agents and their respective affiliates (together, the “Agent Parties”) may
have interests in, or may be providing or may in the future provide financial or other services to other parties with interests which the Issuer and the Guarantor may regard as conflicting with its interests and may possess information (whether or
not material to the Issuer and the Guarantor) other than as a result of the Trustee and/or the Agents acting as the Trustee and/or the Agents hereunder, that the Trustee and/or the Agents may not be entitled to share with the Issuer and/or the
Guarantor. The Trustee and the Agents will not disclose confidential information obtained from the Issuer and the Guarantor (without its consent) to any of the Trustee and/or the Agent’s other customers or affiliates nor will it use on the
Issuer and the Guarantor’s behalf any confidential information obtained from any other customer. Without prejudice to the foregoing, each of the Issuer and the Guarantor agree that the Agent Parties may deal (whether for its own or its
customers’ account) in, or advise on, securities of any party and that such dealing or giving of advice, will not constitute a conflict of interest for the purposes of the Debt Securities, the Guarantees or this Indenture. 

(n) The Trustee will not be bound to enforce the provisions of this Indenture unless it is (x) directed to do so by the Holders of a
Majority of the Series of Debt Securities in writing and (y) indemnified and/or secured to its satisfaction. 
 (o) Notwithstanding
anything else herein contained, the Trustee may refrain without liability from doing anything that would or might in its opinion be contrary to any law of any state or jurisdiction (including but not limited to Hong Kong, the United States of
America or any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of any such state or jurisdiction and may without liability do anything which is, in its opinion, necessary to comply with
any such law, directive or regulation. Furthermore, the Trustee may also refrain from taking such action if it would otherwise render it liable to any Person in that jurisdiction or if, in its opinion based upon such legal advice, it would not have
the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power. 

(p) The Trustee shall not be charged with knowledge of any Default or Event of Default under this Indenture unless the Trustee has received
written notice of such Default or Event of Default. 
 SECTION 7.3 Individual Rights of Trustee. The Trustee or any agent of the
Trustee, in its individual or any other capacity, may become the owner or pledgee of Debt Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not the Trustee or such agent and nothing herein shall obligate the Trustee to account for any profits earned from any business or transactional relationship. 

  
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 SECTION 7.4 Trustee’s Disclaimer. The Trustee (a) makes no
representation as to the validity or adequacy of this Indenture, the Debt Securities or the Guarantees, (b) is not accountable for the Issuer’s use or application of the proceeds from the Debt Securities, (c) is not responsible for
any statement in the Debt Securities other than its certificate of authentication and (d) shall not have any responsibility for the Issuer’s or any Holder’s compliance with any state or U.S. federal securities law in connection with
the Debt Securities. 
 SECTION 7.5 Notice of Default. Within 90 days after the occurrence thereof and if known to the
Trustee, the Trustee shall give to the Holders of the Debt Securities of a Series notice of each Default or Event of Default with respect to the Debt Securities of such Series known to the Trustee, by transmitting such notice to Holders at their
addresses as the same shall then appear on the Register, unless such Default shall have been cured or waived before the giving of such notice. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or
interest on, any Debt Security, the Trustee may and shall be protected in withholding the notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders of the applicable Series of Debt
Securities. 
 SECTION 7.6 Compensation and Indemnity. (a) The Issuer and the Guarantor agree to be jointly and
severally responsible for and will pay the Trustee compensation as agreed upon in writing for its services. The compensation of the Trustee is not limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the
Trustee upon written request for all reasonable and documented out-of-pocket expenses, disbursements and advances (including costs of collection) incurred or made by the
Trustee, including the reasonable and documented compensation, expenses and disbursements of the Trustee’s agents and counsel and other Persons not regularly within its employ, except any such expense, disbursement or advance caused by its own
gross negligence, fraud or willful misconduct. 
 (b) Each of the Issuer and the Guarantor agree to jointly and severally indemnify the
Trustee and its agents, employees, officers and directors for, and hold it harmless against, any obligations, taxes, damages, penalties, actions, judgments, suits, costs, disbursements, loss or liability or expense of any kind incurred by it without
gross negligence, fraudulent activity or willful misconduct on its part arising out of or in connection with (i) the acceptance or administration of this Indenture and its duties under this Indenture and the Debt Securities, the Guarantees, as
the case may be, including the costs of and expenses of enforcing this Indenture against the Issuer (including this Section 7.6) and defending itself against any claim (whether asserted by the Issuer, any Guarantor, any Holder or any other
Person), (ii) this Indenture and other transaction documents relating hereto or (iii) any instructions or directions upon which the Trustee may rely under this Indenture, including the reasonable and documented costs and expenses of defending
itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Debt Securities. The Trustee
will notify the Issuer and the Guarantor promptly of any third party claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer and Guarantor will not relieve the Issuer or the Guarantor of their obligations hereunder. The
Issuer and the Guarantor will defend the claim, and the Trustee will cooperate in the defense. The Trustee may have separate counsel, and the Issuer and Guarantor will pay the reasonable and documented fees and expenses of such counsel. 

(c) To secure the Issuer’s payment obligations in this Section 7.6, the Trustee will have a lien prior to the Debt Securities on all
money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Debt Securities. 

  
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 (d) This Section 7.6 will survive the redemption or maturity of the Debt Securities,
the satisfaction and discharge of this Indenture pursuant to Section 10.6, and the resignation or termination of the appointment of the Trustee. 

(e) All compensation and indemnity payments made by the Issuer and/or the Guarantor to the Trustee for the sole account of the Trustee under
this Indenture will be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatever nature (including related penalties, interest and
other liabilities) (hereinafter, “Taxes”) imposed or levied by or on behalf of the government of the Relevant Jurisdiction or any political subdivision or any authority or agency therein or thereof having power to tax, or any other
jurisdiction in which the Issuer or the Guarantor is organized or is otherwise resident for tax purposes, or any jurisdiction from or through which payment is made. If the Issuer or the Guarantor is so required by law or by regulation or
governmental policy having the force of law to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to such payments to the Trustee, the Issuer will pay such
additional amounts as may be necessary so that the net amount received by the Trustee (including such additional amounts) after such withholding or deduction will not be less than the amount the Trustee would have received if such Taxes had not been
withheld or deducted; provided that, the Trustee will use commercially reasonable efforts to mitigate any payments that would arise as a result of the foregoing, including transferring the role of the Trustee to an affiliate of the Trustee.

 (f) Whenever the Trustee incurs expenses or renders services after a Default or an Event of Default specified in paragraph 9(v) of the
Terms, the expenses and compensation for such services (including the fees of the Trustee’s agents and counsel) are intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law. 

SECTION 7.7 Resignation and Removal; Appointment of Successor. (a) The Trustee may resign at any time by written
notice to the Issuer. A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.7. Any Trustee hereunder
may be removed with respect to any Series of Debt Securities at any time by the filing with such Trustee and the delivery to the Issuer of an instrument or instruments in writing signed by the Holders of a Majority in principal amount of the Debt
Securities of such Series then Outstanding, specifying such removal and the date when it shall become effective. 
 If at any time: 

 

	 	(1)	 the Trustee shall fail to comply with the provisions of Section 310(b) of the TIA after written request
therefor by the Issuer or by any Holder who has been a bona fide Holder of a Debt Security for at least six months, or 

  

	 	(2)	 the Trustee shall cease to be eligible under Section 7.10 and shall fail to resign after written request
therefor by the Issuer or by any Holder who has been a bona fide Holder of a Debt Security for at least six months, or 

  

	 	(3)	 the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Issuer by written notice to the Trustee may remove the Trustee and appoint a successor Trustee with respect to all Debt
Securities, or (ii) subject to Section 315(e) of the TIA, any Holder who has been a bona fide Holder of a Debt Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Debt Securities and the appointment of a successor Trustee. 

  
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 (b) If the Trustee has been removed by the Holders, Holders of a Majority in principal
amount of the Debt Securities may appoint a successor Trustee with the consent of the Issuer. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a
successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee shall be entitled (but not obligated) (at the expense of the Issuer) to appoint
another trustee, or the retiring trustee, the Issuer or the Holders of a Majority in principal amount of the Outstanding Debt Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(c) Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Issuer, (i) the
retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the
successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Issuer will execute any and all instruments for fully vesting in and confirming to the successor Trustee
all such rights, powers and trusts. The Issuer will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address
of its Corporate Trust Office. 
 (d) Notwithstanding replacement of the Trustee pursuant to this Section 7.7, the Issuer’s
obligations under Section 7.6 will continue for the benefit of the retiring Trustee. 
 SECTION 7.8 Successor Trustee by
Consolidation, Merger, Conversion or Transfer. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets (including the administration of the trust created
by this Indenture) to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the
successor Trustee had been named as the Trustee in this Indenture. 
 SECTION 7.9 Money Held In Trust. The Trustee will
not be liable for interest on any money received by it except as it may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

SECTION 7.10 Eligibility; Disqualification. (a) The Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA. The Trustee is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject
to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least US$50.0 million as set forth in its most recent published annual report of condition. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with effect hereinafter specified in Section 7.7. 

  
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 (b) The Trustee shall comply with Section 310(b) of the TIA; provided,
however, that there shall be excluded from the operation of Section 310(b)(i) of the TIA any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer or the
Guarantor are Outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the TIA, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. If Section 310(b) of the TIA is amended any time after the date of this
Indenture to change the circumstances under which a Trustee shall be deemed to have a conflicting interest with respect to the Debt Securities of any Series or to change any of the definitions in connection therewith, this Section 7.10 shall be
automatically amended to incorporate such changes. 
 SECTION 7.11 Communications by Holders with Other
Holders. Holders of Debt Securities may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Debt Securities. The Issuer, the Guarantor, the Trustee, the
Registrar and anyone else shall have the protection of Section 312(c) of the TIA with respect to such communications. 
 ARTICLE
EIGHT 
 CONCERNING THE HOLDERS 

SECTION 8.1 Evidence of Action Taken by Holders. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of any Series of Debt Securities may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments is or are received by the Trustee for such Series. Proof of execution of any instrument or of a writing
appointing any such agent will be sufficient for any purpose of this Indenture and (subject to Section 7.1 and Section 7.2) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article. 

SECTION 8.2 Proof of Execution of Instruments and of Holding of Debt Securities. (a) Subject to Section 7.1 and
Section 7.2, the execution of any instrument by a Holder or his or her agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as may be satisfactory to the
Trustee. 
 (b) The holding of Debt Securities for purposes of this Indenture will be proved by the Register maintained pursuant to
Section 2.6. 
 (c) if the Issuer or the Guarantor shall solicit from the Holders of Debt Securities of any Series any action, the
Issuer and the Guarantor may, at its option, fix in advance a record date for the determination of Holders of Debt Securities entitled to take such action, but the Issuer and the Guarantor shall have no obligation to do so. Any such record date
shall be fixed at the Issuer and the Guarantor’s discretion; provided that such record date shall not be more than 30 days prior to the first solicitation of any consent or waiver or more than 30 days prior to the date of the most recent
list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 312 of the TIA. If such a record date is fixed, such action may be sought or given before or after the record date, but only the Holders of Debt Securities
of record at the close of business on such record date shall be deemed to be Holders of Debt Securities for the purpose of determining whether Holders of the requisite proportion of Outstanding Debt Securities of such Series have authorized or
agreed or consented to such action, and for that purpose the Outstanding Debt Securities of such Series shall be computed as of such record date. 

SECTION 8.3 Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat
any Person in whose name any Debt Security may be registered upon the Register as the absolute owner of such Debt Security (whether or not such Debt Security is overdue and notwithstanding any notation of ownership or other writing thereon) for the
purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the Issuer, the Trustee or any
agent of the Issuer or the Trustee will be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for monies payable upon any such Debt Security. 

  
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 SECTION 8.4 Right of Revocation of Action Taken. At any time prior to (but not
after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Debt Securities of any Series or of the percentage of votes cast required in
this Indenture in connection with such action, the Holder of a Debt Security of any Series that have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke
such action so far as concerns such Debt Security. Except as aforesaid, any action taken by a Holder as provided in Section 8.1 or this Section 8.4 shall be conclusive and binding upon such Holder and upon all future Holders
and owners of such Debt Security and of any Debt Securities issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Debt Security. 

ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Holders. The Issuer and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
 (a) to add to the covenants of the
Issuer such further covenants, restrictions, conditions or provisions (including, where applicable, provisions for redemption, defeasance and sinking funds) as the Issuer shall consider to be appropriate for the Holders of Debt Securities of any
Series, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies
provided in this Indenture or in the Debt Securities of that Series; provided that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of
Default or may limit the right of the Holders to waive such an Event of Default; 
 (b) to surrender any rights or powers of the Issuer
under this Indenture or the Debt Securities of any Series; 
 (c) to convey, transfer, assign, mortgage or pledge any property or assets to
the Trustee as security for the Debt Securities of any Series; 
 (d) to cure any ambiguity or to correct or supplement any provision
contained herein or in the Debt Securities of any Series or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in the affected Debt Securities or in any supplemental indenture; or to
make such other provisions in regard to matters or questions arising under this Indenture, the Debt Securities of any Series or under any supplemental indenture that is not inconsistent with the Debt Securities of the affected Series and which shall
not adversely affect the interests of the Holders of the Debt Securities of the affected Series; 

  
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 (e) to evidence the succession of another Person to the Issuer or the Guarantor, and the
assumption by any such successor of the covenants of the Issuer or the Guarantor, respectively, contained herein and in the Debt Securities; 

(f) to establish the form or terms of Debt Securities of any Series as permitted by Article Two of this Indenture, as amended; 

(g) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee or a separate Trustee with respect to the Debt
Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

(h) any modification or waiver allowed under Section 15.1. 

The Trustee is hereby authorized to join in the execution of any such supplemental indenture upon the request of the Issuer, to make any
further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any
supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the Debt Securities of the affected Series, notwithstanding any of the provisions of Section 9.2 or Article
Fifteen. 
 In the event of a conflict between any supplemental indenture or amendment executed pursuant to this Section 9.1 and the
Terms of the relevant Series of Debt Securities so supplemented or amended, the language in such supplemental indenture or amendment shall control. 

SECTION 9.2 Supplemental Indentures with Consent of Holders. (a) Upon approval of a Modification pursuant to
Section 15.2 or Section 15.3, the Issuer, the Guarantor and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of changing in any manner or eliminating any of the provisions of this Indenture
(or the terms and conditions of the Debt Securities of a Series affected by such Modification pursuant to such approved Modification). 

(b) Upon the request of the Issuer, accompanied by a copy of the supplemental indenture and upon the filing with the Trustee of evidence of
the consent of Holders and other documents, if any, required by Section 8.1, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its sole and absolute discretion, but shall not be obligated to, enter into such supplemental indenture. 

(c) It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 (d) Promptly after the execution by the
Issuer, the Guarantor and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall at the expense of the Issuer, provide notice thereof to the affected Holders as provided in paragraph 14 of the Terms,
setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

  
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 (e) In the event of a conflict between any supplemental indenture or amendment executed
pursuant to this Section 9.2 and the Terms of the relevant Series of Debt Securities so supplemented or amended, the language in such supplemental indenture or amendment shall control. 

(f) For the avoidance of doubt, no approval is needed by Holders of any other Series of Debt Securities to take any action under this
Indenture with respect to a Series of Debt Securities that has received sufficient approval from Holders of such Series of Debt Securities. The rights of Holders of each Series of Debt Securities under this Indenture shall be independent and
separate of the rights of each other Series of Debt Securities. 
 SECTION 9.3 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture and the Debt Securities of the affected Series shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations
of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of the affected Series shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.4 Documents to Be Given to Trustee. The Trustee, subject to the provisions of Section 7.1 and
Section 7.2, shall be entitled to receive, in addition to the documents required by Section 15.5, one or more Officers’ Certificates or Certificates and Opinion or Opinions of Counsel addressed to the Trustee as
conclusive evidence that any such supplemental indenture complies with the applicable provisions of this Indenture. 
 SECTION 9.5
Notation on Debt Securities in Respect of Supplemental Indentures. Debt Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form and manner
approved by the Trustee as to any matter provided for by such supplemental indenture. If the Issuer or the Trustee shall so determine, new Debt Securities so modified as to conform to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Issuer at the expense of the Issuer, authenticated by the Trustee and delivered in exchange for the Debt Securities of the affected Series. 

ARTICLE TEN 
 DEFEASANCE;
SATISFACTION AND DISCHARGE 
 SECTION 10.1 Legal Defeasance and Covenant Defeasance. (a) The Issuer may, at its option
and at any time, elect to have either Section 10.1(b) or Section 10.1(c) applied to all Outstanding Debt Securities of a Series upon compliance with the conditions set forth below in this Article Ten. 

  
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 (b) Upon the Issuer’s exercise under paragraph (a) hereof of the option applicable
to this paragraph (b), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 10.4, be deemed to have been discharged from its Obligations with respect to all Outstanding Debt Securities of such Series on the date
the conditions set forth in Section 10.2 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Debt Securities of such Series, which shall thereafter be deemed to be Outstanding only for the purposes of Section 10.3 hereof and the other Sections of this Indenture referred to in Section 10.1(b)(i) or (ii), and to
have satisfied all of its other Obligations under the Debt Securities of such Series and this Indenture with respect to such Series of Debt Securities (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except for the following provisions, which shall survive until otherwise terminated or discharged hereunder: 

(i) the rights of Holders of the Debt Securities of the relevant Series that are then Outstanding to receive payments in
respect of the principal of, or interest or premium on the Debt Securities of such Series when such payments are due from the trust referred to in Section 10.3; 

(ii) the Issuer’s Obligations with respect to the Debt Securities of the relevant Series, concerning issuing temporary
Debt Securities, registration of Debt Securities, mutilated, destroyed, lost or stolen notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(iii) the rights, powers, trusts, duties, indemnities and immunities of the Trustee for the relevant Series of Debt Securities,
and the Issuer’s Obligations in connection therewith; and 
 (iv) this Section 10.1 and Section 10.3 with
respect to the Debt Securities of such Series. 
 Following the Issuer’s exercise of its Legal Defeasance option, payment of the Debt
Securities of such Series may not be accelerated because of an Event of Default. Subject to compliance with this Article Ten, the Issuer may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under
paragraph (c) hereof. 
 (c) Upon the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph
(c), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 10.2, be released from its Obligations under the covenants contained in Section 4.5 hereof on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Debt Securities of such Series shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that the Debt Securities of such Series shall not be deemed Outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to such Outstanding Debt Securities of such Series, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to
comply shall not constitute a Default or an Event of Default under the terms of the relevant Series of Debt Securities, but, except as specified above, the remainder of this Indenture and such Debt Securities shall be unaffected thereby. In
addition, upon the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 10.2, paragraphs 9(a)(iii), (iv) (only with respect to
covenants that are released as a result of such Covenant Defeasance), (v) and (vi) of the Terms, in each case, shall not constitute Events of Default. 

SECTION 10.2 Conditions to Defeasance. The Issuer may exercise its Legal Defeasance option or its Covenant Defeasance option only
if: 
 (a) the Issuer has irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of all Debt Securities of such
Series subject to Legal Defeasance or Covenant Defeasance, cash in Dollars, U.S. Government Obligation, or a combination of cash in Dollars and U.S. Government Obligation, in amounts as will be sufficient, in the opinion of an internationally
recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, or interest and premium on the Debt Securities of such Series that are then Outstanding on the Stated Maturity or on the applicable
redemption date, as the case may be, and the Issuer must specify whether the Debt Securities of such Series are being defeased to maturity or to a particular redemption date; 

  
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 (b) in the case of Legal Defeasance, the Issuer has delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that (a) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (b) since the date of this Indenture, there has been a change in
the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion of Independent Legal Counsel will confirm that, the Holders of the then Outstanding Debt Securities of such Series will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred; 
 (c) in the case of Covenant Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Holders of the then Outstanding Debt Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default with respect to Debt Securities of such Series has occurred and is continuing on the date of such deposit
referred to in clause (a) above (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the Issuer has delivered to the Trustee an Officers’ Certificate stating that the deposit referred to in clause (a) above was
not made by it with the intent of preferring the Holders of Debt Securities of such Series over the Issuer’s other creditors with the intent of defeating, hindering, delaying or defrauding its creditors or others; and 

(f) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 SECTION 10.3 Deposited Money and
U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. (a) Subject to Section 10.4, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to
Section 10.2 in respect of the Outstanding Debt Securities of such Series will be held in trust and applied by the Trustee, in accordance with the provisions of the Debt Securities of such Series and this Indenture, to the payment,
either directly or through any Paying Agent, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Debt Securities of such Series, but such money need not be segregated from other
funds except to the extent required by law. 
 (b) The Issuer will pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 10.2 or the principal and interest received in respect thereof other than any such tax, fee or other charge that by law is for the account of
the Holders. 

  
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 (c) Anything in this Article Ten to the contrary notwithstanding, the Trustee will deliver
or pay to the Issuer from time to time upon the request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 10.2 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 10.2(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 
 SECTION 10.4 Repayment to the Issuer. Subject to any applicable abandoned property law,
any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal, premium, if any, or interest on any Debt Security and remaining unclaimed for five years after such principal, premium,
if any, or interest has become due and payable will, at the option of the Issuer or the Guarantor, be paid to the Issuer or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Debt Security shall thereafter look
only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 

SECTION 10.5 Reinstatement. If the Trustee or Paying Agent is unable to apply any Dollars or U.S. Government Obligations in
accordance with Section 10.1(b) or (c), as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s Obligations under
this Indenture and the Debt Securities of such Series will be revived and reinstated as though no deposit had occurred pursuant to Section 10.1(b) or (c) until such time as the Trustee or Paying Agent is permitted to apply all such money
in accordance with Section 10.1(b) or (c), as the case may be; provided that, if the Issuer makes any payment of principal, premium, if any, or interest on any Debt Security following the reinstatement of its Obligations, the Issuer will be
subrogated to the rights of the Holders to receive such payment from the money held by the Trustee or Paying Agent. 
 SECTION 10.6
Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as to all Debt Securities of any Series when: 

(a) either: 
 (i)
all Debt Securities of such Series that have been authenticated, except lost, stolen or destroyed Debt Securities that have been replaced or paid and Debt Securities of such Series for whose payment money has been deposited in trust and thereafter
repaid to the Issuer, have been delivered to the Trustee for cancellation; or 
 (ii) all Debt Securities of such Series that
have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or the Guarantor has irrevocably
deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders, cash in Dollars, U.S. Government Obligation, or a combination of cash in Dollars and U.S. Government Obligation, in amounts as will
be sufficient, without consideration of any reinvestment of interest, to pay and discharge all amounts Outstanding on the Debt Securities of such Series not delivered to the Trustee for cancellation for principal, premium and accrued interest to the
date of maturity or redemption; 
 (b) no Default or Event of Default under this Indenture has occurred and is continuing on the date of the
deposit referred to in clause (a)(i) or (a)(ii) above with respect to such Series of Debt Securities (other than a Default or Event of Default resulting from or related to the borrowing of funds to be applied to such deposit) and the deposit will
not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer is a party or by which it is bound; 

(c) the Issuer has paid or caused to be paid all sums payable by it under this Indenture with respect to the Debt Securities of such Series;
and 

  
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 (d) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Debt Securities of such Series at maturity or the redemption date, as the case may be. 

(e) In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to
customary assumptions and exclusions) to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with
the Trustee pursuant to Section 10.6(a)(2), the provisions of Section 10.7 and Section 10.4 shall survive. 

SECTION 10.7 Application of Trust Money. (a) Subject to the provisions of Section 10.4, all money deposited with
the Trustee pursuant to Section 10.6 shall be held in trust and applied by it, in accordance with the provisions of the Debt Securities of such Series and this Indenture, to the payment, either directly or through any Paying Agent, to
the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such money has been deposited with the Trustee, but such money need not be segregated from other funds except to the extent required by law. 

(b) If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 10.6 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s Obligations under this Indenture, the Debt Securities of such
Series will be revived and reinstated as though no deposit had occurred pursuant to Section 10.6; provided that if the Issuer has made any payment of principal, premium, if any, or interest on any Debt Security of such Series because of
the reinstatement of its Obligations, the Issuer will be subrogated to the rights of the Holders to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent, as the case may be. 

ARTICLE ELEVEN 

GUARANTEES 

SECTION 11.1 Guarantees. (a) The Guarantor hereby fully, unconditionally and irrevocably guarantees to each Holder and the
Trustee, the full and prompt payment of the principal of, and premium (if any) and interest on (including any Additional Amounts payable in respect thereof) the Debt Securities, when due and payable, whether at maturity, by acceleration, by
redemption or otherwise, and all other Obligations of the Issuer hereunder or thereunder (such guaranteed obligations, the “Guaranteed Obligations”) on a senior unsecured basis. The Guarantor further agrees that its Guarantee herein
constitutes a guarantee of payment when due (and not a guarantee of collection) and agrees to pay, in addition to the amounts stated in sub-paragraph (f) of this Section 11.1, all reasonable and documented expenses (including
reasonable counsel fees and expenses) incurred by the Trustee except as a result of its own gross negligence, fraud or willful misconduct, or incurred by the Holders in enforcing or exercising any rights under any Guarantee. Furthermore, each
Guarantee will constitute a separate obligation of the Guarantor and will relate solely to the payment of the principal of, and premium (if any) and interest on, the relevant Series of Debt Securities (including any Additional Amounts payable in
respect thereof). 
 (b) The Guarantees will (i) constitute senior unsecured obligations of the Guarantor; (ii) at all times rank
at least equally with all other present and future senior unsecured obligations of the Guarantor, except as may be required by mandatory provisions of law; (iii) be senior in right of payment to all future subordinated obligations of the
Guarantor; and (iv) be effectively subordinated to secured obligations of the Guarantor, to the extent of the assets serving as security therefor. 

  
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 (c) In no event will the Trustee or the Holders be obligated to pursue or exhaust its legal
or equitable remedies prior to exercising any rights under any Guarantee. 
 (d) The Guarantor further agrees that its Guarantee constitutes
an absolute and unconditional and continuing guarantee of payment. The Guarantor hereby waives the effects of any of the following on its payment obligations hereunder and agrees that the occurrence of any one or more of the following shall not
alter or impair the liability of the Guarantor hereunder, in each case, to the extent permitted by law: 
 (i) any claim as
to the validity, regularity or enforceability of this Indenture, the Debt Securities or any other agreement; 
 (ii)
diligence, presentation to, demand of payment from and protest to the Issuer of any of its Obligations and notice of protest for nonpayment; 

(iii) the failure of the Trustee or any Holder to assert any claim or demand or to enforce any right or remedy against the
Issuer or any other Person under this Indenture, the Debt Securities or any other agreement; 
 (iv) any extension or renewal
of the Obligations, this Indenture, the Debt Securities or any other agreement; 
 (v) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Debt Securities or any other agreement; 
 (vi) the
existence of any bankruptcy, insolvency, reorganization or similar proceedings involving the Issuer; 
 (vii) any setoff,
counterclaim, recoupment, termination or defense of any kind or nature which may be available to or asserted by the Guarantor or the Issuer against the Holders or the Trustee; 

(viii) any impairment, taking, furnishing, exchange or release of, or failure to perfect or obtain protection of any security
interest in, any collateral securing this Indenture and the Debt Securities and any right to require that any resort be had by the Trustee or any Holder to any such collateral; and 

(ix) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent
vary the risk of the Guarantor or would otherwise operate as a defense or discharge of such Guarantor as a matter of law or equity. 
 (e)
Except as provided in Section 11.2, the obligations of the Guarantor hereunder will not be subject to any reduction, limitation, impairment or termination for any reason other than: 

(i) repayment in full of the relevant Series of Debt Securities; or 

(ii) a Legal Defeasance of the relevant Series of Debt Securities as provided in Section 10.1. 

(f) The Guarantor further agrees that its Guarantee herein will continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

  
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 (g) In furtherance of the foregoing and not in limitation of any other right which the
Trustee or any Holder has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, the Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of: 

(i) the unpaid amount of such Obligations then due and owing; and 

(ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law); 

provided that any delay by the Trustee in giving such written demand shall in no event affect the Guarantor’s obligations under its Guarantee.

 (h) The Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand: 

(i) the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its
Guarantee herein; and 
 (ii) in the event of any such declaration of acceleration of such Obligations, such Obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of this Guarantee. 

SECTION 11.2 Termination, Release and Discharge. The Guarantor will be released from and relieved of its obligations under its
Guarantee in the event: (i) of repayment in full of the relevant Series of Debt Securities, (ii) that there is a Legal Defeasance of the relevant Series of Debt Securities as pursuant to Section 10.1(b) hereof,
(iii) that there is a Satisfaction and Discharge of the relevant Series of Debt Securities pursuant to Section 10.6 or (iv) upon the sale of all or substantially all of its assets in compliance with
Section 5.1 of this Indenture; provided that the transaction is otherwise carried out pursuant to and in accordance with all other applicable provisions of this Indenture. 

SECTION 11.3 No Subrogation. The Guarantor agrees that it will not be entitled to any right of subrogation in respect of any
Guaranteed Obligations until payment in full in cash in Dollars, U.S. Government Obligations, or a combination of cash in Dollars and U.S. Government Obligations of all Obligations. If any amount shall be paid to the Guarantor on account of such
subrogation rights at any time when all of the Obligations shall not have been paid in full in cash in Dollars, U.S. Government Obligations, or a combination of cash in Dollars and U.S. Government Obligations, such amount shall be held by the
Guarantor in trust for the Trustee and the Holders, segregated from other funds of the Guarantor, and will, forthwith upon receipt by the Guarantor, be turned over to the Trustee in the exact form received by the Guarantor (duly endorsed by the
Guarantor to the Trustee, if required), to be applied against the Obligations. 
 SECTION 11.4 Limitation on Guarantor
Liability. The Guarantor, and by its acceptance of Debt Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantor hereby agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such
laws, result in the obligations of the Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. 

  
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 ARTICLE TWELVE 

MISCELLANEOUS PROVISIONS 

SECTION 12.1 Officers and Directors of Issuer and Guarantor Exempt from Individual Liability. No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, or in any Debt Security, or because of any indebtedness evidenced thereby, will be held against any official of the Issuer or the Guarantor, either directly or through the Issuer or the
Guarantor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Debt
Securities by the Holders thereof and as part of the consideration for the issue of the Debt Securities. 
 SECTION 12.2 Provisions
of Indenture for the Sole Benefit of Parties and Holders. Nothing in this Indenture, in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, firm or corporation, other than the parties hereto and their
successors and the Holders, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their
successors and of the Holders. 
 SECTION 12.3 Successors and Assigns of the Issuer Bound by Indenture. All the covenants,
stipulations, promises and agreements in this Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

SECTION 12.4 Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with a provision included in this Indenture which is required to be included in this Indenture by any of the provisions of Sections 310 to 318, inclusive, of, the TIA, such imposed duties or incorporated
provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case
may be. 
 SECTION 12.5 Notices and Demands on Trustee and Holders. (a) Any notice or communication to the Issuer, the Guarantor
or the Trustee shall be given to the following addresses: 
 if to the Issuer: 

TSMC Arizona Corporation 
 c/o
Taiwan Semiconductor Manufacturing Company Limited 
 No.8, Li-Hsin Road 6, Hsinchu Science Park,
Hsinchu, 
 Taiwan, R.O.C. 

Attn: Wendell Jen-Chau Huang and Alex Huang 

Telephone: 886-3-5636688 ext. 7125920 and ext.7125935 

E-mail: wendellh@tsmc.com and alex_h@tsmc.com 

With copies to: 

Sullivan & Cromwell (Hong Kong) LLP 

20th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong 

Attn: Waldo D. Jones and Ching-Yang Lin 

Email: jonesw@sullcrom.com and linc@sullcrom.com 

  
 41 

 if to the Guarantor: 

Taiwan Semiconductor Manufacturing Company Limited 

No.8, Li-Hsin Road 6, Hsinchu Science Park, Hsinchu, 

Taiwan, R.O.C. 
 Attn: Wendell Jen-Chau Huang and Alex Huang 
 Telephone: 886-3-5636688 ext.
7125920 and ext.7125935 
 E-mail: wendellh@tsmc.com and alex_h@tsmc.com 

With copies to: 

Sullivan & Cromwell (Hong Kong) LLP 

20th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong 

Attn: Waldo D. Jones and Ching-Yang Lin 

Email: jonesw@sullcrom.com and linc@sullcrom.com 

if to the Trustee: 
 Citibank,
N.A. 
 388 Greenwich Street, New York, NY 10013 

Attn: Agency & Trust - TSMC Arizona Corporation 

E-mail: cts.spag@citi.com 

The Issuer, the Guarantor or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or
communications. 
 (i) All notices delivered pursuant to this Section must be in writing, in English and will be deemed effective upon
actual receipt. 
 (ii) Where this Indenture provides for notice to Holders of any or all Series, such notice will be sufficiently given
(unless otherwise herein expressly provided) if given in accordance with paragraph 14 of the Terms of the affected Series. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any action taken
in reliance upon such waiver. 
 (iii) In case, by reason of the suspension of or irregularities in regular mail service or otherwise, it is
impracticable to mail or publish notice to the Issuer, the Guarantor or the Holders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be deemed reasonable by the
Issuer and be accepted by the Trustee shall be deemed to be a sufficient giving of such notice. 
 (iv) Notwithstanding any other provision
of this Indenture or any Debt Security, where this Indenture or any Debt Security provides for notice of any event (including any notice of redemption) to a Holder of a Debt Security (whether by mail or otherwise), such notice shall be sufficiently
given when delivered to the Depositary for such Debt Security (or its designee) pursuant to the customary procedures of such Depositary. 

  
 42 

 SECTION 12.6 Officers’ Certificates and Opinions of Counsel;
Statements to Be Contained Therein. Upon any application or demand by or on behalf of the Issuer to the Trustee to take any action under any of the provisions of this Indenture, at the request of the Trustee, the Issuer will furnish to the
Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel addressed to the Trustee stating that, in the opinion of
such counsel, all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be furnished. 
 Each Officers’ Certificate or Opinion of
Counsel with respect to compliance with a condition or covenant provided for in this Indenture will include: 
 (a) a statement that the
person making such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether
or not, in the opinion of such person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion of an
Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such Officer knows that the certificate or opinion or representations with respect to the matters upon
which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon the certificate, statement or opinion of or representations by an Officer or Officers of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters
upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate, statement or opinion of an Officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such Officer or counsel knows that the certificate or opinion or representations with respect to the accounting matters
upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is
independent. 
 SECTION 12.7 Payments Due on Non-New York Business Days. In any case
where the Payment Date is not a New York Business Day, then payment of principal or interest need not be made on such date but may be made on the next succeeding New York Business Day. Any payment made on a date other than the maturity date as set
forth in the Debt Securities of a Series will have the same force and effect as if made on the date of maturity of that Series, and no interest shall accrue for the period after such date. 

  
 43 

 SECTION 12.8 Governing Law; Consent to Jurisdiction; Waiver of Immunities.
(a) This Indenture, the Debt Securities and the Guarantees are governed by and will be construed in accordance with the law of the State of New York. 

(b) The Issuer and the Guarantor have agreed that any action arising out of or based upon this Indenture, the Debt Securities or the
Guarantees may be instituted in any U.S. federal or New York State court located in the Borough of Manhattan, The City of New York, and have irrevocably submitted to the non-exclusive jurisdiction of any such
court in any such action. The Issuer and the Guarantor have irrevocably appointed TSMC North America as their agent upon which process may be served in any such action. 

(c) To the extent that any of the Issuer and the Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from any legal
action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the
Issuer and the Guarantor each hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its respective obligations under this Indenture, the Debt Securities or the Guarantees. 

SECTION 12.9 Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but
such counterparts shall together constitute but one and the same instrument. 
 SECTION 12.10 Waiver of Jury Trial. EACH OF THE
ISSUER, THE GUARANTOR AND THE TRUSTEE AND EACH HOLDER BY ACCEPTANCE OF THE DEBT SECURITIES, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE OR THE DEBT SECURITIES OF ANY SERIES. 
 SECTION 12.11 Effect of Headings. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 12.12
Severability. If a court of competent jurisdiction declares any provision hereof invalid, it will be ineffective only to the extent of such invalidity, so that the remainder of the provision and this Indenture will continue in full force and
effect. 
 ARTICLE THIRTEEN 

PROVISIONS FOR MEETINGS OF HOLDERS 

SECTION 13.1 Meeting of Holders. (a) The Issuer or the Trustee at any time may, and upon a request in writing (specifying the
proposed action to be taken) to the Trustee made by Holders holding not less than 10% in aggregate principal amount of the Debt Securities of any Series the Trustee will, convene a meeting of Holders of the Debt Securities of that Series in The City
of New York. The Issuer or the Trustee, as applicable, will give notice of each meeting of Holders of the Debt Securities of a Series, setting forth the time and place of the meeting and in general terms the topics to be discussed, or the action to
be taken, at that meeting, not less than 30 nor more than 60 days prior to the date fixed for the meeting. To be entitled to vote at any meeting of Holders of Debt Securities of any Series a Person must be, as of the date reasonably set by the
Trustee, (i) a Holder of one or more Debt Securities of that Series or (ii) a Person appointed by an instrument in writing as proxy by the Holder of one or more Debt Securities of that Series. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders will be the Persons entitled to vote at such meeting and their counsel, the Trustee and its counsel, and any representatives of the Issuer and its counsel. Any procedures governing the conduct of
meetings of Holders not described in this Article Thirteen will be set by the Trustee. 

  
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 (b) Holders entitled to vote a Majority in aggregate principal amount of the Debt Securities
at the time Outstanding shall constitute a quorum at any meeting. No business may be transacted in the absence of a quorum, unless a quorum is present when the meeting is called to order. In the absence of a quorum within thirty minutes of the time
appointed for any such meeting, the meeting may be adjourned for a period of not less than ten days as determined by the chairman of the meeting. Notice of the reconvening of any adjourned meeting need be given only once but must be given not less
than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting must state expressly the percentage of the aggregate principal amount of Debt Securities of such Series at the
time Outstanding which shall constitute a quorum. 
 (c) Any Holder of a Debt Security of the Series with respect to which such meeting is
being held who has executed an instrument in writing appointing a Person as proxy will be deemed to be present for the purposes of determining a quorum and be deemed to have voted; provided that such Holder will be considered as present or
voting only with respect to the matters covered by such instrument in writing. Any resolution passed or decision taken at any meeting of Holders of Debt Securities of any Series duly held in accordance with this Section will be binding on all the
Holders of Debt Securities of such Series whether or not present or represented at the meeting. 
 (d) The appointment of any proxy will be
proved by having the signature of the person executing the proxy guaranteed by any bank, banker, trust company or London or New York Stock Exchange member firm satisfactory to the Issuer. The holding of Debt Securities will be proved by the Register
maintained in accordance with Section 2.6 or by a certificate or certificates of the Trustee, provided that the holding of a beneficial interest in the a Global Security may be proved by a certificate or certificates of the Depositary.

 (e) The Trustee will appoint a temporary chairman of the meeting. A permanent chairman and a permanent secretary of the meeting will be
elected by vote of the Holders of a Majority in aggregate principal amount of the Debt Securities of such Series represented at the meeting. At any meeting, each Holder of Debt Securities of such Series or proxy shall be entitled to one vote for
each US$1,000 (or, in the case of Debt Securities denominated in any other currency, an equivalent amount in such other currency) principal amount of Debt Securities of such Series held or represented by that Holder; provided that no vote
shall be cast or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting will have no right to vote except as a Holder of Debt
Securities of such Series or proxy. Any meeting of Holders duly called at which a quorum is present may be adjourned from time to time, and the meeting may be held as so adjourned without further notice. 

(f) The vote upon any resolution submitted to any meeting of Holders of one or all Series shall be by written ballot on which will be
subscribed the signatures of the Holders of Debt Securities of such Series or proxies. Except as provided in Section 15.3, the permanent chairman of the meeting will appoint two inspectors of votes who will count all votes cast at the meeting
for or against any resolution and who will make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of such Holders will be
prepared by the secretary of the meeting and there will be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth
a copy of the notice of the meeting and showing that said notice was published as provided above. The record will be signed and verified by the permanent chairman and secretary of the meeting and one of the duplicates will be delivered to the Issuer
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
 45 

 ARTICLE FOURTEEN 

IMMUNITY OF CERTAIN PERSONS 

SECTION 14.1 No Personal Liability. No recourse shall be had for the payment of the principal of, or the premium, if any, or
interest on (including Additional Amounts), any Debt Security or for any claim based thereon or otherwise in respect thereof or of the indebtedness represented thereby, or upon any obligation, covenant or agreement of this Indenture, against any
incorporator, stockholder, officer, employee or director, as such, past, present or future, of the Issuer or the Guarantor or of any successor thereto, either directly or through the Issuer or the Guarantor or any successor thereto, whether by
virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture, the Debt Securities and the Guarantees are solely
corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred by, any incorporator, stockholder, officer, employee or director, as such, past, present or future, of the Issuer or the Guarantor or of any successor
thereto, either directly or through the Issuer or the Guarantor or any successor corporation, because of the incurring of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained
in this Indenture or in any of the Debt Securities or the Guarantees, or to be implied herefrom or therefrom, and that all liability, if any, of that character against every such incorporator, stockholder, officer, employee and director is, by the
acceptance of the Debt Securities and as a condition of, and as part of the consideration for, the execution of this Indenture and the issue of the Debt Securities and the Guarantees expressly waived and released. 

ARTICLE FIFTEEN 

MODIFICATIONS 

SECTION 15.1 Without Consent of Holders. (a) Notwithstanding Section 15.2, without the consent of any Holder, the Issuer
and the Trustee may amend or supplement this Indenture and the Debt Securities of any Series to: 
 (i) cure any ambiguity,
omission, defect or inconsistency; provided, however, that such amendment does not materially and adversely affect the rights of Holders of the relevant Series of Debt Securities; 

(ii) provide for the assumption by a successor Person of the obligations of the Issuer or the Guarantor under this Indenture
and a Series of Debt Securities in accordance with Section 5.1; 
 (iii) provide for or facilitate the issuance of
uncertificated Debt Securities in addition to or in place of certificated Debt Securities; provided that the uncertificated Debt Securities are issued in registered form for purposes of Section 163(f) of the Code; 

(iv) to comply with the rules of any applicable Depositary; 

(v) make any change that does not adversely affect the legal rights under this Indenture of any Holder in any material respect;

  
 46 

 (vi) evidence and provide for the acceptance of an appointment under this
Indenture of a successor Trustee; provided that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 

(vii) conform the text of this Indenture, the Debt Securities or the Guarantees to any provision of the “Description of
the Notes and the Guarantees” in the prospectus supplements in relation to the Debt Securities; 
 (viii) make any
amendment to the provisions of this Indenture relating to the transfer and legending of the Debt Securities or Guarantees as permitted by this Indenture, including, but not limited to, facilitate the issuance and administration of the Debt
Securities or Guarantees or, if incurred in compliance with this Indenture, Additional Securities; provided, however, that (A) compliance with this Indenture as so amended would not result in the Debt Securities or Guarantees being
transferred in violation of the Securities Act or any applicable securities law and (B) such amendment does not materially and adversely affect the rights of Holders to transfer the Debt Securities and Guarantees of described in the offering
circular; 
 (ix) to provide for the issuance of Additional Securities in accordance with the limitations set forth in this
Indenture; 
 (x) to evidence the succession of another Person to the Issuer or the Guarantor, and the assumption by any such
successor of the covenants of the Issuer or the Guarantor, respectively; 
 (xi) to establish the form or terms of a new
Series of Debt Securities; 
 (xii) to reduce or otherwise limit the aggregate principal amount of Debt Securities that may
be authenticated and delivered under this Indenture; 
 (xiii) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and discharge of any Series of Debt Securities, provided that any such action shall not adversely affect the interests of the Holders of any Debt Securities then Outstanding;
and 
 (xiv) to amend or supplement any provision contained herein or in any supplemental indenture, provided that no
such amendment or supplement shall adversely affect the interests of the Holders of any Debt Securities then Outstanding; and 

(xv) to comply with the requirements of the SEC in order to maintain the qualification of this Indenture under the Trust
Indenture Act. 
 (b) Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 7.2,
Section 12.6 and Section 15.5 the Trustee will join with the Issuer in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

(c) After an amendment, supplement or waiver under this Section 15.1 becomes effective, the Issuer will send to the Holders of Debt
Securities affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 

  
 47 

 SECTION 15.2 With Consent of Holders. (a) Except as provided below in this
Section 15.2, the Issuer, the Guarantor and the Trustee may amend or supplement this Indenture with respect to a Series of Debt Securities or any Series of the Debt Securities with the consent of the Holders of not less than a Majority
in principal amount of a Series of Debt Securities (including Additional Securities, if any) then Outstanding (including, without limitation, consents obtained in connection with a purchase, or tender offer or exchange offer for, such Series of the
Debt Securities), and, subject to Section 6.6 and Section 6.7, waive any existing or past Default or Event of Default and its consequences (except a continuing Default or Event of Default (i) in the payment of the
principal of, or interest on (or Additional Amounts payable in respect of), the relevant Debt Securities then Outstanding of the payment of any amounts due under the relevant Guarantee, in which event the consent of all Holders of such Series is
required, and (ii) in respect of a covenant or provision which under this Section 15.2(e) cannot be modified or amended without the consent of each Holder of such Series of the Debt Securities then Outstanding affected
thereby). Any such waivers will be conclusive and binding on all Holders of the relevant Series of Debt Securities, whether or not any one Holder have given consent to such waivers, and on all future Holders of such Series of Debt Securities,
whether or not notation of such waivers is made upon the relevant Debt Securities. Any instrument given by or on behalf of any Holder of any Debt Securities in connection with any consent to any such waiver will be irrevocable once given and will be
conclusive and binding on all subsequent Holders of any such Debt Securities. 
 (b) Upon the request of the Issuer, and upon the filing
with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.2, Section 12.6 and Section 15.5, the Trustee will join with
the Issuer and the Guarantor in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its sole and absolute discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 

(c) It shall not be necessary for the consent of the Holders under this Section 15.2 to approve the particular form of any proposed
amendment, supplement or waiver. It shall be sufficient if such consent approves the substance thereof. 
 (d) After an amendment,
supplement or waiver under this Section 15.2 becomes effective, the Issuer will send to the Holders of Debt Securities of such Series affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to
send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

(e) Without the consent of each affected Holder, no amendment, supplement or waiver under this Section 15.2 may: 

(i) change the Stated Maturity of such Series of the Debt Securities; 

(ii) reduce the principal amount of, payments of interest on or stated time for payment of interest on any Debt Securities of
such Series; 
 (iii) change any obligation of the Issuer or the Guarantor to pay Additional Amounts with respect to such
Series of Debt Securities or the related Guarantee, respectively; 
 (iv) change any obligation of the Guarantor to make
payments under the Guarantee with respect to such Series of Debt Securities; 

  
 48 

 (v) change the currency of payment of the principal of or interest on each
Series of Debt Securities; 
 (vi) impair the right to receive payment of the principal of or interest on (including
Additional Amounts) such Series of Debt Securities on the Stated Maturity date for such payment expressed in such Series of Debt Securities or to institute suit for the enforcement of such payment; 

(vii) reduce the percentage of Outstanding Debt Securities necessary to modify or amend this Indenture; 

(viii) reduce the percentage of the aggregate principal amount of Outstanding Debt Securities of such Series necessary for
waiver of compliance with certain provisions of this Indenture or for waiver of certain Defaults; 
 (ix) modify the
provisions of this Indenture with respect to modification and waiver; or 
 (x) reduce the amount of the premium payable upon
the redemption or repurchase of any Debt Securities of such Series or change the time at which any Debt Securities of such Series may be redeemed or repurchased as described in paragraph 5 of the Terms whether through an amendment or waiver of
provisions in the covenants, definitions or otherwise. 
 (f) A consent to any amendment, supplement or waiver of this Indenture or the Debt
Securities by any Holder given in connection with a tender of such Holder’s Debt Securities will not be rendered invalid by such tender. 

SECTION 15.3 Revocation and Effect of Consents. (a) Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Debt Security is a continuing consent by the Holder of a Debt Security and every subsequent Holder of a Debt Security or portion of a Debt Security that evidences the same debt as the consenting Holder’s Debt Security, even
if notation of the consent is not made on any Debt Security. However, any such Holder of a Debt Security or subsequent Holder of a Debt Security may revoke the consent as to its Debt Security if the Trustee receives written notice of revocation
before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

(b) The Issuer may, but will not be obligated to, fix a record date pursuant to Section 8.2 for the purpose of determining the Holders
entitled to consent to any amendment, supplement or waiver. 
 SECTION 15.4 Notation on or Exchange of Debt Securities.
(a) The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Debt Security thereafter authenticated. The Issuer in exchange for all Debt Securities may issue and the Trustee will, upon receipt of an
Authentication Order, authenticate new Debt Securities that reflect the amendment, supplement or waiver. 
 (b) Failure to make the
appropriate notation or issue a new Debt Security will not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 15.5 Trustee to Sign Amendments, etc. The Trustee will sign any amendment, supplement or waiver authorized pursuant to
this Article Fifteen if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee will receive and (subject to
Section 7.1) will be fully protected in conclusively relying upon, in addition to the documents required by Section 12.6, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Guarantor, enforceable against them in accordance with its terms,
subject to customary exceptions, and complies with the provisions hereof. 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
October 18, 2021. 
  

			
	TSMC ARIZONA CORPORATION, as the Issuer
		
	By:	 	 /s/ Wendell Jen-Chau Huang

		 	Name: Wendell Jen-Chau Huang
		 	Title: Director

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
October 18, 2021. 
  

			
	TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED, as the Guarantor
		
	By:	 	 /s/ Wendell Jen-Chau Huang

		 	Name: Wendell Jen-Chau Huang
		 	Title: Vice President and Chief Financial Officer

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
October 18, 2021. 
  

			
	CITIBANK, N.A., as the Trustee
		
	By:	 	 /s/ William Keenan

		 	Name: William Keenan
		 	Title: Senior Trust Officer

 EXHIBIT A 

FORM OF FACE OF GLOBAL SECURITY 
 THIS IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL DEBT
SECURITIES REPRESENTED HEREBY IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

THE SECURITY EVIDENCED HEREBY MAY BE PURCHASED AND TRANSFERRED ONLY IN DENOMINATIONS OF US$200,000 AND INTEGRAL MULTIPLES OF US$1,000 IN EXCESS THEREOF. 

TSMC ARIZONA CORPORATION 

REGISTERED GLOBAL DEBT SECURITY 

representing 
 [US$ / Other
Currency][ ● ] 
 [COMMON CODE NO. [ ● ]] 

[CUSIP NO. [ ● ]] 

[ISIN NO. [ ● ]] 

[ ● ]% Notes Due 20[ ● ] 

TSMC ARIZONA CORPORATION (the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered
assigns, upon surrender hereof of the principal sum of [ ● ] [UNITED STATES DOLLARS] [OTHER CURRENCY] ([US$] [Other Currency][ ● ]) or such amount as shall be the outstanding principal amount hereof on
[ ● ], 20[ ● ], together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. The
Issuer further unconditionally promises to pay interest in arrears on [ ● ] and [ ● ] of each year (each an “Interest Payment Date”), commencing [ ● ], 20[ ● ] on any
outstanding portion of the unpaid principal amount hereof at [ ● ]% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or
duly provided for, from [ ● ] until payment of said principal sum has been made or duly provided for. This is a Global Security (as that term is defined in the Indenture referred to below) deposited with the Depositary, and
registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as holder of record of this Debt Security (as that term is defined in the Indenture referred to below),
shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such currency of [the United
States of America] [Other Country] as at the time of payment shall be legal tender for payment of public and private debts. Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 

  
 A-1 

 [Insert floating interest rate provisions, if applicable.] 

[If the Debt Security is not to bear interest prior to maturity, insert: The principal of this Debt Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at stated maturity.] 
 The statements in the legend set
forth above are an integral part of the terms of this Debt Security and by acceptance hereof each Holder of this security (the “Holder”) agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

 This Global Security is issued in respect of an issue of [US$ / Other Currency] [ ● ] principal amount of
[ ● ]% Notes Due [ ● ] of the Issuer and is governed by (i) the Indenture, dated as of [•], 2021 (the “Indenture”) by and among the Issuer, Taiwan Semiconductor Manufacturing Company
Limited, as guarantor (the “Guarantor”) and Citibank, N.A., as trustee (the “Trustee”), the terms of which Indenture are incorporated herein by reference, and (ii) by the terms and conditions of the Debt
Securities set forth in Exhibit C to the Indenture (the “Terms”), as supplemented or amended by the Authorization (as defined in the Indenture) of the Issuer for this Global Security, the terms of which are incorporated
herein by reference. This Global Security shall in all respects be entitled to the same benefits as other Debt Securities under the Indenture and the Terms. 

Upon any exchange of all or a portion of this Global Security for Certificated Debt Securities in accordance with the Indenture, this Global
Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby. 
 Unless the certificate of
authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

Dated:                         

  

			
	 TSMC ARIZONA CORPORATION

		
	By	 	 
		 	        Name:
		 	        Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities issued under the within-mentioned Indenture. 

 

							
		 		 	CITIBANK, N.A., as Trustee
				
	Dated:                         	 	                                      
      	 	By	 	 
		 		 		 	        Authorized Signatory

  
 A-3 

 Schedule A: Schedule of Exchanges of Interests in the Global Security 

The following exchanges of a part of this Global Security for an interest in another Global Security or for a Definitive Security, or exchanges of a part of
another Global Security or Definitive Security for an interest in this Global Security, have been made: 
  

									
	Date of Exchange	  	Amount of decrease in
Principal Amount of
this Global Security	  	Amount of increase
in Principal
Amount of this
Global Security	  	Principal Amount
of this Global
Security following
such Increase or
Decrease	  	Signature of
authorized
officer of
Trustee or
Custodian
	
                    
	  	
                    
	  	
                    
	  	
                    
	  	
                    

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

  
 A-4 

 EXHIBIT B 

FORM OF FACE OF CERTIFICATED SECURITY 
 THE
SECURITY EVIDENCED HEREBY MAY BE PURCHASED AND TRANSFERRED ONLY IN DENOMINATIONS OF US$200,000 AND INTEGRAL MULTIPLES OF US$1,000 IN EXCESS THEREOF. 
  

			
	No. [ ● ]	  	US$[ ● ]

 COMMON CODE NO. [ ● ] 

CUSIP NO. [ ● ] 
 ISIN NO. [
● ] 
 TSMC ARIZONA CORPORATION 

[ ● ]% NOTES DUE [ ● ] 

TSMC ARIZONA CORPORATION (the “Issuer”), for value received, hereby promises to pay
to[            ], or registered assigns, upon surrender hereof of the principal sum of [ ● ] [UNITED STATES DOLLARS] [OTHER CURRENCY] ([US$] [Other Currency] [ ● ]) or such
amount as shall be the outstanding principal amount hereof on [ ● ], 20[ ● ], together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in
accordance with the provisions hereof. The Issuer further unconditionally promises to pay interest in arrears on [ ● ] and [ ● ] of each year (each an “Interest Payment Date”), commencing [ ● ], 20[ ● ] on
any outstanding portion of the unpaid principal amount hereof at [ ● ]% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly
provided for, from [ ● ], 20[ ● ] until payment of said principal sum has been made or duly provided for. The interest payable on any such [ ● ] and [ ● ] will, subject to certain conditions set forth in the Terms hereinafter
referred to, be paid to the person in whose name this Note is registered at the end of the fifteenth day next preceding each Interest Payment Date. Such payment shall be made exclusively in such currency of [the United States of America] [Other
Country] as at the time of payment shall be legal tender for payment of public and private debts. Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 

[Insert floating interest rate provisions, if applicable.] 

[If the Debt Security is not to bear interest prior to maturity, insert: The principal of this Debt Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at stated maturity.] 
 The statements in the legend set
forth above are an integral part of the terms of this Debt Security and by acceptance hereof each Holder of this Debt Security (the “Holder”) agrees to be subject to and bound by the terms and provisions set forth in such legend, if
any. 
 This Certificated Security is issued in respect of an issue of [US$] [Other Currency] [ ● ] principal amount of [ ● ]%
Notes Due [ ● ] of the Issuer and is governed by (i) the Indenture, dated as of [•], 2021 (the “Indenture”) by and among the Issuer, Taiwan Semiconductor Manufacturing Company Limited, as guarantor (the
“Guarantor”) and Citibank, N.A., as trustee (the “Trustee”), the terms of which Indenture are incorporated herein by reference, and (ii) by the terms and conditions of the Debt Securities appearing in
Exhibit C to the Indenture (the “Terms”), as supplemented or amended by the Authorization (as defined in the Indenture) of the Issuer for this Certificated Security, the terms of which are incorporated herein by reference. This
Certificated Security shall in all respects be entitled to the same benefits as other Debt Securities under the Indenture and the Terms. 

Unless the certificate of authentication herein has been executed by the Trustee, this Certificated Security shall not be valid or obligatory
for any purpose. 

  
 B-1 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

Dated:                  

 

							
		 		 	TSMC ARIZONA CORPORATION
				
		 		 	By	 	  

		 		 		 	        Name:
		 		 		 	        Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities issued under the within-mentioned Indenture. 
  

							
		 		 	CITIBANK, N.A., as Trustee
				
	Dated:                 	 		 	By	 	  

		 		 		 	        Authorized Signatory
		 		 		 	

  
 B-2 

 EXHIBIT C 

[FORM OF REVERSE OF DEBT SECURITY] 

TERMS AND CONDITIONS OF THE DEBT SECURITIES 

1. General. (a) This Debt Security is one of a duly authorized Series of Debt Securities of TSMC Arizona Corporation (the
“Issuer”), designated as its [        %] [Title of Securities] Due                 (each Debt
Security of this Series a “Debt Security,” and collectively, the “Debt Securities”), and issued or to be issued in one or more Series pursuant to the Indenture, dated as of
                , by and among the Issuer, Taiwan Semiconductor Manufacturing Company Limited, as guarantor (the “Guarantor”), and
Citibank, N.A., as Trustee (the “Trustee”), as amended from time to time (the “Indenture”). The holders of the Debt Securities (the “Holders”) will be entitled to the benefits of, be bound by, and
be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee. All capitalized terms used in this Debt Security but not defined herein shall
have the meanings assigned to them in the Indenture. In the event of any conflict between the provisions of the Indenture and the provisions of the Terms contained in this Debt Security, the Terms contained in this Debt Security will control. 

(b) The Debt Securities will (i) constitute senior unsecured obligations of the Issuer; (ii) at all times rank pari passu and
without any preference or priority among themselves and at least equally with all other present and future senior unsecured obligations of the Issuer, except as may be required by mandatory provisions of law; (iii) be senior in right of payment
to all future subordinated obligations of the Issuer; and (iv) be effectively subordinated to secured obligations of the Issuer, to the extent of the assets serving as security therefor. All amounts payable under the Debt Securities are backed
by the full faith and credit of the Issuer. 
 (c) The Debt Securities are in fully registered form, without coupons. Debt Securities may be
issued in certificated form (the “Certificated Securities”), or may be represented by one or more registered global securities (each, a “Global Security”) held by or on behalf of the Depositary. Certificated
Securities will be available only in the limited circumstances set forth in the Indenture. The Debt Securities, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any Person in whose name a Debt Security
shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all Persons and for all purposes as the absolute owner of such Debt Security regardless of any notice of ownership, theft, loss or any writing
thereon. 
 2. Payments. (a) Principal of the Debt Securities will be payable against surrender of the Debt Securities at the
specified office of the Paying Agent located at c/o [388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust—TSMC Arizona Corporation] [or such other address as provided] or, subject to applicable laws and regulations, at
the office outside of the United States of a Paying Agent, by [U.S. dollar] [Other Currency] check drawn on, or by transfer to a [U.S. dollar] [Other Currency] account maintained by the Holder with, a bank located in [New York City] [Other
Location]. [If the Debt Security is to bear interest prior to maturity, insert: Payment of interest (including Additional Amounts (as defined below)) on Debt Securities will be made to the Persons in whose name the Debt Securities are registered at
the end of the fifteenth day preceding the date on which interest is to be paid (each, a “Record Date”), whether or not such day is a New York Business Day, notwithstanding the cancellation of the Debt Securities upon any transfer
or exchange thereof subsequent to the Record Date and prior to such interest Payment Date; provided that if and to the extent the Issuer shall default in the payment of the interest due on such interest Payment Date, such defaulted interest
plus, to the extent lawful, interest payable on the defaulted interest, shall be paid to the Persons in whose names the Debt Securities are registered as of a subsequent record date established by the Issuer by notice, as provided in Paragraph 10 of
the Terms, by or on behalf of the Issuer to the Holders not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Payment of interest on
Certificated Securities will be made (i) by a [U.S. dollar] [Other Currency] check drawn on a bank in [New York City] [Other Location] mailed to the Holder at such Holder’s registered address or (ii) upon application by the Holder of
at least [US$/other currency]                         in principal amount of Certificated Securities to the Trustee not
later than the relevant Record Date, by wire transfer in immediately available funds to a [U.S. dollar][Other Currency] account maintained by the Holder with a bank in [New York City][Other Location]. Payment of interest on Certificated Securities
will be made (i) by the Issuer if it acts as its own Paying Agent, by a [U.S. dollar] [Other Currency] check drawn on a bank in [New York City] [Other Location] mailed to the Holder at such Holder’s registered address or (ii) by wire
transfer in immediately available funds to a U.S. dollar account maintained by the Holder with a bank in [New York City] [Other Location]. Payment of interest on a Global Security will be made by wire transfer in immediately available funds to a
U.S. dollar account maintained by the Depositary with a bank in [New York City] [Other Location]. 

  
 C-1 

 (b) In any case where the date of payment of the principal of [, or interest (including
Additional Amounts), on ]the Debt Securities shall not be a New York Business Day, then payment of principal [or interest (including Additional Amounts)] need not be made on such date at the relevant place of payment but may be made on the next
succeeding New York Business Day. Any payment made on a date other than the date on which such payment is due as set forth herein shall have the same force and effect as if made on the date on which such payment is due, and no interest shall accrue
for the period after such date. 
 (c) Interest in respect of any period of less than one year shall be calculated on the basis of [a
360-day year of twelve 30-day months][the actual number of days elapsed in a 360-day year.] 
 (d) Subject to applicable law, all monies
paid by or on behalf of the Issuer to the Trustee or to any Paying Agent for payment of the principal of [, or interest (including Additional Amounts) on,] any Debt Security and not applied but remaining unclaimed for five years after the date upon
which such amount shall have become due and payable shall, at the option of the Issuer or the Guarantor, be repaid to or for the account of the Issuer by the Trustee or such Paying Agent, the receipt of such repayment to be confirmed promptly in
writing by or on behalf of the Issuer. The Holder or Holders of such Debt Security or Securities shall thereafter look only to the Issuer for the payment that such Holder may be entitled to collect, and all liability of the Trustee or such Paying
Agent with respect to such monies shall thereupon cease. 
 (e) If the Issuer at any time defaults in the payment of any principal of [, or
interest (including Additional Amounts) on,] the Debt Securities, the Issuer will pay interest on the amount in default [(to the extent permitted by law in the case of interest on defaulted interest)], calculated for each day until paid, at the rate
of         % per annum, together with Additional Amounts, if applicable. 
 3. Payment of
Additional Amounts. (a) All payments of principal, premium and interest made by the Issuer in respect of the Debt Securities of any Series or the Guarantor in respect of the Guarantees will be made without withholding or deduction for, or
on account of, any present or future taxes, duties, assessments or other governmental charges of whatever nature (“Taxes”) imposed or levied by or on behalf of the R.O.C., the U.S., or any political subdivision thereof or any
authority therein having power to tax (a “Relevant Jurisdiction”), unless such withholding or deduction of such Taxes is required by law or by regulation. If the Issuer or the Guarantor (or their Paying Agent is) is required to make
such withholding or deduction, the Issuer or the Guarantor, as applicable, will withhold such Taxes and pay them to the relevant government authority, and the Issuer or the Guarantor, as applicable, will pay such additional amounts in respect of
Taxes as will result (i) with respect to the Issuer, in the receipt by the Holders or beneficial owners of the Debt Securities of such Series of such amounts as would have been received by such Holders or beneficial owners had no such
withholding or deduction of such Taxes been required or (ii) with respect to the Guarantor, in the receipt by the Holders or beneficial owners of the Debt Securities of such Series of such amounts as would have been received by such Holders or
beneficial owners in respect of payments under the related Guarantee had no such withholding or deduction of such Taxes been required (such additional amounts payable by the Issuer or the Guarantor, the “Additional Amounts”), except
that no such Additional Amounts shall be payable: 

  
 C-2 

 (i) in respect of any such Taxes that would not have been imposed, deducted or withheld but
for the existence of any connection (whether present or former) between the Holder or beneficial owner of a Debt Security and any Relevant Jurisdiction other than merely holding such Debt Security or receiving principal or interest in respect
thereof (including such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business
therein or having currently or having had a permanent establishment therein); 
 (ii) to the extent that any Taxes with respect to a Debt
Security would not have been so imposed or levied but for the fact that, where presentation is required in order to receive payment, the applicable Debt Security or Guarantees were presented more than 30 days after the date on which such payment
became due and payable or the date on which payment thereof provided for and notice thereof given to the Holders of the Debt Securities, whichever is later, except to the extent that the Holder or beneficiary thereof would have been entitled to such
Additional Amounts on presenting the same for payment on the last day of such 30-day period; 
 (iii) in respect of any failure of the
Holder or beneficial owner of a Debt Security or a Guarantee to comply with a timely request of the Issuer or the Guarantor, as applicable, addressed to the Holder or beneficial owner to provide information concerning such Holder’s or
beneficial owner’s nationality, residence, identity or connection with any Relevant Jurisdiction, if and to the extent that due and timely compliance with such request is required under the tax laws, statutes, treaties, regulations or
administrative practices of any Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to such Holder or beneficial owner; 

(iv) in respect of any Taxes imposed as a result of any Debt Security or a Guarantee being presented for payment (where presentation is
required) in the Relevant Jurisdiction, unless any such Debt Security or such Guarantee, as applicable, could not have been presented for payment elsewhere; 

(v) in respect of any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; 

(vi) to any Holder of a Debt Security or beneficiary of a Guarantee that is a fiduciary, partnership or Person other than the sole beneficial
owner of any payment to the extent that such payment would be required to be included in the income under the laws of a Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, or a member of that
partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Holder thereof; 

(vii) in respect of any Taxes imposed as a result of the holder or beneficial owner of a Note or Guarantee being or having been a personal
holding company, a passive foreign investment company or a controlled foreign corporation for U.S. federal income tax purposes, a foreign tax exempt organization, or a corporation that has accumulated earnings to avoid U.S. federal income tax; 

(viii) in respect of any Taxes imposed as a result of the holder or beneficial owner of a Note or Guarantee being or having been a “10-percent shareholder”, as defined in section 871(h)(3) of the Internal Revenue Code of 1986 (the “Code”), or any successor provision, of the Issuer; 

  
 C-3 

 (ix) in respect of any Taxes imposed as a result of the holder or beneficial owner of a Note
being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any successor provision; 

(x) in respect of any Taxes imposed by reason of the failure of the holder or beneficial owner of a Note, including any intermediary that
holds a Note, to fulfill the statement requirements of section 871(h) or section 881(c) of the Code or any successor provision; 
 (xi) in
respect of any Taxes imposed pursuant to section 871(h)(6) or section 881(c)(6) of the Code (or any successor provisions); 
 (xii) in
respect of any Taxes that are payable otherwise than by deduction or withholding from payments on or in respect of any Debt Securities or Guarantees; or 

(xiii) in the case of any combination of the above listed items. 

(b) In addition, any amounts to be paid on the Debt Securities will be paid net of any deduction or withholding imposed or required pursuant
to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and no additional amounts will be required to be paid on account of any such deduction or withholding. 

(c) In the event that any withholding or deduction for or on account of any Taxes is required in respect of any payment of principal of or
interest on the Debt Securities of any Series or any payment under the related Guarantee, at least five New York Business Days prior to the date of such payment, the Issuer or the Guarantor, as applicable, will furnish to the Trustee and the Paying
Agent, if other than the Trustee, an Officers’ Certificate specifying the amount required to be withheld or deducted on such payment, certifying that the Issuer or the Guarantor, as applicable, shall pay such amounts required to be withheld to
the appropriate governmental authority and certifying the fact that the Additional Amounts will be payable and the amounts so payable to each Holder (unless such Additional Amounts are not required to be paid pursuant to the exceptions described
above), and that the Issuer or the Guarantor, as applicable, will pay to the Trustee or such Paying Agent the Additional Amounts required to be paid; provided that no such Officers’ Certificate will be required prior to any date of
payment of principal of or interest on any such Debt Securities or any such Guarantees, as applicable, if there has been no change with respect to the matters set forth in a prior Officers’ Certificate. The Trustee and each Paying Agent may
rely on the fact that any Officers’ Certificate contemplated by this paragraph has not been furnished as evidence of the fact that no withholding or deduction for or on account of any Taxes is required. The Issuer and the Guarantor covenant to
indemnify the Trustee and any Paying Agent for and to hold them harmless against any loss, liability or expense reasonably incurred without fraudulent activity, gross negligence or willful misconduct on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any such Officers’ Certificate furnished pursuant to this paragraph or on the fact that any Officers’ Certificate contemplated by this paragraph has not been furnished. 

(d) Whenever there is mentioned, in any context, the payment of amounts based upon the principal amount of any applicable Debt Securities or
of principal, premium or interest in respect of any Debt Securities, such mention shall be deemed to include the payment of Additional Amounts provided for in the Indenture, to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof pursuant to the Indenture. 

  
 C-4 

 (e) The foregoing provisions of (a), (b), (c) and (d) of this paragraph 3 shall apply
in the same manner with respect to the jurisdiction in which any successor Person to the Issuer or the Guarantor is organized or resident for tax purposes or any authority therein or thereof having the power to tax (a “Successor
Jurisdiction”), substituting such Successor Jurisdiction for the applicable Relevant Jurisdiction. 
 (f) The Issuer’s and the
Guarantor’s respective obligations to make payments of Additional Amounts under the terms and conditions described above in this paragraph 3 will survive any termination, defeasance or discharge of the Indenture. 

4. Tax Redemption. (a) Each Series of Debt Securities may be redeemed at any time, at the option of the Issuer, in whole but not
in part, upon notice as described below, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to, but not including, the date fixed for redemption (for the avoidance of doubt, along
with Additional Amounts, if any, then due and which will become due on the date fixed for redemption), if (i) as a result of any change in, or amendment to, the laws or regulations of a Relevant Jurisdiction (or, in the case of Additional
Amounts payable by a successor Person to the Issuer or the Guarantor, the applicable Successor Jurisdiction), or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or
after the Issue Date (or, in the case of Additional Amounts payable by a successor Person to the Issuer or the Guarantor, the date on which such successor Person became such pursuant to the applicable provisions of the Indenture) (a “Tax
Change”), the Issuer or the Guarantor or any such successor Person is, or would be, obligated to pay Additional Amounts upon the next payment of principal or interest in respect of such Debt Securities or the next payment under the relevant
Guarantee, as applicable, and (ii) such obligation cannot be avoided by the Issuer or the Guarantor or such successor Person, as applicable, taking reasonable measures available to it. 

(b) Prior to the giving of any notice of redemption of a Series of Debt Securities pursuant to of this paragraph 4, the Issuer or the
Guarantor or any such successor Person to the Issuer or the Guarantor, as applicable, shall deliver to the Trustee (i) a notice of such redemption election, (ii) an opinion of an Independent Legal Counsel or an opinion of an Independent
Tax Consultant to the effect that the Issuer or the Guarantor or any such successor Person is, or would become, obligated to pay such Additional Amounts as the result of a Tax Change and (iii) an Officers’ Certificate of the Issuer or the
Guarantor or such successor Person, stating that such amendment or change has occurred, describing the facts leading thereto and stating that such requirement cannot be avoided by the Issuer or the Guarantor or the relevant successor Person, as
applicable, taking reasonable measures available to it. 
 (c) Notice of redemption of a Series of Debt Securities as provided above shall
be given to the Holders not less than 10 nor more than 60 days prior to the date fixed for redemption. Notice having been given, the relevant Debt Securities shall become due and payable on the date fixed for redemption and will be paid at the
redemption price, together with accrued and unpaid interest, if any, to, but not including, the date fixed for redemption, at the place or places of payment and in the manner specified in the relevant Debt Securities. From and after the redemption
date, if moneys for the redemption of such Debt Securities shall have been made available as provided in the Indenture for redemption on the redemption date, such Debt Securities shall cease to bear interest, and the only right of the Holders of
such Debt Securities shall be to receive payment of the redemption price and accrued and unpaid interest, if any, to, but not including, the date fixed for redemption. All Debt Securities that are redeemed shall be cancelled. 

  
 C-5 

 5. Optional Redemption. The Issuer may, at any time upon giving not less than 10 nor
more than 60 days’ notice to Holders of a Series of Debt Securities, redeem such Series of Debt Securities, in whole or in part; provided that the principal amount of any Debt Security remaining Outstanding after redemption in part shall
be US$200,000 or an integral multiple of US$1,000 in excess thereof. The redemption price for any Debt Securities to be redeemed prior to the Applicable Par Call Date will be equal to the greater of (i) 100% of the aggregate principal amount of the
Debt Securities to be redeemed and (ii) the sum, as determined by the Independent Investment Banker based on the Reference Treasury Dealer Quotations, of the present values of the Remaining Scheduled Payments, discounted to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus [ ] basis points plus, in the case of each of clause (i) or (ii), accrued and unpaid interest thereon to,
but not including, the redemption date for such Debt Securities. On or after the Applicable Par Call Date, the redemption price will be equal to 100% of the aggregate principal amount of the relevant Series of Debt Securities to be redeemed, plus
accrued and unpaid interest thereon to, but not including, the redemption date for such Debt Securities. Neither the Trustee nor the Paying Agent shall be responsible for verifying or calculating the redemption price payable to Holders of a Debt
Security. If only some of the Debt Securities of any Series are to be redeemed, while such Debt Securities are in global form, the Debt Securities of such Series to be redeemed will be selected by the applicable clearing system and/or stock exchange
requirements, or while such Debt Securities are in certificated form, by the Trustee on a pro rata basis, by lot or by such method as the Trustee in its sole discretion deems fair and appropriate, unless otherwise required law. 

6. Open Market Purchases. The Issuer or the Guarantor or any of the Guarantor’s Subsidiaries may, in accordance with all
applicable laws and regulations, at any time purchase the Debt Securities in the open market or otherwise at any price, so long as such purchase does not otherwise violate the terms of the Indenture. The Debt Securities so purchased, while held by
or on behalf of the Issuer or the Guarantor or any of the Guarantor’s Subsidiaries, shall not be deemed to be Outstanding for the purposes of determining whether the Holders of the requisite principal amount of Outstanding Debt Securities of
such Series have given any request, demand, authorization, direction, notice, consent or waiver hereunder. 
 7. [Intentionally
omitted] 
 8. [Intentionally omitted] 

9. Events of Default. (a) For each Series of Debt Securities, each of the following is an Event of Default (an “Event of
Default”) for such Series of Debt Securities: 
  

	 	(i)	 failure to pay principal or premium in respect of any Debt Security of such Series by the due date for such
payment, but in the case of technical or administrative difficulties, only if the default continues for a period of two days; 

  

	 	(ii)	 failure to pay interest on any Debt Security of such Series within 30 days after the due date for such payment;

  

	 	(iii)	 the Issuer or the Guarantor defaults in the performance of or breaches its obligations under Section 5.1
of the Indenture; 

  

	 	(iv)	 the Issuer or the Guarantor defaults in the performance of or breaches any covenant or agreement in the
Indenture or under such Series of Debt Securities (other than a default specified in clause (i), (ii) or (iii) above) and such default or breach continues for a period of 90 consecutive days after written notice to the Issuer and the Guarantor,
as applicable, by the Trustee or the Holders of 25% or more in aggregate principal amount of such Series of Debt Securities then Outstanding; 

  
 C-6 

	 	(v)	 the entry by a court having jurisdiction in the premises of (a) a decree or order for relief in respect of
the Issuer or the Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency or other similar law or (b) a decree or order adjudging the Issuer or the Guarantor bankrupt or insolvent, or approving as final and
nonappealable a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Issuer or the Guarantor under any applicable bankruptcy, insolvency or other similar law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator, or other similar official of the Issuer or the Guarantor or of any substantial part of their respective property or ordering the winding up or liquidation of their respective affairs (or any similar
relief granted under any foreign laws), and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive calendar days; 

 

	 	(vi)	 the commencement by the Issuer or the Guarantor of a voluntary case or proceeding under any applicable state or
foreign bankruptcy, insolvency or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Issuer or the Guarantor in an
involuntary case or proceeding under any applicable bankruptcy, insolvency or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief with respect to the Issuer or the Guarantor under any applicable bankruptcy, insolvency or other similar law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Issuer or the Guarantor or of any substantial part of their respective property pursuant to any such law, or the making by the Issuer or the Guarantor of a
general assignment for the benefit of creditors in respect of any indebtedness as a result of an inability to pay such indebtedness as it becomes due, or the admission by the Issuer or the Guarantor in writing of its inability to pay its debts
generally as they become due, or the taking of corporate action by the Issuer or the Guarantor that resolves to commence any such action; and 

  

	 	(vii)	 the relevant Series of Debt Securities, the relevant Guarantee or the Indenture is or becomes or is claimed to
be unenforceable, invalid, ceases to be in full force and effect by the Issuer or the Guarantor, as applicable, or is deemed to contravene, breach or violate the laws of any relevant jurisdiction; 

provided, however, a default under subparagraph (a)(iv) above will not constitute an Event of Default until the Trustee or the Holders of 25% in
aggregate principal amount of the then Outstanding Debt Securities of the relevant Series notify the Issuer and the Guarantor of the default and the Issuer or the Guarantor, as applicable, does not cure such default within the time specified in
subparagraph (a)(iv) above after receipt of such notice. 
 (b) If an Event of Default (other than an Event of Default described in
subparagraphs (a)(v) and (vi) above) shall occur and be continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the relevant Series of Debt Securities then Outstanding by written notice to the Issuer and
the Guarantor (and to the Trustee if notice is given by the Holders) as provided in the Indenture may or the Trustee acting on the directions of the Holders of at least 25% in aggregate principal amount of the relevant Series of Debt Securities
(subject to receipt of indemnity and/or security satisfactory to the Trustee) shall then declare the unpaid principal amount of the Debt Securities of such Series and any accrued and unpaid interest thereon (and any Additional Amounts payable in
respect thereof) to be due and payable immediately upon receipt of such notice. 

  
 C-7 

 (c) If an Event of Default in subparagraphs (a)(v) or (vi) above shall occur, the
unpaid principal amount of all the Debt Securities of such Series then Outstanding and any accrued and unpaid interest thereon will automatically, and without any declaration or other action by the Trustee or any Holder of such Debt Securities,
become immediately due and payable. 
 (d) After a declaration of acceleration but before a judgment or decree for payment of the money due
has been obtained by the Trustee, the Holders of at least a Majority in aggregate principal amount of the affected Debt Securities then Outstanding may, subject to Section 15.2, waive all past Defaults and rescind and annul such acceleration if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all Events of Default in respect of such Series of Debt Securities, other than the
non-payment of principal, premium, if any, or interest on such Debt Securities that became due solely because of the acceleration of such Debt Securities, have been cured or waived. 

(e) Subject to Section 7.1 of the Indenture, in case an Event of Default of a Series of Debt Securities shall occur and be continuing,
the Trustee will be under no obligation to exercise any of the trusts or powers vested in it by the Indenture at the written request, order or direction of any of the Holders of such Debt Securities, unless such Holders shall have instructed in
writing and offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby. Subject to certain provisions, including those requiring security and/or
indemnification of the Trustee, the Holders of a Majority in aggregate principal amount of such Series of Debt Securities then Outstanding will have the right to direct in writing the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on the Trustee. 
 (f) Subject to Section 6.6 of the
Indenture, no Holder of any Debt Securities will have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, the Debt Securities or the Guarantee, or for the appointment of a receiver or a trustee, or for any
other remedy thereunder, unless: 
 (1) such Holder has previously given to the Trustee written notice of a continuing Event
of Default; 
 (2) the Holders of at least 25% in aggregate principal amount of such Series of Debt Securities then
Outstanding have made written request to the Trustee to institute such proceeding; 
 (3) such Holder or Holders have
instructed in writing and offered indemnity and/or security satisfactory to the Trustee against any loss, liability or expense; and 

(4) the Trustee has failed to institute such proceeding, and has not received from the Holders of a Majority in aggregate
principal amount of such Series of Securities then Outstanding a written direction inconsistent with such request, within 60 days after such notice, request and offer; 

provided, however, that these limitations do not apply to a suit instituted by a Holder of a Debt Security for the enforcement of the right to receive
payment of the principal of or interest on such Debt Security on or after the applicable due date specified in any such Debt Security. The Trustee shall not be required to expend its funds in following such direction if it does not reasonably
believe that reimbursement or indemnity and/or security is assured to it. 

  
 C-8 

 10. Replacement, Exchange and Transfer of Securities. (a) Subject to
Section 2.8 of the Indenture, in case any Debt Security shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Issuer will execute, and upon the request of the Issuer, the Trustee shall authenticate and deliver, a new
Debt Security bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Debt Security, or in lieu of and in substitution for the apparently destroyed, lost or stolen Debt Security. In every case,
the applicant for a substitute Debt Security shall furnish to the Issuer and to the Trustee such security and/or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Issuer or the Trustee
harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Debt Security and of the ownership thereof. Upon the issuance of any substitute Debt Security, the Holder of
such Debt Security, if so requested by the Issuer, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected with the preparation and issuance of the substitute Debt Security. 
 (b) Subject to Section 2.6 of the Indenture, and
subject to Paragraph 10(e) hereof, a Certificated Security or Securities may be changed for an equal aggregate principal amount of Certificated Securities in different authorized denominations, and a beneficial interest in the Global Security may be
exchanged for Certificated Securities in authorized denominations or for a beneficial interest in another Global Security by the Holder or Holders surrendering the Debt Security or Securities for exchange at the specified office of the Transfer
Agent or at the office of a Transfer Agent, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) through (i) of the
Indenture. 
 (c) Subject to Section 2.6 of the Indenture, a Certificated Security may be transferred in whole or in a smaller
authorized denomination by the Holder or Holders surrendering the Certificated Security for transfer at the office of the Transfer Agent accompanied by an executed instrument of transfer substantially as set forth in Exhibit G to the Indenture. 

(d) The costs and expenses of effecting any transfer, registration or exchange pursuant to this Paragraph 10 will be borne by the Issuer,
except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the
Holder. 
 (e) The Transfer Agent may decline to accept any request for an exchange or registration of transfer of any Debt Security during
the period of 15 days preceding the due date for any payment of principal of or interest on the Debt Securities. 
 11. Trustee. For
a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights. 

12. Paying Agents; Transfer Agents; Registrar. The Issuer has initially appointed the Paying Agent, Transfer Agent and Registrar listed
at the end of this Debt Security. The Issuer may at any time appoint additional or other Paying Agents, Transfer Agents and Registrars and terminate the appointment of those or any Paying Agent, Transfer Agent and Registrar, provided that
while the Debt Securities are Outstanding the Issuer will maintain (i) a Paying Agent, (ii) an office or agency where the Debt Securities may be presented for exchange, transfer and registration of transfer as provided in the Indenture and
(iii) a registrar. 

  
 C-9 

 For so long as this Series of Debt Securities are listed on the SGX-ST and the rules of the SGX-ST so require, the Issuer shall appoint and maintain a Paying Agent in Singapore, where this Series of Debt Securities may be presented or
surrendered for payment or redemption, in the event that a Global Security is exchanged for Certificated Securities. In addition, in the event that a Global Security is exchanged for Certificated Securities, an announcement of such exchange shall be
made by or on behalf of the Issuer through the SGX-ST and such announcement will include all material information with respect to the delivery of the Certificated Securities, including details of the Paying
Agent in Singapore. 
 13. Enforcement. Except as provided in Section 6.6 of the Indenture, no Holder of any Debt Securities
shall have any right by virtue of or by availing itself of any provision of the Indenture or the Debt Securities to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or the Debt Securities,
or for any other remedy hereunder or under the Securities, unless (a) such Holder previously shall have given to the Trustee written notice of Default and of the continuance thereof with respect to the Debt Securities, (b) the Holders of
not less than 25% in aggregate principal amount Outstanding of the Debt Securities shall have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the
Trustee such indemnity and/or security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity and/or
security shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.8 of the Indenture, it being understood and intended,
and being expressly covenanted by every Holder of Debt Securities with every other Holder of Debt Securities and the Trustee, that no one or more Holder shall have any right in any manner whatever by virtue or by availing itself of any provision of
the Indenture or of the Debt Securities to affect, disturb or prejudice the rights of any other Holder of Debt Securities or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the
Debt Securities, except in the manner herein provided and for the equal, ratable and common benefit of all Holders. The Trustee shall not be required to expend its funds in following such direction if it does not reasonably believe that
reimbursement or indemnity and/or security is assured to it. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

14. Notices. All notices or demands required or permitted by the terms of the Debt Securities or the Indenture to be given by the
Holders of the Debt Securities are required to be in writing and may be given or served by being sent by prepaid courier or first-class mail, if intended for the Issuer or the Guarantor, addressed to the Issuer or the Guarantor, as applicable, if
intended for the Trustee, at the Corporate Trust Office of the Trustee. 
 Any notices required to be given to the Holders of the Debt
Securities will be given to DTC, as the registered holder of the Global Securities. In the event that the Global Securities are exchanged for individual Debt Securities in certificated form, notices to Holders of the Debt Securities will be sent by
prepaid courier or first-class mail addressed to such Holder at such Holder’s last address as it appears in the Register. 
 15.
Further Issues of Securities. The Issuer may, from time to time, without the consent of the Holders of the Debt Securities, create and issue further securities having the same terms and conditions as this Series of Debt Securities in all
respects (or in all respects except for the Issue Date, the issue price, the first payment of interest on them and, to the extent necessary, certain temporary securities law transfer restrictions). Additional Securities issued in this manner will be
consolidated with the previously Outstanding Debt Securities of the relevant Series to constitute a single Series of Debt Securities. The Issuer may only issue any Additional Securities with the same CUSIP number as the Debt Securities issued
hereunder if such further issuance would be treated as part of the same “issue” as the Securities issued hereunder within the meaning of United States Treasury regulation section 1.1275-1(f) or 1.1275-2(k) or would otherwise be fungible with the relevant Series of Debt Securities issued hereunder for United States federal income tax purposes. 

  
 C-10 

 16. No Sinking Fund. These Debt Securities will not be subject to any sinking fund.

 17. Authentication. These Debt Securities shall not become valid or obligatory until the certificate of authentication hereon
shall have been duly signed by the Trustee or the Registrar. 
 18. Governing Law. (a) These Debt Securities will be governed by
and interpreted in accordance with the law of the State of New York. 
 (b) The Issuer has agreed that any action arising out of or based
upon the Securities may be instituted in any U.S. federal or New York State court located in the Borough of Manhattan, The City of New York, and has irrevocably submitted to the non-exclusive jurisdiction of
any such court in any such action. The Issuer has irrevocably appointed TSMC North America as its agent upon which process may be served in any such action. 

(c) To the extent that the Issuer has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or
proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer hereby
irrevocably waives and agrees not to plead or claim such immunity in respect of its Obligations under the Indenture or these Debt Securities. 

19. Currency Indemnity. To the fullest extent permitted by law, the obligations of the Issuer or the Guarantor to any Holder of Debt
Securities under this Indenture or the Debt Securities or the Guarantees, as the case may be, shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than U.S. dollars (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by such Holder or the Trustee, as the case may be, of any amount in the Judgment Currency, as, in accordance with normal banking procedures Agreement
Currency may be purchased with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the amount originally to be paid to such Holder or the Trustee, as the case may be, in the Agreement Currency, the Issuer and the
Guarantor agree, as a separate obligation and notwithstanding such judgment, to pay the difference and if the amount of the Agreement Currency so purchased exceeds the amount originally to be paid to such Holder, such Holder or the Trustee, as the
case may be, agrees to pay to or for the account of the Issuer or the Guarantor such excess, provided that such Holder shall not have any obligation to pay any such excess as long as a Default by the Issuer or the Guarantor in its obligations
under the Indenture or the relevant Series of Debt Securities or the related Guarantee has occurred and is continuing, in which case such excess may be applied by such Holder to such obligations. 

20. Headings. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or
define the provisions hereof. 
 21. Certain Definitions. 

“Applicable Par Call Date” means with respect to a Series of Debt Securities, the date specified in the Reverse of Debt
Securities (Terms and Conditions of the Debt Securities) for such Debt Securities. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the Remaining Term of the applicable Debt Securities to be redeemed pursuant to paragraph 5 that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Term of such Debt Securities. 

  
 C-11 

 “Comparable Treasury Price” means, with respect to any redemption date as
described under paragraph 5, (1) the arithmetic average of the applicable Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Issuer
obtains fewer than four applicable Reference Treasury Dealer Quotations, the arithmetic average of all applicable Reference Treasury Dealer Quotations for such redemption date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer from time to time to act
in such capacity. 
 “Issue Date” means [    ]. 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer in the United States of America. 

“Reference Treasury Dealer” means (1) Goldman Sachs International and its successors; provided, however, that if
Goldman Sachs International and its successors cease to be a Primary Treasury Dealer, the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealers selected by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any redemption date, the
arithmetic average, as determined by the Issuer, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference Treasury
Dealer as of 5:00 p.m., New York City time, on the third New York Business Day preceding such redemption date. 
 “Remaining
Scheduled Payments” means, with respect to any Debt Security to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such
redemption (assuming such Debt Security matured on the Applicable Par Call Date); provided, however, that, if such redemption date is not an Interest Payment Date with respect to such Debt Security, the amount of the next scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 
 “Remaining Term”
means, with respect to any Debt Security to be redeemed pursuant to paragraph 5, the period from the relevant redemption date to the Applicable Par Call Date. 

“Treasury Rate” means, with respect to any redemption date as described under paragraph 5, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third New York Business Day immediately preceding that redemption date) of the applicable Comparable Treasury Issue. In determining this rate, the Issuer will assume a price for the
applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption date. 

Paying Agent(s): [The Trustee] 
 Transfer Agent(s): [The
Trustee] 
 Registrars: [The Trustee] 

  
 C-12 

 EXHIBIT D 

FORM OF GUARANTEE 
 This GUARANTEE
is made as of [         ] by Taiwan Semiconductor Manufacturing Company Limited, as guarantor (the “Guarantor”) in respect of the Debt Securities (as hereinafter defined) of TSMC Arizona
Corporation (the “Issuer”). Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 

WHEREAS, the Issuer has proposed to issue [US$][             ]
[         ]% [Title of Securities] Due [             ] (each Debt Security of this Series a “Debt Security” and, collectively, the
“Debt Securities”) pursuant to an Indenture (the “Indenture”) dates as of [•], 2021, between the Issuer, the Guarantor and Citibank, N.A., as Trustee (the “Trustee”); 

WHEREAS, the Guarantor has agreed to issue this guarantee (the “Guarantee”) for the purpose of guaranteeing to the Holder of
the Securities upon which this Guarantee is endorsed (the “Holder”), upon the terms and conditions hereinafter set forth, the performance by the Issuer of its Obligations to make payments with respect to principal of, premium, if
any, interest and Additional Amounts, if any, on the Securities; 
 NOW, THEREFORE, for value received, the Guarantor hereby agrees as
follows: 
 The Guarantor hereby fully, unconditionally and irrevocably guarantees to the Holder of the Debt Securities upon which this
Guarantee is endorsed and to the Trustee and its successors and assigns, that: 
  

	(i)	 the principal of, and premium, if any, and interest on (including any Additional Amounts payable in respect
thereof), on the Debt Securities will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, acceleration, redemption or otherwise; 

 

	(ii)	 all other Obligations of the Issuer to the Holders and the Trustee under the Indenture or under the Debt
Securities for payment will be promptly paid in full and performed, all in accordance with the terms of the Indenture and under the Debt Securities; and 

  

	(iii)	 in case of any extension of time of payment or renewal of any Debt Securities or any of such other Obligations
for payment, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at Stated Maturity, by acceleration, redemption or otherwise.

 If the Issuer fails to pay a guaranteed amount when due, for whatever reason, the Guarantor shall be obligated to pay
such amount before failure to pay becomes an Event of Default, without the necessity of action by any Holder of a Debt Security or the Trustee. All payments made under this Guarantee shall be made in the currency of the guaranteed obligation. 

The Guarantor hereby agrees that its obligations to make payments hereunder shall be absolute and unconditional, irrespective of, and
unaffected by any invalidity, irregularity or unenforceability of any Debt Security or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, any action to
enforce the same, any increase, reduction or other change in, or discontinuance of, the terms of the Securities, any extensions of time or other indulgences granted to the Issuer or any other Persons, or any other circumstances which might otherwise
constitute a legal or equitable discharge or defence of the Guarantor (other than the defence of payment). 

  
 D-1 

 The Guarantor hereby waives the effects of all of the events described in
Section 11.1(d) of the Indenture and agrees that the occurrence of any one or more of the events shall not alter or impair the liability of the Guarantor hereunder, in each case, to the extent permitted by law. 

The Guarantor further agrees that its Guarantee herein will continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

The Guarantor agrees that it will not be entitled to any right of subrogation in respect of any Guaranteed Obligations until payment in full
in cash in U.S. dollars, U.S. Government Obligations, or a combination of cash in U.S. dollars and U.S. Government Obligations of all Obligations. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when
all of the Obligations shall not have been paid in full in cash in U.S. dollars, U.S. Government Obligations, or a combination of cash in U.S. dollars and U.S. Government Obligations, such amount shall be held by the Guarantor in trust for the
Trustee and the Holders, segregated from other funds of the Guarantor, and will, forthwith upon receipt by the Guarantor, be turned over to the Trustee in the exact form received by the Guarantor (duly endorsed by the Guarantor to the Trustee, if
required), to be applied against the Obligations. 
 The Guarantor hereby certifies and declares that all acts, conditions and things
required to be done and performed and to have happened prior to the creation and issuance of this Guarantee, and to constitute the same the valid and legally binding obligation of the Guarantor enforceable in accordance with its terms, have been
done and performed and have happened in due and strict compliance with the applicable laws of the State of New York. 
 The obligations of
the Guarantor to the Holders and to the Trustee pursuant to this Guarantee are expressly set forth in the Indenture. Reference is hereby made to the Indenture for the precise terms of the obligations of the Guarantor, which are incorporated herein
by reference. 
 This Guarantee shall not be valid or become obligatory for any purpose until the certificate of authentication on the Debt
Security to which this Guarantee is endorsed shall have been executed manually electronically or by facsimile by the Trustee. 
 This
Guarantee will be governed by and interpreted in accordance with the law of the State of New York. The Guarantor has agreed that any action arising out of or based upon the Debt Securities may be instituted in any U.S. federal or New York State
court located in the Borough of Manhattan, The City of New York, and has irrevocably submitted to the non-exclusive jurisdiction of any such court in any such action. The Guarantor has irrevocably appointed
TSMC North America as its agent upon which process may be served in any such action. To the extent that the Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of
any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Guarantor hereby irrevocably waives and agrees not
to plead or claim such immunity in respect of its obligations under the Indenture, the Debt Securities or the Guarantee. 
 [Signature
Page Follows] 

  
 D-2 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed as of
[     ]. 
  

			
	TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED, as Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

AUTHORIZATION 
 Reference is made
to the Indenture, dated as of [        ] (the “Indenture”) by and among TSMC Arizona Corporation (the “Issuer”), Taiwan Semiconductor Manufacturing Company Limited, as
guarantor (the “Guarantor”), and Citibank, N.A., as trustee (the “Trustee”). Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 

The undersigned, acting on behalf of the Issuer in the capacity specified below, hereby certifies that: 

(A) Pursuant to Section 2.1 of the Indenture, there is hereby established a Series of Debt Securities, the [Title of Securities] (the
“Debt Securities”), to be issued in the initial aggregate principal amount of [US$] [Other Currency]
                     and delivered under the Indenture. 

(B) In accordance with Section 2.1(c) of the Indenture, the Debt Securities shall have the following terms:
[                    ] 
 (C) The
Securities shall have the terms and be subject to the conditions set forth in the [supplemental indenture attached hereto as Annex A and] certificate[s] representing the Securities, [a] true, correct and complete specimen[s] of which [is] [are]
attached hereto as Annex [A][B]. 
 This Authorization shall be governed by, and construed in accordance with, the law of the State of New
York. 
 IN WITNESS WHEREOF, the Issuer has caused this Authorization to be duly executed. 

Dated:                 ,
20     
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 [Annex A    Supplemental Indenture] 

Annex B     Form of Debt Security 

  
 E-1 

 EXHIBIT F 

TSMC ARIZONA CORPORATION 
 FORM OF
INCUMBENCY CERTIFICATE 
 I, [Name], and I, [Name], an Authorized Officer for purposes of the Indenture (as defined below), each acting on
behalf of TSMC ARIZONA CORPORATION (the “Issuer”), hereby certify that: 
 (A) each person listed below (other than myself)
is (i) an Authorized Officer for purposes of the Indenture (the “Indenture”), dated as of October [●], 2021, by and among the Issuer, Taiwan Semiconductor Manufacturing Company Limited, as guarantor (the
“Guarantor”), and Citibank, N.A., as trustee (the “Trustee”), (ii) duly elected or appointed or authorized, qualified and acting as such officer or authorized person and (iii) in the case of [Name], the duly
authorized person who executed or will execute the Indenture and [     %] [Type of Securities] Due(the “Debt Securities”) by his or her manual, electronic or facsimile signature and was at the time of such
execution, duly elected or appointed or authorized, qualified and acting as such officer or authorized person; and 
 (B) each signature
appearing below is the person’s genuine signature. 

  
 F-1 

 Schedule I 
  

									
	 Name
	 	 	 	 Designation
	 	 	 	 Specimen signature

	  
	 		 	  
	 		 	  

	  
	 		 	  
	 		 	  

	  
	 		 	  
	 		 	  

 [Signature Page Follows] 

  
 F-2 

			
	IN WITNESS WHEREOF, I have hereunto signed my name.
		
	Date:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	IN WITNESS WHEREOF, I have hereunto signed my name.
		
	Date:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 F-3 

 EXHIBIT G 

FORM OF TRANSFER CERTIFICATE 
 FOR VALUE RECEIVED,
the undersigned hereby transfers to 
  

	
	 
	
	 

 (PRINT NAME AND ADDRESS OF TRANSFEREE) 

[US$] [Other Currency]    principal amount of this [Title of Debt Security], and all rights with respect thereto, and irrevocably
constitutes and appoints as attorney to transfer this Debt Security on the books kept for registration thereof, with full power of substitution. 
  

							
	 Dated
	 	  
	 		  	  

		 		 		  	 Certifying Signature :

	 Signed
	 	  
	 		  	

 Note: 
  

	(i)	 The signature on this transfer form must correspond to the name as it appears on the face of this Debt
Security. 

  

	(ii)	 A representative of the Holder should state the capacity in which he or she signs (e.g., executor).

  

	(iii)	 The signature of the person effecting the transfer shall conform to any list of duly authorized specimen
signatures supplied by the registered Holder or shall be certified by a recognized bank, notary public or in such other manner as the Trustee or a paying agent may require. 

 

	
	
	   

	 Signature Guarantee

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan
associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and
in the name of the registered holder. 

  
 G-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]