Document:

Exhibit

Exhibit 10.2 

	
	
	 

	 

	 

	AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 
(Ex-Im Subfacility)

	by and among

	DASAN ZHONE SOLUTIONS, INC.,

	and

	ZTI MERGER SUBSIDIARY III, INC.,

	as Borrowers,

	and

	PREMISYS COMMUNICATIONS, INC.,

	ZHONE TECHNOLOGIES INTERNATIONAL, INC.,

	PARADYNE NETWORKS, INC.,

	PARADYNE CORPORATION,

	and

	DASAN NETWORK SOLUTIONS, INC.

	as Guarantors,

	and

	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	as Lender

	Dated as of July 12, 2018

	 

	 

	 

TABLE OF CONTENTS

Page

	
						
	1
	 
	DEFINITIONS AND CONSTRUCTION
	1
	

	 
	 
	1.1
	Definitions, Code Terms, Accounting Terms and Construction
	1
	

	 
	 
	 
	 
	 

	2
	 
	LOANS AND TERMS OF PAYMENT
	1
	

	 
	 
	2.1
	Revolving Loan Advances
	1
	

	 
	 
	2.2
	[Intentionally Omitted]
	2
	

	 
	 
	2.3
	Borrowing Procedures
	2
	

	 
	 
	2.4
	Payments; Prepayments
	3
	

	 
	 
	2.5
	[Intentionally Omitted]
	6
	

	 
	 
	2.6
	Interest Rates: Rates, Payments, and Calculations
	6
	

	 
	 
	2.7
	Designated Account
	8
	

	 
	 
	2.8
	Maintenance of Loan Account; Statements of Obligations
	9
	

	 
	 
	2.9
	Maturity Termination Dates
	9
	

	 
	 
	2.10
	Effect of Maturity
	9
	

	 
	 
	2.11
	Termination or Reduction by Borrowers
	10
	

	 
	 
	2.12
	Fees
	10
	

	 
	 
	2.13
	Letters of Credit
	10
	

	 
	 
	2.14
	Illegality; Impracticability; Increased Costs
	14
	

	 
	 
	2.15
	Capital Requirements
	15
	

	 
	 
	2.16
	Extent of Each Borrower’s Liability, Contribution
	15
	

	 
	 
	2.17
	DASAN Zhone Solutions, Inc
	17
	

	 
	 
	 
	 
	 

	3
	 
	SECURITY INTEREST
	18
	

	 
	 
	3.1
	Grant of Security Interest
	18
	

	 
	 
	3.2
	Borrowers Remain Liable
	18
	

	 
	 
	3.3
	Assignment of Insurance
	18
	

	 
	 
	3.4
	Financing Statements
	19
	

	 
	 
	3.5
	Excluded Collateral
	19
	

	 
	 
	 
	 
	 

	4
	 
	CONDITIONS
	20
	

	 
	 
	4.1
	Conditions Precedent to the Initial Extension of Credit
	20
	

	 
	 
	4.2
	Conditions Precedent to all Extensions of Credit
	20
	

	 
	 
	4.3
	Conditions Subsequent
	20
	

	 
	 
	 
	 
	 

	5
	 
	REPRESENTATIONS AND WARRANTIES
	20
	

	 
	 
	 
	 
	 

	6
	 
	AFFIRMATIVE COVENANTS
	21
	

	 
	 
	6.1
	Financial Statements, Reports, Certificates
	21
	

	 
	 
	6.2
	Collateral Reporting
	21
	

	 
	 
	6.3
	Existence
	21
	

	 
	 
	6.4
	Maintenance of Properties
	21
	

	 
	 
	6.5
	Taxes
	22
	

	 
	 
	6.6
	Insurance
	22
	

	 
	 
	6.7
	Inspection
	23
	

	 
	 
	6.8
	Account Verification
	23
	

i

TABLE OF CONTENTS
(continued)  
Page

	
						
	 
	 
	6.9
	Compliance with Laws
	23
	

	 
	 
	6.10
	Environmental
	23
	

	 
	 
	6.11
	Disclosure Updates
	24
	

	 
	 
	6.12
	Collateral Covenants
	25
	

	 
	 
	6.13
	Material Contracts
	29
	

	 
	 
	6.14
	Location of Inventory and Equipment
	30
	

	 
	 
	6.15
	Formation of Subsidiaries
	30
	

	 
	 
	6.16
	Further Assurances
	31
	

	 
	 
	6.17
	OFAC; SANCTIONS; ANTI-CORRUPTION LAWS; ANTI-MONEY LAUNDERING LAWS
	32
	

	 
	 
	 
	 
	 

	7
	 
	NEGATIVE COVENANTS
	32
	

	 
	 
	7.1
	Indebtedness
	32
	

	 
	 
	7.2
	Liens
	32
	

	 
	 
	7.3
	Restrictions on Fundamental Changes
	32
	

	 
	 
	7.4
	Disposal of Assets
	33
	

	 
	 
	7.5
	Change Name
	33
	

	 
	 
	7.6
	Nature of Business
	33
	

	 
	 
	7.7
	Prepayments and Amendments
	33
	

	 
	 
	7.8
	Change of Control
	34
	

	 
	 
	7.9
	Restricted Junior Payments
	34
	

	 
	 
	7.10
	Accounting Methods
	34
	

	 
	 
	7.11
	Investments; Controlled Investments
	34
	

	 
	 
	7.12
	Transactions with Affiliates
	35
	

	 
	 
	7.13
	Use of Proceeds
	35
	

	 
	 
	7.14
	Limitation on Issuance of Stock
	36
	

	 
	 
	7.15
	Consignments
	36
	

	 
	 
	7.16
	Inventory and Equipment with Bailees
	36
	

	 
	 
	7.17
	Cash Balances
	36
	

	 
	 
	 
	 
	 

	8
	 
	FINANCIAL COVENANTS
	36
	

	 
	 
	 
	 
	 

	9
	 
	EVENTS OF DEFAULT
	37
	

	 
	 
	 
	 
	 

	10
	 
	RIGHTS AND REMEDIES
	40
	

	 
	 
	10.1
	Rights and Remedies
	40
	

	 
	 
	10.2
	Additional Rights and Remedies
	41
	

	 
	 
	10.3
	Lender Appointed Attorney in Fact
	42
	

	 
	 
	10.4
	Remedies Cumulative
	43
	

	 
	 
	10.5
	Crediting of Payments and Proceeds
	43
	

	 
	 
	10.6
	Marshaling
	44
	

	 
	 
	10.7
	License
	44
	

	 
	 
	10.8
	Disposition of Pledged Interests by Lender
	44
	

	 
	 
	10.9
	Voting and Other Rights in Respect of Pledged Interests
	45
	

	 
	 
	 
	 
	 

ii

TABLE OF CONTENTS
(continued)  
Page

	
						
	11
	 
	WAIVERS; INDEMNIFICATION
	45
	

	 
	 
	11.1
	Demand; Protest; etc
	45
	

	 
	 
	11.2
	The Lender’s Liability for Collateral
	45
	

	 
	 
	11.3
	Indemnification
	45
	

	 
	 
	 
	 
	 

	12
	 
	NOTICES
	46
	

	 
	 
	 
	 
	 

	13
	 
	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER
	47
	

	 
	 
	 
	 
	 

	14
	 
	ASSIGNMENTS; SUCCESSORS
	51
	

	 
	 
	 
	 
	 

	15
	 
	AMENDMENTS; WAIVERS
	51
	

	 
	 
	 
	 
	 

	16
	 
	TAXES
	51
	

	 
	 
	16.1
	No Setoff
	51
	

	 
	 
	16.2
	Taxes
	51
	

	 
	 
	 
	 
	 

	17
	 
	GENERAL PROVISIONS
	51
	

	 
	 
	17.1
	Effectiveness
	52
	

	 
	 
	17.2
	Section Headings
	52
	

	 
	 
	17.3
	Interpretation
	52
	

	 
	 
	17.4
	Severability of Provisions
	52
	

	 
	 
	17.5
	Debtor-Creditor Relationship
	52
	

	 
	 
	17.6
	Counterparts; Electronic Execution
	52
	

	 
	 
	17.7
	Revival and Reinstatement of Obligations
	52
	

	 
	 
	17.8
	Confidentiality
	53
	

	 
	 
	17.9
	Lender Expenses
	54
	

	 
	 
	17.10
	Setoff
	54
	

	 
	 
	17.11
	Survival
	54
	

	 
	 
	17.12
	Patriot Act
	54
	

	 
	 
	17.13
	Integration
	54
	

	 
	 
	17.14
	Bank Product Providers
	54
	

	 
	 
	17.15
	Incorporation of Borrower Agreement by Reference
	55
	

	 
	 
	17.16
	Amendment and Restatement
	55
	

	 
	 
	17.17
	DNS
	56
	

iii

TABLE OF CONTENTS
(continued)  
Page

	
				
	EXHIBITS AND SCHEDULES

	 
	 
	 

	Schedule 1.1
	Definitions
	 

	Schedule 2.12
	Fees
	 

	Schedule 5.26(a)
	Intellectual Property
	 

	Schedule 5.26(b)
	Real Property
	 

	Schedule 5.26(c)
	Pledged Interests
	 

	Schedule 6.1
	Financial Statement, Reports, Certificates
	 

	Schedule 6.2
	Collateral Reporting
	 

	Schedule 7.12(a)
	Transactions with Affiliates
	 

	 
	 
	 
	 

	Exhibit A
	Form of Compliance Certificate
	 

	Exhibit B
	Conditions Precedent
	 

	Exhibit C
	Conditions Subsequent
	 

	Exhibit D
	Representations and Warranties
	 

	Exhibit E
	Information Certificate
	 

	Exhibit F
	Pledged Interests Addendum
	 

	 
	 
	 
	 

	Schedule A-1
	Collection Account
	 

	Schedule A-2
	Authorized Person
	 

	Schedule D-1
	Designated Account
	 

	Schedule P-1
	Permitted Investments
	 

	Schedule P-2
	Permitted Liens
	 

	Schedule R-1
	Real Property Collateral
	 

	
			
	 
	iv
	 

AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 
(Ex-Im Subfacility)
THIS AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (Ex-Im Subfacility) (this “Agreement”), is entered into as of July 12, 2018 (“Restatement Effective Date”), by and among DASAN ZHONE SOLUTIONS, INC., a Delaware corporation (“DZS”), ZTI MERGER SUBSIDIARY III, INC., a Delaware corporation (“ZTI”; DZS and ZTI are sometimes referred to herein individually as a “Borrower” and collectively as the “Borrowers”), DASAN NETWORK SOLUTIONS, INC., a California corporation (“DNS”), PREMISYS COMMUNICATIONS, INC., a Delaware corporation (“Premisys”), ZHONE TECHNOLOGIES INTERNATIONAL, INC., a Delaware corporation, (“Zhone International”), PARADYNE NETWORKS, INC., a Delaware corporation (“Paradyne Networks”), PARADYNE CORPORATION, a Delaware corporation (“Paradyne Corporation”; DNS, Premisys, Zhone International, Paradyne Networks, and Paradyne Corporation are sometimes referred to herein individually as a “Guarantor” and collectively as the “Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”). Certain capitalized terms used in this Agreement are defined in Schedule 1.1 or elsewhere in this Agreement. The parties agree as follows:
RECITALS:
WHEREAS, Borrowers, Guarantors, and Lender are parties to that certain Credit Agreement (Ex-Im Subfacility), dated as of March 13, 2012 (as heretofore amended, the “Existing Credit Agreement”); and
WHEREAS, the parties hereto have agreed to amend and restate the Existing Credit Agreement on the terms and subject to conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree that, effective as of the Restatement Effective Date, the Existing Credit Agreement shall be, and hereby is, amended and restated in its entirety as follows:
1.DEFINITIONS AND CONSTRUCTION.
1.1    Definitions, Code Terms, Accounting Terms and Construction. Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1. Additionally, matters of (i) interpretation of terms defined in the Code, (ii) interpretation of accounting terms and (iii) construction are set forth in Schedule 1.1. 
2.    LOANS AND TERMS OF PAYMENT.
2.1    Revolving Loan Advances. 
(a)    Subject to the terms and conditions of this Agreement, and during the term of this Agreement, Lender agrees to make revolving loans (“Advances”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of:

 1

(i)    the Maximum Revolver Amount, less the Letter of Credit Usage at such time, and
(ii)    the Borrowing Base at such time, less the sum of (x) an amount equal to 25% of the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (y) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through an Advance at such time.
The Credit Facility provided for in this Agreement is subject to the limitations set forth in the Domestic Facility Agreement and is deemed to be a subfacility within the “Credit Facility” provided for in the Domestic Facility Agreement as set forth therein.
(b)    Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with interest accrued and unpaid thereon, shall be due and payable on the Termination Date. Lender has no obligation to make an Advance at any time following the occurrence of a Default or an Event of Default.
(c)    If at any time the Maximum Revolver Amount is less than the amount of the Borrowing Base, the amount of Advances available under Section 2.1(a) above shall be reduced by any Reserves established by Lender with respect to amounts that may be payable by any Borrower to third parties.
2.2    Facility Subject to Ex-Im Bank Rules.  The Loan Parties acknowledge that Lender is willing to make the Credit Facility available to Borrowers because the Ex-Im Bank is willing to guaranty payment of a significant portion of the Obligations pursuant to the Master Guarantee Agreement (as defined in the Borrower Agreement).  Accordingly, in the event of any inconsistency between this Agreement and the Master Guarantee Agreement or the Borrower Agreement, the provision that is the more stringent on the Loan Parties shall control with respect to Advances or Letters of Credit under this Agreement and procedures related thereto.  This Agreement is supplemental to the Borrower Agreement.
2.3    Borrowing Procedures. 
(a)    Procedure for Borrowing. Provided Lender has not separately agreed that Borrowers may use the Loan Management Service, each Borrowing shall be made by a written request by an Authorized Person delivered to Lender. Such written request must be received by Lender no later than 9:00 a.m. (Pacific time) on the Business Day that is the requested Funding Date (or, if a Fixed Rate Advance is requested, 3 Business Days prior to the Business Day of the requested Borrowing) specifying (i) the amount of such Borrowing, and (ii) the requested Funding Date, which shall be a Business Day. At Lender’s election, in lieu of delivering the above-described written request, any Authorized Person may give Lender telephonic notice of such request by the required time. Lender is authorized to make the Advances, and to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person;

2

(b)    Making of Loans. Promptly after receipt of a request for a Borrowing pursuant to Section 2.3(a), Lender shall make the proceeds thereof available to Borrowers on the applicable Funding Date by transferring immediately available funds equal to such amount to the Designated Account; provided, however, that, Lender shall not have the obligation to make any Advance if (1) one (1) or more of the applicable conditions precedent set forth in Section 4 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived by Lender, or (2) the requested Borrowing would exceed the Availability on such Funding Date.
(c)    Loan Management Service. If Lender has separately agreed that Borrowers may use the Loan Management Service, Borrowers shall not request and Lender shall no longer honor a request for an Advance made in accordance with Section 2.3(a) and all Advances will instead be initiated by Lender and credited to the Designated Account as Advances as of the end of each Business Day in an amount sufficient to maintain an agreed upon ledger balance in the Designated Account, subject only to Availability as provided in Section 2.1. If Lender terminates Borrowers’ access to the Loan Management Service, Borrowers may continue to request Advances as provided in Section 2.3(a), subject to the other terms and conditions of this Agreement. Lender shall have no obligation to make an Advance through the Loan Management Service after the occurrence of a Default or an Event of Default, or in an amount in excess of Availability, and may terminate the Loan Management Service at any time in its sole discretion.
(d)    Protective Advances. Lender may make an Advance for any reason at any time in its Permitted Discretion, without Borrowers’ compliance with any of the conditions of this Agreement, and (i) disburse the proceeds directly to third Persons in order to protect Lender’s interest in the Collateral or to perform any obligation of Borrowers under this Agreement or otherwise to enhance the likelihood of repayment of the Obligations, or (ii) apply the proceeds to outstanding Obligations then due and payable to Lender (such Advance, a “Protective Advance”).
2.4    Payments; Prepayments. 
(a)    Payments by Borrowers. Except as otherwise expressly provided herein, all payments by Borrowers shall be made as directed by Lender or as otherwise specified in the applicable Cash Management Documents.
(b)    Payments by Account Debtors. Borrowers shall instruct all Account Debtors to make payments either directly to the Lockbox for deposit by Lender directly to the Collection Account, or instruct them to deliver such payments to Lender by wire transfer, ACH, or other means as Lender may direct for deposit to the Lockbox or Collection Account or for direct application to reduce the outstanding Advances. If any Borrower receives a payment of the Proceeds of Collateral directly, such Borrower will promptly deposit the payment or Proceeds into Collection Account. Until so deposited, such Borrower will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property.
(c)    Crediting Payments. For purposes of calculating Availability and the accrual of interest on outstanding Obligations, unless otherwise provided in the applicable Cash Management Documents or as otherwise instructed by Borrower, each payment shall be applied to 

3

the Obligations on the first Business Day following the Business Day of deposit to the Collection Account or other receipt of funds by Lender provided such payment is received in accordance with Lender’s usual and customary practices. Any payment received by Lender that is not a transfer of immediately available funds shall be considered provisional until the item or items representing such payment have been finally paid under applicable law. Should any payment item not be honored when presented for payment, then Borrowers shall be deemed not to have made such payment, and that portion of Borrowers’ outstanding Obligations corresponding to the amount of such dishonored payment item shall be deemed to bear interest as if the dishonored payment item had never been received by Lender. Each reduction in outstanding Advances resulting from the application of such payment to the outstanding Advances shall be accompanied by an equal reduction in the amount of outstanding Accounts.
(d)    Application of Payments. Subject to Section 2.4(f), all Collections and all Proceeds of Collateral received by Lender, shall be applied, so long as no Event of Default has occurred and is continuing, to reduce the outstanding Obligations in such manner as Lender shall determine in its discretion. After payment in full in cash of all Obligations, any remaining balance shall be transferred to the Designated Account or otherwise to such other Person entitled thereto under applicable law.
(e)    [Intentionally Omitted].
(f)    Mandatory Prepayments.
(i)    Borrowing Base. If, at any time, the sum of the Revolver Usage exceeds the lesser (A) an amount equal to the sum of the Borrowing Base plus an amount equal to 75% of the aggregate undrawn amount of all outstanding Letters of Credit, or (B) an amount equal to the sum of the Maximum Revolver Amount, less Reserves (in accordance with Section 2.1(c)), at such time (such excess amount being referred to as the “Overadvance Amount”), then Borrowers shall promptly, but in any event, within 3 Business Days, prepay the Obligations in an aggregate amount equal to the Overadvance Amount.  If payment in full of the outstanding revolving loans is insufficient to eliminate the Overadvance Amount and Letter of Credit Usage continues to exceed an amount equal to the Borrowing Base plus an amount equal to 75% of the aggregate undrawn amount of all outstanding Letters of Credit at such time, Borrowers shall maintain Letter of Credit Collateralization equal to the sum of the outstanding Letter of Credit Usage minus an amount equal to 75% of the aggregate undrawn amount of all outstanding Letters of Credit.  Lender shall not be obligated to provide any Advances during any period that an Overadvance Amount is outstanding.
(ii)    Dispositions. Within 3 Business Days after the date of receipt by Borrowers or any other Loan Party or any of their Restricted Subsidiaries of the Net Cash Proceeds of any voluntary or involuntary sale or disposition by Borrowers or any other Loan Party or any of their Restricted Subsidiaries of assets (including casualty losses or condemnations but excluding sales or dispositions which qualify as Permitted Dispositions under clauses (a) or (b) of the definition of Permitted Dispositions), Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(vi) in an amount equal to 100% of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with such sales or dispositions; provided that, so long as (A) no Default or Event of 

4

Default shall have occurred and is continuing or would result therefrom, (B) Borrowers shall have given Lender prior written notice of Borrowers’ intention to apply such monies to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrowers or their Restricted Subsidiaries, (C) the monies are held in a Deposit Account in which Lender has a perfected first-priority security interest, and (D) Borrowers or their Restricted Subsidiaries, as applicable, complete such replacement, purchase, or construction within 180 after the initial receipt of such monies, then the Loan Party whose assets were the subject of such disposition shall have the option to apply such monies to the costs of replacement of the assets that are the subject of such sale or disposition unless and to the extent that such applicable period shall have expired without such replacement, purchase, or construction being made or completed, in which case, any amounts remaining in the cash collateral account shall be paid to Lender and applied in accordance with Section 2.4(f)(ii); provided, however, that Borrowers and their Restricted Subsidiaries shall not have the right to use such Net Cash Proceeds to make such replacements, purchases, or construction in excess of $100,000 in any given fiscal year. Nothing contained in this Section 2.4(f)(ii) shall permit any Borrower or any other Loan Party or any of their Restricted Subsidiaries to sell or otherwise dispose of any assets other than in accordance with Section 7.4. 
(iii)    Extraordinary Receipts. Within 3 Business Days after the date of receipt by any Borrower or any of its Restricted Subsidiaries of any Extraordinary Receipts, such Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(vi) in an amount equal to 100% of such Extraordinary Receipts, net of any reasonable expenses incurred in collecting such Extraordinary Receipts.
(iv)    Indebtedness. Within 3 Business Days after the date of incurrence by any Borrower or any of its Restricted Subsidiaries of any Indebtedness (other than Permitted Indebtedness), such Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(vi) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such incurrence. The provisions of this Section 2.4(f)(iv) shall not be deemed to be implied consent to any such incurrence otherwise prohibited by the terms and conditions of this Agreement.
(v)    Application of Mandatory Payments. Each prepayment pursuant to Section 2.4(f)(i)-(iv) above shall, (A) so long as no Event of Default shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Advances until paid in full, and second, to cash collateralize the Letters of Credit in an amount equal to 105% of the then outstanding Letter of Credit Usage, and (B) if an Event of Default shall have occurred and be continuing, be applied in the manner set forth in Section 10.5. 
(vi)    Application of Payments to Floating Rate Advances and Fixed Rate Advances. All payments shall be applied first to any unpaid Floating Rate Advances, and once paid, to outstanding Fixed Rate Advances. If more than one Fixed Rate Advance is outstanding, any payments applied to Fixed Rate Advances shall be applied to such Fixed Rate Advances in the order and in the amounts as Lender may deem appropriate, unless Administrative Borrower specifies at the time of payment how such payments are to be applied.

5

2.5    [Intentionally Omitted].
2.6    Interest Rates: Rates, Payments, and Calculations. 
(a)    Interest Rates. Except as provided in Section 2.6(c), the principal amount of all Obligations (except for undrawn Letters of Credit and Bank Products) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to the Interest Rate plus the Interest Rate Margin.
(b)    Fixed Rate Advances.
(i)    Fixed Rates for Fixed Rate Interest Periods; Quotation of Rates. Lender will quote Administrative Borrower a fixed interest rate based on the Daily Three Month LIBOR rate plus the Interest Rate Margin (a “Fixed Rate”) for a three (3) month term (each a “Fixed Rate Interest Period”, as more fully defined in Schedule 1.1), which Fixed Rate Interest Period will commence on the Business Day on which the request was made, provided that the request is received by Lender no later than 9:00 a.m. Pacific Time three Business Days prior to the Business Day that the Advance is to be funded as a Fixed Rate Advance or continued as or converted into a Fixed Rate Advance. If the Administrative Borrower does not promptly accept the quoted Fixed Rate, then the quote shall expire and any subsequent request for a quote shall be subject to redetermination by Lender.
(ii)    Procedure for Requesting and Renewing Fixed Rate Advances. Subject to all of the other terms and conditions of this Agreement, Administrative Borrower may request a Fixed Rate Advance, or convert a Floating Rate Advance to a Fixed Rate Advance, or renew an existing Fixed Rate Advance, provided that Lender receives the request no later than 9:00 a.m. Pacific Time three Business Days prior to the first day of the new Fixed Rate Interest Period. Each request shall specify the principal amount to be advanced at the Fixed Rate, or to be converted from the Floating Rate, or to be renewed, and shall be confirmed in writing an Authenticated Record if requested by Lender. Each Fixed Rate Advance shall be in multiples of $1,000,000 and in the minimum amount of at least $1,000,000. No more than four (4) separate Fixed Rate Advances may be outstanding at any time. No Fixed Rate Advances may be made through the Loan Management Service.
(iii)    Expiration of Fixed Rate Advances. Unless a Fixed Rate Advance is renewed, paid, or prepaid on or before the expiration of the related Fixed Rate Interest Period, each Fixed Rate Advance shall automatically be converted to a Floating Rate Advance upon the expiration of the Fixed Rate Interest Period. An expiring Fixed Rate Advance may not be renewed for a new Fixed Rate Interest Period if a Default or Event of Default is then existing.
(iv)    Taxes and Regulatory Costs. Borrowers shall pay Lender with respect to any Fixed Rate Advance, all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority that are related to Daily Three Month LIBOR, and (ii) future, supplemental, emergency or other changes in the LIBOR Reserve Percentage applicable to Lender, the assessment rates imposed by the Federal Deposit Insurance Corporation, or similar costs imposed by any domestic 

6

or foreign governmental authority or resulting from compliance by Lender with any request or directive (whether or not having the force of law) from any central bank or other governmental authority that are related to Daily Three Month LIBOR but not otherwise included in the calculation of Daily Three Month LIBOR. In determining which of these amounts are attributable to an existing Fixed Rate Advance that is based on Daily Three Month LIBOR, any reasonable allocation made by Lender among its operations shall be deemed conclusive and binding.
(v)    Fixed Rate Advance Breakage Fees. Borrowers may prepay any Fixed Rate Advance at any time in any amount, whether voluntarily or by acceleration; provided, however, that if the Fixed Rate Advance is prepaid, Borrowers shall pay Lender upon demand a Fixed Rate Advance breakage fee equal to the sum of the discounted monthly differences for each month from the month of prepayment through the month in which the Fixed Rate Interest Period matures, calculated as follows for each such month:
(i)    Determine the amount of interest that would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained outstanding until the last day of the applicable Fixed Rate Interest Period.
(ii)    Subtract from the amount determined in (i) above the amount of interest that would have accrued for the same month on the amount of principal prepaid for the remaining term of the Fixed Rate Interest Period at a rate equal to Daily Three Month LIBOR in effect on the date of prepayment for new loans extended at a Fixed Rate.
(iii)    If the result obtained in (ii) for any month is greater than zero, discount that difference by the Daily Three Month LIBOR used in (ii) above.
Borrowers acknowledges that prepayment of any Fixed Rate Advance may result in Lender incurring additional costs, expenses or liabilities, and that it is difficult to ascertain the full extent of such costs, expenses or liabilities. Borrowers agree to pay the above-described Fixed Rate Advance breakage fee and agree that this amount represents a reasonable estimate of the Fixed Rate Advance breakage costs, expenses and/or liabilities of Lender.
(c)    Default Rate. Upon the occurrence and during the continuation of an Event of Default and at any time following the Termination Date,
(i)    The principal amount of all Obligations (except for undrawn Letters of Credit and Bank Products) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to two (2) percentage points above the per annum rate otherwise applicable thereunder, and
(ii)    the Letter of Credit fee provided for in Section 2.12 shall be increased by two (2) percentage points above the per annum rate otherwise applicable hereunder, except with respect to Letters of Credit for which Lender has received Letter of Credit Collateralization (but only so long as no Event of Default has occurred and is continuing).

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(d)    Payment. Except to the extent provided to the contrary in Section 2.12, all interest, all Letter of Credit fees, all other fees payable hereunder or under any of the other Loan Documents, all costs and expenses payable hereunder or under any of the other Loan Documents, and all Lender Expenses shall be due and payable, in arrears, on the first day of each month; provided that interest accruing on any Fixed Rate Advance shall be due and payable monthly on the last day of each month, and on the last day of the Fixed Rate Interest Period applicable thereto. Each Borrower hereby authorizes Lender, from time to time without prior notice to Borrowers, to charge all interest, Letter of Credit fees, and all other fees payable hereunder or under any of the other Loan Documents (in each case, as and when due and payable), all costs and expenses payable hereunder or under any of the other Loan Documents (in each case, as and when accrued or incurred), all Lender Expenses (as and when accrued or incurred), and all fees and costs provided for in Section 2.12 (as and when accrued or incurred), and all other payment obligations as and when due and payable under any Loan Document or any Bank Product Agreement (including any amounts due and payable to any Bank Product Provider in respect of Bank Products) to the Loan Account, which amounts shall thereupon constitute Advances hereunder and, shall accrue interest at the rate then applicable to Advances. Any interest, fees, costs, expenses, Lender Expenses, or other amounts payable hereunder or under any other Loan Document or under any Bank Product Agreement that are charged to the Loan Account shall thereafter constitute Advances hereunder and shall accrue interest at the rate then applicable to Advances.
(e)    Computation. All interest and fees chargeable under the Loan Documents shall be computed on the basis of a 360 day year, in each case, for the actual number of days elapsed in the period during which the interest or fees accrue. In the event the Interest Rate is changed from time to time hereafter, the rates of interest hereunder based upon the Interest Rate automatically and immediately shall be increased or decreased by an amount equal to such change in the Interest Rate.
(f)    Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and Lender, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, as of the date of this Agreement, Borrowers are and shall be liable only for the payment of such maximum amount as is allowed by law, and payment received from Borrowers in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.
2.7    Designated Account. Borrowers agree to establish and maintain one or more Designated Accounts, each in the name of a single Borrower, for the purpose of receiving the proceeds of the Advances requested by Borrowers and made by Lender hereunder. Unless otherwise agreed by Lender and Borrowers, any Advance requested by Borrowers and made by Lender hereunder shall be made to the applicable Designated Account.

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2.8    Maintenance of Loan Account; Statements of Obligations. Lender shall maintain an account on its books in the name of Borrowers (the “Loan Account”) in which will be recorded all Advances made by Lender to Borrowers or for Borrowers’ account, the Letters of Credit issued or arranged by Lender for Borrowers’ account, and all other payment Obligations hereunder or under the other Loan Documents, including accrued interest, fees and expenses, and Lender Expenses. In accordance with Section 2.4 and Section 2.5, the Loan Account will be credited with all payments received by Lender from Borrowers or for Borrowers’ account. All monthly statements delivered by Lender to the Borrowers regarding the Loan Account, including with respect to principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Expenses owing, shall be subject to subsequent adjustment by Lender but shall, absent manifest error, be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and Lender unless, within 30 days after receipt thereof by Borrowers, Borrowers shall deliver to Lender written objection thereto describing the error or errors contained in any such statements.
2.9    Maturity Termination Dates. Lender’s obligations under this Agreement shall continue in full force and effect for a term ending on the earliest of (i) July 12, 2021 (the “Maturity Date”), (ii) the date Borrowers terminate the Revolving Credit Facility, (iii) the date the Revolving Credit Facility terminates pursuant to Section 10.2 following an Event of Default, or (iv) the date the Domestic Facility Agreement is terminated (the earliest of these dates, the “Termination Date”).  The foregoing notwithstanding, Lender shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.  Each Borrower jointly and severally promises to pay the Obligations (including principal, interest, fees, costs, and expenses, including Lender Expenses) in full on the Termination Date (other than the Hedge Obligations, which shall be paid in accordance with the applicable Hedge Agreement).
2.10    Effect of Maturity. On the Termination Date, all obligations of Lender to provide additional credit hereunder shall automatically be terminated and all of the Obligations (other than Hedge Obligations which shall be terminated in accordance with the applicable Hedge Agreement) shall immediately become due and payable without notice or demand and Borrowers shall immediately repay all of the Obligations in full. No termination of the obligations of Lender (other than cash payment in full of the Obligations and termination of the obligations of Lender to provide additional credit hereunder) shall relieve or discharge any Loan Party of its duties, obligations, or covenants hereunder or under any other Loan Document and Lender’s Liens in the Collateral shall continue to secure the Obligations and shall remain in effect until all Obligations have been paid in full in cash and Lender’s obligations to provide additional credit hereunder shall have been terminated. Provided that there are no suits, actions, proceedings or claims pending or threatened against any Indemnified Person under this Agreement with respect to any Indemnified Liabilities, Lender shall, at Borrowers’ expense, release or terminate any filings or other agreements that perfect the Security Interest, upon Lender’s receipt of each of the following, in form and content satisfactory to Lender: (i) cash payment in full of all Obligations and completed performance by Borrowers with respect to their other obligations under this Agreement (including Letter of Credit Collateralization with respect to all outstanding Letter of Credit Usage), (ii) evidence that any obligation of Lender to make Advances to any Borrower or provide any further credit to any 

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Borrower has been terminated, (iii) a general release of all claims against Lender and its Affiliates by each Borrower and each Loan Party relating to Lender’s performance and obligations under the Loan Documents, and (iv) an agreement by each Borrower, each Guarantor, and any new lender to Borrowers to indemnify Lender and its Affiliates for any payments received by Lender or its Affiliates that are applied to the Obligations as a final payoff that may subsequently be returned or otherwise not paid for any reason. With respect to any outstanding Hedge Obligations which are not so paid in full, the Bank Product Provider may require Borrowers to cash collateralize the then existing Hedge Obligations in an amount acceptable to Lender prior to releasing or terminating any filings or other agreements that perfect the Security Interest.
2.11    Termination or Reduction by Borrowers. 
(a)    Borrowers may terminate the Credit Facility or reduce the Maximum Revolver Amount at any time prior to the Maturity Date, if they (i) deliver a notice to Lender of their intentions at least 30 days prior to the proposed action, (ii) pay to Lender the applicable termination fee, reduction fee or prepayment fee set forth in Schedule 2.12, and (iii) pay the Obligations (other than the outstanding Hedge Obligations, which shall be paid in accordance with the applicable Hedge Agreement) in full or down to the reduced Maximum Revolver Amount, as applicable. Any reduction in the Maximum Revolver Amount shall be in multiples of $1,000,000, with a minimum reduction of at least $1,000,000. Each such termination, reduction or prepayment shall be irrevocable. Once reduced, the Maximum Revolver Amount may not be increased.
(b)    The applicable termination fee, reduction fee and prepayment fee set forth in Schedule 2.12 shall be presumed to be the amount of damages sustained by Lender as a result of an early termination, reduction or prepayment, as applicable and each Borrower agrees that it is reasonable under the circumstances currently existing (including, but not limited to, the borrowings that are reasonably expected by Borrowers hereunder and the interest, fees and other charges that are reasonably expected to be received by Lender hereunder). In addition, Lender shall be entitled to such early termination fee upon the occurrence of any Event of Default described in Sections 9.4 and 9.5 hereof, even if Lender does not exercise its right to terminate this Agreement, but elects, at its option, to provide financing to Borrowers or permit the use of cash collateral during an Insolvency Proceeding. The early termination fee, reduction fee and prepayment fee, as applicable, provided for in Schedule 2.12 shall be deemed included in the Obligations.
2.12    Fees. Borrowers shall pay to Lender the fees set forth on Schedule 2.12 attached hereto.
2.13    Letters of Credit. 
(a)    Subject to the terms and conditions of this Agreement, upon the request of a Borrower made in accordance herewith, Lender agrees to issue a requested Letter of Credit for the account of such Borrower. By submitting a request to Lender for the issuance of a Letter of Credit, such Borrower shall be deemed to have requested that Lender issue the requested Letter of Credit. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be made in writing by an Authorized Person and delivered to Lender via hand delivery, telefacsimile, or other electronic method of transmission reasonably 

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in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to Lender, and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such Letter of Credit Agreements as Lender may request or require.
(b)    Lender shall have no obligation to issue, amend, renew or extend a Letter of Credit if, after giving effect to the requested issuance, amendment, renewal, or extension, the Letter of Credit Usage would exceed the lesser of:
(i)    the lesser of (x) an amount equal to the Borrowing Base at such time, less the outstanding amount of Advances at such time, less an amount equal to 75% of the outstanding Letters of Credit, and (y) the Maximum Revolver Amount less the outstanding amount of Advances, less Reserves (in accordance with Section 2.1(c) at such time, or
(ii)    $10,000,000.
(c)    Lender shall have no obligation to issue a Letter of Credit if (i) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Lender from issuing such Letter of Credit or any law applicable to Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over Lender shall prohibit or request that Lender refrain from the issuance of letters of credit generally or such Letter of Credit in particular, or (ii) the issuance of such Letter of Credit would violate one or more policies of Lender applicable to letters of credit generally.
(d)    Each Letter of Credit shall be in form and substance reasonably acceptable to Lender, including the requirement that the amounts payable thereunder must be payable in Dollars, and shall expire on a date no more than 12 months after the date of issuance or last renewal of such Letter of Credit, which date shall be no later than the Maturity Date; provided that the expiry date of a Letter of Credit may extend beyond the Maturity Date, subject to the following additional terms and conditions: (i) the expiry date shall not be later than one (1) year beyond the Maturity Date; and (ii) no later than the Termination Date, Borrowers shall provide Lender with Letter of Credit Collateralization for outstanding Letters of Credit that exist as of the Termination Date. If Lender makes a payment under a Letter of Credit, Borrowers shall pay the Lender an amount equal to the applicable Letter of Credit Disbursement on the date such Letter of Credit Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be an Advance hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 4 or this Section 2.13) and, initially, shall bear interest at the rate then applicable to Advances. If a Letter of Credit Disbursement is deemed to be an Advance hereunder, Borrowers’ obligation to pay the amount of such Letter of Credit Disbursement to Lender shall be automatically converted into an obligation to pay Lender such resulting Advance.

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(e)    Each of the Borrowers hereby agrees to indemnify, save, defend, and hold Lender harmless from any damage, loss, cost, expense, or liability, and reasonable attorneys fees and expenses incurred by Lender arising out of or in connection with any Letter of Credit; provided, that Borrowers shall not be obligated hereunder to indemnify Lender for any damage, loss, cost, expense, or liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of Lender.
(f)    Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, Lender shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Neither Lender nor any correspondent, participant or assignee of Lender shall be liable to any Loan Party for (i) any action taken or omitted in the absence of gross negligence or willful misconduct; (ii) any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit or any error in interpretation of technical terms; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Agreement. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, that this assumption is not intended to, and shall not, preclude Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. Neither Lender nor any correspondent, participant or assignee of Lender shall be liable or responsible for any of the matters described in clauses (i) through (vi) of Section 2.13(g) or for any action, neglect or omission under or in connection with any Letter of Credit or Letter of Credit Agreement, including in connection with the issuance or any amendment of any Letter of Credit, the failure to issue or amend any Letter of Credit, the honoring or dishonoring of any demand under any Letter of Credit, or the following of any Borrower’s instructions or those contained in the Letter of Credit or any modifications, amendments, or supplements thereto, and such action or neglect or omission will bind Borrowers. In furtherance and not in limitation of the foregoing, Lender may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary (or Lender may refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit and may disregard any requirement in a Letter of Credit that notice of dishonor be given in a particular manner and any requirement that presentation be made at a particular place or by a particular time of day), and Lender shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. Lender shall not be responsible for the wording of any Letter of Credit (including any drawing conditions or any terms or conditions that are ineffective, ambiguous, inconsistent, unduly complicated or reasonably impossible to satisfy), notwithstanding any assistance Lender may provide to Borrowers with drafting or recommending text for any letter of credit application or with the structuring of any transaction related to any Letter of Credit, and each Borrower hereby acknowledges and agrees that any such assistance will not constitute legal or other advice by Lender or any representation or warranty by Lender that any such wording or such Letter of Credit will be effective. Without limiting the foregoing, Lender may, as it deems appropriate, use in any Letter of 

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Credit any portion of the language prepared by any Borrower and contained in the Letter of Credit Agreements relative to drawings under such Letter of Credit. Each Borrower hereby acknowledges and agrees that Lender shall not be responsible for delays, errors, or omissions resulting from the malfunction of equipment in connection with any Letter of Credit.
(g)    The obligation of each Borrower to reimburse Lender for each drawing under each Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:
(i)    any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document,
(ii)    the existence of any claim, counterclaim, setoff, defense or other right that any Borrower, any Subsidiary of a Borrower or any other Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), Lender or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction,
(iii)    any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit,
(iv)    any payment by Lender under such Letter of Credit against presentation of a draft or certificate that does not substantially or strictly comply with the terms of such Letter of Credit (including, without limitation, any requirement that presentation be made at a particular place or by a particular time of day), or any payment made by Lender under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit,
(v)    any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or discharge of, any Borrower, any Subsidiary of a Borrower or any other Loan Party, or
(vi)    the fact that any Default or Event of Default shall have occurred and be continuing.
(h)    Each Borrower acknowledges and agrees that any and all fees, charges, costs, or commissions in effect from time to time of Lender relating to Letters of Credit, upon the payment or negotiation of any drawing under any Letter of Credit, or upon the occurrence of any other activity with respect to any Letter of Credit (including the transfer, amendment, or cancellation of any Letter of Credit), shall be Lender Expenses for purposes of this Agreement and shall be reimbursable 

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promptly, but in any event, within 1 Business Day after the date on which such fees, charges, costs, or commissions are first incurred or accrued by Borrowers to Lender.
(i)    If by reason of (i) any change after the Restatement Effective Date in any applicable law, treaty, rule, or regulation or any change in the interpretation or application thereof by any Governmental Authority, or (ii) compliance by Lender with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect (and any successor thereto):
(i)    any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued or caused to be issued hereunder or hereby, or
(ii)    there shall be imposed on Lender any other condition regarding any Letter of Credit, and the result of the foregoing is to increase, directly or indirectly, the cost to Lender of making, participating in, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Lender may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrowers, and Borrowers shall pay within 30 days after demand therefor, such amounts as Lender may specify to be necessary to compensate Lender for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Advances hereunder; provided that (A) Borrowers shall not be required to provide any compensation pursuant to this Section 2.13(i) for any such amounts incurred more than 180 days prior to the date on which the demand for payment of such amounts is first made to Borrowers, and (B) if an event or circumstance giving rise to such amounts is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. The determination by Lender of any amount due pursuant to this Section 2.13(i), as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto.
(j)    Unless otherwise expressly agreed by Lender and Borrowers, when a Letter of Credit is issued, (i) the rules of ISP98 and Uniform Customs shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs shall apply to each commercial Letter of Credit.
(k)    In the event of a direct conflict between the provisions of this Section 2.13 and any provision contained in any Letter of Credit Agreement, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.13 shall control and govern.
2.14    Illegality; Impracticability; Increased Costs. In the event that (i) any change in market conditions or any law, regulation, treaty, or directive, or any change therein or in the interpretation or application thereof make it unlawful or impractical for Lender to fund or maintain extensions of credit with interest based upon Daily Three Month LIBOR or to continue such funding or maintaining, or to determine or charge interest rates based upon Daily Three Month LIBOR, (ii) Lender determines that by reasons affecting the London interbank Eurodollar market, adequate and 

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reasonable means do not exist for ascertaining Daily Three Month LIBOR, or (iii) Lender determines that the interest rate based on the Daily Three Month LIBOR will not adequately and fairly reflect the cost to Lender of maintaining or funding Advances at the interest rate based upon Daily Three Month LIBOR, Lender shall give notice of such changed circumstances to Borrowers and (i) interest on the principal amount of such extensions of credit thereafter shall accrue interest at a rate equal to the Prime Rate plus the Interest Rate Margin, and (ii) Borrowers shall not be entitled to elect Daily Three Month LIBOR until Lender determines that it would no longer be unlawful or impractical to do so or that such increased costs would no longer be applicable.
2.15    Capital Requirements. If, after the date hereof, Lender determines that (i) the adoption of or change in any law, rule, regulation or guideline regarding capital or reserve requirements for banks or bank holding companies, or any change in the interpretation, implementation, or application thereof by any Governmental Authority charged with the administration thereof, including those changes resulting from the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III, regardless of the date enacted, adopted or issued, or (ii) compliance by Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect of reducing the return on Lender’s or such holding company’s capital as a consequence of Lender’s loan commitments hereunder to a level below that which such Lender or such holding company could have achieved but for such adoption, change, or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by Lender to be material, then Lender may notify Borrowers thereof. Following receipt of such notice, Borrowers agree to pay Lender on demand the amount of such reduction of return of capital as and when such reduction is determined, payable within 30 days after presentation by Lender of a statement in the amount and setting forth in reasonable detail Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error). In determining such amount, Lender may use any reasonable averaging and attribution methods. Failure or delay on the part of Lender to demand compensation pursuant to this Section shall not constitute a waiver of Lender’s right to demand such compensation; provided that Borrowers shall not be required to compensate Lender pursuant to this Section for any reductions in return incurred more than 180 days prior to the date that Lender notifies Borrowers of such law, rule, regulation or guideline giving rise to such reductions and of Lender’s intention to claim compensation therefor; provided further that if such claim arises by reason of the adoption of or change in any law, rule, regulation or guideline that is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
2.16    Extent of Each Borrower’s Liability, Contribution. 
(a)    Joint and Several Liability. Each Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Lender the prompt payment and performance of, all Obligations under this Agreement and all agreements under the Loan Documents. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until cash payment in full of the Obligations, and that such obligations are absolute and unconditional, 

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irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Borrower is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect any of Lender’s Liens or to preserve rights against, any security or guaranty for the Obligations or any action, or the absence of any action, by Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Borrower; (e) any election by Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Lender against any Borrower for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except cash payment in full of all Obligations.
(b)    Notwithstanding anything herein to the contrary, each Borrower’s liability under this Section 2.16 shall be limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, and (ii) such Borrower’s Allocable Amount.
(c)    If any Borrower makes a payment under this Section 2.16 of any Obligations (other than amounts for which such Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The “Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 2.16 without rendering such payment voidable under Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. Notwithstanding the foregoing, no such Guarantor Payment shall be made to the extent the guaranty contemplated by this Agreement hereunder as to any Guarantor would be held or determined to be void, invalid or unenforceable on account of the amount of its aggregate liability under this Guaranty, in which case, notwithstanding any other provision of this guaranty to the contrary, the aggregate amount of such liability of such Borrower shall, without any further action by the affected Borrower, the Lender, or any other person, be automatically limited and reduced to the highest amount which is valid and enforceable.
(d)    Each Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation against any other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Lender with respect to any of the Obligations or any collateral security therefor until such time as all of the Obligations have been paid in full in cash. Any claim which any Borrower may have against any 

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other Borrower with respect to any payments to Lender hereunder or under any of the Bank Product Agreements are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor.
(e)    Nothing contained in this Section 2.16 shall limit the liability of any Borrower to pay extensions of credit made directly or indirectly to that Borrower (including revolving loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), Obligations relating to Letters of Credit issued to support such Borrower’s business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. Lender shall have the right, at any time in its discretion, to condition an extension of credit hereunder upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of such extensions of credit to such Borrower.
2.17    DASAN Zhone Solutions, Inc. as Agent for Borrowers. Each Borrower hereby irrevocably appoints DASAN Zhone Solutions, Inc. as the borrowing agent and attorney-in-fact for all Borrowers (the “Administrative Borrower”) which appointment shall remain in full force and effect unless and until Lender shall have received prior written notice signed by each Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (a) to provide Lender with all notices with respect to Advances, Letters of Credit and other extensions of credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement, and (b) to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Advances, Letters of Credit and other extensions of credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the Loan Account and Collateral in a combined fashion, as more fully set forth herein, is done solely as an accommodation to Borrowers in order to utilize the collective borrowing powers of Borrowers in the most efficient and economical manner and at their request, and that Lender shall not incur liability to any Borrower as a result hereof. Each Borrower expects to derive benefit, directly or indirectly, from the handling of the Loan Account and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued successful performance of the integrated group. To induce Lender to do so, and in consideration thereof, each Borrower hereby jointly and severally agrees to indemnify Lender and hold Lender harmless against any and all liability, expense, loss or claim of damage or injury, made against Lender by any Borrower or by any third party whosoever, arising from or incurred by reason of (a) the handling of the Loan Account and Collateral of Borrowers as herein provided, or (b) Lender’s relying on any instructions of the Administrative Borrower, except that Borrowers will have no liability to Lender under this Section 2.17 with respect to any liability that has been finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of Lender.

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3.    SECURITY INTEREST.
3.1    Grant of Security Interest. Each Borrower and each Guarantor hereby unconditionally grants, assigns, and pledges to Lender for the benefit of Lender and each Bank Product Provider, to secure payment and performance of the Obligations, a continuing security interest (hereinafter referred to as the “Security Interest”) in all of such Borrower’s and such Guarantor’s right, title, and interest in and to the Collateral, as security for the payment and performance of all Obligations. Following request by Lender, each Borrower and each Guarantor shall grant Lender a Lien and security interest in all Commercial Tort Claims that it may have against any Person. The Security Interest created hereby secures the payment and performance of the Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Obligations and would be owed by any Borrower and/or any Guarantor to Lender or any other Bank Product Provider, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving any Borrower or Guarantor due to the existence of such Insolvency Proceeding.
3.2    Loan Parties Remain Liable. Anything herein to the contrary notwithstanding, (a) each Loan Party shall remain liable under the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Lender of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) Lender shall not have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall Lender be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur, except as otherwise provided in this Agreement or any other Loan Document, the Loan Parties shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, dividend, and distribution rights, shall remain in the Loan Parties until (i) the occurrence and continuance of an Event of Default and (ii) Lender has notified Loan Parties of Lender’s election to exercise such rights with respect to the Pledged Interests pursuant to Section 10. 
3.3    Assignment of Insurance. As additional security for the Obligations, each Borrower and each Guarantor hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Borrower and such Guarantor under every policy of insurance covering the Collateral and all other assets and property of each Borrower and each Guarantor (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Borrower and each Guarantor hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, whether or not a Default or Event of Default shall have occurred, Lender may (but need not), in Lender’s or any Borrower’s 

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or any Guarantor’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Lender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Lender and, as determined by Lender in its Permitted Discretion, either be applied to prepayment of the Obligations or disbursed to Borrowers under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.
3.4    Financing Statements. Each Borrower and each Guarantor authorizes Lender to file financing statements describing Collateral to perfect Lender’s and each Bank Product Provider’s Security Interest in the Collateral, and Lender may describe the Collateral as “all personal property” or “all assets” or describe specific items of Collateral including without limitation any Commercial Tort Claims to the extent permitted by applicable law. All financing statements filed before the date of this Agreement to perfect the Security Interest were authorized by such Borrower and each Guarantor and are hereby ratified.
3.5    Excluded Collateral. Notwithstanding anything contained in this Agreement to the contrary, the term “Collateral” shall not include: (i) voting Stock of any CFC, solely to the extent that (y) such Stock represents more than 65% of the outstanding voting Stock of such CFC, and (z) pledging or hypothecating more than 65% of the total outstanding voting Stock of such CFC would result in material adverse tax consequences; or (ii) any rights or interest in any contract, lease, permit, license, or license agreement covering real or personal property of any Loan Party if under the terms of such contract, lease, permit, license, or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, lease, permit, license, or license agreement has not been obtained (provided, that, (A) the foregoing exclusions of this clause (ii) shall in no way be construed (1) to apply to the extent that any described prohibition or restriction is unenforceable under Section 9-406, 9-407, 9-408, or 9-409 of the Code or other applicable law, or (2) to apply to the extent that any consent or waiver has been obtained that would permit Lender’s security interest or lien notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, or license agreement and (B) the foregoing exclusions of clauses (i) and (ii) shall in no way be construed to limit, impair, or otherwise affect any of Lender’s continuing security interests in and liens upon any rights or interests of any Loan Party in or to (1) monies due or to become due under or in connection with any described contract, lease, permit, license, license agreement, or Stock (including any Accounts or Stock), or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, license agreement, or Stock); (iii) any United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law, provided that upon submission and acceptance by the PTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered 

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Collateral; or (iv) any Stock owned by DNS in each of Dasan India Private Limited, Dasan Network Solutions Japan, Inc., Dasan Vietnam Co., Ltd., and D-Mobile Limited.
4.    CONDITIONS.
4.1    Conditions Precedent to the Initial Extension of Credit. The obligation of Lender to make the initial extension of credit provided for hereunder is subject to the fulfillment, to the satisfaction of Lender, of each of the conditions precedent set forth on Exhibit B. 
4.2    Conditions Precedent to all Extensions of Credit. The obligation of Lender to make any Advances hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent:
(a)    the representations and warranties of each Borrower and each other Loan Party contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall continue to be true and correct as of such earlier date); and
(b)    no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from the making thereof.
Any request for an extension of credit shall be deemed to be a representation by each Borrower and each other Loan Party that the statements set forth in this Section 4.2 are correct as of the time of such request and (ii) if such extension of credit is a request for an Advance or a Letter of Credit, sufficient Availability exists for such Advance or Letter of Credit pursuant to Section 2.1(a) and Section 2.13. 
4.3    Conditions Subsequent. The obligation of Lender to continue to make Advances (or otherwise extend credit hereunder) is subject to the fulfillment, on or before the date applicable thereto, of the conditions subsequent set forth on Exhibit C (the failure by any Borrower or any other Loan Party to so perform or cause to be performed such conditions subsequent as and when required by the terms thereof, shall constitute an Event of Default).
5.    REPRESENTATIONS AND WARRANTIES.
In order to induce Lender to enter into this Agreement, each Borrower and each Guarantor makes the representations and warranties to Lender set forth on Exhibit D. Each of such representations and warranties shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the Restatement Effective Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of the making of each Advance or other 

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extension of credit made thereafter, as though made on and as of the date of such Advance or other extension of credit (except to the extent that such representations and warranties relate solely to an earlier date in which case such representations and warranties shall continue to be true and correct as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement.
6.    AFFIRMATIVE COVENANTS.
Each Borrower and each Guarantor covenants and agrees that, until termination of this Agreement and payment in full of the Obligations, each Borrower and each Guarantor shall, and shall cause its respective Restricted Subsidiaries (or each Subsidiary in the case of Section 6.17) to, comply with each of the following:
6.1    Financial Statements, Reports, Certificates. Deliver to Lender copies of each of the financial statements, reports, and other items set forth on Schedule 6.1 no later than the times specified therein. In addition, DASAN Zhone Solutions, Inc. agrees that no Restricted Subsidiary of DASAN Zhone Solutions, Inc. will have a fiscal year different from that of its own.  Each Borrower agrees to maintain a system of accounting that enables such Borrower to produce financial statements in accordance with GAAP. Each Loan Party shall also (a) keep a reporting system that shows all additions, sales, claims, returns, and allowances with respect to its and its Restricted Subsidiaries’ sales, and (b) maintain its billing systems/practices substantially as in effect as of the Restatement Effective Date and shall only make material modifications following prior notice to Lender.
6.2    Collateral Reporting. Provide Lender with each of the reports set forth on Schedule 6.2 at the times specified therein. In addition, each Borrower agrees to use commercially reasonable efforts in cooperation with Lender to facilitate and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule (including, if requested by Lender, the use of Lender’s Commercial Electronic Office (CEO© portal)).
6.3    Existence. Except as otherwise permitted under Section 7.3 or Section 7.4, at all times maintain and preserve in full force and effect (a) its existence (including being in good standing in its jurisdiction of organization) and (b) all rights and franchises, licenses and permits material to its business; provided, however, that no Loan Party or any of its Restricted Subsidiaries shall be required to preserve any such right or franchise, licenses or permits if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not material disadvantageous to such Person or to the Lender.
6.4    Maintenance of Properties. Maintain and preserve all of its assets that are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear, tear and casualty excepted and Permitted Dispositions excepted (and except where the failure to so maintain and preserve such assets could not reasonably be expected to result in a Material Adverse Change), and comply with the material provisions of all material leases to which it is a party as 

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lessee, so as to prevent the loss or forfeiture thereof, unless such provisions are the subject of a Permitted Protest.
6.5    Taxes.
(a)    Cause all assessments and taxes imposed, levied, or assessed against any Loan Party or its Restricted Subsidiaries, or any of their respective assets or in respect of any of its income, businesses, or franchises to be paid in full, before delinquency or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the subject of a Permitted Protest and so long as, in the case of an assessment or tax that has or may become a Lien against any of the Collateral, (i) such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such assessment or tax, and (ii) any such other Lien is at all times subordinate to Lender’s Liens.
(b)    Each Loan Party will and will cause each of its Restricted Subsidiaries to make timely payment or deposit of all tax payments and withholding taxes required of it and them by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Lender with proof reasonably satisfactory to Lender indicating that such Loan Party and its Restricted Subsidiaries have made such payments or deposits.
6.6    Insurance.  At Borrowers’ expense, maintain insurance respecting each of the Loan Parties’ and their Restricted Subsidiaries’ assets wherever located, covering loss or damage by fire, theft, explosion, and all other hazards and risks as ordinarily are insured against by other Persons engaged in the same or similar businesses. Borrowers also shall maintain (with respect to each of the Loan Parties and their Restricted Subsidiaries) business interruption, general liability, flood insurance, for Collateral located in a flood plain, product liability insurance, director’s and officer’s liability insurance, fiduciary liability insurance, and employment practices liability insurance, as well as insurance against larceny, embezzlement, and criminal misappropriation. All such policies of insurance shall be with responsible and reputable insurance companies acceptable to Lender and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Lender; provided that in any event the amount of business interruption insurance shall not be less than $46,000,000 at any time. All property insurance policies covering the Collateral are to be made payable to Lender for the benefit of Lender, as its interests may appear, in case of loss, pursuant to a lender loss payable endorsement acceptable to Lender and are to contain such other provisions as Lender may reasonably require to fully protect the Lender’s interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Lender, with the lender loss payable (but only in respect of Collateral) and additional insured endorsements (with respect to general liability coverage) in favor of Lender and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Lender of the exercise of any right of cancellation. If Borrowers fail to maintain such insurance, Lender may arrange for such insurance, but at Borrowers’ expense and without any responsibility on Lender’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Borrowers shall 

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give Lender prompt notice of any loss exceeding $50,000 covered by their casualty or business interruption insurance. Upon the occurrence of an Event of Default, Lender shall have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.
6.7    Inspection.  Permit Lender and each of Lender’s duly authorized representatives to visit any of its properties and inspect any of its assets or books and records, to conduct appraisals and valuations, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers and employees at such reasonable times and intervals as Lender may designate and, so long as no Default or Event of Default exists, with reasonable prior notice to Borrowers.  So long as no Event of Default has occurred and is continuing, Borrower shall only be responsible for reimbursing Lender for Lender’s costs and expenses incurred for up to three (3) such inspections plus one (1) appraisal of Borrowers’ inventory during any calendar year (in each case in addition to any inspections or appraisals conducted prior to the Restatement Effective Date).
6.8    Account Verification.  Permit Lender, in Lender’s name or in the name of a nominee of Lender, to verify the validity, amount or any other matter relating to any Account, by mail, telephone, facsimile transmission or otherwise. Further, at the request of Lender, Borrowers shall send requests for verification of Accounts or send notices of assignment of Accounts to Account Debtors and other obligors.
6.9    Compliance with Laws.  Comply with the requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules, regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.
6.10    Environmental.
(a)    Keep any property either owned or operated by any Borrower or any other Loan Party or its Restricted Subsidiaries free of any Environmental Liens or post bonds or other financial assurances satisfactory to Lender and in an amount sufficient to satisfy the obligations or liability evidenced by such Environmental Liens;
(b)    Comply, in all material respects, with Environmental Laws and provide to Lender documentation of such compliance which Lender reasonably requests;
(c)    Promptly notify Lender of any release of which any Borrower or any other Loan Party has knowledge of a Hazardous Material in any reportable quantity from or onto property owned or operated by any Loan Party or its Restricted Subsidiaries and take any Remedial Actions required to abate said release or otherwise to come into compliance, in all material respects, with applicable Environmental Law; and

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(d)    Promptly, but in any event within 5 Business Days of its receipt thereof, provide Lender with written notice of any of the following: (i) notice that an Environmental Lien has been filed against any of the real or personal property of any Loan Party or its Restricted Subsidiaries, (ii) commencement of any Environmental Action or written notice that an Environmental Action will be filed against any Loan Party or its Restricted Subsidiaries, and (iii) written notice of a violation, citation, or other administrative order from a Governmental Authority.
6.11    Disclosure Updates. 
(a)    Promptly and in no event later than 5 Business Days after obtaining knowledge thereof or after the occurrence thereof, whichever is earlier, notify Lender:
(i)    if any written information, exhibit, or report furnished to Lender contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the statements contained therein not misleading in light of the circumstances in which made. Any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto;
(ii)    of all actions, suits, or proceedings brought by or against any Loan Party or any of its Restricted Subsidiaries before any court or Governmental Authority which reasonably could be expected to result in a Material Adverse Change, provided that, in any event, such notification shall not be later than 5 days after service of process with respect thereto on any Loan Party;
(iii)    of (x) any disputes or claims by any Borrower’s customers exceeding $100,000 individually or $300,000 in the aggregate during any fiscal year; or (y) Goods returned to or recovered by any Borrower outside of the ordinary course of business with a fair market value exceeding, individually or in the aggregate, $50,000;
(iv)    of any material loss or damage to any Collateral or any substantial adverse change in the
Collateral;
(v)    of a violation of any law, rule or regulation, the non-compliance with which reasonably could be expected to result in a Material Adverse Change;
(vi)    of the occurrence of an ERISA Event; or
(vii)    of the occurrence of any Change of Control.
(b)    Immediately upon obtaining knowledge thereof or after the occurrence thereof, notify Lender of any event or condition which constitutes a Default or an Event of Default and provide a statement of the action that such Borrower proposes to take with respect to such Default or Event of Default.

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Upon request of Lender, each Loan Party shall deliver to Lender any other materials, reports, records or information reasonably requested relating to the operations, business affairs, financial condition of any Loan Party or its Restricted Subsidiaries or the Collateral.
6.12    Collateral Covenants. 
(a)    Possession of Collateral. In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Related Property, or Chattel Paper, in each case, having an aggregate value or face amount of $100,000 or more for all such Negotiable Collateral, Investment Related Property, or Chattel Paper, the Loan Parties shall promptly (and in any event within 5 Business Days after receipt thereof), notify Lender thereof, and if and to the extent that perfection or priority of Lender’s Security Interest is dependent on or enhanced by possession, the applicable Loan Party, promptly (and in any event within 5 Business Days) after request by Lender, shall execute such other documents and instruments as shall be requested by Lender or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Related Property, or Chattel Paper to Lender, together with such undated powers (or other relevant document of assignment or transfer acceptable to Lender) endorsed in blank as shall be requested by Lender, and shall do such other acts or things deemed necessary or desirable by Lender to enhance, perfect and protect Lender’s Security Interest therein;
(b)    Chattel Paper.
(i)    Promptly (and in any event within 2 Business Days) after request by Lender, each Loan Party shall take all steps reasonably necessary to grant Lender control of all electronic Chattel Paper of any Loan Party in accordance with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that the individual or aggregate value or face amount of such electronic Chattel Paper equals or exceeds $50,000; and
(ii)    If any Loan Party retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby), promptly upon the request of Lender, such Chattel Paper and instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the Security Interest of Wells Fargo Bank, National Association, as Lender”;
(c)    Control Agreements.
(i)    Except to the extent otherwise provided by Section 7.11, each Loan Party shall obtain a Control Agreement, from each bank (other than Lender) maintaining a Deposit Account for such Loan Party;
(ii)    Except to the extent otherwise provided by Section 7.11, each Loan Party shall obtain a Control Agreement, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or for any Loan Party; and

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(iii)    Except to the extent otherwise provided by Section 7.11, each Loan Party shall cause Lender to obtain “control”, as such term is defined in the Code, with respect to all of such Loan Party’s investment property;
(d)    Letter-of-Credit Rights. If the Loan Parties (or any of them) are or become the beneficiary of letters of credit having a face amount or value of $50,000 or more in the aggregate, then the applicable Loan Party or Loan Parties shall promptly (and in any event within 2 Business Days after becoming a beneficiary), notify Lender thereof and, promptly (and in any event within 2 Business Days) after request by Lender, enter into a tri-party agreement with Lender and the issuer or confirming bank with respect to letter-of-credit rights assigning such letter-of-credit rights to Lender and directing all payments thereunder to the Collection Account unless otherwise directed by Lender, all in form and substance satisfactory to Lender;
(e)    Commercial Tort Claims. If the Loan Parties (or any of them) obtain Commercial Tort Claims having a value, or involving an asserted claim, in the amount of $50,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Loan Party or Loan Parties shall promptly (and in any event within 2 Business Days of obtaining such Commercial Tort Claim), notify Lender upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and in any event within 2 Business Days) after request by Lender, amend Schedule 5.6(d) to the Information Certificate to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to Lender, and hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary or desirable by Lender to give Lender a first priority, perfected security interest in any such Commercial Tort Claim, which Commercial Tort Claim shall not be subject to any other Liens;
(f)    Government Contracts. Other than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed $100,000, if any Account or Chattel Paper of any Loan Party arises out of a contract or contracts with the United States of America or any State or any department, agency, or instrumentality thereof, Loan Parties shall promptly (and in any event within 2 Business Days of the creation thereof) notify Lender thereof and, promptly (and in any event within 2 Business Days) after request by Lender, execute any instruments or take any steps reasonably required by Lender in order that all moneys due or to become due under such contract or contracts shall be assigned to Lender, for the benefit of Lender, and shall provide written notice thereof under the Assignment of Claims Act or other applicable law;
(g)    Intellectual Property.
(i)    Upon the request of Lender, in order to facilitate filings with the PTO and the United States Copyright Office, each Loan Party shall execute and deliver to Lender one or more Copyright Security Agreements or Patent and Trademark Security Agreements to further evidence Lender’s Lien on such Loan Party’s Patents, Trademarks, Copyrights, or Intellectual Property Licenses, and the General Intangibles of such Loan Party relating thereto or represented thereby;

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(ii)    Each Loan Party shall have the duty, with respect to Intellectual Property and Intellectual Property Licenses that are necessary in the conduct of such Loan Party’s business, to use commercially reasonable efforts to protect and diligently enforce and defend at such Loan Party’s expense its Intellectual Property and Intellectual Property Licenses, including (A) to diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights or rights in Intellectual Property of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and maintain all of such Loan Party’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of each Loan Party who were involved in the creation or development of such Intellectual Property to sign agreements containing assignment to such Loan Party of Intellectual Property rights created or developed and obligations of confidentiality. No Loan Party shall abandon any Intellectual Property or Intellectual Property License that is necessary in the conduct of such Loan Party’s business. Each Loan Party shall take the steps described in this Section 6.12(g)(ii) with respect to all new or acquired Intellectual Property to which it or any other Loan Party is now or later becomes entitled that is necessary in the conduct of such Loan Party’s business;
(iii)    Each Loan Party acknowledges and agrees that Lender shall have no duties with respect to any Intellectual Property or Intellectual Property Licenses of any Loan Party. Without limiting the generality of this Section 6.12(g)(iii), each Loan Party acknowledges and agrees that Lender shall not be under any obligation to take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but Lender may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of the Loan Parties and shall be chargeable to the Loan Account; and
(iv)    No Loan Party shall enter into any Intellectual Property License to receive any license or rights in any Intellectual Property of any other Person unless such Loan Party has used commercially reasonable efforts to permit the assignment of or grant of a security interest in such Intellectual Property License (and all rights of such Loan Party thereunder) to Lender (and any transferees of Lender);
(h)    Investment Related Property.
(i)    Upon the occurrence and during the continuance of an Event of Default, following the request of Lender, all sums of money and property paid or distributed in respect of the Investment Related Property that are received by any Loan Party shall be held by the 

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Loan Parties in trust for the benefit of Lender segregated from such Loan Party’s other property, and such Loan Party shall deliver it promptly to Lender in the exact form received; and
(ii)    Each Loan Party shall cooperate with Lender in obtaining all necessary approvals and making all necessary filings under federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Related Property or to effect any sale or transfer thereof;
(i)    Real Property; Fixtures. Upon the acquisition by any Loan Party of any fee interest in Real Property with a fair market value in excess of $100,000, such Loan Party will promptly (and in any event within 2 Business Days of acquisition) notify Lender of the acquisition of such Real Property and will grant to Lender a first priority Mortgage on each fee interest in Real Property now or hereafter owned by such Loan Party, which Real Property shall not be subject to any other Liens except Permitted Liens, and shall deliver such other documentation and opinions, in form and substance satisfactory to Lender, in connection with the grant of such Mortgage as Lender shall request in its Permitted Discretion, including appraisals, title insurance policies and endorsements, surveys, financing statements, fixture filings, flood insurance, flood insurance certifications and environmental audits and such Loan Party shall pay all recording costs, intangible taxes and other fees and costs (including reasonable attorneys fees and expenses) incurred in connection therewith. All such appraisals, title insurance policies and endorsements, environmental audits and surveys shall be prepared or issued by parties reasonably acceptable to Lender. To the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its attachment or affixation to real property;
(j)    Controlled Accounts.
(i)    At all times, each Loan Party shall (A) establish and maintain at Lender all Cash Management Services, including all deposit accounts and lockbox services. Such Cash Management Services maintained by each Loan Party shall be of a type and on terms reasonably satisfactory to Lender;
(ii)    Until such time as the Loan Parties have established all of their Cash Management Services with Lender, each Loan Party shall maintain Cash Management Services of a type and on terms reasonably satisfactory to Lender at one or more of the banks set forth on Schedule 6.12(j) to the Information Certificate (each a “Controlled Account Bank”), and shall take reasonable steps to ensure that all of its and its Restricted Subsidiaries’ Account Debtors forward payment of the amounts owed by them directly to such Controlled Account Bank, and (B) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all of their Collections (including those sent directly by their Account Debtors to a Loan Party) into a bank account of such Loan Party (each, a “Controlled Account”) at one of the Controlled Account Banks; and
(iii)    If requested by Lender, each Loan Party shall maintain Control Agreements with the applicable Controlled Account Bank, in form and substance reasonably acceptable to Lender. Each such Control Agreement shall provide, among other things, that (A) the Controlled Account Bank will comply with any instructions originated by Lender directing the 

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disposition of the collected funds in such Controlled Account without further consent by the applicable Loan Party, (B) the Controlled Account Bank waives, subordinates, or agrees not to exercise any rights of setoff or recoupment or any other claim against the applicable Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of payment, and (C) the Controlled Account Bank will forward, by daily standing wire transfer, all amounts in the applicable Controlled Account to the Collection Account;
(k)    Pledged Interests.
(i)    If any Loan Party shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the Restatement Effective Date, it shall promptly (and in any event within 2 Business Days after acquiring or obtaining such Collateral) deliver to Lender a duly executed Pledged Interests Addendum identifying such Pledged Interests;
(ii)    Each Loan Party shall promptly deliver to Lender a copy of each material notice or other material communication received by it in respect of any Pledged Interests;
(iii)    No Loan Party shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests, Pledged Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if the same is prohibited pursuant to the Loan Documents;
(iv)    As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Loan Party hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment company securities, and (C) are not and will not be held by such Loan Party in a securities account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide or shall provide that such Pledged Interests are securities governed by Section 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction; and
(l)    Motor Vehicles. Promptly, upon the request of Lender (which request may be made at any time), each Loan Party shall deliver to Lender, an original certificate of title for each such motor vehicle together with a signed motor vehicle title application (or similar document) naming Lender as first lien holder with respect to such motor vehicle and will cause such title certificates to be filed (with the Lender’s Lien noted thereon) in the appropriate state motor vehicle filing office.
6.13    Material Contracts. Contemporaneously with the delivery of each Compliance Certificate pursuant to Section 6.1, upon the request of Lender, provide Lender with copies of (a) each Material Contract of any Loan Party or any of its Restricted Subsidiaries entered into since the delivery of the previous Compliance Certificate, and (b) each material amendment or modification of any Material Contract of any Loan Party or any of its Restricted Subsidiaries entered 

29

into since the delivery of the previous Compliance Certificate. Borrower shall maintain all Material Contracts of any Loan Party or any of its Restricted Subsidiaries in full force and effect and shall not default in the payment or performance of its obligations thereunder, except in respect of a bona fide dispute as to such contract.
6.14    Location of Inventory and Equipment.  Keep each Loan Party’s Inventory and Equipment (other than vehicles and Equipment out for repair) only at the locations identified on Schedule 5.29 to the Information Certificate and keep their chief executive offices only at the locations identified on Schedule 5.6(b) to the Information Certificate; provided, however, that Borrowers may amend Schedule 5.29 to the Information Certificate so long as such amendment occurs by written notice to Lender not less than 10 days prior to the date on which such Inventory or Equipment is moved to such new location, and so long as, at the time of such written notification, the applicable Loan Party provides Lender a Collateral Access Agreement with respect thereto if such location is not owned by such Loan Party.
6.15    Formation of Subsidiaries.  At the time that any Loan Party forms any direct or indirect Restricted Subsidiary or acquires any direct or indirect Restricted Subsidiary after the Restatement Effective Date, such Loan Party shall (a) within 10 days of such formation or acquisition (or such later date as permitted by Lender in its Permitted Discretion) cause any such new Restricted Subsidiary to provide to Lender a joinder to this Agreement and a Guaranty, together with such other security documents (including mortgages with respect to any Real Property owned in fee of such new Restricted Subsidiary with a fair market value of at least $250,000), as well as appropriate financing statements (and with respect to all property subject to a mortgage, fixture filings), all in form and substance reasonably satisfactory to Lender (including being sufficient to grant Lender a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Restricted Subsidiary), (b) within 10 days of such formation or acquisition (or such later date as permitted by Lender in its Permitted Discretion) provide to Lender a pledge agreement and appropriate certificates and powers or financing statements, pledging all of the direct or beneficial ownership interest in such new Restricted Subsidiary reasonably satisfactory to Lender, and (c) within 10 days of such formation or acquisition (or such later date as permitted by Lender in its Permitted Discretion) provide to Lender all other documentation, including one or more opinions of counsel reasonably satisfactory to Lender, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance or other documentation with respect to all Real Property owned in fee and subject to a mortgage).  In addition to the foregoing, if any Loan Party (including any Restricted Subsidiary that becomes a Loan Party) owns any first tier Subsidiary (other than a DNS Subsidiary) that is not a Restricted Subsidiary, such Loan Party shall arrange for the Stock of such first tier Subsidiary to be pledged to Lender pursuant to a pledge agreement and appropriate certificates and powers or financing statements reasonably satisfactory to Lender; provided that only 65% of the total outstanding voting Stock of any first tier Subsidiary of a Loan Party that is a CFC (and none of the Stock of any Subsidiary of such CFC) shall be required to be pledged if pledging a greater amount would result in adverse tax consequences or the costs to the Loan Parties of providing such pledge or perfecting the security interests created thereby are unreasonably excessive (as determined by Lender in consultation with Borrowers) in relation to the benefits of Lender of the security or guarantee afforded thereby (which pledge, if reasonably requested by Lender, shall be governed by 

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the laws of the jurisdiction of such Subsidiary).  Any document, agreement, or instrument executed or issued pursuant to this Section 6.15 shall be a Loan Document.
6.16    Further Assurances. 
(a)    At any time upon the reasonable request of Lender, execute or deliver to Lender any and all financing statements, fixture filings, security agreements, pledges, assignments, endorsements of certificates of title, mortgages, deeds of trust, opinions of counsel, and all other documents (the “Additional Documents”) that Lender may reasonably request and in form and substance reasonably satisfactory to Lender, to create, perfect, and continue perfection or to better perfect Lender’s Liens in all of the assets of each Loan Party (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and perfect Liens in favor of Lender in any Real Property acquired by any Loan Party after the Restatement Effective Date with a fair market value in excess of $100,000, and in order to fully consummate all of the transactions contemplated hereby and under the other Loan Documents; provided that the foregoing shall not apply to any Loan Party or any Subsidiary of a Loan Party that is a CFC if providing such documents would result in adverse tax consequences or the costs to the Loan Parties (or any Subsidiary of a Loan Party) of providing such documents are unreasonably excessive (as determined by Lender in consultation with such Loan Party or such Subsidiary) in relation to the benefits to Lender afforded thereby. To the maximum extent permitted by applicable law, if a Borrower or any other Loan Party refuses or fails to execute or deliver any reasonably requested Additional Documents within a reasonable period of time, not to exceed 30 days following the request to do so, such Borrower and such other Loan Party hereby authorizes Lender to execute any such Additional Documents in the applicable Borrower’s or other Loan Party’s name, as applicable, and authorizes Lender to file such executed Additional Documents in any appropriate filing office.  In furtherance and not in limitation of the foregoing, each Loan Party shall take such actions as Lender may reasonably request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured by substantially all of the assets of each Borrower and each other Loan Party and all of the outstanding capital Stock of each Loan Party that is the Subsidiary of another Loan Party (subject to exceptions and limitations contained in the Loan Documents with respect to CFCs);
(b)    Each Borrower and each other Loan Party authorizes the filing by Lender of financing or continuation statements, or amendments thereto, and such Loan Party will execute and deliver to Lender such other instruments or notices, as Lender may reasonably request, in order to perfect and preserve the Security Interest granted or purported to be granted hereby;
(c)    Each Borrower and each other Loan Party authorizes Lender at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of such financing statement. Each Borrower and each other Loan Party also hereby ratifies any and all financing statements or amendments previously filed by Lender in any jurisdiction; and

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(d)    Each Borrower and each other Loan Party acknowledges that no Loan Party is authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of Lender, subject to such Loan Party’s rights under Section 9-509(d)(2) of the Code.
6.17    OFAC; SANCTIONS; ANTI-CORRUPTION LAWS; ANTI-MONEY LAUNDERING LAWS. Each Loan Party will, and will cause each of its Subsidiaries to comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties shall and shall cause their respective Subsidiaries and Affiliates to comply with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.
7.    NEGATIVE COVENANTS.
Each Borrower and each other Loan Party covenants and agrees that, until termination of all of the commitments of Lender hereunder to provide any further extensions of credit and payment in full of the Obligations, the Loan Parties will not and will not permit any of their Subsidiaries to do any of the following:
7.1    Indebtedness. Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness.
7.2    Liens. Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens.
7.3    Restrictions on Fundamental Changes. 
(a)    Other than in order to consummate a Permitted Acquisition, enter into any merger, consolidation, reorganization, or recapitalization, or reclassify its Stock, except for (i) any merger between Loan Parties, provided that a Borrower must be the surviving entity of any such merger to which it is a party, and (ii) any merger between Restricted Subsidiaries of a Borrower that are not Loan Parties, or any merger of a Restricted Subsidiary of Borrower into a Loan Party, so long as such Loan Party is the surviving entity of any such merger to which it is a party;
(b)    Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for (i) the liquidation or dissolution of non-operating Restricted Subsidiaries of any Borrower with nominal assets and nominal liabilities, (ii) the liquidation or dissolution of a Loan Party (other than a Borrower) or any of its wholly-owned Restricted Subsidiaries so long as all of the assets (including any interest in any Stock) of such liquidating or dissolving Loan Party or Restricted Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, or (iii) the liquidation or dissolution of a Restricted Subsidiary of a Borrower that is not a Loan Party (other than any such 

32

Restricted Subsidiary the Stock of which (or any portion thereof) is subject to a Lien in favor of Lender) so long as all of the assets of such liquidating or dissolving Restricted Subsidiary are transferred to a Restricted Subsidiary of a Borrower that is not liquidating or dissolving;
(c)    Suspend or cease operation of a substantial portion of its or their business, except as permitted pursuant to clauses 7.3(a) or (b) above or in connection with the transactions permitted pursuant to Section 7.4; or
(d)    Other than in order to consummate a Permitted Acquisition, form or acquire any direct or indirect Subsidiary.
7.4    Disposal of Assets. Other than Permitted Dispositions or transactions expressly permitted by Sections 7.3 or 7.12, Loan Parties shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral or any other asset except as expressly permitted by this Agreement. Lender shall not be deemed to have consented to any sale or other disposition of any of the Collateral or any other asset except as expressly permitted in this Agreement or the other Loan Documents.
7.5    Change Name. Change any Borrower’s or any other Loan Party’s or any of its Restricted Subsidiaries’ name, organizational identification number, state of organization, organizational identity or “location” for purposes of Section 9¬307 of the Code, except on not less than thirty (30) days prior written notice to Lender and subject to compliance with any other requirements of this Agreement or the other Loan Documents.
7.6    Nature of Business. Make any change in the nature of its or their business as conducted on the date of this Agreement or acquire any properties or assets that are not reasonably related to the conduct of such business activities; provided, however, that the foregoing shall not prevent any other Loan Party or any of its Restricted Subsidiaries from engaging in any business that is reasonably related or ancillary to its or their business.
7.7    Prepayments and Amendments. 
(a)    Except in connection with Refinancing Indebtedness permitted by Section 7.1, 
(i)    optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any Loan Party or any of its Restricted Subsidiaries, other than (A) the Obligations in accordance with this Agreement, and (B) Permitted Intercompany Advances, or
(ii)    make any payment on account of Indebtedness that has been contractually subordinated in right of payment to the Obligations if such payment is not permitted at such time under the subordination terms and conditions, or
(b)    Directly or indirectly, amend, modify, or change any of the terms or provisions of:

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(i)    any agreement, instrument, document, indenture, or other writing evidencing or concerning Permitted Indebtedness other than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany Advances, and (C) Indebtedness permitted under clauses (c), (e), (f) and (k) of the definition of Permitted Indebtedness;
(ii)    any Material Contract of any Loan Party or its Restricted Subsidiary except to the extent that such amendment, modification, or change could not, individually or in the aggregate, reasonably be expected to be materially adverse to the interests of Lender; or
(iii)    the Governing Documents of any Loan Party or any of its Restricted Subsidiaries if the effect thereof, either individually or in the aggregate, could reasonably be expected to be materially adverse to the interests of Lender.
7.8    Change of Control. Cause, permit, or suffer, directly or indirectly, any Change of Control.
7.9    Restricted Junior Payments. Make any Restricted Junior Payment, other than the following:
(a)    Any Loan Party (other than a Borrower) may make a dividend or distribution to any other Loan Party; and
(b)    Any Borrower may make a dividend or distribution to another Borrower.
7.10    Accounting Methods. Modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP).
7.11    Investments; Controlled Investments. 
(a)    Except for Permitted Investments, directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment.
(b)    Other than amounts deposited into Deposit Accounts identified on Schedule 5.15 to the Information Certificate which are specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for each Loan Party’s or their Restricted Subsidiaries’ employees, make, acquire, or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless such Borrower and such other Loan Party or its Restricted Subsidiaries, as applicable, and the applicable bank (as permitted solely pursuant to Section 6.12(j) or securities intermediary have entered into Control Agreements with Lender governing such Permitted Investments in order to perfect (and further establish) Lender’s Liens in such Permitted Investments. Except as provided in Section 6.12(j), Borrowers and such Loan Parties shall not and shall not permit their Restricted Subsidiaries to establish or maintain any Deposit Account or Securities Account with a banking institution other than Lender; provided that the Loan Parties and their Restricted Subsidiaries may maintain accounts 

34

that are not subject to a Control Agreement in favor of Lender that have a balance that does not exceed $50,000 per account or $150,000 in the aggregate for all such accounts.
7.12    Transactions with Affiliates. Directly or indirectly enter into or permit to exist any transaction with any Affiliate of any Borrower, any other Loan Party or any of their Subsidiaries except for:
(a)    those transactions set forth on Schedule 7.12(a); 
(b)    transactions (other than the payment of management, consulting, monitoring, or advisory fees) between a Borrower or any other Loan Party or its Subsidiaries, on the one hand, and any Affiliate of a Borrower, any other Loan Party or its Subsidiaries, on the other hand, so long as such transactions (i) are fully disclosed to Lender prior to the consummation thereof, if they involve one or more payments by a Borrower or a Loan Party or its Subsidiaries in excess of $100,000 for any single transaction or series of related transactions; provided that, to the extent requested by Lender, the Loan Parties shall provide Lender with information relating to any such transactions regardless of the size of such transaction; and (ii) are no less favorable, taken as a whole, to the Borrowers or the other Loan Parties or their Subsidiaries, as applicable, than would be obtained in an arm’s length transaction with a non-Affiliate;
(c)    so long as it has been approved by a Loan Party’s or its applicable Subsidiary’s board of directors (or comparable governing body) in accordance with applicable law, any indemnity provided for the benefit of directors (or comparable managers) of such Loan Party or its applicable Subsidiary;
(d)    the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers, and outside directors of a Loan Party and its Subsidiaries in the ordinary course of business and consistent with industry practice;
(e)    transactions permitted by Section 7.3, Section 7.7, Section 7.9, Section 7.11, or any Permitted Intercompany Advance; 
(f)    transactions pursuant to (x) the DASAN Loan Agreement to the extent not otherwise prohibited by this Agreement, the DASAN Subordination Agreement, or the other Loan Documents and not constituting an Event of Default, and (y) the DNS Loan Agreement to the extent not otherwise prohibited by this Agreement and not constituting an Event of Default;
(g)    transactions between DASAN Zhone Solutions, Inc. and DASAN expressly contemplated by, and entered into pursuant to the terms of, the Merger Agreement; and
(h)    transactions between or among DNS or any of its Subsidiaries, on the one hand, and DASAN or any of its Affiliates (prior to giving effect to the Merger), on the other hand, that were in existence prior to the consummation of the Merger.
7.13    Use of Proceeds. Use the proceeds of any loan made hereunder for any purpose other than (a) on the Restatement Effective Date, to pay fees, costs, and expenses, including Lender 

35

Expenses, incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, to provide working capital to fulfill written export orders or contracts from customers outside the United States to purchase goods or services from Borrowers.
7.14    Limitation on Issuance of Stock. Except for the issuance or sale of (i) common stock or Permitted Preferred Stock by the Borrowers or the other Loan Parties and (ii) other Stock that is not Prohibited Preferred Stock by DASAN Zhone Solutions, Inc. as compensation to its employees, directors or consultants in the ordinary course of business, issue or sell or enter into any agreement or arrangement for the issuance and sale of any of their Stock; provided that, after giving effect to any issuance of Stock permitted under clause (ii) above, no such employee, director or consultant shall own more than 5% of the aggregate Stock of Dasan Zhone Solutions, Inc.
7.15    Consignments. Consign the Inventory of any Loan Party or its Restricted Subsidiaries or sell any such Inventory on bill and hold, sale or return, sale on approval, or other conditional terms of sale, except as set forth on Schedule 7.15 to the Information Certificate.
7.16    Inventory and Equipment with Bailees. Store the Inventory or Equipment of any Loan Party or its Restricted Subsidiaries at any time now or hereafter with a bailee, warehouseman, or similar party, except as set forth on Schedule 7.16 to the Information Certificate. 
7.17    Cash Balances. Allow the aggregate amount of cash and Cash Equivalents held by or for the benefit of Restricted Subsidiaries of the Loan Parties (other than the Loan Parties themselves) to be greater than $1,000,000 at any time.
8.    FINANCIAL COVENANTS.
Each Borrower covenants and agrees that, until termination of all obligations of Lender to provide extensions of credit hereunder and payment in full of the Obligations, Borrowers will comply with each of the following financial covenants:
(a)    Minimum Liquidity. Have Liquidity of at least the following:
	
		
	Minimum Liquidity
	Applicable Period/Test Date

	$3,000,000
	At all times

(b)    Minimum Excess Availability. Have Excess Availability under this Agreement plus Excess Availability under the Domestic Credit Agreement of at least the following:

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	Minimum Excess Availability (under both this Agreement and the Domestic Credit Agreement)
	Applicable Period/Test Date

	$1,500,000
	At all times; provided that Borrowers do not need to comply with this minimum Excess Availability test during the period beginning on the last day of each fiscal quarter through and including the third Business Day of the immediately following fiscal quarter.

(c)    Minimum EBITDA. [Intentionally Omitted].
(d)    Minimum Fixed Charge Coverage Ratio. If Excess Availability is less than $4,000,000 at any time during any calendar month, Borrowers shall achieve a minimum Fixed Charge Coverage Ratio for the most recent twelve-month period ending at the end of the most recently ended calendar month prior to the date that Excess Availability was less than $4,000,000 of not less than 1.20 to 1.0.
9.    EVENTS OF DEFAULT.
Any one or more of the following events shall constitute an event of default (each, an “Event of Default”) under this Agreement:
9.1    If any Borrower fails to pay (i) when due and payable, or when declared due and payable, all or any portion of the Obligations consisting of principal, or (ii) within three (3) Business Days after the date when due and payable, interest, fees, charges or other amounts due Lender or any Bank Product Provider, reimbursement of Lender Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion thereof that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding);
9.2    If any Loan Party or any of its Restricted Subsidiaries:
(a)    fails to perform or observe any covenant or other agreement contained in any of (i) Sections 4.3 6.1, 6.2, 6.3 (solely if any Loan Party is not in good standing in its jurisdiction of organization), 6.5(b), 6.6, 6.7 (solely if any Loan Party refuses to allow Lender or its representatives or agents to visit such Loan Party’s properties, inspect its assets or books or records, examine and make copies of its books and records, or discuss such Loan Party’s affairs, finances, and accounts with officers and employees of such Loan Party), 6.8, 6.11, 6.12; 6.13 or 6.14, of this Agreement, (ii) Section 7 of this Agreement, or (iii) Section 8 of this Agreement;
(b)    fails to perform or observe any covenant or other agreement contained in any of Sections 6.3 (other than if a Loan Party is not in good standing in its jurisdiction of organization), 6.5(a) (other than F.I.C.A., F.U.T.A., federal income taxes and any other taxes or assessments the non-payment of which may result in a lien having priority over Lender’s Liens), 6.9, 6.10, and 6.15 

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of this Agreement and such failure continues for a period of 15 days after the earlier of (i) the date on which such failure shall first become known to or should have been known by any officer of such Loan Party or (ii) the date on which written notice thereof is given to such Loan Party by Lender; or
(c)    fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in each case, other than any such covenant or agreement that is unable to be cured or is the subject of another provision of this Section 9 (in which event such other provision of this Section 9 shall govern), and such failure continues for a period of 30 days after the earlier of (i) the date on which such failure shall first become known to or should have been known by any officer of such Loan Party or (ii) the date on which written notice thereof is given to such Loan Party by Lender;
9.3    If one or more judgments, orders, or awards for the payment of money involving an aggregate amount of $75,000, or more (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) is entered or filed against a Loan Party or any of its Restricted Subsidiaries, or with respect to any of their respective assets, and either (a) there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which (1) the same is not discharged, satisfied, vacated, or bonded pending appeal, or (2) a stay of enforcement thereof is not in effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award;
9.4    If an Insolvency Proceeding is commenced by a Loan Party or any of its Restricted Subsidiaries;
9.5    If an Insolvency Proceeding is commenced against a Loan Party or any of its Restricted Subsidiaries and any of the following events occur: (a) such Loan Party or such Restricted Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or its Restricted Subsidiary, or (e) an order for relief shall have been issued or entered therein; provided that Lender shall have no obligation to provide any extension of credit to Borrowers during such 60 calendar day period;
9.6    If any Loan Party or any of its Restricted Subsidiaries is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of the business or affairs of such Loan Party and its Restricted Subsidiaries, taken as a whole;
9.7    If there is (a) a default (after giving effect to any applicable grace, cure or notice period) in one or more agreements to which a Loan Party or any of its Restricted Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its Restricted Subsidiaries’ Indebtedness involving an aggregate amount of $250,000 or more, and such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether exercised, to accelerate the maturity of such Loan Party’s or its Restricted 

38

Subsidiary’s obligations thereunder, or (b) a default in or an involuntary early termination of one or more Hedge Agreements to which any Loan Party is a party;
9.8    If any warranty, representation, certificate, statement, or Record made herein or in any other Loan Document or delivered in writing to Lender in connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of issuance or making or deemed making thereof;
9.9    If the obligation of any Guarantor under a Guaranty is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement or the Guaranty), or if any Guarantor fails to perform any obligation under a Guaranty, or repudiates or revokes or purports to repudiate or revoke any obligation under a Guaranty, or any individual Guarantor dies or becomes incapacitated, or any other Guarantor ceases to exist for any reason;
9.10    If this Agreement or any other Loan Document that purports to create a Lien, shall, for any reason, fail or cease to create a valid and perfected and, except to the extent of Permitted Liens which are permitted purchase money Liens or the interests of lessors under Capital Leases, first priority Lien on the Collateral covered thereby, except (a) as a result of a disposition of the applicable Collateral in a transaction permitted under this Agreement, or (b) with respect to Collateral the aggregate value of which, for all such Collateral, does not exceed at any time, $100,000;
9.11    [Intentionally Omitted];
9.12    [Intentionally Omitted];
9.13    Any officer is indicted for a felony offense under state or federal law, or a Loan Party hires an officer who has been convicted of any such felony offense;
9.14    If any Loan Party fails to pay any indebtedness or obligation, which individually or in the aggregate has principal balance outstanding in excess of $100,000, owed to Lender or its Affiliates which is unrelated to the Credit Facility or this Agreement as it becomes due and payable or the occurrence of any default or event of default under any agreement between any Loan Party and Lender or its Affiliates unrelated to the Loan Documents, in each case after giving effect to any applicable grace, cure, or notice period;
9.15    The validity or enforceability of any Loan Document shall at any time for any reason be declared to be null and void, or a proceeding shall be commenced by a Loan Party or its Restricted Subsidiary, or by any Governmental Authority having jurisdiction over a Loan Party or its Restricted Subsidiary, seeking to establish the invalidity or unenforceability thereof, or a Loan Party or its Restricted Subsidiary shall deny that such Loan Party or its Restricted Subsidiary has any liability or obligation purported to be created under any Loan Document;
9.16    (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party under 

39

Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $200,000, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $200,000; or
9.17    Any “Event of Default” occurs under any of the Domestic Loan Documents.
So long as any Loan Party has any obligations to Lender under this Agreement, the Events of Default contained in this Agreement shall control and the events of default set forth under Section 13 of the Standby Letter of Credit Agreement and Section 14 of the Commercial Letter of Credit Agreement, each executed by the Borrowers and Lender, shall be deemed replaced by the Events of Default set forth in this Section 9; provided that upon termination of this Agreement the events of default set forth under Section 13 of the Standby Letter of Credit Agreement and Section 14 of the Commercial Letter of Credit Agreement automatically shall be reinstated as set forth in such respective Sections.
10.    RIGHTS AND REMEDIES.
10.1    Rights and Remedies. Upon the occurrence and during the continuation of an Event of Default, Lender may (in each case under clauses (a) or (b) by written notice to Borrowers; provided that no such notice shall be required with respect to Events of Default under Section 9.4 or Section 9.5), in addition to any other rights or remedies provided for hereunder or under any other Loan Document or by applicable law, do any one or more of the following:
(a)    declare the Obligations (other than the Hedge Obligations, which may be accelerated in accordance with the terms of the applicable Hedge Agreement), whether evidenced by this Agreement or by any of the other Loan Documents immediately due and payable, whereupon the same shall become and be immediately due and payable and Borrowers shall be obligated to repay all of such Obligations in full, without presentment, demand, protest, or further notice or other requirements of any kind, all of which are hereby expressly waived by each Borrower and each Loan Party;
(b)    declare the funding obligations of Lender under this Agreement terminated, whereupon such funding obligations shall immediately be terminated together with any obligation of Lender hereunder to make Advances or issue Letters of Credit;
(c)    give notice to an Account Debtor or other Person obligated to pay an Account, a General Intangible, Negotiable Collateral, or other amount due, notice that the Account, General Intangible, Negotiable Collateral or other amount due has been assigned to Lender for security and must be paid directly to Lender and Lender may collect the Accounts, General Intangible and Negotiable Collateral of each Borrower and each other Loan Party directly, and any collection costs and expenses shall constitute part of the Obligations under the Loan Documents;
(d)    in Lender’s name or in Borrowers’ name, as Borrowers’ agent and attorney-in-fact, notify the United States Postal Service to change the address for delivery of Borrowers’ 

40

mail to any address designated by Lender, otherwise intercept Borrowers’ mail, and receive, open and dispose of Borrowers’ mail, applying all Collateral as permitted under this Agreement and holding all other mail for Borrowers’ account or forwarding such mail to Borrowers’ last known address;
(e)    without notice to or consent from any Borrower, and without any obligation to pay rent or other compensation, take exclusive possession of all locations where Borrowers conduct their business or have any rights of possession and use the locations to store, process, manufacture, sell, use, and liquidate or otherwise dispose of items that are Collateral, and for any other incidental purposes deemed appropriate by Lender in good faith; and
(f)    exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law.
10.2    Additional Rights and Remedies. Without limiting the generality of the foregoing, each Borrower expressly agrees that:
(a)    Lender, without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or private sale) to or upon any Borrower, any Loan Party or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Loan Parties to, and each Borrower and each other Loan Party hereby agrees that it will at its own expense and upon request of Lender forthwith, assemble all or part of the Collateral as directed by Lender and make it available to Lender at one or more locations designated by Lender where such Borrower or Loan Party conducts business, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Lender’s or Loan Party’s offices or elsewhere, for cash, on credit, and upon such other terms as Lender may deem commercially reasonable. Each Borrower and each other Loan Party agrees that, to the extent notice of sale shall be required by law, at least 10 days notice to such Borrower or such other Loan Party of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and such notice shall constitute a reasonable “authenticated notification of disposition” within the meaning of Section 9-611 of the Code. Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Lender may adjourn any public or private sale from time to time, and such sale may be made at the time and place to which it was so adjourned. Each Borrower and each other Loan Party agrees that the internet shall constitute a “place” for purposes of Section 9-610(b) of the Code. Each Borrower and each other Loan Party agrees that any sale of Collateral to a licensor pursuant to the terms of a license agreement between such licensor and such Borrower or such Loan Party is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code;
(b)    Lender may, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it under applicable law and without the requirement of notice to or upon any Loan Party or any other Person (which notice is hereby expressly 

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waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Loan Party’s Deposit Accounts in which Lender’s Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the applicable Loan Party to pay the balance of such Deposit Account to or for the benefit of Lender, and (ii) with respect to any Loan Party’s Securities Accounts in which Lender’s Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the applicable Loan Party to (A) transfer any cash in such Securities Account to or for the benefit of Lender, or (B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Lender;
(c)    any cash held by Lender as Collateral and all cash proceeds received by Lender in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied against the Obligations in the order set forth in Section 10.5 of this Agreement. In the event the proceeds of Collateral are insufficient to satisfy all of the Obligations in full, each Borrower and each other Loan Party shall remain jointly and severally liable for any such deficiency; and
(d)    the Obligations arise out of a commercial transaction, and that if an Event of Default shall occur Lender shall have the right to an immediate writ of possession without notice of a hearing. Lender shall have the right to the appointment of a receiver for each Loan Party or for the properties and assets of each Loan Party, and each Borrower and each other Loan Party hereby consents to such rights and such appointment and hereby waives any objection such Borrower or such Loan Party may have thereto or the right to have a bond or other security posted by Lender.
Notwithstanding the foregoing or anything to the contrary contained in Section 10.1, upon the occurrence of any Default or Event of Default described in Section 9.4 or Section 9.5, in addition to the remedies set forth above, without any notice to any Borrower or any other Person or any act by Lender, all obligations of Lender to provide any further extensions of credit hereunder shall automatically terminate and the Obligations (other than the Hedge Obligations), inclusive of all accrued and unpaid interest thereon and all fees and all other amounts owing under this Agreement or under any of the other Loan Documents, shall automatically and immediately become due and payable and each Borrower shall be obligated to repay all of such Obligations in full, without presentment, demand, protest, or notice of any kind, all of which are expressly waived by each Borrower.
10.3    Lender Appointed Attorney in Fact. Each Borrower and each other Loan Party hereby irrevocably appoints Lender its attorney-in-fact, with full authority in the place and stead of such Borrower and such Loan Party and in the name of such Borrower or such Loan Party or otherwise, at such time as an Event of Default has occurred and is continuing, to take any action and to execute any instrument which Lender may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:
(a)    to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any other Collateral of such Borrower or such other Loan Party;

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(b)    to receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;
(c)    to file any claims or take any action or institute any proceedings which Lender may deem necessary or desirable for the collection of any of the Collateral of such Borrower or such other Loan Party or otherwise to enforce the rights of Lender with respect to any of the Collateral;
(d)    to repair, alter, or supply Goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to Borrower in respect of any Account of such Borrower;
(e)    to use any Intellectual Property or Intellectual Property Licenses of such Borrower or such other Loan Party including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising for sale, or selling Inventory or other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Borrower or such other Loan Party;
(f)    to take exclusive possession of all locations where each Borrower or other Loan Party conducts its business or has rights of possession, without notice to or consent of any Borrower or any Loan Party and to use such locations to store, process, manufacture, sell, use, and liquidate or otherwise dispose of items that are Collateral, without obligation to pay rent or other compensation for the possession or use of any location, except to the extent required by the terms of any applicable Collateral Access Agreement;
(g)    Lender shall have the right, but shall not be obligated, to bring suit in its own name or in the applicable Loan Party’s name, to enforce the Intellectual Property and Intellectual Property Licenses and, if Lender shall commence any such suit, the appropriate Borrower or such other Loan Party shall, at the request of Lender, do any and all lawful acts and execute any and all proper documents reasonably required by Lender in aid of such enforcement; and
(h)    to the extent permitted by law, such Borrower and each other Loan Party hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated and all Obligations have been paid in full in cash.
10.4    Remedies Cumulative. The rights and remedies of Lender under this Agreement, the other Loan Documents, and all other agreements shall be cumulative. Lender shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Lender of one right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver, election, or acquiescence by it.
10.5    Crediting of Payments and Proceeds. In the event that the Obligations (other than the Hedge Obligations, which may be accelerated in accordance with the terms of the applicable 

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Hedge Agreement) have been accelerated pursuant to Section 10.1 or the Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received by Lender upon the Obligations and all net proceeds from the enforcement of the Obligations shall be applied in such manner as Lender shall determine in its discretion and, thereafter, to Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
10.6    Marshaling. Lender shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising. To the extent that it lawfully may, Borrower and each other Loan Party hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Lender’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Borrower hereby irrevocably waives the benefits of all such laws.
10.7    License. Each Borrower and each other Loan Party hereby grants to Lender a non-exclusive, worldwide and royalty-free license to use or otherwise exploit all Intellectual Property rights and rights in Intellectual Property Licenses of such Borrower and such Loan Party for the purpose of: (a) completing the manufacture of any in-process materials following any Event of Default so that such materials become saleable Inventory, all in accordance with the same quality standards previously adopted by such Borrower or such other Loan Party for its own manufacturing; and (b) selling, leasing or otherwise disposing of any or all Collateral following any Event of Default.
10.8    Disposition of Pledged Interests by Lender. None of the Pledged Interests existing as of the date of this Agreement are, and none of the Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default may be restricted to one or more private (instead of public) sales in view of the lack of such registration. Each Loan Party understands that in connection with such disposition, Lender may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market. Each Loan Party, therefore, agrees that: (a) if Lender shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, Lender shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private sale thereof; and (b) such reliance shall be conclusive evidence that Lender has handled the disposition in a commercially reasonable manner.

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10.9    Voting and Other Rights in Respect of Pledged Interests. Upon the occurrence and during the continuation of an Event of Default, (i) Lender may, at its option, and with two (2) Business Days prior notice to such Borrower or such other Loan Party, and in addition to all rights and remedies available to Lender under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests owned by any Borrower or any other Loan Party, but under no circumstances is Lender obligated by the terms of this Agreement to exercise such rights, and (ii) if Lender duly exercises its right to vote any of such Pledged Interests, each Borrower and each other Loan Party hereby appoints Lender, such Borrower’s and such Loan Party’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests in any manner Lender deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be. The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable. For so long as such Borrower or such other Loan Party shall have the right to vote the Pledged Interests owned by it, such Borrower and such other Loan Party covenants and agrees that it will not, without the prior written consent of Lender, vote or take any consensual action with respect to such Pledged Interests which would materially adversely affect the rights of Lender or the value of the Pledged Interests.
11.    WAIVERS; INDEMNIFICATION.
11.1    Demand; Protest; etc. Each Borrower and each other Loan Party waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time held by Lender on which such Loan Party may in any way be liable.
11.2    The Lender’s Liability for Collateral. Each Borrower and each other Loan Party hereby agrees that: (a) so long as Lender complies with its obligations, if any, under the Code, Lender shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or destruction of the Collateral shall be borne by each Borrower and such Loan Parties.
11.3    Indemnification. Each Borrower and each other Loan Party shall pay, indemnify, defend, and hold the Lender-Related Persons (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of or related to the execution and delivery, enforcement, performance, or administration (including any restructuring, forbearance or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of each Borrower and each 

45

other Loan Party’s and its respective Subsidiaries’ compliance with the terms of the Loan Documents, (b) with respect to any investigation, litigation, or proceeding related to this Agreement, any other Loan Document, or the use of the proceeds of the credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto, (c) in connection with the custody, preservation, use or operation of, or, upon an Event of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other Loan Documents, (d) with respect to the failure by any Borrower or any other Loan Party to perform or observe any of the provisions hereof or any other Loan Document, (e) in connection with the exercise or enforcement of any of the rights of Lender hereunder or under any other Loan Document, and (f) in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated by Borrower or any other Loan Party or any of its Subsidiaries or any Environmental Actions, Environmental Liabilities or Remedial Actions related in any way to any such assets or properties of such Loan Party or any of its Subsidiaries (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, no Borrower or any other Loan Party shall have any obligation to any Indemnified Person under this Section 11.3 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, or attorneys. This provision shall survive the termination of this Agreement and the repayment of the Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which a Borrower or any other Loan Party was required to indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by such Borrower or Loan Party with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON.
12.    NOTICES.
Unless otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands to Borrowers, any other Loan Party or Lender, as the case may be, they shall be sent to the respective address set forth below:

46

	
		
	If to Borrowers
	 

	or Guarantors:
	c/o DASAN ZHONE SOLUTIONS, INC.

	 
	7195 Oakport Street

	 
	Oakland, California 94621

	 
	Attn: Chief Financial Officer

	 
	Fax No.: 510.777.7593

	 
	 

	If to Lender:
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	2450 Colorado Avenue, Suite 3000W

	 
	Santa Monica, California 90404

	 
	Attn: Relationship Manager— DASAN Zhone Solutions, Inc.

	 
	Fax No.: 866.512.5929

	 
	 

	with courtesy copies to
	 

	(which shall not constitute
	 

	Notice for purposes of this
	 

	Section 12)
	Morgan, Lewis & Bockius LLP

	 
	300 S. Grand Avenue, Suite 2200

	 
	Los Angeles, California 90071

	 
	Attn: J. Michael Jack

	 
	Fax No.: 213.612.2501

Any party hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 12, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit thereof in the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment). Any notice given by Lender to any Borrower as provided in this Section 12 shall be deemed sufficient notice as to all Borrowers, regardless of whether each Borrower is sent a separate copy of such notice or whether each Borrower is specifically identified in such notice.
13.    CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.
(a)    THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR 

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RELATED HERETO OR THERETO AS WELL AS ALL CLAIMS, CONTROVERSIES OR DISPUTES ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.
(b)    THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY BE TRIED AND LITIGATED IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE LENDER ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH BORROWER, EACH OTHER LOAN PARTY, AND LENDER WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13(b). 
(c)    TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER, EACH OTHER LOAN PARTY, AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE, OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH, A “CLAIM”). EACH BORROWER, EACH OTHER LOAN PARTY, AND LENDER REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
(d)    NO CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST THE LENDER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

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(e)    IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN CLAUSE (C) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS:
(i)    WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.
(ii)    THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) FORECLOSURE OR ANY SIMILAR REMEDY OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.
(iii)    UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(b). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES.
(iv)    EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND 

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A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.
(v)    THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.
(vi)    THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.
(vii)    THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.
NOTWITHSTANDING SECTION 13(E), EX-IM BANK, AND ANY ACTIONS FILED BY OR AGAINST EX-IM BANK OR ANY PROCEEDINGS INVOLVING EX-IM BANK, SHALL NOT BE SUBJECT TO SUCH SECTION 13(E).  IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT EX-IM BANK SHALL NOT BE SUBJECT TO SECTION 13(E), AND EX-IM BANK IS NOT BOUND BY THE TERMS OF SECTION 13(E).

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14.    ASSIGNMENTS; SUCCESSORS.
This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided, however, that no Borrower or any other Loan Party may assign this Agreement or any rights or duties hereunder without Lender’s prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lender shall release any Borrower or any other Loan Party from its Obligations. Lender may assign this Agreement and the other Loan Documents in whole or in part and its rights and duties hereunder or grant participations in the Obligations hereunder and thereunder and no consent or approval by any Borrower or any other Loan Party is required in connection with any such assignment or participation.
15.    AMENDMENTS; WAIVERS.
No failure by Lender to exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Lender in exercising the same, will operate as a waiver thereof. No waiver by Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by Lender on any occasion shall affect or diminish Lender’s rights thereafter to require strict performance by Borrowers or any other Loan Party of any provision of this Agreement. Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Lender may have.
16.    TAXES.
16.1    No Setoff. All payments made by any Borrower or any other Loan Party hereunder or under any note or other Loan Document will be made without setoff, counterclaim, or other defense. In addition, all such payments will be made free and clear of, and without deduction or withholding for, any present or future Taxes, and in the event any deduction or withholding of Taxes is required, each Borrower shall comply with the next sentence of this Section 16(a). If any Taxes are so levied or imposed, each Borrower agrees to pay the full amount of such Taxes and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this Section 16(a) after withholding or deduction for or on account of any Taxes, will not be less than the amount provided for herein; provided, however, that Borrowers shall not be required to increase any such amounts if the increase in such amount payable results from Lender’s own willful misconduct or gross negligence (as finally determined by a court of competent jurisdiction). Each Borrower will furnish to Lender as promptly as possible after the date the payment of any Tax is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by such Borrower.
16.2    Taxes. Each Borrower agrees to pay any present or future stamp, value added or documentary taxes or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or from the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or any other Loan Document.
17.    GENERAL PROVISIONS.

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17.1    Effectiveness. This Agreement shall be binding and deemed effective when executed by each Borrower, each Loan Party and Lender.
17.2    Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.
17.3    Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender or any Loan Party, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.
17.4    Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.
17.5    Debtor-Creditor Relationship. The relationship between the Lender, on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. Lender shall not have (and shall not be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the Loan Documents or the transactions contemplated thereby, and there is no agency or joint venture relationship between Lender, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any transaction contemplated therein.
17.6    Counterparts; Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.
17.7    Revival and Reinstatement of Obligations. If the incurrence or payment of the Obligations by any Borrower or any Guarantor or the transfer to Lender of any property should for any reason subsequently be asserted, or declared, to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (each, a “Voidable Transfer”), and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that Lender is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of Lender related thereto, the liability of such Borrower or Guarantor automatically shall be revived, reinstated, and restored and 

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shall exist as though such Voidable Transfer had never been made and all of Lender’s Liens in the Collateral shall be automatically reinstated without further action.
17.8    Confidentiality.
(a)    Lender agrees that material, non-public information regarding the Loan Parties and their Subsidiaries, their operations, assets, and existing and contemplated business plans (“Confidential Information”) shall be treated by Lender in a confidential manner, and shall not be disclosed by Lender to Persons who are not parties to this Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to Lender and to employees, directors and officers of Lender (the Persons in this clause (i), “Lender Representatives”) on a “need to know” basis in connection with this Agreement and the transactions contemplated hereby and on a confidential basis, (ii) to Subsidiaries and Affiliates of Lender, provided that any such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to the terms of this Section 17.8, (iii) as may be required by regulatory authorities, (iv) as may be required by statute, decision, or judicial or administrative order, rule, or regulation; provided that (x) prior to any disclosure under this clause (iv), the disclosing party agrees to provide Borrowers with prior notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice to Borrowers pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation and (y) any disclosure under this clause (iv) shall be limited to the portion of the Confidential Information as may be required by such statute, decision, or judicial or administrative order, rule, or regulation, (v) as may be agreed to in advance in writing by Borrowers, (vi) as requested or required by any Governmental Authority pursuant to any subpoena or other legal process, provided, that, (x) prior to any disclosure under this clause (vi) the disclosing party agrees to provide Borrowers with prior written notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior written notice to Borrowers pursuant to the terms of the subpoena or other legal process and (y) any disclosure under this clause (vi) shall be limited to the portion of the Confidential Information as may be required by such Governmental Authority pursuant to such subpoena or other legal process, (vii) as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Lender or Lender Representatives), (viii) in connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided that prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive such Confidential Information hereunder subject to the terms of this Section, (ix) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims related to the rights or duties of such parties under this Agreement or the other Loan Documents; (x) to equity owners of each Loan Party, (xi) in connection with, and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any other Loan Document, and (xii) to the Ex-Im Bank.
(b)    Anything in this Agreement to the contrary notwithstanding, Lender may use the name, logos, and other insignia of the Loan Parties and the Maximum Revolving Amount provided hereunder in any “tombstone” or comparable advertising, on its website or in other marketing materials of Lender.

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17.9    Lender Expenses. Each Borrower and each other Loan Party agrees to pay the Lender Expenses on the earlier of (a) the first day of the month following the date on which such Lender Expenses were first incurred, or (b) the date on which demand therefor is made by Lender and each Borrower and each other Loan Party agrees that its obligations contained in this Section 17.9 shall survive payment or satisfaction in full of all other Obligations.
17.10    Setoff. Lender may at any time, in its sole discretion and without demand or notice to anyone, set off any liability owed to any Borrower or any Guarantor by Lender against any of the Obligations, to the extent the same is then due and payable, or following the occurrence and during the continuance of an Event of Default.
17.11    Survival. All representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Lender may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the obligation of Lender to provide extensions of credit hereunder has not expired or been terminated.
17.12    Patriot Act. Lender hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender to identify each Loan Party in accordance with the Patriot Act. In addition, if Lender is required by law or regulation or internal policies to do so, it shall have the right to periodically conduct (a) Patriot Act searches, OFAC/PEP searches, and customary individual background checks for the Loan Parties, and (b) OFAC/PEP searches and customary individual background checks of the Loan Parties’ senior management and key principals, and each Borrower and each other Loan Party agrees to cooperate in respect of the conduct of such searches and further agrees that the reasonable costs and charges for such searches shall constitute Lender Expenses hereunder and be for the account of Borrowers.
17.13    Integration. This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. The foregoing to the contrary notwithstanding, all Bank Product Agreements, if any, are independent agreements governed by the written provisions of such Bank Product Agreements, which will remain in full force and effect, unaffected by any repayment, prepayments, acceleration, reduction, increase, or change in the terms of any credit extended hereunder, except as otherwise expressly provided in such Bank Product Agreement.
17.14    Bank Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary hereof and of the provisions of the other Loan Documents (and shall be bound by 

54

obligations hereunder as to confidentiality, limitation of remedies and compliance with law, if applicable) for purposes of any reference in a Loan Document to the parties for whom Lender is acting. Lender hereby agrees to act as agent for such Bank Product Providers and, by virtue of entering into a Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to have appointed Lender as its agent and to have accepted the benefits of the Loan Documents; it being understood and agreed that the rights and benefits of each Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to Lender and the right to share in payments and collections of the Collateral as more fully set forth herein and in the other Loan Documents. In addition, each Bank Product Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed that Lender shall have the right, but shall have no obligation, to establish, maintain, relax, or release Reserves in respect of the Bank Product Obligations and that if Reserves are established there is no obligation on the part of Lender to determine or ensure whether the amount of any such reserve is appropriate or not. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Product shall have any voting or approval rights hereunder solely by virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required for any matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or any other Loan Party.
17.15    Incorporation of Borrower Agreement by Reference.  This Agreement shall constitute the “Loan Agreement” under the Borrower Agreement, and the Credit Facility shall constitute the “Loan Facility” under the Borrower Agreement.  The terms of the Borrower Agreement are hereby incorporated herein by this reference.  In the event that any provision of this Agreement conflicts with or is inconsistent with any provision of the Borrower Agreement, the provision that is more burdensome or restrictive as to the Loan Parties shall control.
17.16    Amendment and Restatement. 
(a)    On the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except (A) to evidence (i) the incurrence by Borrowers of the “Obligations” under and as defined in the Existing Credit Agreement, (ii) the representations and warranties made by the Borrowers and other Loan Parties prior to the Restatement Effective Date and (iii) any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the Restatement Effective Date, and (B) the security interest granted under the Loan Documents shall continue in full force and effect and shall continue to be governed by the Loan Documents (as amended or amended and restated). This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities.
(b)    All of the “Obligations” incurred under and as defined in the Existing Credit Agreement shall be renewed and continued under, and subject to the terms and conditions of, this Agreement.

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(c)    Each Loan Party acknowledges and confirms that it has no defense, set off, claim or counterclaim against the Lender with regard to the indebtedness, liabilities and obligations created under the Existing Credit Agreement and other Loan Documents and the Liens and security interests granted pursuant to the Loan Documents secure the indebtedness, liabilities and obligations of each such Loan Party to the Lender under the Existing Credit Agreement, as amended and restated hereby.
(d)    On and after the Restatement Effective Date (i) the Loan Documents and all agreements, instruments and documents executed or delivered in connection with any of the foregoing shall each be deemed to be amended to the extent necessary to give effect to the provisions of this Agreement, (ii) all references to the Existing Credit Agreement in the Loan Documents (other than this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (iii) all references to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement) shall be deemed to be references to the corresponding provisions of this Agreement and (iv) except as the context otherwise provides, on or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby.
(e)    This amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents remain in full force and effect unless otherwise specifically amended hereby or any other Loan Document.
17.17    DNS. DNS agrees (i) that it shall be deemed to be a party to the Intercompany Subordination Agreement as a “Company” thereunder, and (ii) each reference to “Guarantor” and “Loan Party” in any Loan Document shall be deemed to include DNS.
[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered under seal as of the date first above written.
	
			
	BORROWERS:

	 
	 

	 
	DASAN ZHONE SOLUTIONS, INC.

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

	 
	ZTI MERGER SUBSIDIARY III, INC.

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

	GUARANTORS:

	 
	 

	 
	PREMISYS COMMUNICATIONS, INC.

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

	 
	ZHONE TECHNOLOGIES INTERNATIONAL, INC.

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

	 
	PARADYNE NETWORKS, INC.

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

	 
	PARADYNE CORPORATION

	 
	 

	 
	By:
	Michael Golomb

	 
	Name:
	Michael Golomb

	 
	Title:
	CFO

	 
	 
	 

[Amended and Restated Credit and Security Agreement (Ex-Im Subfacility) Signature Page]

	
		
	DASAN NETWORK SOLUTIONS, INC.

	 

	By:
	Michael Golomb

	Name:
	Michael Golomb

	Title:
	CFO

	 
	 

[Amended and Restated Credit and Security Agreement (Ex-Im Subfacility) Signature Page]

	
			
	LENDER:

	 
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 

	 
	By:
	Harry L. Joe

	 
	Name:
	Harry L. Joe

	 
	Title:
	Authorized Signatory

[Amended and Restated Credit and Security Agreement (Ex-Im Subfacility) Signature Page]

Schedule 1.1 
a.    Definitions. As used in this Agreement, the following terms shall have the following definitions:
“Account” means an account (as that term is defined in Article 9 of the Code).
“Account Debtor” means an account debtor (as that term is defined in the Code).
“Acquired Indebtedness” means Indebtedness of a Person whose assets or Stock is acquired by any Borrower or any of its Restricted Subsidiaries in a Permitted Acquisition; provided, however, that such Indebtedness (a) is either Purchase Money Indebtedness or a Capital Lease with respect to Equipment or mortgage financing with respect to Real Property, (b) was in existence prior to the date of such Permitted Acquisition, and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition.
“Acquisition” means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or any division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Stock of any other Person.
“Additional Documents” has the meaning specified therefor in Section 6.15 of this Agreement.
“Administrative Borrower” means DASAN Zhone Solutions, Inc., a Delaware corporation, in its capacity as Administrative Borrower on behalf of itself and the other Borrowers pursuant to Section 2.17 hereof and its successors and assigns in such capacity.
“Advances” has the meaning specified therefor in Section 2.1(a) of this Agreement.
“Affiliate” means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of Stock, by contract, or otherwise; provided, however, that, for purposes of the definition of Eligible Accounts and Section 7.12 of this Agreement: (a) any Person which owns directly or indirectly 10% or more of the Stock having ordinary voting power for the election of the board of directors or equivalent governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an Affiliate of such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a Person is a general partner shall be deemed an Affiliate of such Person; provided that as to any Affiliate of Lender, each of the foregoing references to 10% shall be deemed to refer to 50%.
“Agreement” means the Amended and Restated Credit and Security Agreement (Ex-Im Subfacility) to which this Schedule 1.1 is attached. 

Schedule 1.1 
Page 1

“Allocable Amount” has the meaning specified therefor in Section 2.16. 
“Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business.
“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.
“Authorized Person” means any one of the individuals identified on Schedule A-2, as such schedule is updated from time to time by written notice from Borrowers to Lender.
“Availability” means, as of any date of determination, the amount that Borrowers are entitled to borrow as Advances under Section 2.1 of this Agreement (after giving effect to all then outstanding Obligations).
“Average Excess Availability” means, as of the end of each calendar quarter, the average daily amount (calculated for such calendar quarter) of Excess Availability under this Agreement, plus Excess Availability under the Domestic Credit Agreement, as calculated by Lender.
“Bank Product” means any one or more of the following financial products or accommodations extended to a Borrower or its Subsidiaries by a Bank Product Provider: (a) commercial credit cards, (b) commercial credit card processing services, (c) debit cards, (d) stored value cards, (e) purchase cards (including so-called “procurement cards” or “P-cards”), (f) Cash Management Services, or (g) transactions under Hedge Agreements.
“Bank Product Agreements” means those agreements entered into from time to time by a Borrower or its Subsidiaries with a Bank Product Provider in connection with the obtaining of any of the Bank Products, including, without limitation, all Cash Management Documents.
“Bank Product Collateralization” means providing cash collateral (pursuant to documentation reasonably satisfactory to Lender) to be held by Lender for the benefit of the Bank Product Provider in an amount determined by Lender as sufficient to satisfy the reasonably estimated credit exposure with respect to the then existing Bank Product Obligations (other than Hedge Obligations).
“Bank Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by a Loan Party or its Subsidiaries to Lender or another Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and (b) all Hedge Obligations.

 2

“Bank Product Provider” means Lender or any of its Affiliates that provide Bank Products to a Loan Party.
“Bank Product Reserve Amount” means, as of any date of determination, the Dollar amount of Reserves that Lender has determined it is necessary or appropriate to establish (based upon Lender’s reasonable determination of their credit and operating risk exposure to Borrowers and their Subsidiaries in respect of Bank Product Obligations) in respect of Bank Products then provided or outstanding.
“Bankruptcy Code” means title 11 of the United States Code, as in effect from time to time.
“Benefit Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA) for which any Borrower or any of its Subsidiaries or ERISA Affiliates has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years.
“Board of Directors” means the board of directors (or comparable managers) of a Borrower or any other Loan Party or any committee thereof duly authorized to act on behalf of the board of directors (or comparable managers).
“Books” means books and records (including a Borrower’s or any other Loan Party’s Records indicating, summarizing, or evidencing such Borrower’s or such other Loan Party’s assets (including the Collateral) or liabilities, such Borrower’s or such other Loan Party’s Records relating to such Borrower’s or such other Loan Party’s business operations or financial condition, or such Borrower’s or such other Loan Party’s Goods or General Intangibles related to such information).
“Borrower Agreement” means the Amended and Restated Borrower Agreement, dated on or about the Restatement Effective Date, made by Borrowers in favor of Ex-Im Bank and Lender, as the same may hereafter be amended, replaced, modified, supplemented or restated from time to time.
“Borrowers” means DASAN Zhone Solutions, Inc., a Delaware corporation, and ZTI Merger Subsidiary III, Inc., a Delaware corporation, and any other Person that joins this Agreement as a Borrower (with the consent and agreement of Lender), jointly and severally.
“Borrowing” means a borrowing consisting of Advances (i) requested by Borrowers, (ii) made automatically pursuant to Section 2.3(c) without the request of Borrowers, (iii) made by Lender pursuant to Section 2.6(d), or (iv) a Protective Advance.
“Borrowing Base” means, as of any date of determination, the result of:
(a)    an amount equal to the sum of (x) up to 90% (as determined by Lender) (less the amount, if any, of the Dilution Reserve, if applicable) of the amount of Eligible Accounts denominated in Dollars, plus (y) up to 70% (as determined by Lender) (less the amount, if any, of the Dilution Reserve, if applicable) of the amount of Eligible Accounts denominated in a currency other than Dollars, plus

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(b)    upon satisfaction of the Inventory Borrowing Base Conditions (as determined by Lender), the lowest of:
(i)    $7,000,000;
(ii)    up to 50% (as determined by Lender) of the Value of Eligible Inventory consisting of raw materials and finished goods; or
(iii)    85% times the most recently determined Net Liquidation Percentage times the Value of Eligible Inventory consisting of raw materials and finished goods, minus 
(c)    the aggregate amount of Reserves, if any, established by Lender.
Notwithstanding the foregoing, the amount under clause (b) of this definition and the amount included under clause (b) of the definition of “Borrowing Base” that appears in the Domestic Credit Agreement shall not exceed, in the aggregate, $7,000,000.
“Borrowing Base Certificate” means a form of borrowing base certificate in form and substance acceptable to Lender.
“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close pursuant to the rules and regulations of the Federal Reserve System and, if such day relates to a Fixed Rate Advance, a day on which dealings are carried on in the London interbank eurodollar market.
“Buyer” shall have the meaning provided for such term in the Borrower Agreement.  
“Capital Expenditures” means for any relevant measurement period the aggregate of all expenditures by the Borrowers and their Restricted Subsidiaries (other than DNS) during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed.
“Capitalized Lease Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized in accordance with GAAP.
“Capital Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.
“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and having one of the two highest ratings obtainable from either Standard & Poor’s Rating Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates 

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of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of Columbia or any United States branch of a foreign bank having combined capital and surplus of not less than $250,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven days, with respect to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d) above, and (h) Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a) through (g) above.
“Cash Management Services” means any cash management or related services including treasury, depository, return items, overdraft, controlled disbursement, merchant stored value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements.
“Cash Management Documents” means the agreements governing each of the Cash Management Services of Lender utilized by a Borrower, which agreements shall currently include the Master Agreement for Treasury Management Services or other applicable treasury management services agreement, the “Acceptance of Services”, the “Service Description” governing each such treasury management service used by a Borrower, and all replacement or successor agreements which govern such Cash Management Services of Lender.
“CFC” means a controlled foreign corporation (as that term is defined in the IRC). 
“Change of Control” means that:
(a)    (i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) other than any Permitted Holder becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 20%, or more, of the Stock of DASAN Zhone Solutions, Inc. having the right to vote for the election of members of the Board of Directors, or (ii) a Permitted Holder becomes the beneficial owner, directly or indirectly, of 65%, or more, of the Stock of DASAN Zhone Solutions, Inc. having the right to vote for the election of members of the Board of Directors; or
(b)    a majority of the members of the Board of Directors do not constitute Continuing Directors; or
(c)    DASAN Zhone Solutions, Inc. shall fail to directly own and control 100% of the Stock of ZTI Merger Subsidiary III, Inc., Paradyne Networks, Inc., and DNS; or

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(d)    Paradyne Networks, Inc. shall fail to directly own and control 100% of the Stock of Paradyne Corporation; or
(e)    ZTI Merger Subsidiary III, Inc. shall fail to directly own and control 100% of the Stock of Premisys Communications, Inc. and Zhone Technologies International, Inc. 
Notwithstanding the foregoing, the following shall not be considered a “Change of Control”:
(i)    any merger or consolidation permitted under Section 7.3(a)(i) or Section 7.3(a)(ii); and
(ii)    any Restricted Subsidiary may merge with or consolidate into another Restricted Subsidiary or a Borrower (provided that if a Borrower is part of such merger, such Borrower shall be the surviving entity).
“Chattel Paper” means chattel paper (as that term is defined in the Code), and includes tangible chattel paper and electronic chattel paper.
“Code” means the California Uniform Commercial Code, as in effect from time to time; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies. To the extent that defined terms set forth herein shall have different meanings under different Articles under the Uniform Commercial Code, the meaning assigned to such defined term under Article 9 of the Uniform Commercial Code shall control.
“Collateral” means all of each Borrower’s and each Guarantor’s now owned or hereafter acquired:
(a)    Accounts;
(b)    Books;
(c)    Chattel Paper;
(d)    Deposit Accounts;
(e)    Goods, including Equipment and Fixtures;
(f)    General Intangibles;
(g)    Inventory;
(h)    Investment Related Property;

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(i)    Negotiable Collateral;
(j)    Supporting Obligations;
(k)    Commercial Tort Claims;
(l)    money, Cash Equivalents, or other assets of such Loan Party that now or hereafter come into the possession, custody, or control of Lender (or its agent or designee);
(m)    the Real Property Collateral; and
(n)    all of the proceeds (as such term is defined in the Code) and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, Fixtures, General Intangibles, Inventory, Investment Related Property, Negotiable Collateral, Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”). Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when Investment Related Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to such Loan Party or Lender from time to time with respect to any of the Investment Related Property.
“Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in a Loan Party’s or its Restricted Subsidiaries’ Books, Equipment, Accounts or Inventory, in each case, in favor of Lender with respect to the Collateral at such premises or otherwise in the custody, control or possession of such lessor, consignee or other Person and in form and substance reasonably satisfactory to Lender.
“Collection Account” means the Deposit Account identified on Schedule A-1. 
“Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance Proceeds, cash Proceeds of asset sales, rental Proceeds, and tax refunds).
“Commercial Tort Claims” means commercial tort claims (as that term is defined in the Code), and includes those commercial tort claims listed on Schedule 5.6(d) to the Information Certificate. 

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“Compliance Certificate” means a certificate substantially in the form of Exhibit A delivered by the chief financial officer of Borrowers to Lender.
“Confidential Information” has the meaning specified therefor in Section 17.8 of this Agreement.
“Continuing Director” means (a) any member of the Board of Directors who was a director (or comparable manager) of any Borrower or any other Loan Party as of Restatement Effective Date, and (b) any individual who becomes a member of the Board of Directors after the Restatement Effective Date if such individual was approved, appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of Directors in office as of the Restatement Effective Date in an actual or threatened election contest relating to the election of the directors (or comparable managers) of any Borrower or any other Loan Party and whose initial assumption of office resulted from such contest or the settlement thereof.
“Control Agreement” means a control agreement, in form and substance reasonably satisfactory to Lender, executed and delivered by each Borrower or any other Loan Party, Lender, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a Deposit Account) or issuer, (with respect to uncertificated securities).
“Controlled Account” has the meaning specified therefor in Section 6.12(j) of this Agreement. 
“Controlled Account Bank” has the meaning specified therefor in Section 6.12 (j) of this Agreement.
“Copyrights” means any and all rights in any works of authorship, including (i) copyrights and moral rights, (ii) copyright registrations and recordings thereof and all applications in connection therewith including those listed on Schedule 5.26(a) to the Information Certificate, (iii) any damages and payments for past, present, or future infringements thereof, (iv) the right to sue for past, present, and future infringements thereof, and (v) all of each Borrower’s and each Loan Party’s rights corresponding thereto throughout the world.
“Copyright Security Agreement” means each Copyright Security Agreement executed and delivered by a Borrower or another Loan Party and Lender, in form and substance acceptable to Lender.
“Country Limitation Schedule” shall have the meaning provided for such term in the Borrower Agreement.
“Credit Facility” means the Revolving Credit Facility.
“Daily Balance” means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end of such day.

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“Daily Three Month LIBOR” means the rate per annum for United States dollar deposits quoted by Lender for the purpose of calculating the effective Interest Rate for loans that reference Daily Three Month LIBOR as the Inter-Bank Market Offered Rate in effect from time to time for the 3 month delivery of funds in amounts approximately equal to the principal amount of such loans. Borrowers understand and agree that Lender may base its quotation of the Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank Market as Lender in its discretion deems appropriate, including but not limited to the rate offered for U.S. dollar deposits on the London Inter-Bank Market. When interest is determined in relation to Daily Three Month LIBOR, each change in the interest rate shall become effective each Business Day that Lender determines that Daily Three Month LIBOR has changed.
“DASAN” means DASAN Networks, Inc., a company incorporated under the laws of Korea.
“DASAN Loan Agreement” means that certain Loan Agreement, dated as of September 9, 2016, between DASAN and DASAN Zhone Solutions, Inc., as the same may be amended, restated, replaced, modified or supplemented from time to time in accordance with the terms thereof and the terms of this Agreement and the DASAN Subordination Agreement.
“DASAN Subordination Agreement” means that certain Subordination Agreement, dated as of September 9, 2016, made by DASAN for the benefit of Lender and acknowledged by DASAN Zhone Solutions, Inc., as the same may be amended, modified, or supplemented from time to time.
“Default” means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be an Event of Default.
“Deposit Account” means any deposit account (as that term is defined in the Code).
“Designated Account” means the operating Deposit Account of Borrowers at Lender identified on Schedule D-1. 
“Dilution” means, as of any date of determination, a percentage that is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising allowances, credits, deductions, or other dilutive items as determined by Lender with respect to Borrowers’ Accounts, by (b) Borrowers’ billings with respect to Accounts.
“Dilution Reserve” means, as of any date of determination, an amount sufficient to reduce the advance rate against Eligible Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 5%.
“DNS” means Dasan Network Solutions, Inc., a California corporation.
“DNS Loan Agreement” means that certain Loan Agreement, dated as of February 15, 2016, between DASAN and DNS, as the same may be amended, restated, replaced, modified or supplemented from time to time in accordance with the terms thereof and the terms of this Agreement.
“DNS Subsidiary” means (a) any Subsidiary of DNS existing as of October 7, 2016, (b) Dasan India Private Limited, and (c) D-Mobile Limited.

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“Dollars” or “$” means United States dollars.
“Domestic Facility Agreement” means that certain Amended and Restated Credit and Security Agreement, among Lender, the Borrowers, and the Guarantors, of even date with this Agreement.
“Domestic Loan Documents” means the Domestic Facility Agreement and all other documents, agreements, instruments, and certificates now or hereafter executed or provided in connection with the Domestic Facility Agreement.
“EBITDA” means, with respect to any fiscal period, Borrowers’ consolidated net income (or loss) (excluding the consolidated net income (or loss) of DNS and any DNS Subsidiary), minus non-cash or extraordinary gains and related tax effects, interest income, non-operating income and income tax benefits and decreases in any change in LIFO reserves, plus non-cash extraordinary losses, non-cash stock compensation expenses, Interest Expense, fees and expenses paid in cash in relation to performing the requirement of this Agreement, income taxes, depreciation and amortization, and increases in any change in LIFO reserves for such period, in each case determined on a consolidated basis in accordance with GAAP.
“Eligible Accounts” means those Accounts created by each Borrower owing by Account Debtors located outside the United States of America in the ordinary course of its business, that arise out of such Borrower’s sale of Goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Lender in Lender’s Permitted Discretion. In determining the amount to be included, Eligible Accounts shall be calculated net of customer deposits, credits and unapplied cash. Eligible Accounts shall not include the following:
(a)    For Accounts that have original 30-day (or less) payment terms, any such Accounts that the Account Debtor has failed to pay on or prior to the date that is the earlier of (i) 90 days after the original invoice date, or (ii) 60 days after the original due date;
(b)    For Accounts that have original payment terms greater than 30 days, any such Accounts that the Account Debtor has failed to pay on or prior to the date that is the earlier of (i) 60 days after the original due date, or (ii) 120 days after the original invoice date;
(c)    Accounts owed by an Account Debtor (or its Affiliates) where 25% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a) or (b) above or clauses (i) or (s) below;
(d)    Accounts with respect to which the Account Debtor is an Affiliate, agent or equity owner of such Borrower or an employee or agent of such Borrower or any Affiliate of such Borrower;

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(e)    Accounts arising in a transaction wherein Goods are placed on consignment or are sold pursuant to a guaranteed sale, a sale or return, a sale on approval, or any other terms by reason of which the payment by the Account Debtor may be conditional or contingent;
(f)    Accounts that are not payable in Dollars, or Accounts that are not due and payable in the United States;
(g)    Accounts with respect to which the Account Debtor either (i) does not maintain its chief executive office in the United States or Canada (excluding the Province of Quebec), or (ii) is not organized under the laws of the United States or any state thereof or Canada (excluding the Province of Quebec), or (iii) is the government of any foreign country or sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless (x) the Account is supported by an irrevocable letter of credit reasonably satisfactory to Lender (as to form, substance, and issuer or domestic confirming bank) that has been delivered to Lender and is directly drawable by Lender, or (y) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, reasonably satisfactory to Lender;
(h)    Accounts with respect to which the Account Debtor is either (i) the United States or any department, agency, or instrumentality of the United States (exclusive, however, of Accounts with respect to which such Borrower has complied, to the reasonable satisfaction of Lender, with the Assignment of Claims Act, 31 USC §3727), or (ii) any state of the United States;
(i)    Accounts with respect to which the Account Debtor is a creditor of such Borrower, has or has asserted a right of setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of setoff, or dispute;
(j)    That portion of Accounts which reflect a reasonable reserve for warranty claims or returns or amounts which are owed to account debtors, including those for rebates, allowances, co-op advertising, new store allowances or other deductions;
(k)    (x) Accounts owing by a single Account Debtor or group of Affiliated Account Debtors (other Emirates Telecommunications and Axtel SAB) whose total obligations owing to Borrower exceed 25% of the aggregate amount of all otherwise Eligible Accounts; or (y) Accounts owing by Emirates Telecommunications or Axtel SAB or their respective Affiliated Account Debtors whose total obligations owing to Borrower exceed 25% of the aggregate amount of all otherwise Eligible Accounts;  provided that for both of the foregoing clauses (x) and (y) the portion of the Accounts not in excess of the foregoing applicable percentages may be deemed Eligible Accounts;
(l)    Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as to which such Borrower has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor;

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(m)    Accounts, the collection of which, Lender, in its Permitted Discretion, believes to be doubtful by reason of the Account Debtor’s financial condition;
(n)    Accounts representing royalties, credit card sales, or “C.O.D.” sales;
(o)    Accounts that are not subject to a valid and perfected first priority Lender’s Lien or that are subject to any other Lien, unless such other lien is a Permitted Lien and the holder of such Permitted Lien has entered into an intercreditor agreement with Lender reasonably acceptable to Lender;
(p)    Accounts that consist of progress billings (such that the obligation of the Account Debtors with respect to such Accounts is conditioned upon such Borrower’s satisfactory completion of any further performance under the agreement giving rise thereto) or retainage invoices;
(q)    Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity;
(r)    that portion of Accounts which represent finance charges, service charges, sales taxes or excise taxes, or Retainages;
(s)    that portion of Accounts which has been restructured, extended, amended or otherwise modified;
(t)    bill and hold invoices;
(u)    Accounts which have not been invoiced;
(v)    Accounts arising from services not yet rendered and/or goods not yet shipped;
(w)    Accounts arising from drop shipments not supported by the Account Debtor’s confirmation of receipt of the goods;
(x)    Accounts constituting (i) Proceeds of copyrightable material unless such copyrightable material shall have been registered with the United States Copyright Office, or (ii) Proceeds of patentable inventions unless such patentable inventions have been registered with the United States Patent and Trademark Office;
(y)    Accounts acquired in connection with a Permitted Acquisition, until the completion of an examination of such Accounts, in each case, reasonably satisfactory to Lender (which examination may be conducted prior to the closing of such Permitted Acquisition);
(z)    Accounts arising from advertising, event and trade show participation with customers, and the associated costs subsidization provided by a co-Borrower;
(aa)    Accounts arising from sales to any military Buyer, except as may be approved in writing by Ex-Im Bank;

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(bb)    Accounts owing by an Account Debtors located in or from a country in which shipment is prohibited or coverage is not available per the Country Limitation Schedule, or such Account does not otherwise comply with the Country Limitation Schedule;
(cc)    Accounts due and payable in a currency other than Dollars, except as may be approved in writing by Ex-Im Bank;
(dd)    Accounts that do not comply with the terms of sale set forth in the Loan Authorization Notice;
(ee)    Accounts that arise from the sale of Items containing less than fifty one percent (51%) U.S. Content;
(ff)    Accounts that arise from the sale of Items containing any Foreign Content not incorporated into such Items in the United States;
(gg)    Accounts that arise from the sale of any Items to be used in the construction, alteration, operation or maintenance of nuclear power, enrichment, reprocessing, research or heavy water production facilities;
(hh)    Accounts that do not meet the requirements set forth in the definition of “Eligible-Related Accounts Receivable” in the Borrower Agreement;
(ii)    Accounts deemed to be “Eligible Accounts” under the Domestic Facility Agreement; and
(jj)    Accounts or that portion of Accounts otherwise deemed ineligible by Lender in its Permitted Discretion. 
Any Accounts which are not Eligible Accounts shall nonetheless constitute Collateral.
“Eligible Inventory” means export-related Inventory consisting of first quality raw materials and finished goods held for sale in the ordinary course of each Borrower’s business, that complies with each of the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Lender in Lender’s Permitted Discretion. An item of Inventory shall not be included in Eligible Inventory if:
(a)    such Borrower does not have good and marketable title thereto;
(b)    it consists of work-in-process Inventory, components which are not part of finished goods, supplies used or consumed in such Borrower’s business, or Goods that constitute spare parts, fabricated parts, maintenance parts, packaging and shipping materials, or sample inventory or customer supplied parts or Inventory;

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(c)    such Borrower does not have actual and exclusive possession thereof (either directly or through a bailee or agent of such Borrower);
(d)    it is not located at one of the locations in the continental United States set forth on Schedule 5.29 to the Information Certificate; 
(e)    it is stored at locations holding less than 10% of the aggregate value of such Borrower’s Inventory;
(f)    it is in-transit to or from a location of such Borrower (other than in transit from one location set forth on Schedule 5.29 to the Information Certificate to another location set forth on Schedule 5.29 to the Information Certificate); 
(g)    it is located on real property leased by such Borrower or in a warehouse or otherwise in the possession of a Person (other than the Borrower), in each case, unless it is subject to a Collateral Access Agreement executed by the lessor, warehouseman, or other Person, as the case may be, and unless it is segregated or otherwise separately identifiable from Goods of others, if any, stored on the premises;
(h)    it is the subject of a bill of lading or other document of title;
(i)    it is on consignment from any consignor; or on consignment to any consignee or subject to any bailment unless the consignee or bailee has (i) executed an agreement with Lender, and (ii) provided evidence acceptable to Lender that the applicable Borrower has properly perfected a first priority security interest in such consigned Inventory and has properly notified in writing the other creditors of consignee who hold an interest in such Inventory of Borrower’s security interest in such Inventory, and (iii) the applicable Borrower has taken such other actions with respect to such consigned Inventory as Lender may reasonably request;
(j)    it is not subject to a valid and perfected first priority Lender’s Lien;
(k)    it consists of Goods returned or rejected by such Borrower’s customers;
(l)    it consists of Goods that are damaged, contaminated, tainted, discontinued, rejected, defective, obsolete or slow moving (as determined by Lender);
(m)    Inventory that such Borrower has returned, has attempted to return, is in the process of returning or intends to return to the vendor of such Inventory;
(n)    it consists of Goods that are restricted or controlled, or regulated items;
(o)    it consists of Goods that are bill and hold Goods;
(p)    it consists of damaged or defective Goods or “seconds”;

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(q)    it is subject to third party trademark, licensing or other proprietary rights, unless Lender is satisfied that such Inventory can be freely sold by Lender on and after the occurrence of an Event of a Default despite such third party rights;
(r)    it consists of customer-specific Inventory not supported by purchase orders;
(s)    it was acquired in connection with a Permitted Acquisition, until the completion of an appraisal and field examination of such Inventory, in each case, reasonably satisfactory to Lender (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition);
(t)    it contains less than fifty-one percent (51%) U.S. Content;
(u)    it contains any Foreign Content not incorporated into such Inventory in the United States;
(v)    it was previously exported;
(w)    it consists of proprietary software;
(x)    it consists of defense articles or goods;
(y)    it comprises Inventory deemed to be “Eligible Inventory” under the Domestic Facility Agreement; or
(z)    Inventory otherwise deemed ineligible by Lender or Ex-Im Bank in their Permitted Discretion.
Any Inventory which is not Eligible Inventory shall nonetheless constitute Collateral.
“Eligible Letter of Credit Inventory” means Inventory which would otherwise be Eligible Inventory (other than for its location) as to which: (i) the Inventory is purchased with and subject to a Letter of Credit issued hereunder; (ii) the Inventory is then in transit (whether by vessel, air or land) from a location outside of the United States of America or Canada (other than the Province of Quebec)) to a location permitted hereunder and for which Lender shall have received such evidence thereof as Lender may reasonably require; (iii) the title of the Inventory has passed to, and such Inventory is owned by, a Borrower and for which Lender shall have received such evidence thereof as Lender may reasonably require; (iv) Lender has received each of the following: (A) a copy of the certificate of marine cargo insurance in connection therewith in which Lender has been named as an additional insured and lender loss payee in a manner reasonably acceptable to Lender and (B) a copy of the invoice, packing slip and manifest with respect thereto; (v) the Inventory is either (A) subject to a negotiable bill of lading: (1) that is consigned to Lender either directly or by means of endorsements), (2) that was issued by the carrier in respect of such Inventory, and (3) is either in the possession of the customs broker, freight forwarder or other third party handling the shipping and delivery of such Inventory acting on behalf of Lender or (B) subject to a negotiable cargo receipt and is not the subject of a bill of lading (other than a negotiable bill of lading consigned to, and in the possession of a consolidator or Lender, or their respective agents) and such negotiable 

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cargo receipt is (1) consigned to Lender either directly or by means of endorsements, (2) issued by a consolidator in respect of such Inventory, and (3) either in the possession of Lender or the customs broker, freight forwarder or other third party handling the shipping and delivery of such Inventory acting on behalf of Lender; (vi) such Inventory is insured against types of loss, damage, hazards, and risks, and in amounts, reasonably satisfactory to Lender; and (vii) such Inventory shall not have been in transit for more than ninety (90) days.
“Environmental Action” means any written complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses of any Loan Party, any Restricted Subsidiary of a Loan Party, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities which received Hazardous Materials generated by any Loan Party, any Restricted Subsidiary of a Loan Party, or any of their predecessors in interest.
“Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, in each case, to the extent binding on any Loan Party or any of its  Restricted Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time to time.
“Environmental Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action.
“Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.
“Equipment” means equipment (as that term is defined in the Code).
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto.
“ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the employees of any Loan Party or its Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of any Loan Party or its Subsidiaries under IRC Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which any Loan Party or any of its Subsidiaries is a member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 and 430 of the IRC, any Person subject to ERISA that is a party to an 

 16

arrangement with any Loan Party or any of its Subsidiaries and whose employees are aggregated with the employees of a Loan Party or its Subsidiaries under IRC Section 414(o).
“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the IRC or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or any ERISA Affiliate.
“Event of Default” has the meaning specified therefor in Section 9 of this Agreement.
“Excess Availability” means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables and other obligations of each Borrower and Restricted Subsidiaries (other than DNS) aged in excess of 60 days beyond their terms as of the end of the immediately preceding month (except if and to the extent paid prior to the date of determination), and all book overdrafts and fees of each Borrower and Restricted Subsidiaries (other than DNS), in each case as determined by Lender in its Permitted Discretion.
“Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time.
“Ex-Im Bank” means the Export-Import Bank of the United States, and its successors and assigns.
“Ex-Im Bank Guaranty” means that certain Master Guarantee Agreement between Lender and Ex-Im Bank, as the same may hereafter be amended, modified, supplemented or restated from time to time.
“Export Order” means a written export order or contract for the purchase by the Buyer from a Borrower of any of the Items.
“Existing Lender” means Silicon Valley Bank.
“Extraordinary Receipts” means any payments received by any Borrower, any other Loan Party, or any of their Restricted Subsidiaries not in the ordinary course of business (and not consisting of proceeds described in Section 2.4(f)(ii) of the Agreement) consisting of (a) proceeds of judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, 

 17

and (b) indemnity payments (other than to the extent such indemnity payments are (i) immediately payable to a Person that is not an Affiliate of any Borrower, any other Loan Party, or any of their Restricted Subsidiaries, or (ii) received by any Borrower, and other Loan Party, or any of their Restricted Subsidiaries as reimbursement for any payment previously made to such Person).
“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
“Fixed Charge Coverage Ratio” means, with respect to Borrowers and their Restricted Subsidiaries (other than DNS) for any measurement period, the ratio of (i) EBITDA for such period, minus (a) Non-Financed Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period, and (b) cash taxes paid during such period, to the extent greater than zero to (ii) Fixed Charges for such period.”
“Fixed Charges” means, with respect to any measurement period and with respect to Borrowers and their Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP (excluding the Fixed Charges of DNS and any DNS Subsidiary), the sum, without duplication, of: (a) cash Interest Expense paid during such period (other than interest paid-in-kind, amortization of financing fees, and other non-cash Interest Expense), and (b) scheduled principal payments paid in cash in respect of Indebtedness paid during such period, including cash payments with respect to Capital Leases.
“Fixed Rate” has the meaning specified therefor in Section 2.16. 
“Fixed Rate Advance” means any Advance that accrues interest hereunder at an interest rate that has been fixed for a Fixed Rate Interest Period in accordance with this Agreement.
“Fixed Rate Interest Period” means a three (3) month period that commences on (and includes) the Business Day on which either a Fixed Rate Advance is made or continued or on which a Floating Rate Advance is converted to a Fixed Rate Advance, and ending on (but excluding) the Business Day numerically corresponding to that date three (3) months thereafter, during which period the outstanding principal amount of the Fixed Rate Advance shall bear interest at the Fixed Rate; provided, however, that:
(a)    If a Fixed Rate Interest Period would otherwise end on a day which is not a Business Day, then it shall end on the next Business Day, unless that day is the first Business Day of a month, in which case the Fixed Rate Interest Period shall end on the last Business Day of the preceding month;
(b)    No Fixed Rate Interest Period may have a term that extends beyond the Maturity Date; and
(c)    No Fixed Rate Interest Period may be selected if any part of the Fixed Rate Advance must contractually be prepaid prior to the end of the Fixed Rate Interest Period.
“Fixtures” means fixtures (as that term is defined in the Code).

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“Floating Rate Advance” means an Advance that accrues interest at the floating interest rate provided for in this Agreement (and which has not been fixed for a Fixed Rate Interest Period).
“Foreign Content” means, with respect to any Item, all of the labor, materials and services which are not of United States origin or manufacture, or which are not incorporated into such Item in the United States.
“Foreign Subsidiary” means any direct or indirect subsidiary of any Loan Party that is organized under the laws of any jurisdiction other than the United States, any state thereof, or the District of Columbia. 
“Funding Date” means the date on which a Borrowing occurs.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently applied; provided, however, that all calculations relative to liabilities shall be made without giving effect to Statement of Financial Accounting Standards No. 159.
“General Intangibles” means general intangibles (as that term is defined in the Code), and includes payment intangibles, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the termination (voluntarily or involuntarily) of any such Hedge Agreements), rights arising under common law, statutes, or regulations, choses or things in action, goodwill, Intellectual Property, Intellectual Property Licenses, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, Goods, Investment Related Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.
“Goods” means goods (as that term is defined in the Code).
“Governing Documents” means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of such Person.
“Governmental Authority” means any federal, state, local, or other governmental or administrative body, instrumentality, board, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body.
“Guarantor Payment” has the meaning specified therefor in Section 2.16. 
“Guarantors” means (a) Premisys Communications, Inc., a Delaware corporation, Zhone Technologies International, Inc., a Delaware corporation; Paradyne Networks, Inc., a Delaware corporation, Paradyne Corporation, a Delaware corporation, and DNS, and (b) each other Person 

 19

that becomes a guarantor after the Restatement Effective Date pursuant to Section 6.15 of this Agreement, and “Guarantor” means any one of them.
“Guaranty” means any guaranty that may be executed and delivered from time to time by a Guarantor in favor of Lender in form and substance reasonably satisfactory to Lender.
“Hazardous Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.
“Hedge Agreement” means a “swap agreement” as that term is defined in Section 101(53B)(A) of the Bankruptcy Code.
“Hedge Obligations” means any and all obligations or liabilities, whether absolute or contingent, due or to become due, now existing or hereafter arising, of any Loan Party or its Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into with Lender or another Bank Product Provider.
“Indebtedness” as to any Person means (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c) all obligations of such Person as a lessee under Capital Leases, (d) all obligations or liabilities of others secured by a Lien on any asset of such Person, irrespective of whether such obligation or liability is assumed, (e) all obligations of such Person to pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices), (f) all obligations of such Person owing under Hedge Agreements (which amount shall be calculated based on the amount that would be payable by such Person if the Hedge Agreement were terminated on the date of determination), (g) any Prohibited Preferred Stock of such Person, and (h) any obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (a) through (g) above. For purposes of this definition, (i) the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii) the amount of any Indebtedness described in clause (d) above shall be the lower of the amount of the obligation and the fair market value of the assets of such Person securing such obligation.

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“Indemnified Liabilities” has the meaning specified therefor in Section 11.3 of this Agreement. “Indemnified Person” has the meaning specified therefor in Section 11.3 of this Agreement.
“Information Certificate” shall mean the Information Certificate completed and executed by the Loan Parties attached hereto as Exhibit E. 
“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, receiverships, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.
“Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof.
“Intellectual Property Licenses” means, with respect to any Person (the “Specified Party”), (i) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (ii) any licenses or other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (A) any income, royalties, damages and payments arising therefrom, (B) any software license agreements (other than license agreements for commercially available off-the-shelf software that is generally available to the public which have been licensed to a Loan Party pursuant to end-user licenses), (C) the license agreements listed on Schedule 5.26(a) to the Information Certificate, if any, and (D) the right to use any of the licenses or other similar rights described in this definition in connection with the enforcement of the Lender’s rights under the Loan Documents.
“Intercompany Subordination Agreement” means an intercompany subordination agreement, dated as March 13, 2012, executed and delivered by each of the other Loan Parties, and Lender, the form and substance of which is reasonably satisfactory to Lender.
“Interest Expense” means, for any period, the aggregate of the interest expense of Borrowers and their Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding Interest Expense of DNS and any DNS Subsidiary).
“Interest Rate” means an interest rate equal to Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes; provided that if the Fixed Rate is applicable to any Obligation, “Interest Rate” shall mean the Fixed Rate applicable to such Obligations.

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“Interest Rate Margin” means, as of any date of determination and with respect to Advances based upon the Prime Rate, Floating Rate Advances, or Fixed Rate Advances, as applicable, the applicable margin set forth in the following table that corresponds to the Average Excess Availability of Borrowers for the most recently completed calendar quarter; provided further, that any time an Event of Default has occurred and is continuing, the Interest Rate Margin shall be set at the margin in the row styled “Level I”:
	
			
	Level
	Average Excess Availability
	Interest Rate Margin

	I
	Less than or equal to an amount equal to 25% of Maximum Revolver Amount
	2.50 percentage points

	II
	Greater than an amount equal to 25% of Maximum Revolver Amount, but less than or equal to an amount equal to 35% of Maximum Revolver Amount
	2.25 percentage points

	III
	Greater than an amount equal to 35% of Maximum Revolver Amount
	2.00 percentage points

The Interest Rate Margin shall be re-determined as of the first day of each calendar quarter based on the Average Excess Availability for the calendar quarter immediately preceding each such new calendar quarter.
“Inventory” means inventory (as that term is defined in the Code).
“Inventory Borrowing Base Conditions” means the following (the satisfaction of which shall be determined by Lender in Lender’s sole discretion): (i) Lender shall have received an appraisal of Borrowers’ Inventory, which appraisal shall have been prepared by an appraiser and be in form and substance satisfactory to Lender in Lender’s sole discretion; (ii) no Event of Default shall have occurred and be continuing; (iii) Lender shall have received internal credit approval for the inclusion of Eligible Inventory into the Borrowing Base; and (iv) Lender shall have elected to include Eligible Inventory in the Borrowing Base in Lender’s sole discretion.
“Investment” means, with respect to any Person, any investment by such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business not to exceed $50,000 in the aggregate during any fiscal year of Borrowers, and (b) bona fide Accounts arising in the ordinary course of business), or acquisitions of Indebtedness, Stock, or all or substantially all of the assets of such other Person (or of any division or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.
“Investment Related Property” means (i) any and all investment property (as that term is defined in the Code), and (ii) any and all of the following (regardless of whether classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements, and 

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Pledged Partnership Agreements.  Notwithstanding the foregoing, any Stock owned by DNS in each of Dasan India Private Limited, Dasan Network Solutions Japan, Inc., Dasan Vietnam Co., Ltd., and D-Mobile Limited shall not be deemed to be Investment Related Property.
“IRC” means the Internal Revenue Code of 1986, as in effect from time to time.
“ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590.
“Items” means the finished goods or services which are intended for export from the United States, as specified in the Loan Authorization Notice.
“Joint Application” means the Joint Application for Working Capital Guarantee made by Borrowers and Lender to Ex-Im Bank in connection with this Agreement.
“Lender” has the meaning specified therefor in the preamble to this Agreement and its successors and assigns.
“Lender’s Liens” mean the Liens granted by Borrowers and the other Loan Parties to Lender under the Loan Documents.
“Lender Expenses” means all (a) reasonable costs or expenses (including taxes, and insurance premiums) required to be paid by any Loan Party or any of its Restricted Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by Lender, (b) reasonable out-of-pocket fees or charges paid or incurred by Lender in connection with Lender’s transactions with any Loan Party or any of its Restricted Subsidiaries under any of the Loan Documents, including, fees or charges for photocopying, notarization, couriers and messengers, telecommunication, public record searches (including tax lien, judgment lien, litigation, bankruptcy and Code searches and including searches with the patent and trademark office, the copyright office, or the department of motor vehicles), filing, recording, publication, appraisal (including periodic collateral appraisals or business valuations to the extent of the fees and charges (and up to the amount of any limitation contained in this Agreement), real estate surveys, real estate title insurance policies and endorsements, and environmental audits, (c) Lender’s customary fees and charges (as adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of Borrowers (whether by wire transfer or otherwise), together with any out of pocket costs and expenses incurred in connection therewith, (d) out-of-pocket charges paid or incurred by Lender resulting from the dishonor of checks payable by or to any Loan Party, (e) reasonable out-of-pocket costs and expenses paid or incurred by Lender to correct any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (f) reasonable out-of-pocket examination fees and expenses (including reasonable travel, meals, and lodging) of Lender related to any inspections or examinations to the extent of the fees and charges (and up to the amount of any limitation) contained in this Agreement, (g) reasonable out-of-pocket costs and expenses of third party claims or any other suit paid or incurred by Lender in enforcing or defending the Loan Documents or in connection with the transactions contemplated by the Loan 

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Documents or Lender’s relationship with any Loan Party or any of its Restricted Subsidiaries, (h) Lender’s reasonable costs and expenses (including reasonable attorneys’ fees) incurred in advising, structuring, drafting, reviewing, administering (including reasonable travel, meals, and lodging), or amending the Loan Documents, (i) Lender’s reasonable costs and expenses (including reasonable attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including reasonable attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether suit is brought, or in taking any Remedial Action concerning the Collateral, and (j) usage charges, charges, fees, costs and expenses for amendments, renewals, extensions, transfers, or drawings from time to time imposed by Lender in respect of Letters of Credit and out-of-pocket charges, fees, costs and expenses paid or incurred by Lender in connection with the issuance, amendment, renewal, extension, or transfer of, or drawing under, any Letter of Credit or any demand for payment thereunder.
“Lender-Related Persons” means Lender, together with its Affiliates, officers, directors, employees, attorneys, and agents.
“Lender Representatives” has the meaning specified therefor in Section 17.8(a) of this Agreement. 
“Letter of Credit” means a letter of credit (as that term is defined in the Code) issued by Lender.
“Letter of Credit Agreements” means a Letter of Credit Application, together with any and all related letter of credit agreements pursuant to which Lender agrees to issue, amend, or extend a Letter of Credit, or pursuant to which Borrowers agree to reimburse Lender for all Letter of Credit Disbursements, each such application and related agreement to be in the form specified by Lender from time to time.
“Letter of Credit Application” means an application requesting Lender to issue, amend, or extend a Letter of Credit, each such application to be in the form specified by Lender from time to time.
“Letter of Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Lender, including provisions that specify that the Letter of Credit fee and all usage charges set forth in this Agreement and the Letter of Credit Agreements will continue to accrue while the Letters of Credit are outstanding) to be held by Lender for the benefit of Lender in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Lender the original of each Letter of Credit, together with documentation executed by all beneficiaries under each Letter of Credit in form and substance acceptable to Lender terminating all of such beneficiaries’ rights under such Letters of Credit, or (c) providing Lender with a standby letter of credit, in form and substance reasonably satisfactory to Lender, from a commercial bank acceptable to Lender (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit fee and all usage charges set forth in this Agreement will continue to accrue while the Letters of Credit are outstanding 

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and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).
“Letter of Credit Disbursement” means a payment made by Lender pursuant to a Letter of Credit.
“Letter of Credit Usage” means, as of any date of determination, the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit, and (ii) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through an Advance under the Revolving Credit Facility.
“LIBOR Reserve Percentage” means the reserve percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Lender for expected changes in such reserve percentage during the applicable term of this Agreement.
“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing.
“Liquidity” means, as of any date of determination, the sum of: (i) Excess Availability under this Agreement; plus (ii) without duplication of clause (i), Excess Availability under the Domestic Facility Agreement; plus (iii) the aggregate amount of Borrowers’ cash held in one or more deposit accounts maintained in the United States at Wells Fargo Bank, National Association that is free and clear of all Liens, other than Liens solely in favor of Lender, plus (iv) the aggregate amount of Borrowers’ cash held in any deposit accounts for which Lender has received a Control Agreement. For sake of clarity, for purposes of determining the amount of Borrowers’ cash, no cash of any Subsidiary of any Borrower (other than a Subsidiary that is itself a Borrower) shall be included in such calculation.
“Loan Account” has the meaning specified therefor in Section 2.8 of this Agreement.
“Loan Authorization Notice” means the Loan Authorization Notice executed and delivered in connection with this Agreement.
“Loan Documents” means this Agreement, any Borrowing Base Certificate, the Control Agreements, the Cash Management Documents, the Copyright Security Agreement, each Guaranty, the Intercompany Subordination Agreement, the DASAN Subordination Agreement, the Letters of Credit, the Mortgages, the Patent and Trademark Security Agreement, any note or notes executed by any Borrower in connection with this Agreement and payable to Lender, any Letter of Credit Applications and other Letter of Credit Agreements entered into by any Borrower in connection with this Agreement, the Ex-Im Bank Guaranty, the Borrower Agreement, the Joint Application, the Loan Authorization Notice, and any other instrument or agreement entered into, now or in the 

 25

future, by any Loan Party or any of its Restricted Subsidiaries and Lender in connection with this Agreement, but specifically excluding all Hedge Agreements.
“Loan Management Service” means Lender’s proprietary automated loan management program currently known as “Loan Manager” and any successor service or product of Lender which performs similar services.
“Loan Party” means any Borrower and any Guarantor.
“Lockbox” means “Lockbox” as defined and described in the Cash Management Documents.
“Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.
“Material Adverse Change” means (a) a material adverse change in the business, operations, results of operations, assets, liabilities or condition (financial or otherwise) of the Loan Parties and their Restricted Subsidiaries taken as a whole, (b) a material impairment of Loan Parties’ and their Restricted Subsidiaries’ ability to perform their obligations under the Loan Documents to which it is a party or of the Lender’s ability to enforce the Obligations or realize upon the Collateral, (c) a material impairment of the enforceability or priority of Lender’s Liens with respect to the Collateral as a result of an action or failure to act on the part of any Loan Party or its Restricted Subsidiaries, or (d) any claim against any Loan Party or its Restricted Subsidiaries which if determined adversely to any Loan Party or any of its Restricted Subsidiaries, would result in the occurrence of an event described in clauses (a), (b) or (c) above.
“Material Contract” means, with respect to any Person, (i) each contract or agreement to which such Person or any of its Restricted Subsidiaries is a party involving aggregate consideration payable to or by such Person or such Restricted Subsidiary of $500,000 or more (other than purchase orders in the ordinary course of the business of such Person or such Restricted Subsidiary), and (ii) all other contracts or agreements, the loss of which could reasonably be expected to result in a Material Adverse Change.
“Maturity Date” has the meaning specified therefor in Section 2.9 of this Agreement.
“Maximum Revolver Amount” means $10,000,000; provided that such amount may be decreased by permanent reductions in such amount made in accordance with Section 2.11 of this Agreement.
“Merger” means the merger of Dragon Acquisition Corporation, a California corporation, with and into DNS, with DNS surviving as a wholly-owned subsidiary of DASAN Zhone Solutions, Inc., as contemplated by the Merger Agreement.
“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of April 11, 2016, by and among Zhone Technologies, Inc. (now known as DASAN Zhone Solutions, Inc.), Dragon Acquisition Corporation, a California corporation, DASAN and DNS.
“Moody’s” has the meaning specified therefor in the definition of Cash Equivalents.

 26

“Mortgages” means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by a Loan Party in favor of Lender, in form and substance reasonably satisfactory to Lender, that encumber the Real Property Collateral.
“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including any Loan Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.
“Negotiable Collateral” means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such term is defined in the Code).
“Net Cash Proceeds” means:
(a)    with respect to any sale or disposition by any Loan Party or any of its Restricted Subsidiaries of assets, the amount of cash proceeds received (directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration) by or on behalf such Loan Party or its Restricted Subsidiaries, in connection therewith after deducting therefrom only (i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing to Lender under the Agreement or the other Loan Documents and (B) Indebtedness assumed by the purchaser of such asset) which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions, and expenses related thereto and required to be paid by such Loan Party or such Restricted Subsidiary in connection with such sale or disposition (other than those reasonable fees, commissions and expenses owing to an Affiliate of such Loan Party) and (iii) sales taxes paid or payable to any taxing authorities by such Loan Party or such Restricted Subsidiary in connection with such sale or disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate of such Loan Party or any of its Subsidiaries, and are properly attributable to such transaction; and
(b)    with respect to the issuance or incurrence of any Indebtedness by any Loan Party or any of its Restricted Subsidiaries, or the issuance by any Loan Party or any of its Restricted Subsidiaries of any shares of its Stock, the aggregate amount of cash received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of such Loan Party or such Restricted Subsidiary in connection with such issuance or incurrence, after deducting therefrom only (i) reasonable fees, commissions, and expenses related thereto and required to be paid by such Loan Party or such Restricted Subsidiary in connection with such issuance or incurrence, and (ii) sales or issuance taxes paid or payable to any taxing authorities by such Loan Party or such Restricted Subsidiary in connection with such issuance or incurrence, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate 

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of such Loan Party or any of its Restricted Subsidiaries, and are properly attributable to such transaction.
“Net Liquidation Percentage” means the percentage of the cost of a Borrower’s Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory as set forth in the most recent acceptable appraisal received by Lender and upon which Lender may rely, net of all operating expenses and associated costs and expenses of such liquidation, such percentage to be as determined from time to time by an appraisal company selected or approved by Lender.
“Non-Financed Capital Expenditures” means Capital Expenditures not financed by the seller of the capital asset, by a third party lender or by means of any extension of credit by Lender other than by means of an Advance under the Revolving Credit Facility.
“Obligations” means (a) all loans (including the Advances), debts, principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), reimbursement or indemnification obligations with respect to Letters of Credit (irrespective of whether contingent), premiums, liabilities (including all amounts charged to the Loan Account pursuant to this Agreement), obligations (including indemnification obligations), fees, Lender Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), guaranties, and all covenants and duties of any other kind and description owing by any Loan Party pursuant to or evidenced by this Agreement or any of the other Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all interest not paid when due and all other expenses or other amounts that any Borrower or any Loan Party is required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents, and (b) all Bank Product Obligations. Any reference in this Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding.
“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury. 
“Overadvance Amount” has the meaning specified therefor in Section 2.4(f) of this Agreement
“Patents” means patents and patent applications, including (i) the patents and patent applications listed on Schedule 5.26(a) to the Information Certificate, (ii) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (iii) any damages and payments for past, present, or future infringements thereof, (iv) the right to sue for past, present, and future infringements thereof, and (v) all of each Loan Party’s rights corresponding thereto throughout the world.

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“Patent and Trademark Security Agreement” means each Patent and Trademark Security Agreement executed and delivered by the applicable Loan Party, in form and substance acceptable to Lender.
“Patriot Act” has the meaning specified therefor in Section 5.18 of this Agreement.
“PBGC” means the Pension Benefit Guaranty Corporation.
“Pension Act” means the Pension Protection Act of 2006.
“Pension Funding Rules” means the rules of the IRC and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the IRC and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the IRC and Sections 302, 303, 304 and 305 of ERISA.
“Pension Plan” means a pension plan (as defined in Section 3(2) of ERISA) maintained for employees of any Borrower or any of its Subsidiaries or any ERISA Affiliate and covered by Title IV of ERISA.
“Permitted Acquisition” means (i) any Acquisition so long as:
(a)    no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and the proposed Acquisition is consensual and not hostile or contested in any manner;
(b)    no Indebtedness will be incurred, assumed, or would exist with respect to any Borrower, any other Loan Party, or any of their Restricted Subsidiaries as a result of such Acquisition, other than Indebtedness permitted under clauses (h) or (i) of the definition of Permitted Indebtedness and no Liens will be incurred, assumed, or would exist with respect to the assets of any Borrower, and other Loan Party, or any of their Restricted Subsidiaries as a result of such Acquisition other than Permitted Liens;
(c)    Borrowers have provided Lender with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to such proposed Acquisition, are factually supportable, and are expected to have a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and reasonably agreed upon by Borrowers and Lender) created by adding the historical combined financial statements of Borrowers (including the combined financial statements of any other Person or assets that were the subject of a prior Permitted Acquisition during the relevant period) to the historical consolidated financial statements of the Person to be acquired (or the historical financial statements related to the assets to be acquired) pursuant to the proposed Acquisition, each Borrower (i) would have been in compliance with the financial covenants in Section 8 of the Agreement for the 4 fiscal quarter period ended immediately prior to the proposed date of consummation of such proposed Acquisition, and (ii) are projected to be in compliance with 

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the financial covenants in Section 8 for the 4 fiscal quarter period ended one year after the proposed date of consummation of such proposed Acquisition;
(d)    Borrowers have provided Lender with their due diligence package relative to the proposed Acquisition, including forecasted balance sheets, profit and loss statements, and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person’s (or assets’) historical financial statements, together with appropriate supporting details and a statement of underlying assumptions for the 1 year period following the date of the proposed Acquisition, on a quarter by quarter basis), in form and substance (including as to scope and underlying assumptions) reasonably satisfactory to Lender;
(e)    Borrowers shall have Excess Availability plus Qualified Cash in an amount equal to or greater than $10,000,000 on a pro-forma basis for the 60 day period immediately preceding the date of the proposed Acquisition and immediately after giving effect to the consummation of the proposed Acquisition;
(f)    Borrowers have provided Lender with written notice of the proposed Acquisition at least 15 Business Days prior to the anticipated closing date of the proposed Acquisition and, not later than 5 Business Days prior to the anticipated closing date of the proposed Acquisition, copies of the Acquisition Agreement and other material documents relative to the proposed Acquisition, which agreement and documents must be reasonably acceptable to Lender;
(g)    the assets being acquired (other than a de minimis amount of assets in relation to Borrowers’, the other Loan Parties’, and their Restricted Subsidiaries’ total assets), or the Person whose Stock is being acquired, are useful in or engaged in, as applicable, the business of Borrowers and their Subsidiaries or a business reasonably related thereto;
(h)    the assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within the United States or the Person whose Stock is being acquired is organized in a jurisdiction located within the United States;
(i)    the subject assets or Stock, as applicable, are being acquired directly by a Borrower or another Loan Party, and, in connection therewith, such Borrower or the applicable Loan Party shall have complied with Section 6.15 or 6.16, as applicable, of the Agreement and, in the case of an acquisition of Stock, such Borrower or the applicable Loan Party shall have demonstrated to Lender that the new Loan Parties have received consideration sufficient to make any joinder documents binding and enforceable against such new Loan Parties; and
(j)    the purchase consideration payable in respect of all Permitted Acquisitions pursuant to this clause (i) (including, but not limited to, all cash consideration, issuance of any stock, any deferred payment obligations, and the assumption of Acquired Indebtedness) shall not exceed $5,000,000 in the aggregate; provided, however, that the purchase consideration payable in respect of any single Acquisition or series of related Acquisitions shall not exceed $1,000,000 in the aggregate; and
(ii)    the Acquisition of DNS and its Subsidiaries pursuant to the Merger Agreement.

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“Permitted Discretion” means a determination made in the exercise of reasonable (from the perspective of a secured lender) business judgment.
“Permitted Dispositions” means:
(a)    sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete in the ordinary course of business;
(b)    sales of Inventory in the ordinary course of business;
(c)    the granting of Permitted Liens;
(d)    the making of a Restricted Junior Payment that is expressly permitted to be made pursuant to this Agreement;
(e)    dispositions of assets acquired by any Borrower and its Subsidiaries pursuant to a Permitted Acquisition consummated within 12 months of the date of the proposed Disposition (the “Subject Permitted Acquisition”) so long as (i) the consideration received for the assets to be so disposed is at least equal to the fair market value thereof, (ii) the assets to be so disposed are not necessary or economically desirable in connection with the business of Borrower and its Subsidiaries, and (iii) the assets to be so disposed are readily identifiable as assets acquired pursuant to the Subject Permitted Acquisition; and
(f)    the making of a Permitted Investment.
“Permitted Holder” means DASAN or any Person that is an beneficial owner of Stock of DASAN Zhone Solutions, Inc. solely through such Person’s ownership of Stock of DASAN; provided that in no event shall any Loan Party or any Subsidiary of a Loan Party constitute a Permitted Holder.
“Permitted Indebtedness” means:
(a)    Indebtedness evidenced by this Agreement, the other Loan Documents, the Domestic Facility Agreement, or the Domestic Loan Documents;
(b)    Indebtedness set forth on Schedule 5.19 to the Information Certificate and any Refinancing Indebtedness in respect of such Indebtedness;
(c)    Permitted Purchase Money Indebtedness and any Refinancing Indebtedness in respect of such Indebtedness;
(d)    endorsement of instruments or other payment items for deposit;
(e)    the incurrence by any Borrower or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with such Borrower’s and its Subsidiaries’ operations and not for speculative purposes;

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(f)    Indebtedness incurred in respect of Bank Products other than pursuant to Hedge Agreements;
(g)    Indebtedness composing Permitted Investments;
(h)    unsecured Indebtedness of any Loan Party that is incurred on the date of the consummation of a Permitted Acquisition solely for the purpose of consummating such Permitted Acquisition so long as (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) such unsecured Indebtedness is not incurred for working capital purposes, (iii) such unsecured Indebtedness does not mature prior to the date that is 12 months after the Maturity Date, (iv) such Indebtedness is subordinated in right of payment to the Obligations on terms and conditions reasonably satisfactory to Lender, and (v) the only interest that accrues with respect to such Indebtedness is payable in kind;
(i)    Acquired Indebtedness in an amount not to exceed $250,000 outstanding at any one time;
(j)    unsecured Indebtedness incurred pursuant to the DASAN Loan Agreement in an aggregate principal amount not to exceed $5,000,000 (together with accrued and unpaid interest thereon), so long as such Indebtedness remains subject to the DASAN Subordination Agreement; and
(k)    unsecured Indebtedness incurred pursuant to the DASAN Loan Agreement in an aggregate principal amount not to exceed $5,000,000 (together with accrued and unpaid interest thereon), so long as such Indebtedness remains subject to the DASAN Subordination Agreement.
“Permitted Intercompany Advances” means loans made by (a) a Loan Party to another Loan Party, (b) a Subsidiary of a Loan Party which is not a Loan Party to another Subsidiary of a Loan Party which is not a Loan Party, (c) a Subsidiary of a Loan Party which is not a Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement.
“Permitted Investments” means:
(a)    Investments in cash and Cash Equivalents;
(b)    Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;
(c)    advances made in connection with purchases of Goods or services in the ordinary course of business;
(d)    Investments owned by any Loan Party or any of its Restricted Subsidiaries on the Restatement Effective Date and set forth on Schedule P-1; 
(e)    Permitted Intercompany Advances; provided that no Loan Party (other than DNS) may make a loan to, or provide any form of credit support for the benefit of, DNS which supports or assists with the payment by DNS of its obligations under or in connection with the DNS 

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Loan Agreement, and no such Loan Party (other than DNS) shall otherwise directly or indirectly make any payments with respect to, guarantee, or provide collateral support for the loan evidenced by the DNS Loan Agreement;
(f)    Investments held by a Person acquired in a Permitted Acquisition to the extent that such Investments were not made in contemplation of or in connection with such Permitted Acquisition and were in existence on the date of such Permitted Acquisition;
(g)    Investments resulting from entering into (i) Bank Product Agreements, or (ii) agreements relative to Indebtedness that is permitted under clause (g) of the definition of Permitted Indebtedness; and
(h)    Permitted Acquisitions. 
“Permitted Liens” means
(a)    Liens granted to, or for the benefit of, Lender to secure the Obligations;
(b)    Liens for unpaid taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or (ii) do not have priority over Lender’s Liens and the underlying taxes, assessments, or charges or levies are the subject of Permitted Protests;
(c)    judgment Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default under Section 9.3 of the Agreement;
(d)    Liens set forth on Schedule P-2; provided, however, that to qualify as a Permitted Lien, any such Lien described on Schedule P-2 shall only secure the Indebtedness that it secures on the Restatement Effective Date and any Refinancing Indebtedness in respect thereof;
(e)    the interests of lessors under operating leases and non-exclusive licensors under license agreements;
(f)    purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or interests secure Permitted Purchase Money Indebtedness and so long as (i) such Lien attaches only to the asset purchased or acquired and the proceeds thereof, and (ii) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased or acquired or any Refinancing Indebtedness in respect thereof;
(g)    Liens solely on any cash earnest money deposits made by any Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement with respect to a Permitted Acquisition;
(h)    Liens assumed by any Borrower or its Restricted Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness; and

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(i)    Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and so long as the replacement Liens only encumber those assets that secured the original Indebtedness.
“Permitted Preferred Stock” means and refers to any Preferred Stock issued by a Borrower (and not by one or more of its Restricted Subsidiaries) that is not Prohibited Preferred Stock.
“Permitted Protest” means the right of any Borrower, any other Loan Party, or any of their respective Restricted Subsidiaries to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is established on such Borrower’s, such other Loan Party’s, or any such Restricted Subsidiary’s books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by such Borrower, such other Loan Party, or such Restricted Subsidiary, as applicable, in good faith, and (c) Lender is satisfied that, while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of Lender’s Liens.
“Permitted Purchase Money Indebtedness” means, as of any date of determination, Purchase Money Indebtedness incurred after the Restatement Effective Date in an aggregate principal amount outstanding at any one time not in excess of $250,000.
“Person” means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political subdivisions thereof.
“Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) maintained for employees of any Borrower or any of its Subsidiaries or any ERISA Affiliate.
“Pledged Companies” means each Person listed on Schedule 5.2 to the Information Certificate as a “Pledged Borrower”, together with each other Person, all or a portion of whose Stock is acquired or otherwise owned by a Borrower after the Restatement Effective Date.
“Pledged Interests” means all of each Borrower’s right, title and interest in and to all of the Stock now owned or hereafter acquired by such Borrower, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Stock, the right to receive any certificates representing any of the Stock, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.  Notwithstanding the foregoing, any Stock owned by DNS in each of Dasan India Private Limited, Dasan Network Solutions Japan, Inc., Dasan Vietnam Co., Ltd., and D-Mobile Limited shall not be deemed to be Pledged Interests.

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“Pledged Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit F, which, when completed, executed, and delivered to Lender by Borrowers and/or Guarantors, and approved and accepted by Lender, shall become part of this Agreement.
“Pledged Operating Agreements” means all of each Borrower’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.
“Pledged Partnership Agreements” means all of each Borrower’s rights, powers, and remedies under the partnership agreements of each of the Pledged Companies that are partnerships.
“Preferred Stock” means, as applied to the Stock of any Person, the Stock of any class or classes (however designated) that is preferred with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Stock of any other class of such Person.
“Prime Rate” means at any time the rate of interest most recently announced by Lender at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Lender’s base rates, and serves as the basis upon which effective rates of interest are calculated for those loans making reference to it, and is evidenced by its recording in such internal publication or publications as Lender may designate. Each change in the rate of interest shall become effective on the date each Prime Rate change is announced by Lender.
“Proceeds” has the meaning specified therefor in Schedule 1.1, definition of “Collateral”.
“Prohibited Preferred Stock” means any Preferred Stock that by its terms is mandatorily redeemable or subject to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than 1 year after the Maturity Date, or, on or before the date that is less than 1 year after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred Stock of the same class and series or of shares of common stock).
“Projections” means each Borrower’s forecasted (a) balance sheets, (b) profit and loss statements, (c) Availability projections, and (d) cash flow statements, all prepared on a basis consistent with such Borrower’s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions.
“Protective Advance” has the meaning specified therefor in Section 2.3(d). 
“PTO” means the United States Patent and Trademark Office.
“Purchase Money Indebtedness” means Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred at the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof.

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“Qualified Cash” means, as of any date of determination, the amount of unrestricted cash and Cash Equivalents of each Borrower and any other Loan Party that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or Securities Account is the subject of a Control Agreement and is maintained by a branch office of the bank or securities intermediary located within the United States.
“Real Property” means any estates or interests in real property now owned or hereafter acquired by a Loan Party and the improvements thereto.
“Real Property Collateral” means the Real Property identified on Schedule R-1 and any Real Property hereafter acquired by any Loan Party.
“Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
“Refinancing Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as:
(a)    such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto,
(b)    such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of Lender,
(c)    if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender as those that were applicable to the refinanced, renewed, or extended Indebtedness, and
(d)    the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended.
“Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws.

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“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.
“Reserves” means, as of any date of determination, the sum of (a) an amount or percent of a specified item or category of items that Lender establishes from time to time in its Permitted Discretion to reduce Availability under the Borrowing Base or the Maximum Revolver Amount to reflect (i) such matters, events, conditions, contingencies or risks which affect or which may reasonably be expected to affect the assets, business or prospects of a Borrower, any other Loan Party or the Collateral or its value or the enforceability, perfection or priority of Lender’s security interest in the Collateral (including, but not limited to, seasonal returns, royalty obligations, and foreign credit insurance deductible amounts), or (ii) Lender’s judgment (exercised in Lender’s Permitted Discretion) that any collateral report or financial information relating to a Borrower or any other Loan Party delivered to Lender is incomplete, inaccurate or misleading in any material respect, plus (b) the Bank Product Reserve Amount, plus (without duplication) (c) an amount equal to the aggregate amount of indebtedness or other obligations owing by any of the Loan Parties to Lender (other than the Obligations).
“Restatement Effective Date” has the meaning set forth in the introductory paragraph of this Agreement.
“Restricted Subsidiary” means any Subsidiary of a Loan Party other than (i) a DNS Subsidiary, and (ii) any Foreign Subsidiary.
“Restricted Junior Payment” means (a) declaration or payment of any dividend or the making any other payment or distribution on account of Stock issued by any Loan Party (including any payment in connection with any merger or consolidation involving any Loan Party) or to the direct or indirect holders of Stock issued by any Loan Party in their capacity as such (other than dividends or distributions payable in Stock (other than Prohibited Preferred Stock) issued by any Loan Party, or (b) any purchase, redemption, or other acquisition or retirement for value (including in connection with any merger or consolidation involving any Loan Party) of any Stock issued by any Loan Party.
“Retainage” shall mean that portion of the purchase price of an Export Order that a Buyer is not obligated to pay until the end of a specified period of time following the satisfactory performance under such Export Order.
“Revolver Usage” means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus (b) the amount of the Letter of Credit Usage.
“Revolving Credit Facility” means the revolving line of credit facility described in Section 2.1 pursuant to which Lender provides Advances to Borrowers and issues Letters of Credit for the account of Borrowers.
“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

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“Sanctioned Person” means a person named on the list of Specially Designated Nationals maintained by OFAC.
“Sanctions” means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of the United Kingdom, or (d) any other governmental authority with jurisdiction over Lender or any Loan Party or any of their respective Subsidiaries or Affiliates.
“S&P” has the meaning specified therefor in the definition of Cash Equivalents.
“SEC” means the United States Securities and Exchange Commission and any successor thereto.
“Securities Account” means a securities account (as that term is defined in the Code).
“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.
“Security Interest” has the meaning specified therefor in Section 3.1 of this Agreement.
“Solvent” means, with respect to any Person on a particular date, that, (i) at fair valuations, the sum of such Person’s assets (and including as assets for this purpose all rights of subrogation, contribution or indemnification arising pursuant to any guarantees given by such Person) is greater than all of such Person’s debts and including subordinated and contingent liabilities computed at the amount which, such person has a reasonable basis to believe, represents an amount which can reasonably be expected to become an actual or matured liability (and including as to contingent liabilities arising pursuant to any guarantee the face amount of such liability as reduced to reflect the probability of it becoming a matured liability); and (ii) such Person is able to pay its debts as they mature and has (and has a reasonable basis to believe it will continue to have) sufficient capital (and not unreasonably small capital) to carry on its business consistent with its practices as of the date hereof.
“Stock” means all shares, options, warrants, interests, participations, or other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act).
“Subsidiary” of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly owns or controls the shares of Stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or other entity.

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“Supporting Obligations” means supporting obligations (as such term is defined in the Code), and includes letters of credit and guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Related Property.
“Taxes” means any taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments and all interest, penalties or similar liabilities with respect thereto; provided, however, that Taxes shall exclude any tax imposed on the net income or net profits of Lender (including any branch profits taxes), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority thereof in which Lender is organized or the jurisdiction (or by any political subdivision or taxing authority thereof) in which Lender’s principal office is located in each case as a result of a present or former connection between Lender and the jurisdiction or taxing authority imposing the tax (other than any such connection arising solely from Lender having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under this Agreement or any other Loan Document).
“Termination Date” has the meaning specified therefor in Section 2.9 of this Agreement
“Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, including (i) the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed on Schedule 5.26(a) to the Information Certificate, (ii) all renewals thereof, (iii) any damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future infringements and dilutions thereof, (v) the goodwill of each Loan Party’s business symbolized by the foregoing or connected therewith, and (vi) all of each Loan Party’s rights corresponding thereto throughout the world.
“Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007 International Chamber of Commerce Publication No. 600.
“United States” means the United States of America.
“URL” means “uniform resource locator,” an internet web address.
“U.S. Content” means, with respect to any Item, all of the labor, materials and services which are of United States origin or manufacture, and which are incorporated into such Item in the United States.
“Value” means, as determined by Lender in good faith, with respect to Inventory, the lower of (a) cost computed on a first-in first-out basis in accordance with GAAP or (b) market value, provided that for purposes of the calculation of the Borrowing Base, (i) the Value of the Inventory shall not include: (A) the portion of the value of Inventory equal to the profit earned by any Affiliate on the sale thereof to any Borrower or (B) write-ups or write-downs in value with respect to currency exchange rates and (ii) notwithstanding anything to the contrary contained herein, the cost of the 

 39

Inventory shall be computed in the same manner and consistent with the most recent appraisal of the Inventory received and accepted by Lender, if any.
“Vendor” means a Person that sells Inventory to a Borrower.
“Voidable Transfer” has the meaning specified therefor in Section 17.7 of this Agreement.
b.    Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP; provided, however, that if any Borrower notifies Lender that such Borrower requests an amendment to any provision hereof to eliminate the effect of any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions) (an “Accounting Change”) occurring after the Restatement Effective Date, or in the application thereof (or if Lender notifies any Borrower that Lender requests an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such Accounting Change or in the application thereof, then Lender and Borrowers agree that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of having the respective positions of the Lender and each Borrower after such Accounting Change conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, the provisions in this Agreement shall be calculated as if no such Accounting Change had occurred. Whenever used herein, the term “financial statements” shall include the footnotes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related definition, it shall be understood to mean Borrowers and their respective Subsidiaries on a consolidated basis, unless the context clearly requires otherwise.
c.    Code. Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein.
d.    Construction. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference herein or in any other Loan Document to the satisfaction, 

 40

repayment, or payment in full of the Obligations shall mean the repayment in full in cash or immediately available funds (or, (a) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, and (b) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization) of all of the Obligations (including the payment of any Lender Expenses that have accrued irrespective of whether demand has been made therefor and the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements) other than unasserted contingent indemnification Obligations. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in any other Loan Document shall be satisfied by the transmission of a Record.
e.    Schedules and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 41

Schedule 2.12
TO CREDIT AND SECURITY AGREEMENT
Borrowers shall pay to Lender each of the following fees:
	
	
	On the Restatement Effective Date:

	Closing Fee. [Intentionally Omitted].

	Monthly:

	(a)   Unused Fee. [Intentionally Omitted].

	(b)   Collateral Monitoring Fee. [Intentionally Omitted].

	(c)   Cash Management Fees. Service fees to Lender for Cash Management Services provided pursuant to the Cash Management Documents, Bank Product Agreements or any other agreement entered into by the parties, in the amount prescribed in Lender’s current service fee schedule.

	(d)   Letter of Credit Fees. A Letter of Credit fee (in addition to the charges, commissions, fees, and costs set forth in Section 2.13(e)) which shall accrue at a rate equal to 1.25% per annum times the Daily Balance of the undrawn amount of all outstanding Letters of Credit, due and payable monthly in arrears on the first day of each month and on the Termination Date. All fees upon the occurrence of any other activity with respect to any Letter of Credit (including, without limitation, the issuance, transfer, amendment, extension or cancellation of any Letter of Credit and honoring of draws under any Letter of Credit) determined in accordance with Lender’s standard fees and charges then in effect for such activity.

	(e)   Minimum Interest Charge. [Intentionally Omitted].

	Annually:

	(a)   Ex-Im Fee.  On the Restatement Effective Date, $-0-, and on each anniversary of the Restatement Effective Date (other than the Maturity Date), $100,000 per year.  All such fees when paid shall be deemed fully earned and non-refundable as of each such payment date under all circumstances.

	Other:

	(a)   Collateral Exam Reimbursement. Lender’s costs and expenses in connection with any collateral exams, audits or inspections conducted by or on behalf of Lender at the current rates established from time to time by Lender as its fee for collateral exams, audits or inspections (which fees are currently $135.00 per hour per collateral examiner), together with all actual out-of-pocket costs and expenses incurred in conducting any collateral exam, audit, or inspection; but Borrowers shall not, with the exception of fees, costs, and expenses for collateral exams, audits and inspections incurred following the occurrence of an Event of Default, be required to reimburse Lender for more than three (3) such collateral exams, audits and inspections, plus one (1) inventory appraisal, during each calendar year (in addition to any collateral exams, audits, inspections, and appraisals conducted prior to the Restatement Effective Date).

	(b)   Overadvance Fee. Borrowers shall pay a $500 Overadvance fee for each day that an Overadvance Amount exists which was not agreed to by Lender in a Record prior to its occurrence; provided that Lender’s acceptance of the payment of such fees shall not constitute either consent to the Overadvance Amount or waiver of any resulting Event of Default.

Schedule 2.12 
Page 1

Schedule 5.26(c)
Pledged Interests
Each Loan Party is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests.

Schedule 5.26(c) 
Page 1

Schedule 6.1 
TO CREDIT AND SECURITY AGREEMENT
DASAN Zhone Solutions, Inc. shall deliver to Lender, each of the financial statements, reports, or other items set forth below at the following times in form satisfactory to Lender:
	
			
	As soon as available, but in any event within 30 days after the end of each month
	(a)
	an unaudited consolidated and consolidating balance sheet, income statement, statement of cash flow, and statement of shareholder’s equity covering its and its Subsidiaries operations during such period and compared to the prior period and plan, together with (if prepared by DASAN Zhone Solutions, Inc.) a corresponding discussion and analysis of results from management; and

	 
	(b)
	a Compliance Certificate along with the underlying calculations, including the calculations to arrive at Liquidity and EBITDA, to the extent applicable.

	As soon as available, but in any event within 120 days after the end of each fiscal year
	(a)
	consolidated and consolidating financial statements of DASAN Zhone Solutions, Inc. and its Subsidiaries for each such fiscal year, which such consolidated statements shall be audited by independent certified public accountants reasonably acceptable to Lender and certified, without any qualifications (including any (A) “going concern” or like qualification or exception, (B) qualification or exception as to the scope of such audit, or (C) qualification which relates to the treatment or classification of any item and which, as a condition to the removal of such qualification, would require an adjustment to such item), by such accountants to have been prepared in accordance with GAAP (such audited financial statements to include a balance sheet, income statement, statement of cash flow, and statement of shareholder’s equity and, if prepared, such accountants’ letter to management); and

	 
	(b)
	a Compliance Certificate along with the underlying calculations, including the calculations to arrive at Liquidity and EBITDA, to the extent applicable.

	As soon as available, but in any event no later than 45 days before the start of each of DASAN Zhone Solutions, Inc.’s fiscal years
	(a)
	copies of DASAN Zhone Solutions, Inc.’s Projections, in form and substance (including as to scope and underlying assumptions) satisfactory to Lender, in its Permitted Discretion, for the forthcoming fiscal year, on a monthly basis, certified by its chief financial officer as being such officer’s good faith estimate of the financial performance of DASAN Zhone Solutions, Inc. during the period covered thereby.

	For DASAN Zhone Solutions, Inc. as a reporting entity under SEC rules and regulations, if and when filed by such entity (provided that with respect to 10-Q quarterly reports, such 10-Qs may be delivered to Lender within 5 days after filing of the same)
	(a)
	Form 10-Q quarterly reports, Form 10-K annual reports, and Form 8-K current reports;

	(b)
	any other filings made by DASAN Zhone Solutions, Inc. with the SEC; and

	(c)
	any other information that is provided by DASAN Zhone Solutions, Inc. to its shareholders generally.

Schedule 6.1 
Page 1

Schedule 6.2 
TO CREDIT AND SECURITY AGREEMENT
Provide Lender with each of the documents set forth below at the following times in form and substance satisfactory to Lender:

Schedule 6.2 
Page 1

	
			
	Weekly on the first Business Day of each week or more frequently if Lender requests*
	(a)
	a Borrowing Base Certificate;

	(b)
	an Account roll-forward with supporting details supplied from sales journals, collection journals, credit registers and any other records;

	(c)
	notice of all claims, offsets, or disputes asserted by Account Debtors with respect to each Borrower’s Accounts; and

	(d)
	copies of invoices together with corresponding shipping and delivery documents and credit memos together with corresponding supporting documentation with respect to any invoice or credit memo in excess of an amount to be determined from time to time by Lender.

	Monthly (no later than the 15th day of each month) or more frequently if Lender requests
	(a)
	Inventory system/perpetual reports specifying the cost of each Borrower’s Inventory, by location and by category, with additional detail showing additions to and deletions therefrom (delivered electronically in an acceptable format, if a Borrower has implemented electronic reporting).

	Monthly (no later than the 15th day of each month) or more frequently if Lender requests
	(a)
	a monthly Account roll-forward, in a format acceptable to Lender in its discretion;

	(b)
	a detailed listing and aging of each Borrower’s Accounts, together with a reconciliation to the monthly Account roll-forward and supporting documentation for any reconciling items noted (delivered electronically in an acceptable format, if a Borrower has implemented electronic reporting);

	(c)
	a detailed calculation of those Accounts that are not eligible for the Borrowing Base;

	(d)
	a detailed Inventory system/perpetual report (delivered electronically in an acceptable format, if a Borrower has implemented electronic reporting);

	(e)
	a detailed calculation of Inventory categories that are not eligible for the Borrowing Base; and

	(f)
	a summary aging, by vendor, of each Borrower’s accounts payable (delivered electronically in an acceptable format, if a Borrower has implemented electronic reporting).

	Monthly (no later than the 15th day of each month) or more frequently if Lender requests
	(a)
	a reconciliation of Accounts aging, trade accounts payable aging, and Inventory perpetual of each Borrower to the general ledger and the monthly financial statements, including any book reserves related to each category.

	Annually, or more frequently, if requested by Lender
	(a)
	a detailed list of each Borrower’s customers, with address and contact information.

	Upon request by Lender
	(a)
	copies of purchase orders and invoices for Inventory and Equipment acquired by each Borrower;

	 
	(b)
	backlog report; and

	 
	(c)
	such other reports as to the Collateral or the financial condition of each Borrower and other Loan Party, as Lender may reasonably request.

*Such items will be required monthly no later than the 15th day of each calendar month, rather than weekly, so long as the following are satisfied:  (i) the Export Import Bank of the United States has approved monthly reporting for the Borrowers, (ii) no Event of Default is existing; and (iii) at all times, Excess Availability is equal to or greater than an amount equal to 20% of the Maximum Revolver Amount.  If Borrowers qualify for such monthly reporting, but Excess Availability falls below an amount equal to 20% of the Maximum 

Schedule 6.2 
Page 2

Revolver Amount at any time, then such report will revert to weekly, and remain a weekly requirement until such time as (x) no Event of Default is existing, and (y) Excess Availability equals or exceeds an amount equal to 20% of the Maximum Revolver Amount at all times for a period of at least 120 consecutive days.

Schedule 6.2 
Page 3

Schedule 7.12(a)
TRANSACTIONS WITH AFFILIATES
1.  On September 9, 2016, DZS entered into a loan agreement with DASAN for a $5.0 million unsecured subordinated term loan facility. Under the loan agreement, DZS is permitted to request drawdowns of one or more term loans in an aggregate principal amount not to exceed $5.0 million. Such term loans mature in September 2021 and are pre-payable at any time by DZS without premium or penalty. The interest rate under this facility is 4.6% per annum.
2.  DZS borrowed $1.8 million from DASAN for capital investments in February 2016. This loan was due to mature in March 2018 with an option of renewal by mutual agreement, and bore interest at a rate of 4.6% per annum, payable annually. Effective February 27, 2018, DZS and DASAN amended the terms of this loan to extend the repayment date from March 2018 to July 2019.
3.  On March 27, 2018, DASAN Network Solutions, Inc., a company incorporated under the laws of Korea and a wholly owned subsidiary of DZS (“DNS Korea”), entered into a loan agreement with DASAN for a KRW 6.5 billion (or approximately US$6.0 million) secured term loan. The term loan will mature on June 27, 2019, bears interest at a rate of 4.6% per annum, is pre-payable at any time by DNS Korea without premium or penalty, and is secured by certain accounts receivable of DNS Korea.  
4.  Mr. Min Woo Nam, the Chairman of the Board of Directors of DZS, personally guarantees certain credit facilities and letters of credit in favor of the Subsidiaries of the Loan Parties in the aggregate principal amount of $6.8 million. 
5.  Subsidiaries of the Loan Parties have entered into various agreements and transactions with DASAN in the ordinary course of business, including sales agreements for finished goods.
6.  DZS has also entered into an agreement with CHASAN Networks Co., Ltd., a wholly owned subsidiary of DASAN, to provide manufacturing and research and development services for DZS and its Subsidiaries, under which DZS is charged a cost plus 7% fee for the manufacturing and development of certain deliverables. 
7.  DZS has entered into an agreement with Tomato Soft Ltd., a wholly owned subsidiary of DASAN, to provide manufacturing and research and development services for DZS and its Subsidiaries. 
8.  DZS has entered into an agreement with Tomato Soft (Xi'an) Ltd., a wholly owned subsidiary of DASAN, to provide research and development services for DZS and its Subsidiaries for the development of certain deliverables. 
9.  In addition, DNS Korea shares office space with DASAN and certain of DASAN's subsidiaries. DNS Korea is party to certain a sharing agreement with DASAN and certain of its subsidiaries for the shared office space and certain shared administrative services. 

Schedule 7.12(a) 
Page 1

10.  DASAN has also provided payment guarantees relating to certain borrowings of DZS and its Subsidiaries, pursuant to which DASAN receives a guarantee fee which is calculated as 0.9% of the guaranteed amount.

Schedule 7.12(a) 
Page 2

EXHIBIT A 
TO CREDIT AND SECURITY AGREEMENT
FORM OF COMPLIANCE CERTIFICATE 
[on Borrower’s letterhead]
	
			
	To:
	Wells Fargo Bank, National Association

	 
	2450 Colorado Ave., Suite 3000W

	 
	Santa Monica, CA 90404

	 
	Attn: Relationship Manager—DASAN Zhone Solutions, Inc.

	 
	 

	 
	Re:
	Compliance Certificate dated [   ], [   ], 201[   ]

	 
	 

Ladies and Gentlemen:
Reference is made to that certain Amended and Restated Credit and Security Agreement (Ex-Im Subfacility) (the “Credit Agreement”) dated as of July 12, 2018, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, (“Lender”), and DASAN ZHONE SOLUTIONS, INC., and ZTI MERGER SUBSIDIARY III, INC. (the “Borrowers”), and PREMISYS COMMUNICATIONS, INC., ZHONE TECHNOLOGIES INTERNATIONAL, INC., PARADYNE NETWORKS, INC., PARADYNE CORPORATION, and DASAN NETWORK SOLUTIONS, INC. (the “Guarantors”). Capitalized terms used in this Compliance Certificate have the meanings set forth in the Credit Agreement unless specifically defined herein.
Pursuant to Schedule 6.1 of the Credit Agreement, the undersigned officer of DASAN Zhone Solutions, Inc., a Delaware corporation, hereby certifies, on behalf of itself and the other Borrowers and Guarantors, that:
1.    The financial information of Borrowers and its Subsidiaries furnished to Lender pursuant to Section 6.1 of the Credit Agreement has been prepared in accordance with GAAP (except for year-end adjustments and the lack of footnotes), and fairly presents in all material respects the financial condition of Borrowers and its Subsidiaries.
2.    Such officer has reviewed the terms of the Credit Agreement and has made, or caused to be made under his/her supervision, a review in reasonable detail of the transactions and condition of Borrowers and its Subsidiaries during the accounting period covered by the financial statements delivered pursuant to Schedule 6.1 of the Credit Agreement.
3.    Such review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the existence as of the date hereof, of any event or condition that constitutes a Default or Event of Default.
4.    The representations and warranties of Borrowers, the other Loan Parties, and their Restricted Subsidiaries set forth in the Credit Agreement and the other Loan Documents are true and correct 

Exhibit A
Page 1

in all material respects on and as of the date hereof (except to the extent they relate to a specified date).
5.    Borrowers are in compliance with the applicable covenants contained in Section 8 of the Credit Agreement as demonstrated on Schedule 1 hereof.
IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this 
 
[    ] day of [    ], 201[    ].
	
		
	DASAN ZHONE SOLUTIONS, INC.

	 

	By:
	 

	Name:
	 

	Title:
	 

Exhibit A
Page 2

SCHEDULE 1 TO COMPLIANCE CERTIFICATE 
Financial Covenants
1.    Minimum Liquidity. 
Borrowers’ Liquidity, as of ___________, 201___ is $____________, which [does/does not] satisfy the minimum Liquidity requirement set forth in Section 8(a) of the Credit Agreement for such test date.
2.    Minimum Excess Availability. 
Borrowers’ Excess Availability under this Agreement plus Excess Availability under the Ex-Im Credit Agreement, as of ___________, 201___ is $____________, which [does/does not] satisfy the minimum requirement set forth in Section 8(b) of the Credit Agreement for such test date.
3.    Minimum Fixed Charge Coverage Ratio. 
If, in accordance with Section 8(d) of the Credit Agreement, the Fixed Charge Coverage Ratio is required to be tested, Borrowers’ Fixed Charge Coverage Ratio for the twelve-month period ending _____________, ____, 20___ is _____ to 1.0, which [is/is not] greater than or equal to required minimum Fixed Charge Coverage Ratio of 1.20 to 1.0 set forth in Section 8(d) of the Credit Agreement for such period.

Schedule 1 to Compliance Certificate

EXHIBIT B 
TO CREDIT AND SECURITY AGREEMENT
CONDITIONS PRECEDENT 
The obligation of Lender to make any extensions of credit on or after the Restatement Effective Date under this Agreement is subject to the fulfillment, to the satisfaction of Lender, of each of the following conditions precedent:
(a)    the Restatement Effective Date shall occur on or before July 15, 2018;
(b)    Lender shall have received each of the following documents, in form and substance satisfactory to Lender, duly executed, and each such document shall be in full force and effect:
(i)    this Agreement and the other Loan Documents;
(ii)    a Confirmation of Subordinated Creditor from DASAN;
(iii)    the Domestic Loan Documents; and
(iv)    the approval of this Agreement (and other Loan Documents, as applicable) by the Export-Import Bank of the United States, to the extent deemed necessary by Lender;
(c)    Lender shall have received a certificate from the Secretary of each Loan Party (i) attesting to the resolutions of such Loan Party’s Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which such Loan Party is a party, (ii) authorizing specific officers of such Loan Party to execute the same, and (iii) attesting to the incumbency and signatures of such specific officers of such Loan Party;
(d)    Lender shall have received copies of such Loan Party’s Governing Documents, as amended, modified, or supplemented to the Restatement Effective Date, certified as true, correct and complete by the Secretary of such Loan Party;
(e)    Lender shall have received a certificate of status with respect to each Loan Party, dated within 10 days of the Restatement Effective Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of each Loan Party, which certificate shall indicate that such Loan Party is in good standing in such jurisdiction;
(f)    Lender shall have received an opinion of each Loan Party’s counsel in form and substance satisfactory to Lender;
(g)    Borrowers shall have paid all Lender Expenses incurred in connection with the transactions evidenced by this Agreement to extent requested by Lender; provided that Borrowers have received invoices for any such Lender Expenses owing by Lender to any third party;

Exhibit B
Page 1

(h)    all other documents and legal matters in connection with the transactions contemplated by this Agreement shall have been delivered, executed, or recorded and shall be in form and substance satisfactory to Lender; and
(i)    Lender shall have received final credit approval for the Credit Facility and the transactions described in this Agreement.

Exhibit B
Page 2

EXHIBIT C 
TO CREDIT AND SECURITY AGREEMENT
CONDITIONS SUBSEQUENT 
1.    Within 30 days after the Restatement Effective Date (or such longer period as permitted by Lender in Lender’s sole discretion), the Loan Parties shall (i) arrange for all patents, trademarks, and copyrights that are registered in the name of “Zhone Technologies, Inc.” to be changed to “Dasan Zhone Solutions, Inc.” as the owner thereof, and (ii) provide evidence to Lender (reasonably satisfactory to Lender) that such ownership (or name) change has been effectuated.
2.      Within 30 days after the Restatement Effective Date (or such longer period as permitted by Lender in Lender’s sole discretion), the Loan Parties shall arrange for the following tax liens to be released or terminated and provide satisfactory evidence to Lender of such releases or terminations:  (i) Marion County, Indiana, with respect to DNS; (ii) Leon County, Florida, with respect to ZTI Merger Subsidiary III, Inc.; (iii) State of Colorado (or counties thereof), with respect to Dasan Zhone Solutions, Inc.; and (iv) Dauphin County Prothonotary, Harrisburg, Pennsylvania, with respect to Dasan Zhone Solutions, Inc.
3.      Within 30 days after the Restatement Effective Date (or such longer period as permitted by Lender in Lender’s sole discretion), the Loan Parties shall arrange for the UCC-1 Financing Statement filed against Zhone Technologies, Inc. by Arrow Electronics, Inc. with the Delaware Secretary of State, file number 20101264047, filed April 12, 2010, be terminated and provide satisfactory evidence to Lender of such termination.

Exhibit C 
Page 1

EXHIBIT D 
TO CREDIT AND SECURITY AGREEMENT
REPRESENTATIONS AND WARRANTIES
5.1    Due Organization and Qualification; Subsidiaries. 
(a)    Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Change, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby.
(b)    Set forth on Schedule 5.1(b) to the Information Certificate is a complete and accurate description of the authorized capital Stock of each Loan Party, by class, and, as of the Restatement Effective Date, a description of the number of shares of each such class that are issued and outstanding. Other than as described on Schedule 5.1(b) to the Information Certificate and other than Stock (that is not Prohibited Preferred Stock) issued by DASAN Zhone Solutions, Inc. as compensation to its employees, directors and consultants in the ordinary course of business, there are no subscriptions, options, warrants, or calls relating to any shares of any Loan Party’s capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. No Loan Party is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital Stock or any security convertible into or exchangeable for any of its capital Stock.
(c)    Set forth on Schedule 5.1(c) to the Information Certificate (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement), is a complete and accurate list of the Loan Parties’ direct and indirect Subsidiaries (excluding the Loan Parties themselves), showing: (i) the number of shares of each class of common and preferred Stock authorized for each of such Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by each Loan Party. All of the outstanding capital Stock of each such Subsidiary has been validly issued and is fully paid and non-assessable.
(d)    Except as set forth on Schedule 5.1(c) to the Information Certificate there are no subscriptions, options, warrants, or calls relating to any shares of any capital Stock of any Loan Party’s Subsidiaries (excluding the Loan Parties themselves), including any right of conversion or exchange under any outstanding security or other instrument. The Loan Party’s Subsidiaries (excluding the Loan Parties themselves) are not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of such Loan Party’s Subsidiaries’ capital Stock or any security convertible into or exchangeable for any such capital Stock.

Exhibit D 
Page 1

5.2    Due Authorization; No Conflict. 
(a)    As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been duly authorized by all necessary action on the part of such Loan Party.
(b)    As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Restricted Subsidiaries, the Governing Documents of any Loan Party or its Restricted Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party or its Restricted Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Loan Party or its Restricted Subsidiary except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require any approval of any Loan Party’s interest holders or any approval or consent of any Person under any Material Contract of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change.
5.3    Governmental Consents.  Except for those approvals which have already been obtained and are in full force and effect, no consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security Interest by such Loan Party in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Loan Party, or (ii) for the exercise by Lender of the voting or other rights provided for in this Agreement with respect to the Investment Related Property or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Related Property by laws affecting the offering and sale of securities generally. No Intellectual Property License of any Loan Party that is necessary to the conduct of such Loan Party’s business requires any consent of any other Person in order for such Loan Party to grant the security interest granted hereunder in such Loan Party’s right, title or interest in or to such Intellectual Property License.
5.4    Binding Obligations.  Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.
5.5    Title to Assets; No Encumbrances.  Each of the Loan Parties and its Restricted Subsidiaries has (a) good, sufficient and legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their respective assets reflected in their most recent financial statements delivered pursuant to Section 6.1 and most 

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recent collateral reports delivered pursuant to Section 6.2, in each case except for assets disposed of since the date of such financial statements to the extent permitted hereby. All of such assets are free and clear of Liens except for Permitted Liens.
5.6    Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims. 
(a)    The exact legal name of (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Loan Party and each of its Restricted Subsidiaries is set forth on Schedule 5.6(a) to the Information Certificate (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement).
(b)    The chief executive office of each Loan Party and each of its Restricted Subsidiaries is located at the address indicated on Schedule 5.6(b) to the Information Certificate (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement).
(c)    Each Loan Party’s and each of its Restricted Subsidiaries’ tax identification numbers and organizational identification numbers, if any, are identified on Schedule 5.6(c) to the Information Certificate (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement).
(d)    As of the Restatement Effective Date, no Loan Party and no Restricted Subsidiary of a Loan Party holds any Commercial Tort Claims that has a value exceeding $50,000, except as set forth on Schedule 5.6(d) to the Information Certificate. 
5.7    Litigation.
(a)    There are no actions, suits, or proceedings pending or, to the knowledge of any Loan Party, after due inquiry, threatened in writing against a Loan Party or any of its Restricted Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change.
(b)    Schedule 5.7(b) to the Information Certificate sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings with asserted liabilities in excess of, or that could reasonably be expected to result in liabilities in excess of, $250,000 that, as of the Restatement Effective Date, is pending or, to the knowledge of any Loan Party, after due inquiry, threatened against a Loan Party or any of its Restricted Subsidiaries, of (i) the parties to such actions, suits, or proceedings, (ii) the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) the status, as of the Restatement Effective Date, with respect to such actions, suits, or proceedings, and (iv) whether any liability of the Loan Parties’ and their Restricted Subsidiaries in connection with such actions, suits, or proceedings is covered by insurance.
5.8    Compliance with Laws. No Loan Party nor any of its Restricted Subsidiaries (a) is in violation of any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to result 

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in a Material Adverse Change, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.
5.9    No Material Adverse Change. All historical financial statements relating to the Loan Parties and their Subsidiaries that have been delivered by Borrowers to Lender have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, the Loan Parties’ and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended. Since December 31, 2010, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse Change with respect to the Loan Parties and their Subsidiaries.
5.10    Fraudulent Transfer. 
(a)    Each Loan Party is Solvent.
(b)    No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party.
5.11    Employee Benefits. No Loan Party, none of their Subsidiaries, nor any of their ERISA Affiliates maintains or contributes to any Benefit Plan.
5.12    Environmental Condition.  Except as set forth on Schedule 5.12 to the Information Certificate, (a) to each Loan Party’s knowledge, no Loan Party’s nor any of its Restricted Subsidiaries’ properties or assets has ever been used by a Loan Party, its Restricted Subsidiaries, or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release, or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to each Loan Party’s knowledge, after due inquiry, no Loan Party’s nor any of its Restricted Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no Loan Party nor any of its Restricted Subsidiaries has received notice that a Lien arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by a Loan Party or its Restricted Subsidiaries, and (d) no Loan Party nor any of its Restricted Subsidiaries nor any of their respective facilities or operations is subject to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.

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5.13    Intellectual Property. Each Loan Party and its Restricted Subsidiaries own, or hold licenses in, all trademarks, trade names, copyrights, patents, and licenses that are necessary to the conduct of its business as currently conducted.
5.14    Leases. Each Loan Party and its Restricted Subsidiaries enjoy peaceful and undisturbed possession under all leases material to their business and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting and no material default by the applicable Loan Party or its Restricted Subsidiaries exists under any of them.
5.15    Deposit Accounts and Securities Accounts. Set forth on Schedule 5.15 to the Information Certificate (as updated pursuant to Section 6.12(j)(iv)) is a listing of all of the Loan Parties’ and their Restricted Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person.
5.16    Complete Disclosure. All factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about each Borrower’s industry) furnished by or on behalf of a Loan Party or its Subsidiaries in writing to Lender (including all information contained in the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this Agreement or the other Loan Documents, and all other such factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about such Borrower’s industry) hereafter furnished by or on behalf of a Loan Party or its Subsidiaries in writing to Lender will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was provided. The Projections delivered to Lender for the periods ending December 31, 2018 and December 31, 
 
2019 represent, and as of the date on which any other Projections are delivered to Lender, such additional Projections represent, each Borrower’s good faith estimate, on the date such Projections are delivered, of the Loan Parties’ and their Subsidiaries’ future performance for the periods covered thereby based upon assumptions believed by Borrowers to be reasonable at the time of the delivery thereof to Lender.
5.17    Material Contracts. Set forth on Schedule 5.17 to the Information Certificate (as such Schedule may be updated from time to time in accordance herewith) is a reasonably detailed description of the Material Contracts of each Loan Party and its Restricted Subsidiaries as of the most recent date on which Borrowers provided their Compliance Certificate pursuant to Section 6.1; provided, however, that any Borrower may amend Schedule 5.17 to the Information Certificate to add additional Material Contracts so long as such amendment occurs by written notice to Lender on the date that such Borrower provides its Compliance Certificate. Except for matters which, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse 

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Change, each Material Contract of each Loan Party and its Restricted Subsidiaries (other than those that have expired at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Loan Party or its Restricted Subsidiary and, to such Borrower’s knowledge, after due inquiry, each other Person that is a party thereto in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by Section 7.7(b)), and (c) is not in default due to the action or inaction of the applicable Loan Party or its Restricted Subsidiary.
5.18    Patriot Act. To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the “Patriot Act”). No part of the proceeds of the loans made hereunder will be used by any Loan Party or any of their Affiliates, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.
5.19    Indebtedness.  Set forth on Schedule 5.19 to the Information Certificate is a true and complete list of all Indebtedness of each Loan Party and each of its Restricted Subsidiaries outstanding immediately prior to the Restatement Effective Date that is to remain outstanding immediately after giving effect to the closing hereunder on the Restatement Effective Date and such Schedule accurately sets forth the aggregate principal amount of such Indebtedness as of the Restatement Effective Date.
5.20    Payment of Taxes.  Except as otherwise permitted under Section 6.5, all tax returns and reports of each Loan Party and its Restricted Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all assessments, fees and other governmental charges upon a Loan Party and its Restricted Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and payable.  Each Loan Party and each of its Restricted Subsidiaries have made adequate provision in accordance with GAAP for all taxes not yet due and payable. No Borrower knows of any proposed tax assessment against a Loan Party or any of its Restricted Subsidiaries that is not being actively contested by such Loan Party or such Restricted Subsidiary diligently, in good faith, and by appropriate proceedings; provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.
5.21    Margin Stock. No Loan Party nor any of its Restricted Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the loans made to Borrowers will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose 

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of purchasing or carrying any such margin stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors of the United States Federal Reserve.
5.22    Governmental Regulation. No Loan Party nor any of its Subsidiaries is subject to regulation under the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. No Loan Party nor any of its Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.\
5.23 OFAC; SANCTIONS; ANTI-CORRUPTION LAWS; ANTI-MONEY LAUNDERING LAWS. No Loan Party or any of its Subsidiaries is in violation of any Sanctions. No Loan Party nor any of its Subsidiaries nor, to the knowledge of such Loan Party, any director, officer, employee, agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries, and to the knowledge of each such Loan Party, each director, officer, employee, agent and Affiliate of each such Loan Party and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. No proceeds of any Advance made or Letter of Credit issued hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any Sanction, Anti-Corruption Law or Anti-Money Laundering Law by any Person (including Lender, Bank Product Provider, or other individual or entity participating in any transaction).
5.24    Employee and Labor Matters. There is (i) no unfair labor practice complaint pending or, to the knowledge of Borrowers, threatened against any Loan Party or any of its Restricted Subsidiaries before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against any Loan Party or any of its Restricted Subsidiaries which arises out of or under any collective bargaining agreement and that could reasonably be expected to result in a material liability, (ii) no strike, labor dispute, slowdown, stoppage or similar action or grievance pending or threatened in writing against any Loan Party or any of its Restricted Subsidiaries that could reasonably be expected to result in a material liability, or (iii) to the knowledge of Borrowers, after due inquiry, no union representation question existing with respect to the employees of any Loan Party or its Restricted Subsidiaries and no union organizing activity taking place with respect to any of the employees of any Loan Party or its Restricted Subsidiaries. No Loan Party or any of its Restricted Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law, which remains unpaid or unsatisfied. The hours worked and payments made to employees of Loan Parties and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be expected to 

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result in a Material Adverse Change.  All material payments due from any Loan Party or its Restricted Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.
5.25    [Intentionally Omitted]. 
5.26    Collateral.
(a)    Real Property. Schedule 5.26(b) to the Information Certificate sets forth all Real Property owned by any of the Loan Parties as of the Restatement Effective Date.
(b)    Intellectual Property. As of the Restatement Effective Date, Schedule 5.26(a) to the Information Certificate provides a complete and correct list of: (i) all registered Copyrights owned by any Loan Party, all applications for registration of Copyrights owned by any Loan Party, and all other Copyrights owned by any Loan Party and material to the conduct of the business of any Loan Party; (ii) all Intellectual Property Licenses entered into by any Loan Party pursuant to which (A) any Loan Party has provided any license or other rights in Intellectual Property owned or controlled by such Loan Party to any other Person or (B) any Person has granted to any Loan Party any license or other rights in Intellectual Property owned or controlled by such Person that is material to the business of such Loan Party, including any Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed by such Loan Party; (iii) all Patents owned by any Loan Party and all applications for Patents owned by any Loan Party; and (iv) all registered Trademarks owned by any Loan Party, all applications for registration of Trademarks owned by any Loan Party, and all other Trademarks owned by any Loan Party and material to the conduct of the business of any Loan Party.
(i)    all employees and contractors of each Loan Party who were involved in the creation or development of any Intellectual Property for such Loan Party that is necessary to the business of such Loan Party have signed agreements containing assignment of Intellectual Property rights to such Loan Party and obligations of confidentiality;
(ii)    to each Loan Party’s knowledge after reasonable inquiry, no Person has infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights owned by such Loan Party, in each case, that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change;
(iii)    to each Loan Party’s knowledge after reasonable inquiry, all registered Copyrights, registered Trademarks, and issued Patents that are owned by such Loan Party and necessary in to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements, filings, and payments and other actions that are required to maintain such Intellectual Property in full force and effect; and 

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(iv)    each Loan Party has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all trade secrets owned by such Loan Party that are necessary in the business of such Loan Party;
(c)    Pledged Interests. (i) Except as set forth on Schedule 5.26(c) or except for the Security Interest created hereby, each Loan Party is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated in the Information Certificate as being owned by such Loan Party and, when acquired by such Loan Party, any Pledged Interests acquired after the Restatement Effective Date; (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Stock of the Pledged Companies of such Loan Party identified in the Information Certificate as supplemented or modified by any Joinder to this Agreement; (iii) such Loan Party has the right and requisite authority to pledge, the Investment Related Property pledged by such Loan Party to Lender as provided herein; (iv) all actions necessary or desirable to perfect and establish the first priority of, or otherwise protect, Lender’s Liens in the Investment Related Property, and the proceeds thereof, have been duly taken, upon (A) the execution and delivery of this Agreement; (B) the taking of possession by Lender (or its Lender or designee) of any certificates representing the Pledged Interests, together with undated powers (or other documents of transfer acceptable to Lender) endorsed in blank by the applicable Loan Party; (C) the filing of financing statements in the applicable jurisdiction set forth on Schedule 5.6(a) to the Information Certificate for such Loan Party with respect to the Pledged Interests of such Loan Party that are not represented by certificates, and (D) with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto; and (v) to the extent required under Section 6, each Loan Party has delivered to and deposited with Lender all certificates representing the Pledged Interests owned by such Loan Party to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable to Lender) endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by such Loan Party has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject. As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Borrower hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (A) are not dealt in or traded on securities exchanges or in securities markets, (B) do not constitute investment company securities, and (C) are not held by such Loan Party in a securities account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement provide that such Pledged Interests are securities governed by Section 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.
(d)    Valid Security Interest. This Agreement creates a valid security interest in the Collateral of each Loan Party, to the extent a security interest therein can be created under the Code, securing the payment of the Obligations. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or desirable to perfect and protect such security interest have been duly 

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taken or will have been taken upon the filing of financing statements listing each applicable Loan Party, as a debtor, and Lender for itself and as agent for the Bank Product Providers, as secured party, in the jurisdictions listed next to such Loan Party’s name on Schedule 5.6(a) to the Information Certificate. Upon the making of such filings, Lender shall have a first priority perfected security interest in the Collateral of each Loan Party to the extent such security interest can be perfected by the filing of a financing statement, subject to Permitted Liens which are purchase money Liens. Upon filing of the Copyright Security Agreement with the United States Copyright Office, filing of the Patent and Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions listed on Schedule 5.6(a) to the Information Certificate, all action necessary or desirable to protect and perfect the Security Interest in and to on each Loan Party’s Patents, Trademarks, or Copyrights has been taken and such perfected Security Interest is enforceable as such as against any and all creditors of and purchasers from any Loan Party. All action by any Loan Party necessary to protect and perfect such security interest on each item of Collateral has been duly taken.
5.27    Eligible Accounts. As to each Account that is identified by a Borrower as an Eligible Account in a Borrowing Base Certificate submitted to Lender, as of such date, such Account is (a) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the ordinary course of such Borrower’s business, (b) owed to such Borrower, and (c) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Lender-discretionary criteria) set forth in the definition of Eligible Accounts.
5.28    Eligible Inventory. As to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Lender, as of such date, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Lender-discretionary criteria) set forth in the definition of Eligible Inventory. 
5.29    Locations of Inventory and Equipment. The Inventory and Equipment (other than vehicles or Equipment out for repair) of the Loan Parties and their Restricted Subsidiaries are not stored with a bailee, warehouseman, or similar party and are located only at, or in-transit between or to, the locations identified on Schedule 5.29 to the Information Certificate (as such Schedule may be updated pursuant to Section 6.14). 
5.30    Inventory Records. Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Restricted Subsidiaries’ Inventory and the book value thereof.
5.31    ERISA Compliance. 
(a)    Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the IRC and other Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the IRC has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the IRC and the trust related thereto has been determined by the Internal Revenue Service 

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to be exempt from federal income tax under Section 501(a) of the IRC, or an application for such a letter is currently being processed by the Internal Revenue Service. To the best knowledge of the Loan Parties, nothing has occurred that would prevent or cause the loss of such tax-qualified status.
(b)    There are no pending or, to the best knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to result in a Material Adverse Change. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Change.
(c)    No ERISA Event has occurred, and neither the Loan Parties nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Loan Parties and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the IRC) is 60% or higher and neither the Loan Parties nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Loan Parties nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Loan Parties nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.
(d)    No Loan Party or any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan other than Pension Plans not otherwise prohibited by this Agreement.

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EXHIBIT E
TO CREDIT AND SECURITY AGREEMENT 
INFORMATION CERTIFICATE  
OF  
DASAN ZHONE SOLUTIONS, INC.  
(and Subsidiaries) 
Dated:  July 12, 2018
Wells Fargo Bank, National Association
2450 Colorado Avenue, Suite 3000W
Santa Monica, CA 90404
Attn: Relationship Manager—DASAN Zhone Solutions, Inc.
In connection with certain financing provided or to be provided by Wells Fargo Bank, National Association (“Lender”), each of the undersigned Borrowers and Guarantors (each a “Loan Party”) represents and warrants to Lender the following information about each Loan Party (capitalized terms not specifically defined shall have the meaning set forth in the Agreement):
		
	1.
	Attached as Schedule 5.1(b) is a complete and accurate description of (i) the authorized capital Stock of each Loan Party and its Subsidiaries, by class, and the number of shares issued and outstanding and the names of the owners thereof (including stockholders, members and partners) and their holdings, all as of the date of this Agreement, (ii) all subscriptions, options, warrants or calls relating to any shares of any Loan Party’s or its Subsidiaries’ capital Stock, including any right of conversion or exchange; (iii) each stockholders’ agreement, restrictive agreement, voting agreement or similar agreement relating to any such capital Stock; and (iv) and organization chart of each Loan Party and all Subsidiaries.

		
	2.
	Each Loan Party is affiliated with, or has ownership in, the entities (including Subsidiaries) set forth on Schedule 5.1(c). 

		
	3.
	The Loan Parties use the following trade name(s) in the operation of their business (e.g. billing, advertising, etc.):  None.

The Loan Parties use the following trade name in advertising: None.
4.    Each of the Loan Parties is a registered organization of the following type:
DASAN ZHONE SOLUTIONS, INC. – a Delaware corporation.
ZTI MERGER SUBSIDIARY III, INC. – a Delaware corporation
PREMISYS COMMUNICATIONS, INC. – a Delaware corporation
ZHONE TECHNOLOGIES INTERNATIONAL, INC. – a Delaware corporation

Exhibit E 
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PARADYNE NETWORKS, INC. – a Delaware corporation
PARADYNE CORPORATION – a Delaware corporation
DASAN NETWORK SOLUTIONS, Inc. – a California corporation 
		
	5.
	The exact legal name (within the meaning of Section 9-503 of the Code) of each Loan Party as set forth in its respective certificate of incorporation, organization or formation, or other public organic document, as amended to date is set forth in Schedule 5.5(a). 

		
	6.
	Each Loan Party is organized solely under the laws of the State set forth on Schedule 5.6(a). Each Loan Party is in good standing under those laws and no Loan Party is organized in any other State.

		
	7.
	The chief executive office and mailing address of each Loan Party is located at the address set forth on Schedule 5.6(b) hereto.

		
	8.
	The books and records of each Loan Party pertaining to Accounts, contract rights, Inventory, and other assets are located at the addresses specified on Schedule 5.6(b). 

		
	9.
	The identity and Federal Employer Identification Number of each Loan Party and organizational identification number, if any, is set forth on Schedule 5.6(c). (Please Use Form Attached)

		
	10.
	No Loan Party has any Commercial Tort Claims, except as set forth on Schedule 5.6(d). 

		
	11.
	There are no judgments, actions, suits, proceedings or other litigation pending by or against or threatened by or against any Loan Party, any of its Restricted Subsidiaries and/or Affiliates or any of its officers or principals, except as set forth on Schedule 5.7(b). 

		
	12.
	During the past five (5) years, the name as set forth in each Loan Party’s organizational documentation filed of record with the applicable state authority has been changed as follows:

“Zhone Technologies, Inc.” changed to “Dasan Zhone Solutions, Inc.”
		
	13.
	Since the dates of their respective organization, the Loan Parties have made or entered into the following mergers or acquisitions:

See Annex A.
		
	14.
	Each Loan Party’s assets are owned and held free and clear of Liens (other than Permitted Liens) mortgages, pledges, security interests (other than those certain Security Interests granted under the Credit Agreement), encumbrances or charges except as set forth below:

See Schedule P-2 to the Agreement.

Exhibit E 
Page 2
(Ex-Im Subfacility)

		
	15.
	Each Loan Party has been and remains in compliance with all environmental laws applicable to its business or operations except as set forth on Schedule 5.12. 

		
	16.
	The Loan Parties do not have any Deposit Accounts, investment accounts, Securities Accounts or similar accounts with any bank, securities intermediary or other financial institution, except as set forth on Schedule 5.15 for the purposes and of the types indicated therein. 

		
	17.
	No Loan Party is a party to or bound by a collective bargaining or similar agreement with any union, labor organization or other bargaining agent except as set forth below: (indicate date of agreement, parties to agreement, description of employees covered, and date of termination)

None.
		
	18.
	Set forth on Schedule 5.17 is a reasonably detailed description of each Material Contract of each Loan Party and its Restricted Subsidiaries as of the Restatement Effective Date.

		
	19.
	Set forth on Schedule 5.19 is a true and complete list of all Indebtedness of each Loan Party and its Restricted Subsidiaries outstanding immediately prior to the Restatement Effective Date.

		
	20.
	No Loan Party has made any loans or advances or guaranteed or otherwise become liable for the obligations of any others, except as set forth below:

See Annex C.
		
	21.
	No Loan Party has any Chattel Paper (whether tangible or electronic) or instruments as of the date hereof, except as follows:

None.
		
	22.
	No Loan Party owns or licenses any Trademarks, Patents, Copyrights or other Intellectual Property, and is not a party to any Intellectual Property License except as set forth on Schedule 5.26(a) (indicate type of Intellectual Property and whether owned or licensed, registration number, date of registration, and, if licensed, the name and address of the licensor).

		
	23.
	Schedule 5.26(b) sets forth all Real Property owned by each Loan Party.

		
	24.
	The Inventory, Equipment and other goods of each Loan Party are located only at the locations set forth on Schedule 5.29. 

		
	25.
	As set forth in Section 6.12(j)(ii) of the Credit Agreement, each Loan Party shall maintain Cash Management Services of a type and on terms reasonably satisfactory to Lender at one or more of the banks set forth on Schedule 6.12(j). 

Exhibit E 
Page 3
(Ex-Im Subfacility)

		
	26.
	At the present time, there are no delinquent taxes due (including, but not limited to, all payroll taxes, personal property taxes, real estate taxes or income taxes) except as follows:

None.
		
	27.
	Except as set forth on Schedule 7.15, there are no consignment, bill and hold, sale or return, sale on approval or conditional sale arrangements.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Exhibit E 
Page 4
(Ex-Im Subfacility)

Lender shall be entitled to rely upon the foregoing in all respects and the undersigned is duly authorized to execute and deliver this Information Certificate on behalf of each Loan Party.
Very truly yours,
DASAN ZHONE SOLUTIONS, INC.
ZTI MERGER SUBSIDIARY III, INC.
PREMISYS COMMUNICATIONS, INC.
ZHONE TECHNOLOGIES INTERNATIONAL, INC.
PARADYNE NETWORKS, INC.
PARADYNE CORPORATION
DASAN NETWORK SOLUTIONS, INC.
	
		
	By:
	 

	Name:
	 

	Title:
	 

Exhibit E 
Page 5
(Ex-Im Subfacility)

Schedule 5.1(b)
TO INFORMATION CERTIFICATE

Capitalization of Loan Parties
and Subsidiaries

Organization Chart
(i):

	
					
	Loan Party/Subsidiary
	Authorized Shares/Issued Shares
	Holder
	Type of Rights/Stock
(common/preferred/ option/class)
	Percent Interest (on a fully diluted basis)

	DASAN ZHONE SOLUTIONS, INC.
	36,000,000 /    16,499,665
	Public
	Common
	 

	ZTI MERGER SUBSIDIARY III, INC.
	1,000/1,000
	DASAN Zhone Solutions, Inc.
	Common
	100%

	PREMISYS COMMUNICATIONS, INC.
	1,000/1,000
	ZTI MERGER SUBSIDIARY III, INC.
	Common
	100%

	ZHONE TECHNOLOGIES INTERNATIONAL, INC.
	1,000/1,000
	ZTI MERGER SUBSIDIARY III, INC.
	Common
	100%

	PARADYNE 
NETWORKS, INC.
	1,000/1,000
	DASAN Zhone Solutions, Inc.
	Common
	100%

	PARADYNE CORPORATION
	1,000/1,000
	PARADYNE 
NETWORKS, INC.
	Common
	100%

	DASAN NETWORK SOLUTIONS, INC.
	100/100
	DASAN Zhone Solutions, Inc.
	Common
	100%

	Other Subsidiaries
	See Annex A

		
	(ii):
	DASAN Zhone Solutions, Inc. has 1,183,798 options outstanding.

(iii):    1 / Zhone Technologies, Inc
2001SIP / 2001 Stock Incentive Plan
2002SIP / 2002 Stock Incentive Plan
DZSI2017 / 2017 Incentive Award Plan
EIP96 / PARA 1996 Equity incentive
FI00 / SORR 2000 Stock Incentive Plan
FI03 / SORR 2003 Equity Incentive
NQISOP / NQ Inducement Stock Option Plan

Schedule 5.1(b) 
Page 1

TP / Treasury Plan TELM

Exhibit E 
Page 2
(Ex-Im Subfacility)

Schedule 5.1(c)
TO INFORMATION CERTIFICATE

Subsidiaries; Affiliates; Investments

Part 1 - Subsidiaries (More than 50% owned by a Loan Party) – See Annex B

Schedule 5.1(c) 
Page 1

	
				
	Subsidiary
	State or Other Jurisdiction of Incorporation or Organization
	Percentage Ownership
	Owned by 
(Name of Loan Party or Subsidiary)

	Ark Electronic Products, Inc.
	Florida
	100%
	Paradyne Corporation

	Astarte Fiber Networks, Inc.
	Colorado
	100%
	DZS

	Paradyne Corporation
	Delaware
	100%
	Paradyne Networks

	Paradyne Finance Corp.
	Delaware
	100%
	Paradyne Corporation

	Paradyne Networks, Inc.
	Delaware
	100%
	DZS

	Paradyne Worldwide Corporation
	Delaware
	100%
	Paradyne Corporation

	Premisys Communications, Inc.
	Delaware
	100%
	ZTI

	Premisys Communications LTD
	United Kingdom
	100%
	Premisys

	Xybridge Technologies, Inc.
	Texas
	100%
	ZTI

	Zhone AB
	Sweden
	100%
	Zhone Technologies B.V.

	Zhone Holdings, Inc.
	Delaware
	100%
	DZS

	Zhone International Ltd.
	Cayman Islands
	100%
	ZTI

	 
	 
	 
	 

	Zhone Technologies B.V.
	Netherlands
	100%
	Zhone International Ltd.

	Zhone Technologies Campus, LLC
	California
	100%
	ZTI

	Zhone Technologies De Argentina SRL
	Argentina
	100%
	Zhone International

	Zhone Technologies do Brasil LTDA
	Brazil
	100%
	DZS

	Zhone Technologies de Colombia
	Columbia
	100%
	Zhone Technologies B.V.

	Zhone Technologies GMBH
	Germany
	100%
	Zhone International

	DASAN Zhone Solutions, Inc.
	Canada
	100%
	Premysis

	Zhone Technologies International, Inc.
	Delaware
	100%
	ZTI

	Zhone Technologies Limited
	Hong Kong
	100%
	Zhone International

	Zhone Technologies, Ltd.
	United Kingdom
	100%
	Zhone International

	Zhone Technologies, Pte. Ltd.
	Singapore
	100%
	Premysis

	Zhone Technologies S de R.L. de C.V.
	Mexico
	100%
	Zhone Technologies B.V.

	Zhone Technologies S.R.L
	Italy
	100%
	ZTI

	Zhone Technologies, South Africa
	South Africa
	70%
	Paradyne Networks

	ZTI Merger Subsidiary III, Inc.
	Delaware
	100%
	DZS

	Dasan Network Solutions, Inc.
	California
	100%
	DZS

	Dasan Network Solutions, Inc.
	Korea
	100%
	DNS

	D-Mobile Limited
	Taiwan
	100%
	DNS

	DASAN India Private Limited
	India
	99.99%
	DNS

	Dasan Network Solutions Japan, Inc.
	Japan
	69.09%
	DNS

	Dasan Vietnam Company Limited
	Vietnam
	100%
	DNS

Part 2 - Affiliates (Less than 50% Owned by a Loan Party)

Schedule 5.1(c) 
Page 2

	
			
	Name
	Jurisdiction of  
Organization
	Percentage Owned

	None.
	 
	 

Part 3 - Affiliates (Subject to common ownership with) a Loan Party

	
				
	Name
	Jurisdiction of Organization
	Parent
	Percentage Owned

	None.
	 
	 
	 

Part 4 - Shareholders (If widely held, only holders with more than 10%)

	
			
	Name
	Jurisdiction of  
Organization
	Aggregate  
Percentage Owned

	DASAN Networks, Inc.
	Korea
	57.9%

Schedule 5.1(c) 
Page 3

Schedule 5.5(a)
TO INFORMATION CERTIFICATE

Exact Legal Name

DASAN ZHONE SOLUTIONS, INC.
ZTI MERGER SUBSIDIARY III, INC.
PREMISYS COMMUNICATIONS, INC.
ZHONE TECHNOLOGIES INTERNATIONAL, INC.
PARADYNE NETWORKS, INC.
PARADYNE CORPORATION
DASAN NETWORK SOLUTIONS, INC.

Schedule 5.5(a) 
Page 1

Schedule 5.6(a)
TO INFORMATION CERTIFICATE

Jurisdiction of Organization

	
		
	Name
	Jurisdiction of  
Organization

	DASAN ZHONE SOLUTIONS, INC.
	Delaware

	ZTI MERGER SUBSIDIARY III, INC.
	Delaware

	PREMISYS COMMUNICATIONS, INC.
	Delaware

	ZHONE TECHNOLOGIES INTERNATIONAL, INC.
	Delaware

	PARADYNE NETWORKS, INC.
	Delaware

	PARADYNE CORPORATION
	Delaware

	DASAN NETWORK SOLUTIONS, INC.
	California

Foreign Qualifications:

DASAN Zhone Solutions, Inc.:
California; and
Florida.

ZTI Merger Subsidiary III, Inc.:
California

Paradyne Corporation:
Florida

Schedule 5.6(a) 
Page 1

Schedule 5.6(b)
TO INFORMATION CERTIFICATE

Locations

Part 1 - Chief Executive Office

For all Loan Parties:

7195 Oakport Street
Oakland, California 94621

Part 2 - Location of Books and Records

For all Loan Parties:

7195 Oakport Street
Oakland, California 94621

Schedule 5.6(b) 
Page 1

Schedule 5.6(c)
TO INFORMATION CERTIFICATE

Federal Employer Identification Number
Organizational Identification Number

	
		
	Name
	Organizational Identification
Number

	DASAN ZHONE SOLUTIONS, INC.
	FEIN: 22-3509099
Delaware ID: 2742244

	ZTI MERGER SUBSIDIARY III, INC.
	FEIN: 94-3333763
Delaware ID: 3056631

	PREMISYS COMMUNICATIONS, INC.
	FEIN: 94-3153847
Delaware ID: 2416157

	ZHONE TECHNOLOGIES INTERNATIONAL, INC.
	FEIN: 94-3363089
Delaware ID: 3226407

	PARADYNE NETWORKS, INC.
	FEIN: 75-2658219
Delaware ID: 2631890

	PARADYNE CORPORATION
	FEIN: 59-2738881
Delaware ID: 0714924

	DASAN NETWORK SOLUTIONS, INC.
	FEIN: 27-3063221
California ID: 3303680

Schedule 5.6(c) 
Page 1

Wells Fargo Capital Finance
Identity Verification and Investigation Consent Form
Key Parties– (Individuals and Non-individuals)

Previously Provided.

Schedule 5.6(d)
TO INFORMATION CERTIFICATE

Commercial Tort Claims

None.

Schedule 5.6(d) 
Page 1

Schedule 5.7(b)
TO INFORMATION CERTIFICATE

Judgments/ Pending Litigation

None.

Schedule 5.7(b) 
Page 1

Schedule 5.12
TO INFORMATION CERTIFICATE

Environmental Compliance

Each Loan Party is in compliance with all environmental laws applicable to its business or operations.

Schedule 5.12 
Page 1

Schedule 5.15
TO INFORMATION CERTIFICATE

Deposit Accounts; Investment Accounts

Part 1 - Deposit Accounts

	
				
	Name and Address of Bank
	Loan Party
	Account No.
	Purpose *

	Wells Fargo Bank
	Dasan Zhone Solutions, Inc.
	4123407249
	Operating/Sweep Account

	Wells Fargo Bank
	Dasan Zhone Solutions, Inc.
	4123407231
	Cash Collection/Sweep Account

	Wells Fargo Bank
	Dasan Zhone Solutions, Inc.
	4123407256
	Payroll/Sweep Account

	Silicon Valley Bank
	ZTI Merger Subsidiary III, Inc.
	3300369498
	Operating

	Silicon Valley Bank
	ZTI Merger Subsidiary III, Inc.
	3300369582
	Cash Collateral/Sweep Account

	Silicon Valley Bank
	ZTI Merger Subsidiary III, Inc.
	3300843689
	Blocked Account/Sweep Account

	Royal Bank of Canada
	Dasan Zhone Solutions, Inc.
	103-704-3
	Operating

	TD Canada Trust
	TMF Canada Payroll, Inc. (in trust for Zhone Technologies, Inc.)
	0986-5207795
	Payroll

	Citibank, N.A.
	Zhone Technologies (ZTI Merger Subsidiary III, Inc.)
	30853223
	Insurance

	KBC Bank NV
	Zhone Technologies International, Inc.
	401-5054621-66
	Operating

	Emirates NBD
	Zhone Technologies International, Inc.
	1011064000201
	Operating

+
                

		
	∗
	For “Purpose” indicate either: “collection account” if proceeds of receivables or other assets are deposited in it, and note “lockbox” if it is subject to lockbox servicing arrangements with the applicable bank or “disbursement account” if it is a checking account or account used for transferring funds to third parties and note if it is used for a specific purpose, e.g., “payroll”, “medical”, “insurance”, “escrow” etc. Also, please note any “zero balance” or other automatic sweep or investment accounts.

Part 2 - Investment and Other Accounts

None.

Schedule 5.15 
Page 1

Schedule 5.15 
Page 2

Schedule 5.17
TO INFORMATION CERTIFICATE

Material Contracts

DASAN Zhone Solutions, Inc.:

Customers:
Consolidated Communications Services Company
Axtel S.A.B. De C.V.
Baud Telecom Company
Product Source International Datacomm, Llc
Emirates Telecommunications Corp.
Sprint, Inc.
Telefonica Del Sur S.A.
Inteno Broadband Technology As
Intelbras Ind De Tel Elet Bra
Anixter Inc.
Graybar Electric Co Inc
Yadkin Valley Telephone
Goldfield Telecom Inc.
WNI Equipamentos Eletronicos Ltda
Libatel S.A.R.L.

Contract Manufacturers:
Shenzhen Gongjin Electronics

Royalty agreements:
Windriver
Oracle

Schedule 5.17 
Page 1

Schedule 5.19
TO INFORMATION CERTIFICATE

Existing Indebtedness
See Annex C

Schedule 5.19 
Page 1

Schedule 5.26(a)
TO INFORMATION CERTIFICATE

Intellectual Property

Part A:  Trademarks

		
	1.
	TRADEMARKS OWNED BY DASAN ZHONE SOLUTIONS, INC. (F/K/A ZHONE TECHNOLOGIES, INC.)

	
					
	United States Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	SLMS
	76/110,937
	2,608,096
	8-13-2002
	8-13-2022

	ZMS
	76/174,513
	2,586,521
	6-25-2002
	6-25-2022

	MALC
	76/175,453
	2,725,112
	6-10-2003
	6-10-2023

	ZHONE
	76/175,462
	2,725,113
	6-10-2003
	6-10-2023

	Znid
	77/067,082
	3,390,835
	3-04-2008
	3-04-2028

	MXK
	77/739,166
	3,725,214
	12-15-2009
	12-15-2029

	BANDWIDTH CHNAGES EVERYTHING
	85/030,477
	4,455,296
	12-24-2013
	12-24-2023

	ZHONE FIBERCELL
	85/245,648
	4,313,579
	4-02-2013
	4-02-2023

	IP ZHONE
	85/295,116
	4,252,361
	12-04-2012
	12-04-2022

	FIBERLAN
	86/126,754
	4,745,309
	5-26-2015
	5-26-2025

	DZS EVERY CONNECTION MATTERS (stylized and/or with 
design)
	87/440,078
	 
	 
	 

	DZS (stylized and/or with design)
	87/440,114
	 
	 
	 

	DZS FIBERCELL
	87/911,757
	 
	 
	 

	VNOS
	87/923,526
	 
	 
	 

	PARADYNE (stylized and/or with design)
	75/184,564
	2,248,498
	6-01-1999
	6-01-2019

	REACHDSL
	76/197,073
	2,885,561
	9-21-2004
	9-21-2024

	BITSTORM
	76/060,907
	2,856,212
	6-22-2004
	6-22-2024

	
					
	Australia Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	ZHONE
	833160
	833160
	3-30-2001
	4-28-2020

	Z and design
	833161
	833161
	3-30-2001
	4-28-2020

Schedule 5.26(a) 
Page 1

	
					
	Canada Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	ZHONE
	1056021
	TMA574176
	1-22-2003
	1-22-2033

	Z and design
	1056022
	TMA574177
	1-22-2003
	1-22-2033

	
					
	Chile Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	ZHONE
	493.105
	587.379
	1-10-2001
	1-10-2021

	Z and design
	493.107
	587.381
	1-10-2001
	1-10-2021

	
					
	China (People’s Republic) Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	2000076059
	1606363
	7-21-2001
	7-20-2021

	Z and design
	2000076060
	1606365
	7-21-2001
	7-20-2021

	
					
	European Union (Community) Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	1683705
	1683705
	8-03-2001
	5-31-2020

	MXK
	8338394
	8338394
	12-23-2009
	6-03-2019

	
					
	India Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	928854
	928854
	5-31-2000
	5-31-2020

	Z and design
	928855
	928855
	4-21-2005
	5-31-2020

	
					
	Indonesia Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	477920
	477920
	5-25-2001
	5-31-2020

	Z and design
	477919
	477919
	5-25-2001
	5-31-2020

	
					
	Japan Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	2000-044391
	4466214
	4-13-2001
	4-13-2021

	Z and design
	2000-044420
	4466217
	4-20-2001
	4-20-2021

	
					
	Korea Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	2000-25959
	511688
	2-01-2002
	2-01-2022

	Z and design
	2000-25960
	511689
	2-01-2002
	2-01-2022

Schedule 5.26(a) 
Page 2

	
					
	Mexico Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	750581
	750581
	6-14-2002
	6-14-2022

	Z and design
	454566
	454566
	10-25-2000
	10-25-2020

	
					
	Russia Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	ZHONE
	2000712807
	210414
	4-04-2002
	5-30-2020

	Z and design
	2000712724
	210339
	4-02-2002
	5-30-2020

	
					
	Singapore Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	T00/07159Z
	T00/07159Z
	4-29-2000
	4-29-2020

	Z and design
	T00/07160C
	T00/07160C
	4-29-2000
	4-29-2020

	
					
	South Africa Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	2000/10766
	2000/10766
	12-19-2003
	5-30-2020

	Z and design
	2000/10767
	2000/10767
	12-19-2003
	5-30-2020

	
					
	Switzerland Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	Z ZHONE
	06495/2000
	478.136
	11-07-2000
	5-30-2020

		
	2.
	TRADEMARKS OWNED BY PARADYNE CORPORATION

	
					
	United States Trademark
	Application Number
	Registration Number
	Registration Date
	Expiration Date

	ETHERXTEND
	78/706,963
	3,331,453
	11-06-2007
	11-06-2027

Part B:  Patents

		
	1.
	PATENTS OWNED BY DASAN ZHONE SOLUTIONS, INC. (F/K/A ZHONE TECHNOLOGIES, INC.)

	
			
	United States Patent Title
	Patent Number
	Application Number

	SYSTEM FOR REAL TIME VOICE QUALITY MEASUREMENT IN VOICE OVER PACKET NETWORK
	7197010
	09/885,373

		
	2.
	PATENTS OWNED BY PARADYNE CORPORATION

Schedule 5.26(a) 
Page 3

	
			
	United States Patent Title
	Patent Number
	Application Number

	SYSTEM AND METHOD FOR COMMUNICATING VOICE AND DATA OVER A LOCAL PACKET NETWORK
	6075784
	09/112,911

	SYSTEM AND METHOD FOR COMMUNICATING VOICE AND DATA OVER A LOCAL PACKET NETWORK
	6639913
	09/314,318

	APPARATUS AND METHOD FOR COMMUNICATING VOICE AND DATA
BETWEEN A CUSTOMER PREMISES AND A CENTRAL OFFICE
	6546090
	09/374,774

	APPARATUS AND METHOD FOR COMMUNICATING VOICE AND DATA BETWEEN A CUSTOMER PREMISES AND A CENTRAL OFFICE
	7130338
	10/811,531

	APPARATUS AND METHOD FOR COMMUNICATION VOICE AND DATA BETWEEN A CUSTOMER PREMISES AND A CENTRAL OFFICE
	7352803
	11/589,375

	APPARATUS AND METHOD FOR USER TONE WARNING DURING DATA SUSPENSION
	6031897
	09/014,748

	APPARATUS AND METHOD FOR SIMULTANEOUS MULTIPLE TELEPHONE TYPE SERVICES ON A SINGLE TELEPHONE LINE
	6580785
	09/032,671

	SIMULTANEOUS TRANSMISSION OF AN ANALOG POTS SIGNAL AND A DIGITAL SIGNAL ON A SUBSCRIBER LINE
	7020266
	10/269,209

	APPARATUS AND METHOD FOR SIMULTANEOUS MULTIPLE TELEPHONE TYPE SERVIES ON A SINGLE TELEPHONE LINE
	7961850
	11/086,063

	PERFORMANCE CUSTOMIZATION SYSTEM AND PROCESS FOR OPTIMIZING XDSL PERFORMANCE
	6647058
	09/102,176

	PERFORMANCE CUSTOMIZATION SYSTEM AND PROCESS FOR OPTIMIZING XDSL PERFORMANCE
	7916776
	10/689,425

	PERFORMANCE CUSTOMIZATION SYSTEM AND PROCESS FOR OPTIMIZING XDSL PERFORMANCE
	9130654
	12/797,956

	SYSTEM AND METHOD FOR THE MEASUREMENT OF SERVICE QUALITY IN A COMMUNICATION NETWORK
	6798742
	09/144,9236

	SYSTEM AND METHOD FOR THE MEASUREMENT OF SERVICE QUALITY IN A COMMUNICATION NETWORK
	7936689
	10/950,801

	METHOD AND APPARATUS FOR AUTOMATICALLY DETECTING AND
MEASURING DISTORTION IN A DSL SYSTEM
	6111936
	09/239,636

	METHOD AND APPARATUS FOR AUTOMATICALLY AND ADAPTIVELY ADJUSTING TELEPHONE AUDIO QUALITY AND DSL DATA RATE IN A DSL SYSTEM
	6154524
	09/240,465

	METHOD AND APPARATUS FOR AUTOMATICALLY ADJUSTING THE
TRANSMIT POWER OF DATA COMMUNICATION EQUIPMENT OPERATING IN A MULTIPOINT ENVIRONMENT
	6549568
	09/248,149

	AUTOMATIC CONFIGURATION SYSTEM AND METHOD FOR A FRAME RELAY NETWORK
	6493352
	09/116,169

	SUBSCRIBER LINE DRIVER AND TERMINATION
	6782096
	09/439,933

	SUBSCRIBER LINE DRIVER AND TERMINATION
	7747000
	10/889,858

	DIGITAL SUBSCRIBER LINE DRIVER
	6975694
	09/733,841

	DIGITAL SUBSCRIBER LINE DRIVER
	7149268
	11/108,244

	DISCRETE MULTITONE INTERLEAVER
	7099401
	09/736,353

	TONE ORDERED DISCRETE MULTITONE INTERLEAVER
	7088781
	09/766,255

	TONE ORDERED DISCRETE MULTITONE INTERLEAVER
	7418048
	11/496,353

Schedule 5.26(a) 
Page 4

	
			
	SYSTEM AND METHOD FOR STATISTICAL CONTROL OF POWER DISSIPATION WITH HOST ENFORCEMENT
	7558203
	11/052,317

	SYSTEM AND METHOD FOR SUBSCRIBER LOOP TESTING
	7289604
	11/108,258

	SYSTEM AND METHOD FOR IMPROVED DATA TRANSMISSION SPEED BY FIXING THE LOWER CORNER FREQUENCY AT A FREQUENCY ABOVE VOICE BAND IN A SYMMETRIC DSL
TRANSMISSION SYSTEM
	7430212
	10/073,098

	DETERMINATION OF NETWORK PERFORMANCE CHARACTERISTICS
	7969900
	10/515,222

	SYSTEM AND METHOD FOR FAULT ISOLATION IN A PACKET SWITCHING NETWORK
	8867335
	10/435,873

	SYSTEM AND METHOD FOR ADAPTING TO A CHANGE IN CONSTELLATION DENSITY WHILE RECEIVING A SIGNAL
	7522679
	10/956,780

	SYSTEM AND METHOD FOR ADAPTING TO A CHANGE IN CONSTELLATION DENSITY WHILE RECEIVING A SIGNAL
	7835459
	12/394,591

	SYSTEM AND METHOD FOR ADAPTING A CHANGE IN CONSTELLATION DENSITY WHILE RECEIVING A SIGNAL
	8279969
	12/908,325

Schedule 5.26(a) 
Page 5

Schedule 5.26(b)
TO INFORMATION CERTIFICATE

Owned Real Estate

None.

Schedule 5.26(b) 
Page 1

Schedule 5.29
TO INFORMATION CERTIFICATE

Locations of Inventory and Equipment

Locations of Inventory, Equipment and Other Assets

	
			
	Address
	Owned/Leased/Third Party
	Name/Address of Lessor or Third Party, as Applicable

	7340 Bryan Dairy Rd, Ste 150, Seminole, FL 33777
	Leased
	7300 Bryan Dairy Industrial, LLC

	7195 Oakport Street 
Oakland, California
	Leased
	Treasurer of Alameda County

Schedule 5.29 
Page 1

Schedule 6.12(j)
TO INFORMATION CERTIFICATE

Collection Account Bank

See Schedule 5.15 to Information Certificate.

Schedule 6.12(j) 
Page 1

Schedule 7.15
TO INFORMATION CERTIFICATE

Consignment, Bill and Hold, Sale or Return, Sale on Approval or Conditional Sale Arrangements

None.

Schedule 7.15 
Page 1

Schedule 7.16
TO INFORMATION CERTIFICATE

Inventory With Bailee, Warehouseman, Processor, etc.

None.

Schedule 7.16 
Page 1

Annex A

	
				
	 

	CAG Technologies
	DASAN Zhone Solutions, Inc.*
	Zhone Technologies, Inc*.
	1999

	Premisys
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	1999

	Roundview
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	2000

	Optaphone
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	2000

	Xybridge
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	2001

	Nortel Networks Access Node
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	2001

	Vpacket
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.*
	2002

	Tellium
	DASAN Zhone Solutions, Inc.*
	DASAN Zhone Solutions, Inc.
	2003

	eLuminant
	DASAN Zhone Solutions, Inc.
	DASAN Zhone Solutions, Inc.
	2003

	Gluon
	DASAN Zhone Solutions, Inc.
	DASAN Zhone Solutions, Inc.
	2004

	Sorrento Networks
	DASAN Zhone Solutions, Inc.
	DASAN Zhone Solutions, Inc.
	2004

	Paradyne
	DASAN Zhone Solutions, Inc.
	DASAN Zhone Solutions, Inc.
	2005

	DASAN Network Solutions, Inc. (Korea)
	DASAN Network Solutions, Inc.(US)
	DASAN Zhone Solutions, Inc.
	2016

* Formerly known as ZTI Merger Subsidiary III.

Schedule 5.26(a) 
Page 2

Annex B

Annex C

EXHIBIT F
TO CREDIT AND SECURITY AGREEMENT
Form of Pledged Interest Addendum
PLEDGED INTERESTS ADDENDUM
This Pledged Interests Addendum, dated as of [_____________] [___], 201[__] (this “Pledged Interests Addendum”), is delivered pursuant to Section 6.12(k) of the Credit Agreement referred to below. The undersigned hereby agree that this Pledged Interests Addendum may be attached to that certain Amended and Restated Credit and Security Agreement (Ex-Im Subfacility), dated as of July 12, 2018 (as amended, restated, supplemented, renewed, extended or otherwise modified from time to time, the “Credit Agreement”), by and among Wells Fargo Bank, National Association (“Lender”), the undersigned, and the other Borrowers and Guarantors party thereto. Initially capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Credit Agreement or, if not defined therein, in the Credit Agreement. The undersigned hereby agree that the additional interests listed on Schedule I attached hereto shall be and become part of the Pledged Interests pledged by the undersigned to Lender in the Credit Agreement, with the same force and effect as if originally named therein. Without limiting the generality of the foregoing, the undersigned hereby grant to Lender a security interest in the Pledged Interests described on Schedule I attached hereto to secure all now existing or hereafter arising Obligations.
This Pledged Interests Addendum is a Loan Document. Delivery of an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Pledged Interests Addendum. If any of the undersigned delivers an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission, such person shall also deliver an original executed counterpart of this Pledged Interests Addendum but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Pledged Interests Addendum.
The undersigned hereby certify that the representations and warranties set forth in Section 5 of the Credit Agreement of the undersigned are true and correct in all material respects as to the Pledged Interests listed herein on and as of the date hereof.
THE TERMS AND CONDITIONS OF SECTION 13 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS PLEDGED INTERESTS ADDENDUM.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned have caused this Pledged Interests Addendum to be executed and delivered as of the day and year first above written.
[--NAME OF ENTITY--]

By:                            
Name:
Title:

SCHEDULE I
TO
PLEDGED INTERESTS ADDENDUM
Pledged Interests

	
						
	Name of Grantor
	Name of Pledged Company
	Number of Shares/Units
	Class of Interests
	Percentage of Class Owned
	Certificate Nos.

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Page 1

Schedule A-1
TO CREDIT AND SECURITY AGREEMENT

Collection Account

	
				
	Name of Bank
	Loan Party
	Account No.
	Purpose

	Wells Fargo Bank
	Dasan Zhone Solutions, Inc.
	4123407231
	Cash Collection/Sweep Account

	Silicon Valley Bank
	ZTI Merger Subsidiary III, Inc.
	3300369582
	Cash Collateral/Sweep Account

Schedule A-1
Page 1

Schedule A-2
TO CREDIT AND SECURITY AGREEMENT

Authorized Persons

	
		
	NAME
	TITLE

	Il Yung Kim
	Chief Executive Officer

	Michael Golomb
	Chief Financial Officer

	Katheryn Root
	Assistant Controller

Schedule A-2
Page 1

Schedule D-1
TO CREDIT AND SECURITY AGREEMENT

Designated Account

Account Name:    DASAN Zhone Solutions, Inc. Operating Account
Account Number:    4123407249

Schedule D-1
Page 1

Schedule P-1
TO CREDIT AND SECURITY AGREEMENT

Permitted Investments

None.

Schedule P-1
Page 1

Schedule P-2
TO CREDIT AND SECURITY AGREEMENT

Permitted Liens

[None]

Schedule P-2
Page 2

Schedule R-1
Real Property Collateral

TO CREDIT AND SECURITY AGREEMENT

None.

Schedule R-1
Page 3EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

CREDIT AGREEMENT 
 dated as
of 
 July 13, 2018 
 among

 THE WILLIAMS COMPANIES, INC., 

NORTHWEST PIPELINE LLC, and 

TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC, 

as Borrowers 
 The Lenders Party
Hereto 
 and 
 CITIBANK,
N.A., 
 as Administrative Agent 
  

 
  

CITIBANK, N.A., 
 MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, 
 THE BANK OF NOVA SCOTIA, 

BARCLAYS BANK PLC, 
 CREDIT AGRICOLE
CORPORATE AND INVESTMENT BANK, 
 J.P. MORGAN CHASE BANK, N.A., 

MIZUHO BANK, LTD., 
 WELLS FARGO
SECURITIES, LLC, 
 MORGAN STANLEY SENIOR FUNDING, INC., and 

MUFG BANK, LTD. 
 as Joint Lead
Arrangers and Joint Bookrunners 
 BANK OF AMERICA, N.A., 

THE BANK OF NOVA SCOTIA, 
 BARCLAYS
BANK PLC, 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

J.P. MORGAN CHASE BANK, N.A., 

MIZUHO BANK, LTD., 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION 
 MORGAN STANLEY BANK, N.A., and 

MUFG BANK, LTD. 
 as Co-Documentation Agents 
 $4,500,000,000 Senior Unsecured Revolving Credit Facility 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS AND ACCOUNTING TERMS	  	 	1	 
			
	 Section 1.01
	 	Defined Terms	  	 	1	 
	 Section 1.02
	 	Classification of Loans and Borrowings	  	 	30	 
	 Section 1.03
	 	Terms Generally	  	 	30	 
	 Section 1.04
	 	Accounting Terms; GAAP	  	 	30	 
	 Section 1.05
	 	Restricted Lenders	  	 	31	 
			
	 ARTICLE II
	 	THE CREDITS	  	 	31	 
			
	 Section 2.01
	 	Commitments	  	 	31	 
	 Section 2.02
	 	Loans and Borrowings	  	 	33	 
	 Section 2.03
	 	Requests for Borrowings	  	 	33	 
	 Section 2.04
	 	Extension of Maturity Date	  	 	34	 
	 Section 2.05
	 	Swing Line Loan	  	 	36	 
	 Section 2.06
	 	Letters of Credit	  	 	39	 
	 Section 2.07
	 	Funding of Borrowings	  	 	45	 
	 Section 2.08
	 	Interest Elections	  	 	46	 
	 Section 2.09
	 	Termination and Reduction of Commitments	  	 	47	 
	 Section 2.10
	 	Repayment of Loans; Evidence of Debt	  	 	49	 
	 Section 2.11
	 	Prepayment of Loans	  	 	50	 
	 Section 2.12
	 	Fees	  	 	50	 
	 Section 2.13
	 	Interest	  	 	52	 
	 Section 2.14
	 	Alternate Rate of Interest	  	 	53	 
	 Section 2.15
	 	Increased Costs; Illegality	  	 	54	 
	 Section 2.16
	 	Break Funding Payments	  	 	56	 
	 Section 2.17
	 	Taxes	  	 	56	 
	 Section 2.18
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	60	 
	 Section 2.19
	 	Mitigation Obligations; Replacement of Lenders; Defaulting Lenders	  	 	62	 
	 Section 2.20
	 	Nature of Obligations	  	 	63	 
			
	 ARTICLE III
	 	REPRESENTATIONS AND WARRANTIES	  	 	64	 
			
	 Section 3.01
	 	Organization; Powers	  	 	64	 
	 Section 3.02
	 	Authorization; Enforceability	  	 	64	 
	 Section 3.03
	 	Governmental Approvals; No Conflicts	  	 	64	 
	 Section 3.04
	 	Financial Condition	  	 	64	 
	 Section 3.05
	 	Litigation	  	 	65	 
	 Section 3.06
	 	Environmental Matters	  	 	65	 
	 Section 3.07
	 	Disclosure	  	 	65	 
	 Section 3.08
	 	ERISA	  	 	66	 
	 Section 3.09
	 	Investment Company Status	  	 	66	 
	 Section 3.10
	 	Margin Securities	  	 	66	 
	 Section 3.11
	 	Sanctions; Anti-Corruption; Money Laundering and Counter-Terrorist Financing Laws	  	 	66	 
	 Section 3.12
	 	Beneficial Ownership Certification	  	 	67	 
	 Section 3.13
	 	Taxes	  	 	67	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE IV
	 	CONDITIONS	  	 	67	 
			
	 Section 4.01
	 	Effective Date	  	 	67	 
	 Section 4.02
	 	Each Credit Event	  	 	69	 
	 Section 4.03
	 	Defaulting Lenders	  	 	69	 
			
	 ARTICLE V
	 	AFFIRMATIVE COVENANTS	  	 	70	 
			
	 Section 5.01
	 	Financial Statements and Other Information	  	 	71	 
	 Section 5.02
	 	Notices of Material Events	  	 	72	 
	 Section 5.03
	 	Existence; Conduct of Business	  	 	72	 
	 Section 5.04
	 	Payment of Taxes	  	 	73	 
	 Section 5.05
	 	Maintenance of Properties; Insurance	  	 	73	 
	 Section 5.06
	 	Books and Records; Inspection Rights	  	 	73	 
	 Section 5.07
	 	Compliance with Laws	  	 	73	 
	 Section 5.08
	 	Use of Proceeds and Letters of Credit	  	 	74	 
	 Section 5.09
	 	Potential Subsidiary Guarantors	  	 	74	 
	 Section 5.10
	 	Post-Closing Requirements	  	 	74	 
			
	 ARTICLE VI
	 	NEGATIVE COVENANTS	  	 	75	 
			
	 Section 6.01
	 	Liens	  	 	75	 
	 Section 6.02
	 	Fundamental Changes	  	 	75	 
	 Section 6.03
	 	Restricted Payments	  	 	75	 
	 Section 6.04
	 	Restrictive Agreements	  	 	76	 
	 Section 6.05
	 	Financial Condition Covenants	  	 	77	 
			
	 ARTICLE VII
	 	EVENTS OF DEFAULT	  	 	77	 
			
	 ARTICLE VIII
	 	THE ADMINISTRATIVE AGENT	  	 	80	 
			
	 Section 8.01
	 	Appointment and Authority	  	 	80	 
	 Section 8.02
	 	Administrative Agent Individually	  	 	81	 
	 Section 8.03
	 	Duties of Administrative Agent; Exculpatory Provisions	  	 	82	 
	 Section 8.04
	 	Reliance by Administrative Agent	  	 	83	 
	 Section 8.05
	 	Delegation of Duties	  	 	83	 
	 Section 8.06
	 	Resignation of Administrative Agent	  	 	83	 
	 Section 8.07
	 	Non-Reliance on Administrative Agent and Other Lender Parties	  	 	85	 
	 Section 8.08
	 	No Other Duties, etc.	  	 	86	 
	 Section 8.09
	 	Trust Indenture Act	  	 	86	 
	 Section 8.10
	 	Resignation of an Issuing Bank	  	 	86	 
	 Section 8.11
	 	Certain ERISA Matters	  	 	86	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE IX
	 	MISCELLANEOUS	  	 	88	 
			
	 Section 9.01
	 	Notices	  	 	88	 
	 Section 9.02
	 	Posting of Approved Electronic Communications	  	 	90	 
	 Section 9.03
	 	Waivers; Amendments	  	 	90	 
	 Section 9.04
	 	Expenses; Indemnity; Damage Waiver	  	 	92	 
	 Section 9.05
	 	Successors and Assigns	  	 	94	 
	 Section 9.06
	 	Survival	  	 	97	 
	 Section 9.07
	 	Counterparts; Integration; Effectiveness	  	 	98	 
	 Section 9.08
	 	Severability	  	 	98	 
	 Section 9.09
	 	Right of Setoff	  	 	98	 
	 Section 9.10
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	98	 
	 Section 9.11
	 	WAIVER OF JURY TRIAL	  	 	99	 
	 Section 9.12
	 	Headings	  	 	99	 
	 Section 9.13
	 	Confidentiality	  	 	99	 
	 Section 9.14
	 	Treatment of Information	  	 	100	 
	 Section 9.15
	 	Interest Rate Limitation	  	 	102	 
	 Section 9.16
	 	No Waiver; Remedies	  	 	102	 
	 Section 9.17
	 	USA Patriot Act Notice	  	 	103	 
	 Section 9.18
	 	No Advisory or Fiduciary Responsibility	  	 	103	 
	 Section 9.19
	 	Merger	  	 	104	 
	 Section 9.20
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	104	 

 SCHEDULES: 

					
	 Schedule 2.01
	 	-  	  	 Commitments of Revolving Lenders

	 Schedule 2.06
	 	-  	  	 Existing Letters of Credit

	 Schedule 6.04
	 	-  	  	 Restrictive Agreements

 EXHIBITS: 
  

					
	 Exhibit A
	 	-  	  	 Form of Assignment and Acceptance

	 Exhibit B-1
	 	-  	  	 Form of Borrowing Request

	 Exhibit B-2
	 	-  	  	 Form of Swing Line Borrowing Notice

	 Exhibit C
	 	-  	  	 Form of Interest Election Request

	 Exhibit D
	 	-  	  	 Form of Compliance Certificate

	 Exhibit E
	 	-  	  	 Form of Note

	 Exhibit F
	 	-  	  	 Form of U.S. Tax Compliance Certificate

  
 iii 

 CREDIT AGREEMENT 

This Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the
“Agreement”), is among THE WILLIAMS COMPANIES, INC., a Delaware corporation (“Williams”), NORTHWEST PIPELINE LLC, a Delaware limited liability company (“NWP”), TRANSCONTINENTAL GAS PIPE LINE
COMPANY, LLC, a Delaware limited liability company (“TGPL”), the LENDERS party hereto, and CITIBANK, N.A., as Administrative Agent. 

The parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS
AND ACCOUNTING TERMS 
 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to a Loan, or Loans, in the case of a
Borrowing, which bear interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition Adjustment
Period” means a period elected by Williams, such election to be exercised by Williams by delivering notice thereof to the Administrative Agent, beginning with the funding date of the purchase price for any Specified Acquisition and ending
on the earlier of (a) the last day of the second fiscal quarter next succeeding the fiscal quarter in which the Specified Acquisition was consummated; or (b) Williams’s election to terminate such Acquisition Adjustment Period, such
election to be exercised by Williams delivering notice thereof to the Administrative Agent; provided that Williams shall not be permitted to elect to begin any Acquisition Adjustment Period prior to January 1, 2020. 

“Act” has the meaning specified in Section 9.17. 

“Activities” has the meaning specified in Section 8.02(b). 

“Added L/C Effective Date” has the meaning set forth in Section 2.06(l). 

“Added L/C Representations” means representations and warranties made in letter of credit applications with respect to Added
Letters of Credit that are in addition to or inconsistent with the representations contained in Article III. 
 “Added Letter
of Credit” has the meaning set forth in Section 2.06(l). 
 “Administrative Agent” means
Citibank, N.A., in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent appointed in accordance with the terms hereof. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agent’s Group” has the meaning specified in Section 8.02(b). 

“Aggregate Commitments” means the aggregate amount of all of the Revolving Lenders’ Commitments for all of the
Borrowers. The initial Aggregate Commitments as of the Effective Date are $4,500,000,000. 
 “Aggregate Outstanding Credit
Exposure” means, at any time, the aggregate of the outstanding Credit Exposures of all the Revolving Lenders at such time. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the LIBO Rate for a one month Interest Period that
begins on such day (and if such day is not a Business Day, the immediately preceding Business Day) plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

“Applicable Percentage” means, with respect to any Revolving Lender, the percentage of the Aggregate Commitments represented
by such Lender’s Commitment. If the Aggregate Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Aggregate Commitments most recently in effect, giving effect to any assignments. 

“Applicable Rate” means for any day (a) with respect to the Loans made to each Borrower, the applicable rate per annum
set forth below under the caption “Eurodollar Spread” for Loans comprising Eurodollar Borrowings or “ABR Spread” for Loans comprising ABR Borrowings, as the case may be, based upon the ratings by Moody’s and S&P,
respectively, applicable on such date to the Index Debt for such Borrower, or (b) with respect to the commitment fees payable hereunder, the rate per annum set forth below under the caption “Commitment Rate” based upon the ratings by
Moody’s and S&P, respectively, applicable on such date to the Index Debt for Williams. 
  

													
	 Index Debt Ratings:

(S&P/Moody’s)
	  	Eurodollar
Spread	 	 	ABR
Spread	 	 	Commitment
Fee Rate	 
	 Category 1 3
A- / A3
	  	 	1.000	% 	 	 	0.000	% 	 	 	0.100	% 
	 Category 2 BBB+ / Baa1
	  	 	1.125	% 	 	 	0.125	% 	 	 	0.125	% 
	 Category 3 BBB / Baa2
	  	 	1.250	% 	 	 	0.250	% 	 	 	0.150	% 
	 Category 4 BBB- / Baa3
	  	 	1.500	% 	 	 	0.500	% 	 	 	0.200	% 
	 Category 5 £ BB+ / Ba1
	  	 	1.625	% 	 	 	0.625	% 	 	 	0.275	% 

  
 2 

 For purposes of the foregoing, with respect to each Borrower (i) if only one of Moody’s and S&P
shall have in effect a rating for the Index Debt, then the other rating agency shall be deemed to have established a rating in the same Category as such agency; (ii) if each of Moody’s and S&P shall have in effect a rating for the
Index Debt, and such ratings shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody’s and S&P for
the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the
Applicable Rate shall apply during the period commencing on the date of any applicable change to a rating for the Index Debt and ending on the date immediately preceding the effective date of the next such change. If neither Moody’s nor S&P
shall have in effect a rating for the Index Debt, then the ratings for the Index Debt shall be deemed to fall within Category 5. If the rating system of Moody’s or S&P shall change, or if any such rating agency shall cease to be in the
business of rating corporate debt obligations, the Borrowers and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the
effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

“Approved Electronic Communications” means each Communication that any Borrower is obligated to, or otherwise chooses to,
provide to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement, financial and other report, notice, request, certificate and other information material. 

“Approved Electronic Platform” has the meaning specified in Section 9.02. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and Acceptance” 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 9.05), and accepted by the Administrative Agent, substantially in the form
of Exhibit A or any other form approved by the Administrative Agent. 
 “Atlantic Sunrise
Project” means the project to construct and operate the proposed facilities in Pennsylvania, Maryland, Virginia, North Carolina, and South Carolina to increase firm incremental transportation service on the TGPL system by 1,700,002
dekatherms per day for which TGPL was granted certificates of public convenience and necessity by the United States’ Federal Energy Regulatory Commission in the Order Issuing Certificate (February 3, 2017), as may be amended from time to time,
included in Docket No. CP15-138-000. 

“Attributable Obligation” of any Person means, with respect to any Sale and Leaseback Transaction of such Person as of any
particular time, the present value at such time discounted at the rate of interest implicit in the terms of the lease of the obligations of the lessee under such lease for net rental payments during the remaining term of the lease (including any
period for which such lease has been extended or may, at the option of such Person only, be extended). 

  
 3 

 “Availability Period” means the period from and including the Effective Date to
but excluding the earlier of the Maturity Date and the date of termination of the Aggregate Commitments. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means Title 11 of the United States Code, as now or hereafter in effect, or any
successor thereto. 
 “Beneficial Owner” has the meaning assigned to such term in Rule
13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. 
 “Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial
Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. 

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

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan.” 
 “Borrower” means any of (a) Williams, (b)
until the date on which NWP delivers to the Agent a certificate requesting that it be removed as a Borrower, NWP and (c) until the date on which TGPL delivers to the Agent a certificate requesting that it be removed as a Borrower, TGPL and
“Borrowers” means, collectively, all of the Borrowers at such time. 
 “Borrower Sublimit” has the meaning
set forth in Section 2.01(a). 
 “Borrowing” means Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 

  
 4 

 “Borrowing Request” means a request by a Borrower for a Borrowing in accordance
with Section 2.03, and being in the form of attached Exhibit B-1. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent
or other amounts under any lease of real or personal property, or a combination thereof, which obligations are required under GAAP to be classified and accounted for as capital leases on a balance sheet of such Person, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided that (a) any lease that was treated as an operating lease under GAAP at the time it was entered into that later becomes a capital lease as a
result of a change in GAAP during the life of such lease, including any renewals, and (b) any lease entered into after the date of this Agreement that would have been considered an operating lease under the provisions of GAAP in effect as of
December 31, 2017, in each case, shall be treated as an operating lease for all purposes under this Agreement. 
 “Capital
Stock” means: 
 (a) in the case of a corporation, corporate stock; 

(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and 
 (d) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Cash Collateralize” means, in respect of an
obligation, provide and pledge (as a first priority perfected security interest) cash collateral in Dollars, at a location and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent, the Issuing Banks and
the Swing Line Lender (and “Cash Collateralization” has a corresponding meaning). 
 “Change in Control”
means the occurrence of any of the following: 
 (a) any Person (other than a trustee or other fiduciary holding securities under an employee
benefit plan of the Borrower or of any Subsidiary of Williams) or two or more Persons acting in concert (other than any group of employees of Williams or any of its Subsidiaries) becomes the Beneficial Owner, directly or indirectly, of 50% or more
of the Voting Stock of Williams; or 

  
 5 

 (b) the first day on which a majority of the members of the Board of Directors of Williams are
not Continuing Directors. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of, and compliance by the relevant Lender or Issuing Bank with, any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) 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 be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Closing Date” means
July 13, 2018. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Commercial Operation Date” means the date on which a Material Project is substantially complete and commercially operable.

 “Commitment” means, with respect to any Revolving Lender, the commitment of such Lender to make Loans, participate in
Swing Line Loans, and to acquire participations in Letters of Credit, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) reduced from time to time
pursuant to Section 2.09 and (b) increased from time to time pursuant to Section 2.01 or assignments by or to such Lender pursuant to Section 9.05. The initial amount
of each Revolving Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. 

“Communications” means each notice, demand, communication, information, document and other material provided for hereunder or
under any other Loan Document or otherwise transmitted between the parties hereto relating to this Agreement, the other Loan Documents, any Borrower or their respective Affiliates, or the transactions contemplated by this Agreement or the other Loan
Documents including, without limitation, all Approved Electronic Communications. 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consolidated EBITDA” means, for any period (without duplication) and for any Person, consolidated net income of such Person
and its consolidated Subsidiaries for such period in accordance with GAAP, plus (a) each of the following to the extent deducted in determining such consolidated net income (i) all Consolidated Interest Expense for such period and
other payments made during such period in respect of the interest component of Capital Lease 

  
 6 

 
Obligations, Financing Transactions, and Sale and Leaseback Transactions, (ii) all income Taxes and franchise Taxes of such Person and its consolidated Subsidiaries for such period,
(iii) all depreciation, depletion and amortization (including amortization of goodwill and debt issuance costs) of such Person and its consolidated Subsidiaries for such period, (iv) any other
non-cash charges or losses of such Person and its consolidated Subsidiaries for such period, including asset impairments, write-downs or write-offs, (v) the amount of charges, fees or expenses associated
with any equity interests or debt, including in connection with the repurchase or repayment thereof, including any premium and acceleration of fees or discounts and other expenses, and (vi) extraordinary or
non-recurring losses, plus (b) the amount of cash dividends actually received during such period by such Person on a consolidated basis from unconsolidated Subsidiaries of such Person or other
Persons (provided that any such cash dividends actually received within thirty days after the last day of any fiscal quarter attributable to operations during such prior fiscal quarter may be deemed to have been received during such prior
fiscal quarter and not in the fiscal quarter actually received), minus (c) each of the following: (i) all non-cash items of income or gain of such Person and its consolidated Subsidiaries
(reduced by Specified Deferred Revenue) which were included in determining such consolidated net income for such period, (ii) any cash payments made during such period in respect of items described in clause (a)(iv) above subsequent to the
fiscal quarter in which the relevant non-cash charges or losses were reflected as a charge in determining consolidated net income hereunder, (iii) equity earnings from unconsolidated Subsidiaries of such
Person, (iv) extraordinary or non-recurring gains, and (v) any cash dividends previously included in Consolidated EBITDA pursuant to clause (b) above that are returned for any reason, including
due to a requirement in connection with Non-Recourse Debt of the Person that made such cash dividends. Consolidated EBITDA shall be subject to the adjustments set forth in the following clauses
(a) and (b) for all purposes under this Agreement: 
 (a) If, during the four fiscal quarter period ending on the date for which
Consolidated EBITDA is determined, such Person, any Subsidiary of such Person or any entity with respect to which such Person holds an equity method investment shall have made any acquisition of assets, shall have consolidated or merged with or into
any Person, or shall have made an acquisition of any Person, Consolidated EBITDA may, at such Person’s option, be calculated giving pro forma effect thereto, without duplication, as if the acquisition, consolidation or merger had occurred on
the first day of such period, which pro forma effect shall be determined in good faith by a Financial Officer of such Person; and 
 (b) as
further described in Section 6.05(a), at Williams’s option, Consolidated EBITDA may be increased by the amount of any applicable Material Project EBITDA Adjustments applicable to such period. 

“Consolidated Indebtedness” means, with respect to any Person, the Indebtedness of such Person and its consolidated
Subsidiaries determined on a consolidated basis as of such date. 
 “Consolidated Interest Expense” means, for any period,
for any Person, all interest paid or accrued during such period by such Person and its consolidated Subsidiaries on, and all fees and related charges in respect of, Consolidated Indebtedness which was deducted in determining consolidated net income
during such period. 

  
 7 

 “Consolidated Net Tangible Assets” means, at any date of determination, the
total amount of consolidated assets of Williams and its Subsidiaries after deducting therefrom: (a) all current liabilities (excluding (i) any current liabilities that by their terms are extendable or renewable at the option of the obligor
thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (ii) current maturities of long-term debt); and (b) the value (net of any applicable reserves and accumulated amortization) of all
goodwill, trade names, trademarks, patents and other like intangible assets, all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of Williams and its Subsidiaries for the most recently completed fiscal
quarter, prepared in accordance with GAAP. 
 “Consolidated Net Worth” means as to any Person, at any date of
determination, the sum of (a) preferred stock (if any), (b) an amount equal to the face amount of outstanding Hybrid Securities not in excess of 15% of Consolidated Total Capitalization, (c) par value of common stock, (d) capital in
excess of par value of common stock, (e) stockholders’ or equityholders’ capital or equity, and (f) retained earnings, less treasury stock (if any), of such Person, all as determined on a consolidated basis. 

“Consolidated Total Capitalization” means as to any Person, the sum of (a) such Person’s Consolidated Indebtedness
and (b) such Person’s Consolidated Net Worth. 
 “Continuing Directors” means, as of any date of determination,
any member of the Board of Directors of Williams who: 
 (a) was a member of such Board of Directors on the date of this Agreement; or 

(b) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election. 
 “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlled” has the meaning correlative
thereto. 
 “Credit Exposure” means, with respect to any Revolving Lender at any time, the sum of the outstanding principal
amount of such Lender’s Loans, its LC Exposure and its obligation to purchase participations in the Swing Line Loans at such time. 

“Dalton Expansion Project” means the project to construct, lease, and operate pipeline, compression, metering, and
appurtenant facilities in Virginia, North Carolina, and Georgia for which TGPL was granted certificates of public convenience and necessity by the United States’ Federal Energy Regulatory Commission in the Order Issuing Certificate (July 7,
2016), as may be amended from time to time, included in Docket No. CP15-117-000. 

“Declining Lender” has the meaning specified in Section 2.04(b). 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 

  
 8 

 “Defaulting Lender” means, at any time, a Revolving Lender as to which the
Administrative Agent (or, in the case of a Lender that is itself the Administrative Agent, any Issuing Bank with a Letter of Credit Commitment in excess of $100,000,000) has notified Williams that (a) such Lender has failed for two or more
Business Days to comply with its obligations under this Agreement to make a Loan, make a payment to an Issuing Bank in respect of an LC Disbursement, or make a payment to the Swing Line Lender in respect of a Swing Line Loan, except for such failure
being contested in good faith by appropriate proceedings (each a “funding obligation”), (b) such Lender has notified the Administrative Agent, or has stated publicly, that it will not comply with any such funding obligation
hereunder or generally under other agreements in which it extends credit, (c) such Lender has, for three or more Business Days, failed to confirm in writing to the Administrative Agent (or, in the case of the Administrative Agent, the Issuing
Bank, the Swing Line Lender or Borrower making such request), in response to a written request of the Administrative Agent, any Issuing Bank with a Letter of Credit Commitment in excess of $100,000,000, the Swing Line Lender or a Borrower, that it
will comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the
Borrower), or (d) a Lender Insolvency Event has occurred and is continuing, or a Lender, or its Parent Company, has become subject to Bail-In Action (provided that neither the reallocation of
funding obligations provided for in Section 2.06(k) as a result of a Lender’s being a Defaulting Lender nor the performance by Non-Defaulting Lenders of such reallocated funding
obligations will by themselves cause the relevant Defaulting Lender to become a Non-Defaulting Lender); provided, that (i) if a Lender would be a “Defaulting Lender” solely by reason of
events relating to the Parent Company of such Lender or solely because a Governmental Authority has been appointed as receiver, conservator, trustee or custodian for such Lender, in each case as described in clause (d) above, the
Administrative Agent (or applicable Issuing Bank or the Swing Line Lender) may, in its discretion, determine that such Lender is not a “Defaulting Lender” if and for so long as the Administrative Agent (or applicable Issuing Bank or the
Swing Line Lender) is satisfied that such Lender will continue to perform its funding obligations hereunder, (ii) the Administrative Agent (or applicable Issuing Bank or the Swing Line Lender) may, by notice to the Borrowers and the Lenders,
declare that a Defaulting Lender is no longer a “Defaulting Lender” if the Administrative Agent (or applicable Issuing Bank or the Swing Line Lender) determines, in its discretion, that the circumstances that resulted in such Lender
becoming a “Defaulting Lender” no longer apply and (iii) a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of Voting Stock or any other Equity Interest in such Lender or a Parent Company
thereof or the exercise of any voting rights in connection therewith by a Governmental Authority or an instrumentality thereof so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination that a Lender is a Defaulting Lender under clauses (a) through (d) above will be made by the Administrative Agent in its sole discretion acting in good faith, provided that the determination that the
Administrative Agent is a Defaulting Lender under clauses (a) through (d) above may be made by any Issuing Bank with a Letter of Credit Commitment in excess of $100,000,000 at the time of such determination or by the Swing Line
Lender, in each case in its sole discretion acting in good faith. The Administrative Agent (or applicable Issuing Bank or the 

  
 9 

 
Swing Line Lender) will promptly send to all parties hereto a copy of any notice to Williams provided for in this definition. For avoidance of doubt (A) an assignee of a Defaulting Lender
shall not be deemed to be a Defaulting Lender solely by virtue of the fact that it is an assignee of a Defaulting Lender and (B) when a Defaulting Lender ceases to be a Defaulting Lender (due to assignment to a new Lender, commitment reduction
pursuant to Section 2.09(d), clause (ii) of the proviso of this definition of Defaulting Lender, or otherwise), all cash collateral in connection with such Defaulting Lender with respect to Letters of Credit or Swing
Line Loans under Section 2.06(j)(ii) shall be promptly released to the applicable Borrower and all commitment reallocations under Section 2.06(k) shall be promptly adjusted. 

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

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

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

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

“Effective Date” means the date on or prior to December 31, 2018, specified in the notice referred to in the last
sentence of Section 4.01. 
 “Effective Date Merger” means the transactions contemplated by the
Agreement and Plan of Merger dated as of May 16, 2018, by and among The Williams Companies, Inc., SCMS LLC, Williams Partners L.P., and WPZ GP LLC. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any
other Person (other than a natural person) approved by (i) the Administrative Agent, (ii) the Issuing Banks, (iii) the Swing Line Lender and (iv) unless an Event of Default has occurred and is continuing at the time of such
assignment, Williams (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include Williams or any of Williams’s Affiliates. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by any Governmental Authority, relating to the environment, preservation or reclamation of natural resources, or the management, release or threatened release of any Hazardous Material. 

“Equity Interest” means shares of the Capital Stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any Person, or any warrants, options or other rights to acquire such interests. 

  
 10 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time. 
 “ERISA Affiliate”, as to any applicable Person, means any trade or business (whether or not
incorporated) that, together with Williams, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043(c) of ERISA (other than an event for which the 30-day notice period is waived) which could reasonably be expected to result in a termination of, or the appointment of a trustee to administer,
a Plan; (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to
Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by Williams or any of its ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Williams or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a
trustee to administer any Plan; (f) the incurrence by Williams or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan during a plan year in which it was a
“substantial employer,” as such term is defined in Section 4001(a)(2) of ERISA; or (g) the receipt by Williams or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Williams or any ERISA Affiliate of
any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA, other than (in the case of clauses (a) through (g) of
this definition) where the matters described in such clauses, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the
Federal Reserve System of the United States of America, as in effect from time to time. 
 “Eurodollar”, when used in
reference to any Loan or Borrowing, refers to a Loan, or Loans, in the case of a Borrowing, which bear interest at a rate determined by reference to the LIBO Rate (other than Swing Line Loans and Borrowings thereof). 

“Eurodollar Rate Reserve Percentage” of any Lender for any Interest Period for each Eurodollar Borrowing 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 of the United States of America 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. 

  
 11 

 “Event of Default” has the meaning assigned to such term in
Article VII. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” means, any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deduct from a payment to a Recipient, (a) Taxes imposed on or measured by income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office, or, in the case of any Lender, having its applicable lending office located in the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Lender (other than an assignee pursuant to a request by the Borrowers under Section 2.19(b)), U.S. federal withholding Tax imposed on amounts payable to such Lender at the time such Lender becomes a party to this
Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from a Borrower with
respect to such withholding Tax pursuant to Section 2.17(a), (c) any Tax that is attributable to such Lender’s failure to comply with Section 2.17(f) or (d) any Taxes imposed by FATCA.

 “Existing Credit Agreements” means (i) the Second Amended and Restated Credit Agreement dated as of
February 2, 2015 among Williams, the lenders party thereto and Citibank, N.A., as administrative Agent, as amended prior to the Effective Date and (ii) the Second Amended & Restated Credit Agreement dated as of February 2,
2015 among Pre-Merger WPZ, NWP, TGPL, the lenders party thereto and Citibank, N.A., as administrative agent, as amended prior to the Effective Date. 

“Existing Letters of Credit” means all letters of credit listed on Schedule 2.06. 

“Extending Lender” has the meaning specified in Section 2.04(b). 

“Extension Effective Date” has the meaning specified in Section 2.04(c). 

“Extension Request” has the meaning specified in Section 2.04(a). 

“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, any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and related to the foregoing. 

“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the

  
 12 

 
average of the quotations for such day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it (but if any such
calculation results in a rate that is less than zero, such rate shall be deemed to be zero for purposes of this Agreement). 
 “Fee
Letters” means, collectively, (a) that certain Fee Letter dated as of June 19, 2018 by and between Citibank, N.A. and Williams and (b) each Fee Letter dated as of July 13, 2018 by and between each of Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Bank of America, N.A., The Bank of Nova Scotia, Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Wells Fargo Securities, LLC and Wells
Fargo Bank, National Association, Morgan Stanley Senior Funding, Inc., and MUFG Bank, Ltd., respectively, and Williams. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or
controller of such Person or the governing body of such Person. 
 “Financing Transaction” means, with respect to any
Person (a) any prepaid forward sale of oil, gas or minerals by such Person (other than gas balancing arrangements in the ordinary course of business), that is intended primarily as a borrowing of funds, excluding volumetric production payments
and (b) any interest rate, currency, commodity or other swap, collar, cap, option or other derivative that is intended primarily as a borrowing of funds (excluding interest rate, currency, commodity or other swaps, collars, caps, options or
other derivatives to hedge against risks for non-speculative purposes), with the amount of the obligations of such Person thereunder being the net obligations of such Person thereunder. 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“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 of America. 
 “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). 

“Guarantor” means each of (a) each Subsidiary of Williams that executes a Guaranty in accordance with
Section 5.09 or Section 5.10 hereof and (b) the respective successors of such Subsidiary, in each case until any such Subsidiary shall be released and relieved of its obligations pursuant to
Section 5.09 hereof. 

  
 13 

 “Guaranty” means a guaranty executed by any Guarantor in favor of the
Administrative Agent and the Lenders in form and substance reasonably agreed between Williams and the Administrative Agent. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature, in each case regulated
pursuant to any Environmental Law. 
 “Hedging Agreement” means a financial instrument or security which is used as a cash
flow or fair value hedge to manage the risk associated with a change in interest rates, foreign currency exchange rates or commodity prices. 

“Hybrid Securities” means any trust preferred securities, or deferrable interest subordinated debt with a tenor of at least
20 years, which provides for the optional or mandatory deferral of interest or distributions, issued by any Borrower, or any business trusts, limited liability companies, limited partnerships or similar entities (a) substantially all of
the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned Subsidiaries) at all times by Williams or any of its Subsidiaries, (b) that have been formed for the
purpose of issuing hybrid securities or deferrable interest subordinated debt, and (c) substantially all the assets of which consist of (i) subordinated debt of Williams or a Subsidiary of Williams, and (ii) payments made from time to
time on the subordinated debt. 
 “Hydrocarbon Interests” means all rights, titles, interests and estates now owned or
hereafter acquired by a Borrower or any of its Subsidiaries in any and all oil, gas and other liquid or gaseous hydrocarbon properties and interests, including without limitation, mineral fee or lease interests, production sharing agreements,
concession agreements, license agreements, service agreements, risk service agreements or similar Hydrocarbon interests granted by an appropriate Governmental Authority, farmout, overriding royalty and royalty interests, net profit interests, oil
payments, production payment interests and similar interests in Hydrocarbons, including any reserved or residual interests of whatever nature. 

“Hydrocarbons” means oil, gas, casing head gas, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons, all
products refined, separated, settled and dehydrated therefrom, including, without limitation, kerosene, liquefied petroleum gas, refined lubricating oils, diesel fuel, drip gasoline, natural gasoline, helium, sulfur and all other minerals. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for the repayment of money
borrowed which are or should be shown on a balance sheet as debt in accordance with GAAP, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables), which obligation is, individually,
in excess of $150,000,000, (c) all Capital Lease Obligations of such Person, (d) all obligations of such Person under any Financing Transaction, (e) all Attributable Obligations of such Person with respect to any Sale and Leaseback
Transaction, and (f) all obligations of such Person under guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise 

  
 14 

 
acquire, or otherwise to assure a creditor against loss in respect of, Indebtedness or obligations of others of the kinds referred to in clauses (a) through (e) of this definition; provided
that Indebtedness shall not include (1) Non-Recourse Debt, (2) Performance Guaranties, (3) monetary obligations or guaranties of monetary obligations of Persons as lessee under leases (other
than, to the extent provided hereinabove, Attributable Obligations) that are, in accordance with GAAP, determined to be operating leases, (4) any obligations of such Person under volumetric production payment arrangements,
(5) International Debt, (6) Pipeline Lease Obligations, and (7) guarantees by such Person of obligations of others which are not obligations described in clauses (a) through (e) of this definition, and provided further that where
any such indebtedness or obligation of such Person is made jointly, or jointly and severally, with any third party or parties other than any Subsidiary of such Person, the amount thereof for the purpose of this definition only shall be the pro rata
portion thereof payable by such Person, so long as such third party or parties have not defaulted on its or their joint and several portions thereof and can reasonably be expected to perform its or their obligations thereunder. For the avoidance of
doubt, “Indebtedness” of a Person in respect of letters of credit shall include, without duplication, only the principal amount of the unreimbursed obligations of such Person in respect of such letters of credit that have been drawn upon
by the beneficiaries to the extent of the amount drawn, and shall include no other obligations in respect of such letters of credit. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of a Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Index Debt” means, as to any Person, senior, unsecured, non-credit enhanced
Indebtedness of such Person. 
 “Information Memorandum” means the Confidential Information Memorandum dated June 19,
2018 relating to Williams and the Transactions. 
 “Interest Election Request” means a request by a Borrower to convert or
continue a Borrowing in accordance with Section 2.08, and being in the form of attached Exhibit C. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and
December, and (b) with respect to any Eurodollar Loan, the last Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three
(3) months’ duration, each day that occurs an integral multiple of three (3) months after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending one week later or on the numerically corresponding day in the calendar month that is one, two, three, six or, if available to all of the Lenders, periods less than one calendar month or 12 months thereafter, as a Borrower may elect;
provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) 

  
 15 

 
any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes of this definition, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “International
Debt” means the Indebtedness of any International Subsidiary. 
 “International Subsidiary” means any subsidiary
of Williams that is not incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia. 

“Issuing Bank” means the Persons listed on Schedule 2.01 with a Letter of Credit Commitment or any other Lender that
has issued or agreed to issue Letters of Credit at the request of a Borrower after consultation with the Administrative Agent, in its capacity as the issuer of such Letter of Credit, and “Issuing Banks” means, collectively, all of
such Issuing Banks. Any Issuing Bank may arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank if Williams (in its sole discretion) approves such arrangement in writing, in which case the term “Issuing
Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Administrative Agent may, with the consent of Williams and the Lender in question, appoint any Lender hereunder as an Issuing Bank in place of or
in addition to any other Issuing Bank. 
 “Joint Lead Arrangers” means Citibank, N.A., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, The Bank of Nova Scotia, Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Wells Fargo Securities, LLC, Morgan Stanley Senior Funding, Inc., and MUFG
Bank, Ltd., as joint lead arrangers and joint book runners. 
 “LC Disbursement” means a payment made by an Issuing Bank
pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any Revolving Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time. 
 “Lender Insolvency Event” means that (a) a Lender
or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (b) such
Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent
Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. 

  
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 “Lender Party” means any Lender or any Issuing Bank. 

“Lender Party Appointment Period” has the meaning assigned in Section 8.06. 

“Lenders” means the Revolving Lenders and the Swing Line Lender. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement, including the Added Letters of Credit. 

“Letter of Credit Commitment” means, with respect to any Issuing Bank, the commitment of such Issuing Bank to issue Letters
of Credit hereunder, expressed as an amount representing the maximum aggregate amount of the LC Exposure with respect to Letters of Credit issued by such Issuing Bank and LC Disbursements with respect to Letters of Credit issued by such Issuing
Bank, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased or reduced pursuant to Section 2.01(c)(iii) or (c) terminated pursuant to
Section 8.10. The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01. 

“Letter of Credit Documents” means with respect to any Letter of Credit, each letter of credit application and any other
document, agreement and instrument entered into by an Issuing Bank and a Borrower (or by the Borrower on behalf of any Subsidiary of such Borrower, as a co-applicant) or in favor of such Issuing Bank and
relating to any such Letter of Credit. 
 “LIBO Rate” means, subject to the implementation of a LIBO Successor Rate in
accordance with Section 2.14(b), with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum equal to the London Interbank Offered Rate, determined by reference to the ICE Benchmark Administration
(“ICE”) (or the successor thereto), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time and
that has been nominated by ICE or its successor as an authorized information vendor for the purpose of displaying such rates) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits
in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (but if such rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement). Notwithstanding the
foregoing, unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 2.14(b), in the event that a LIBO Successor Rate has been implemented, then all references herein to LIBO Rate
shall be deemed to be references to such LIBO Successor Rate. 
 “LIBO Successor Rate” has the meaning specified in
Section 2.14. 
 “LIBO Successor Rate Conforming Changes” means, with respect to any proposed
LIBO Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, as agreed between the
Administrative Agent and Williams, to reflect the adoption of such LIBO Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBO Successor Rate exists, in such other manner of administration as the Administrative Agent
determines with the consent of Williams). 

  
 17 

 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust,
lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset.

 “Loan Documents” means this Agreement, each Note, each Letter of Credit Document, the Fee Letters, the Guaranties and
all other agreements, certificates, documents, instruments and writings at any time delivered in connection herewith or therewith (exclusive of term sheets and commitment letters). 

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

“Material Adverse Effect” means a material adverse effect on the financial condition, operations, or properties of Williams
and its Subsidiaries, taken as a whole, as indicated in the quarterly or annual financial statements of Williams. 
 “Material
Indebtedness” means, with respect to any Borrower, Indebtedness (other than the Loans and Letters of Credit), of any one or more of such Borrower and its Subsidiaries in an aggregate principal amount exceeding $150,000,000. 

“Material Project” means, for any Person, the construction or expansion of any capital project of such Person or any of its
Subsidiaries or any entity with respect to which it holds an equity method investment, the aggregate capital cost of which exceeds $10,000,000. 

“Material Project EBITDA Adjustments” shall mean, for any Person, with respect to each Material Project of such Person: 

(A) prior to the Commercial Operation Date of a Material Project (but including the fiscal quarter in which such Commercial Operation Date
occurs), a percentage (based on the then-current completion percentage of such Material Project) of an amount to be approved by the Administrative Agent as the projected Consolidated EBITDA of such Person and its Subsidiaries attributable to such
Material Project for the first 12-month period following the scheduled Commercial Operation Date of such Material Project (such amount to be determined based on customer contracts or tariff-based customers
relating to such Material Project, the creditworthiness of the other parties to such contracts or such tariff-based customers, and projected revenues from such contracts, tariffs, capital costs and expenses, scheduled Commercial Operation Date, oil
and gas reserve and production estimates, commodity price assumptions and other factors reasonably deemed appropriate by Administrative Agent), which may, at such Person’s option, be added to actual Consolidated EBITDA for such Person and its
Subsidiaries for the fiscal quarter in which construction of such Material Project commences and for each fiscal quarter thereafter until the Commercial Operation Date of such Material Project (including the fiscal quarter in which such Commercial
Operation Date occurs, but net of any actual Consolidated EBITDA of such Person and its Subsidiaries attributable to such Material 

  
 18 

 
Project following such Commercial Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial Operation Date, then the foregoing
amount shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding) the first full quarter after its Commercial Operation Date, by the following percentage amounts depending on the period of delay (based on
the period of actual delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270 days, 50%, and (iv) longer
than 270 days, 100%; and 
 (B) beginning with the first full fiscal quarter following the Commercial Operation Date of a Material Project
and for the two immediately succeeding fiscal quarters, an amount to be approved by the Administrative Agent as the projected Consolidated EBITDA of such Person and its Subsidiaries attributable to such Material Project (determined in the same
manner as set forth in clause (A) above) for the balance of the four full fiscal quarter period following such Commercial Operation Date, which may, at such Person’s option, be added to actual Consolidated EBITDA for such Person and its
Subsidiaries for such fiscal quarters. 
 Notwithstanding the foregoing: 

(i) no such additions shall be allowed with respect to any Material Project unless: 

(a) not later than 30 days prior to the delivery of any certificate required by the terms and provisions of
Section 5.01(c) to the extent Material Project EBITDA Adjustments will be made to Consolidated EBITDA in determining compliance with Section 6.05(a), such Person shall have delivered to the
Administrative Agent written pro forma projections of Consolidated EBITDA of such Person and its Subsidiaries attributable to such Material Project, and 

(b) prior to the date such certificate is required to be delivered, the Administrative Agent shall have approved (such approval
not to be unreasonably withheld) such projections and shall have received such other information and documentation as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent, and

 (ii) the aggregate amount of all Material Project EBITDA Adjustments during any period shall be limited to 20% of the total actual
Consolidated EBITDA of such Person and its Subsidiaries for such period (which total actual Consolidated EBITDA shall be determined without including any Material Project EBITDA Adjustments). 

Any Material Project EBITDA Adjustment with respect to any Material Project of an entity with respect to which such Person holds an equity
method investment shall be determined as set forth above, based upon the projected (prior to the Commercial Operation Date) and actual (on and after the Commercial Operation Date) cash dividends projected to be received or actually received by such
Person on a consolidated basis from such entity. 
 “Material Subsidiary” means, with respect to any Borrower, each
Subsidiary of such Borrower that, as of the last day of the fiscal year of such Borrower most recently ended prior to the relevant determination of Material Subsidiaries, has a net worth determined in accordance with GAAP that is greater than 10% of
the Consolidated Net Worth of such Borrower as of such day; provided that the Non-Recourse Subsidiaries shall not be deemed to be Material Subsidiaries for any purpose of this Agreement. 

  
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 “Maturity Date” means the earlier of (a) the fifth anniversary of the
Effective Date, as the same may be extended pursuant to, and subject to the terms and conditions of, Section 2.04; and (b) the termination in whole of the Commitments. 

“Moody’s” means Moody’s Investors Service, Inc. or its successor. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is maintained by (or to
which there is an obligation to contribute of) any Borrower or an ERISA Affiliate of any Borrower. 
 “Non-Defaulting Lender” means, at any time, a Revolving Lender that is not a Defaulting Lender. 

“Non-Recourse Debt” means any Indebtedness incurred by any Non-Recourse Subsidiary to finance the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance or operation of, or otherwise to pay costs and expenses relating
to or provide financing for, a project, which Indebtedness does not provide for recourse against Williams or any Subsidiary of Williams (other than a Non-Recourse Subsidiary and such recourse as exists under a
Performance Guaranty) or any property or asset of Williams or any Subsidiary of Williams (other than the Equity Interests in, or the property or assets of, a Non-Recourse Subsidiary) other than, in each case,
recourse that consists of rights to recover dividends or distributions paid by such Non-Recourse Subsidiary. Non-Recourse Debt may become or cease to become Non-Recourse Debt on the basis of whether it satisfies this definition at the time considered. 

“Non-Recourse Subsidiary” means (a) any subsidiary of Williams (other than a
Borrower or a Subsidiary of Williams that is an owner, directly or indirectly, of any Equity Interest in any Borrower) whose principal purpose is to incur Non-Recourse Debt and/or construct, lease, own or
operate the assets financed thereby, or to become a direct or indirect partner, member or other equity participant or owner in a Person created for such purpose, and substantially all of the assets of which subsidiary and such Person are limited to
(i) those assets being financed (or to be financed), or the operation of which is being financed (or to be financed), in whole or in part by Non-Recourse Debt, or (ii) Equity Interests in, or
Indebtedness or other obligations of, one or more other such Subsidiaries or Persons, or (iii) Indebtedness or other obligations of Williams or its Subsidiaries or other Persons and (b) any Subsidiary of a
Non-Recourse Subsidiary. A Non-Recourse Subsidiary may become or cease to become a Non-Recourse Subsidiary on the basis of
whether it satisfies this definition at the time considered. 
 “Notes” means any promissory notes issued by a Borrower
pursuant to Section 2.10(e). 
 “Oil and Gas Agreements” means operating agreements, processing
agreements, farm-out and farm-in agreements, development agreements, area of mutual interest agreements, contracts for the gathering and/or transportation of oil and
natural gas, unitization agreements, pooling arrangements, joint bidding agreements, joint venture agreements, participation agreements, 

  
 20 

 
surface use agreements, service contracts, leases and subleases of Oil and Gas Properties or other similar agreements which are customary in the oil and gas business, howsoever designated, in
each case made or entered into in the ordinary course of the oil and gas business as conducted by the Borrowers and their Subsidiaries. 

“Oil and Gas Properties” means (a) Hydrocarbon Interests; (b) the property now or hereafter pooled or unitized with
Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including, without limitation, all units created under orders, regulations and rules of
any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements which relate to any of the Hydrocarbon Interests or the production, sale, purchase,
exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interest; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, the lands covered thereby and all oil
and other Hydrocarbons in tanks and all rents, issues, profits, proceeds, products, revenues and other income from or attributable to the Hydrocarbon Interests; and (f) all tenements, hereditaments, appurtenances and property in any manner
appertaining, belonging, affixed or incidental to the Hydrocarbon Interests, and any and all property, now owned or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any
of such Hydrocarbon Interests or property (excluding drilling rigs, automotive equipment or other personal property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil
wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and
parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way,
easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing. 

“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 Loan 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 2.19). 

“Parent Company” means, with respect to a Lender, (i) the bank holding company (as defined in Federal Reserve Board
Regulation Y), if any, of such Lender, (ii) with respect to a Foreign Lender, any entity which is a parent of such Foreign Lender, and/or (iii) any Person owning, beneficially or of record, directly or indirectly, a majority of the shares
of such Lender. 

  
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 “Participant” has the meaning set forth in
Section 9.05(d). 
 “Participant Register” has the meaning set forth in
Section 9.05(d). 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined
in ERISA and any successor entity performing similar functions. 
 “pdf” means Portable Document Format or any other
electronic format for the transmission of images. 
 “Performance Guaranty” means any guaranty issued in connection with
any Non-Recourse Debt or International Debt that (a) if secured, is secured only by assets of, or Equity Interests in, a Non-Recourse Subsidiary or an International
Subsidiary, and (b) guarantees to the provider of such Non-Recourse Debt or International Debt or any other Person the (i) performance of the improvement, installation, design, engineering,
construction, acquisition, development, completion, maintenance or operation of, or otherwise affects any such act in respect of, all or any portion of the project that is financed by such Non-Recourse Debt or
International Debt, (ii) completion of the minimum agreed equity contributions to the relevant Non-Recourse Subsidiary or International Subsidiary, or (iii) performance by a Non-Recourse Subsidiary or an International Subsidiary of obligations to Persons other than the provider of such Non-Recourse Debt or International Debt. 

“Permitted Liens” means: 

(a) any Lien existing on any property at the time of the acquisition thereof and not created in contemplation of such acquisition by
Williams or any of its Subsidiaries, whether or not assumed by Williams or any of its Subsidiaries; 
 (b) any Lien existing on any property
of a Subsidiary of Williams at the time it becomes a Subsidiary of Williams and not created in contemplation thereof and any Lien existing on any property of any Person at the time such Person is merged or liquidated into or consolidated with
Williams (whether or not Williams is the surviving Person) or any of its Subsidiaries and not created in contemplation thereof; 
 (c)
purchase money and analogous Liens incurred in connection with the acquisition, development, construction, improvement, repair or replacement of property (including such Liens securing Indebtedness incurred within 12 months of the date on which such
property was acquired, developed, constructed, improved, repaired or replaced); provided that all such Liens attach only to the property acquired, developed, constructed, improved, repaired or replaced and the principal amount of the
Indebtedness secured by such Lien shall not exceed the gross cost of the property; 
 (d) Liens on earnest money deposits made by Williams or
a Subsidiary of Williams in connection with any letter of intent or purchase agreement with respect to an acquisition or other investment permitted hereunder; 
  

(e) Liens on accounts receivable and related asset proceeds thereof arising in connection with a receivables financing and any Lien held by the
purchaser of receivables derived from property or assets sold by Williams or any of its Subsidiaries and securing such receivables resulting from the exercise of any rights arising out of defaults on such receivables; 

  
 22 

 (f) leases constituting Liens now or hereafter existing and any renewals or extensions thereof;

 (g) any Lien securing industrial development, pollution control or similar revenue bonds; 

(h) Liens existing on the Closing Date; 

(i) Liens in favor of a Borrower or any of its Subsidiaries; 

(j) Liens securing Indebtedness incurred to refund, extend, refinance or otherwise replace Indebtedness (“Refinanced
Indebtedness”) secured by a Lien permitted to be incurred under this Agreement; provided, that (i) the principal amount of such Refinanced Indebtedness does not exceed the principal amount of Indebtedness refinanced (plus the
amount of penalties, premiums, fees, accrued interest and reasonable expenses and other obligations incurred therewith) at the time of such refunding, extension, refinancing or replacement and (ii) the Liens securing the Refinanced Indebtedness
are limited to either (A) substantially the same collateral that secured, at the time of such refunding, extension, refinancing or replacement, the Indebtedness so refunded, extended, refinanced or replaced or (B) other collateral of
reasonably equivalent value of the collateral described in clause (A) above; 
 (k) Liens on and pledges of the Equity Interests of any
joint venture owned by Williams or any of its Subsidiaries to the extent securing Indebtedness of such joint venture that is non-recourse to Williams or any of its Subsidiaries; 

(1) any Lien created or assumed by Williams or any of its Subsidiaries on oil, gas, coal or other mineral or timber property, owned or leased
by Williams or any of its Subsidiaries in the ordinary course of the business; 
 (m) Liens on the products and proceeds (including
insurance, condemnation and eminent domain proceeds) of and accessions to, and contract or other rights (including rights under insurance policies and product warranties) derivative of or relating to, property permitted to be subject to Liens but
subject to the same restrictions and limitations set forth in this Agreement as to Liens on such property (including the requirement that such Liens on products, proceeds, accessions and rights secure only obligations that such property is permitted
to secure); 
 (n) any Liens securing Indebtedness neither assumed nor guaranteed by Williams or a Subsidiary of Williams nor on which it
customarily pays interest, existing upon real estate or rights in or relating to real estate (including rights-of-way and easements) acquired by Williams or such
Subsidiary, which Liens do not materially impair the use of such property for the purposes for which it is held by Williams or such Subsidiary; 

(o) any Lien existing or hereafter created on any office equipment, data processing equipment (including computer and computer peripheral
equipment) or transportation equipment (including motor vehicles, aircraft and marine vessels); 

  
 23 

 (p) undetermined Liens incidental to construction or maintenance; 

(q) any Lien created by Williams or a Subsidiary of Williams on any contract (or any rights thereunder or proceeds therefrom) providing for
advances by Williams or such Subsidiary to finance gas exploration and development or to finance acquisition or construction of gathering systems, which Lien is created to secure Indebtedness incurred to finance such advance; 

(r) any Liens on cash, short term investments and letters of credit securing obligations of Williams or any of its Subsidiaries under currency
hedges and interest rate hedges; 
 (s) Liens granted pursuant to any Loan Document, including in connection with any Cash Collateralization;

 (t) Liens for Taxes, customs duties or other governmental charges or assessments that are not at the time determined (or, if determined,
are not at the time delinquent), or that are delinquent but the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP, if required by such principles, have been
provided on the books of the relevant entity; 
 (u) Liens pursuant to master netting agreements and other agreements entered into in the
ordinary course of business in connection with hedging obligations, so long as such Liens encumber only amounts owed under the hedges covered by such agreements; 

(v) Liens on cash deposits in the nature of a right of setoff, banker’s lien, counterclaim or netting of cash amounts owed arising in the
ordinary course of business on deposit accounts; 
 (w) Liens securing Non-Recourse Debt of a Non-Recourse Subsidiary on the assets (and the income and proceeds therefrom) of such Non-Recourse Subsidiary that are not owned by Williams or any of its Subsidiaries on the
Closing Date and that are acquired, developed, operated and/or constructed with the proceeds of (i) such Non-Recourse Debt or investments in such Non-Recourse
Subsidiary or (ii) Non-Recourse Debt or investments referred to in clause (i) refinanced in whole or in part by such Non-Recourse Debt; 

(x) Liens securing Non-Recourse Debt of a Non-Recourse
Subsidiary on the Equity Interests and assets (and the income and proceeds therefrom) of such Non-Recourse Subsidiary that are owned by Williams or any of its Subsidiaries on the Closing Date
(“Existing Assets”) and that are developed, operated and/or constructed with the proceeds of (i) such Non-Recourse Debt or investments in such
Non-Recourse Subsidiary or (ii) Non-Recourse Debt or investments referred to in clause (i) refinanced in whole or in part by such Non-Recourse Debt, provided that the aggregate fair market value (determined as of the Closing Date) of Existing Assets on which Liens may be granted pursuant to this clause (x) shall not exceed
$500,000,000; 
 (y) Liens securing International Debt so long as such Liens do not encumber any assets of the Borrower or any of its
Subsidiaries (other than the Equity Interests of the International Subsidiary that is the borrower of such International Debt); 

  
 24 

 (z) Liens on deposits or other security given to secure bids, tenders, trade contracts, leases,
government contracts, or to secure or in lieu of surety and appeal bonds, performance and return of money bonds, in each case to secure obligations arising in the ordinary course of business of the Borrower and its Subsidiaries; 

(aa) Liens on deposits or other security given to secure public or statutory obligations and deposits as security for the payment of Taxes,
other governmental assessments or other similar governmental charges, in each case to secure obligations of a Borrower or any of its Subsidiaries arising in the ordinary course of business; and 

(bb) Liens arising under Oil and Gas Agreements to secure compliance with such agreements; provided that any such Lien referred to in
this clause are for claims which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP, and provided further that any such Lien
referred to in this clause does not materially impair the use of the property covered by such Lien for the purposes for which such property is held by any Borrower or any Subsidiary or materially impair the value of such property subject thereto,
and provided further that such Liens are limited to property, including all relevant Oil and Gas Properties, that are the subject of the relevant Oil and Gas Agreement. 

Each of the foregoing paragraphs (a) through (bb) shall also be deemed to permit (i) appropriate Uniform Commercial Code and other
similar filings to perfect the Liens permitted by such paragraph and (ii) Liens on the products and proceeds (including insurance, condemnation and eminent domain proceeds) of and accessions to, and contract or other rights (including rights
under insurance policies and product warranties) derivative of or relating to, the property permitted to be encumbered under such paragraph, but subject to the same restrictions and limitations herein set forth as to Liens on such property
(including the requirement that such Liens on products, proceeds, accessions and rights secure only the specified obligations, and in the amount, that such property is permitted to secure). 

“Permitted Tax Distribution” shall mean, for any taxable period or portion thereof: 

(a) in the case of any Borrower or any of its Subsidiaries that is classified as a partnership or other passthrough entity for federal income
tax purposes (including, for the avoidance of doubt, an entity that is disregarded as separate from its owner for federal income tax purposes), payments or distributions to each member of such entity on or before each estimated payment date as well
as each other applicable due date in an amount not to exceed, in the case of each member, the product of (i) the net taxable income allocated by such Borrower or its Subsidiaries to each of its members for such taxable period or portion
thereof, and (ii) the highest applicable marginal federal, state, and local Tax rates applicable to an individual or corporation, as the case may be, that is resident in Tulsa, Oklahoma; or 

(b) in the case of any Borrower or any of its Subsidiaries that is a member of the affiliated group of corporations filing a consolidated tax
return that includes Williams (the “Williams Group”), payments or distributions to the common parent of the Williams Group on before each estimated payment date as well as each other applicable due date in an amount not to exceed the
amount of federal, state, and local Taxes that such Borrower or its Subsidiaries would 

  
 25 

 
have been required to pay for such taxable period or portion thereof (computed at the highest applicable marginal federal, state, and local Tax rates) if, for all taxable periods ending after the
Closing Date, such Borrower or its Subsidiaries had paid such Taxes separately from Williams; 
 provided that for purposes of this definition,
(i) there shall be taken into account the character of any income, gains, or losses, and (ii) any losses previously allocated to such member (that have not reduced taxable income in a prior taxable period or portion thereof) or, in the
case of clause (b), not previously taken into account in determining prior tax distributions, shall reduce taxable income; provided further that the amount determined to be distributable pursuant to this definition shall be
reduced by any permitted tax distributions previously made to the applicable recipient (but only to the extent that such amounts have not previously reduced permitted tax distributions). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Pipeline Lease Obligations” means, for any Person, lease
obligations not constituting debt for borrowed money that are classified as debt on the balance sheet of such Person in accordance with GAAP and that are related to certain natural gas expansion projects where (i) TGPL or NWP has developed a
new natural gas pipeline facility, (ii) a portion of all capital expenditures, costs, and expenses related to such new natural gas pipeline facility has been funded by partners in such project, in proportion to their undivided ownership
interests in such pipeline facility, and (iii) such undivided ownership interest and the associated pipeline capacity are being leased by TGPL or NWP to provide transportation services to third-party shippers under firm transportation
agreements. As of the Closing Date, Pipeline Lease Obligations include, or will include, but are not limited to, those related to the Dalton Expansion Project and the Atlantic Sunrise Project. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) as defined in Section 3(2) of ERISA
currently maintained by, or in the event such plan has terminated, to which contributions have been made or an obligation to make such contributions has accrued during any of the five plan years preceding the date of the termination of such plan by,
any applicable Borrower or any ERISA Affiliate of such Borrower subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which Williams or any ERISA Affiliate is (or, if such
plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Post-Merger WPZ” means the survivor entity of the Effective Date Merger. 

“Pre-Merger WPZ” means the Person known as Williams Partners L.P., a Delaware limited
partnership prior to giving effect to the Effective Date Merger. 
 “Prime Rate” means the rate of interest per annum
publicly announced from time to time by Citibank, N.A. as its prime rate in effect at its principal office in New York, New York. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. 

  
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 “Pro Rata Share” means, as to any Revolving Lender, its Commitment divided by
the aggregate Commitments of all Revolving Lenders. 
 “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. 
 “Rating Agency” means each of
Moody’s and S&P. 
 “Recipient” means (a) the Administrative Agent, (b) any Lender, (c) any Issuing
Bank and (d) the Swing Line Lender as applicable. 
 “Register” has the meaning set forth in
Section 9.05(c). 
 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, members, partners, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Remaining Banks” has the meaning assigned to such term in Section 2.06(j)(ii). 

“Replacement Lender” has the meaning set forth in Section 2.04(b). 

“Required Lenders” means, at any time, Revolving Lenders having Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Credit Exposures and unused Commitments at such time, as such definition may be modified from time to time in accordance with Section 9.03 hereof and subject, in any event, to
Section 1.05. 
 “Responsible Officer” means (a) with respect to Williams, the president,
chief executive officer, chief financial officer, the general counsel, any vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, or the controller of Williams or any other officer designated as a
“Responsible Officer” by the board of directors of Williams and (b) with respect to any other Person, the president, chief executive officer, chief financial officer, the general counsel, any vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, or the controller of such Person or any other officer designated as a “Responsible Officer” by the board of directors (or equivalent governing body) of such Person. 

“Restricted Lender” has the meaning specified in Section 1.05. 

“Restricted Payment” means, with respect to any Person, any dividend or other distribution (whether in cash, securities or
other property) with respect to any class of Equity Interests of such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any Equity Interests of such Person or any option, warrant or other right to acquire any Equity Interests of such Person; provided that (a) dividends, distributions or payments of common Equity
Interests of such Person, (b) any Equity Interest split, Equity Interest reverse split or similar transactions and (c) Williams’ open market repurchase of any of its Equity Interests and acquisitions by officers, directors and
employees of Williams of Equity Interests in Williams through cashless exercise of options, warrants or other rights to acquire Equity Interests in Williams issued pursuant to an employment, equity award, equity option or equity appreciation
agreement or plans entered into by Williams in the ordinary course of business, in each case shall be deemed not to be “Restricted Payments”. 

  
 27 

 “Revolving Lenders” means the Persons listed on Schedule 2.01 and any
other Person that shall have become a party hereto pursuant to an Assignment and Acceptance or pursuant to Section 2.01(c) other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Acceptance. 
 “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill
Companies, Inc. and any successor thereto. 
 “Sale and Leaseback Transaction” of any Person means any arrangement entered
into by such Person or any Subsidiary of such Person, directly or indirectly, whereby such Person or any Subsidiary of such Person shall sell or transfer any property, whether now owned or hereafter acquired to any other Person (a
“Transferee”), and whereby such first Person or any Subsidiary of such first Person shall then or thereafter rent or lease as lessee such property or any part thereof or rent or lease as lessee from such Transferee or any other
Person other property which such first Person or any Subsidiary of such first Person intends to use for substantially the same purpose or purposes as the property sold or transferred. 

“Scheduled Unavailability Date” has the meaning set forth in Section 2.14(b). 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the fair value of the property
of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and
liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The
amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 “Specified Acquisition” means one or more acquisitions of assets, Equity Interests, entities, operating lines or
divisions in any fiscal quarter for an aggregate purchase price of not less than $25,000,000, whether effectuated in one or a series of related transactions. 

“Specified Deferred Revenue” means, for any period and for any Person, cash payments received or amounts
invoiced by such Person during such period in respect of services performed or capacity provided under a transportation or shipping contract, that are required under GAAP to be treated as deferred revenue of such Person. For the avoidance of doubt,
Specified Deferred Revenue shall not include deferred revenue resulting from cash payments received from customers for construction reimbursements, contract prepayments, or one-time contract settlements or
restructurings. 

  
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 “Subsidiary” means, with respect to any specified Person: 

(a) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the
total voting power of Voting Stock is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(b) any partnership (whether general or limited) or limited liability company (i) the sole general partner or member of which is such
Person or a Subsidiary of such Person, or (ii) if there is more than a single general partner or member, either (A) the only managing general partners or managing members of which are such Person or one or more Subsidiaries of such Person
(or any combination thereof) or (B) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability company,
respectively; provided, however that “Subsidiary” with respect to the Borrower does not include (1) any Non-Recourse Subsidiary and (2) any International Subsidiary. 

“Swing Line Borrowing Notice” has the meaning set forth in Section 2.05(b). 

“Swing Line Lender” means Citibank, N.A. 

“Swing Line Limit” means a maximum principal amount of the lesser of (a) $200,000,000 and (b) the Aggregate Commitments
at any one time outstanding. 
 “Swing Line Loan” means a Loan made available to a Borrower by the Swing Line Lender
pursuant to Section 2.05. 
 “Swing Line Loan Exposure” means, as to any Revolving Lender at any
time, an amount equal to its Pro Rata Share of the aggregate principal amount of outstanding Swing Line Loans at such time. 

“Swing Line Rate” means, for any day, the sum of (a) the Alternate Base Rate plus (b) the Applicable Rate with
respect to ABR Borrowings. 
 “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. 

“Terminating Bank” has the meaning assigned to such term in Section 2.06(j)(ii). 

“Transactions” means the signature and delivery by the Borrowers of this Agreement, the borrowing of Loans and the issuance
of Letters of Credit hereunder. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate. 

“Unreallocated Portion” has the meaning assigned to such term in Section 2.06(j)(ii). 

  
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 “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 assigned to such term
in Section 2.17(f). 
 “Voting Stock” of any Person as of any date means the Capital Stock of
such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors (or similar governing body) of such Person. 

“Williams” has the meaning specified in the recitals to this Agreement. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

Section 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) 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, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and
(f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 Section 1.04 Accounting Terms; GAAP. All accounting terms not specifically defined shall be construed in accordance with
GAAP. To the extent there are any changes in accounting standards from December 31, 2017, the financial condition covenants set forth herein will 

  
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continue to be determined in accordance with accounting standards in effect on December 31, 2017, as applicable, until such time, if any, as such financial covenants are adjusted or reset to
reflect such changes in accounting standards and such adjustments or resets are agreed to in writing by the Borrowers and the Administrative Agent (after consultation with the Required Lenders). 

Section 1.05 Restricted Lenders. With respect to each Lender that qualifies as a resident party domiciled in Germany
(Inländer) within the meaning of section 2 paragraph 15 of the German Foreign Trade Act (Außenwirtschaftsverordnung) (each a “Restricted Lender”),
Sections 3.11 and 5.07 shall only benefit such Restricted Lender to the extent that such provision would not result in (a) any violation of, conflict with or liability under EU Regulation (EC) 2271/96 or
(b) a violation or conflict with section 7 of the German Foreign Trade Act (Außenwirtschaftsverordnung) or a similar antiboycott statute. In connection with any amendment, waiver, determination or direction relating
to any part of Sections 3.11 and 5.07 of which a Restricted Lender does not have the benefit, to the extent that on or prior to the date of such amendment, waiver, determination or direction (and until such time as such Lender shall
advise the Administrative Agent in writing otherwise), such Lender has advised the Administrative Agent in writing that it does not have such benefit, the Commitments of that Restricted Lender will be excluded for the purpose of determining whether
the consent of the Required Lenders has been obtained or whether the determination or direction by the Required Lenders has been made. The foregoing limitations are strictly limited to the Restricted Lenders and nothing contained in this paragraph
shall affect the applicability or benefit of Sections 3.11 and 5.07 to any other Lender or party hereto. 
 ARTICLE II

 THE CREDITS 

Section 2.01 Commitments. 

(a) Loans. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Loans in Dollars to each Borrower
from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Credit Exposure exceeding such Lender’s Commitment or (ii) the sum of the total Credit Exposures
exceeding the Aggregate Commitments; provided, however, that in no event shall the sum of the total Credit Exposures with respect to each of NWP and TGPL, individually, exceed $500,000,000 (the “Borrower Sublimit”), it being
understood that the termination of a Borrower Sublimit for either NWP or TGPL shall not result in a reduction of the Aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may
borrow, prepay and reborrow Loans. 
 (b) [Reserved]. 

(c) Increase in Commitments. 

  
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 (i) Williams shall have the option, without the consent of the Lenders, from time
to time to cause one or more increases in the Aggregate Commitments by adding, subject to the prior approval of the Administrative Agent (such approval not to be unreasonably withheld), to this Agreement one or more financial institutions as
Revolving Lenders (collectively, the “New Lenders”) or by allowing one or more Revolving Lenders to increase their respective Commitments; provided however that: (A) immediately prior to and immediately after giving
effect to the increase, no Event of Default shall have occurred hereunder and be continuing, (B) no such increase shall cause the Aggregate Commitments to exceed $5,000,000,000, (C) no Lender’s Commitment shall be increased without such
Lender’s consent, (D) such increase shall not result in the increase of any Borrower Sublimit and (E) such increase shall be evidenced by a commitment increase agreement in form and substance reasonably acceptable to the
Administrative Agent and executed by Williams, the Administrative Agent, the New Lenders, if any, Lenders increasing their Commitments, if any, and (if any Lender increases its Commitments or is a New Lender) the Issuing Banks, and which shall
indicate the amount and allocation of such increase in the Aggregate Commitments and the effective date of such increase (the “Increase Effective Date”). Each financial institution that becomes a New Lender pursuant to this Section
by the execution and delivery to the Administrative Agent of the applicable commitment increase agreement shall be a “Revolving Lender” and a “Lender” for all purposes under this Agreement on the applicable Increase Effective
Date. The Borrowers shall borrow and prepay Loans on each Increase Effective Date (and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to keep the outstanding Loans of each Revolving
Lender ratable with such Lender’s revised Applicable Percentage after giving effect to any nonratable increase in the Aggregate Commitments under this Section. 

(ii) As a condition precedent to each increase pursuant to Section 2.01(c)(i) above, Williams shall
deliver to the Administrative Agent, to the extent requested by the Administrative Agent, the following in form and substance reasonably satisfactory to the Administrative Agent: 

(A) a certificate dated as of the Increase Effective Date, signed by a Responsible Officer of Williams certifying that each of
the conditions to such increase set forth in this Section 2.01(c) shall have occurred and been complied with and that, before and after giving effect to such increase, (1) the representations and warranties (other than
Added L/C Representations) contained in this Agreement and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date after giving effect to such increase, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date, and (2) no Event of Default exists and is continuing; 

(B) such certificates of resolutions or other action, incumbency certificates and/or other certificates of a Responsible
Officer of Williams as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of such Responsible Officer thereof authorized to act as a Responsible Officer in connection with such increase agreement, and
such documents and certifications as the Administrative Agent may reasonably require to evidence that Williams is validly existing and in good standing in its jurisdiction of organization; and 

  
 32 

 (C) a favorable customary opinion of counsel to Williams, relating to such
increase agreement, addressed to the Administrative Agent and each Lender if requested by the Administrative Agent or such Lenders. 

(iii) Any Borrower shall have the option, by agreement with any Lender to (A) after consultation with the Administrative
Agent, cause such Lender to become or cease to be an Issuing Bank under this Agreement and (B) increase or decrease the Letter of Credit Commitment of any Lender as an Issuing Bank. 

Section 2.02 Loans and Borrowings. 

(a) Each Loan (other than the Swing Line Loans) shall be made as part of a Borrowing consisting of Loans made by the Revolving Lenders ratably
in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to
Section 2.14, each Borrowing (other than Borrowings of Swing Line Loans) shall be comprised entirely of ABR Loans or Eurodollar Loans as a Borrower may request in accordance herewith. Each Lender at its option may make any
Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance
with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in
an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than
$5,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitments or, in the case of NWP or TGPL, the entire unused balance of the Borrower Sublimit applicable to
it, or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) or the repayment of a Swing Line Loan as contemplated by Section 2.05(d). Borrowings of
more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of 24 Eurodollar Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 Section 2.03 Requests for
Borrowings.    To request a Borrowing (other than a Borrowing of a Swing Line Loan), a Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than
12:00 noon, New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case 

  
 33 

 
of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed
promptly by hand delivery, fax or emailed pdf to the Administrative Agent of a written Borrowing Request signed by such Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02: 
 (i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

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

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of such
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no
election as to the Type of Borrowing is specified in a Borrowing Request delivered pursuant to Section 2.03, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any
requested Eurodollar Borrowing, then such Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall
advise each Revolving Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.04 Extension of Maturity Date. 

(a) No earlier than 90 days prior to the first anniversary of the Effective Date and no later than 30 days prior to the Maturity Date (or
previously extended Maturity Date pursuant hereto), upon notice to the Administrative Agent (which shall promptly, but in any event within three (3) Business Days after receipt of such notice, notify the Lenders and the Issuing Banks of such
notice), the Borrowers may request an extension of the Maturity Date then in effect (an “Extension Request”) for an additional one-year period; provided that (i) no more than two
of such one-year extensions shall be permitted hereunder and (ii) the terms and conditions applicable to any such extension of Commitments and Letter of Credit Commitments with respect to a particular
Lender or Issuing Bank shall be the same as those applicable to each other Lender or Issuing Bank. Within 20 days of delivery of such Extension Request, each Lender and each Issuing Bank shall notify the Administrative Agent and Borrowers whether or
not it consents to such Extension Request (which consent may be given or withheld in such Lender’s or such Issuing Bank’s, as applicable, sole and absolute discretion). Any Non-Defaulting Lender with
a then effective Commitment may consent to an Extension Request irrespective of whether such Lender previously had been a Declining Lender with respect to a previous Extension Request. The Administrative Agent shall promptly notify the Borrowers,
the Lenders and the Issuing Banks of the Lenders’ and the Issuing Banks’ responses. 

  
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 (b) The Commitment of any Lender and the Letter of Credit Commitment of any Issuing Bank that
declines or fails to respond to the Borrowers’ request for an extension of the Maturity Date within such time period (a “Declining Lender”) shall be terminated on the Maturity Date then in effect for such Lender or Issuing
Bank, as applicable (without regard to any extension by other Lenders or Issuing Banks). On such applicable Maturity Date, (i) the aggregate Commitments of all Lenders shall be reduced by the total Commitments of all Declining Lenders expiring
on such Maturity Date, except to the extent one or more Eligible Assignees shall have agreed to assume such Commitments with the extended Maturity Date in accordance with Section 2.19(b) (each, a “Replacement
Lender”), and (ii) the aggregate Letter of Credit Commitments of all Issuing Banks shall be reduced by the total Letter of Credit Commitments of all Declining Lenders expiring on such Maturity Date, except to the extent (x) one or
more Extending Lenders or Replacement Lenders shall have agreed to assume such Letter of Credit Commitments and (y) such Extending Lender or Replacement Lender is an Issuing Bank on such Maturity Date. Each Borrower shall pay in full the unpaid
principal amount of all Loans owing by it to each Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement and all other amounts due to such Declining Lender under this Agreement,
including any breakage fees or costs that are payable pursuant to Section 2.16, on the Maturity Date applicable to such Declining Lender or the earlier replacement of such Declining Lender pursuant to
Section 2.19(b). Further, in connection with each Maturity Date, each Borrower shall Cash Collateralize the LC Exposure for all outstanding Letters of Credit requested by it as and to the extent required pursuant to
Sections 2.06(c) and 2.06(j)(iii). 
 (c) So long as, and only if, the Required Lenders (calculated after giving effect to any
replacements of Lenders permitted herein) have consented to the Extension Request and upon the satisfaction of the conditions precedent specified below in this clause (c), the Maturity Date shall be extended as to each Lender that agrees in
its sole discretion pursuant to clause (a) above to extend its Commitment (each an “Extending Lender”) (irrespective of whether such Lender previously had been a Declining Lender), shall be extended to the Maturity Date
specified in such Extension Request; provided that with respect to any previously Declining Lender who is an Extending Lender with respect to a current Extension Request, by giving its consent, such Extending Lender shall also be deemed to
have approved each prior extension of the Maturity Date as to which it was a Declining Lender. Upon satisfaction of the conditions precedent provided in the next sentence, the Administrative Agent and the Borrowers shall promptly confirm to the
Lenders and the Issuing Banks any extension of the Maturity Date pursuant to this Section 2.04, specifying the date of such satisfaction of the conditions precedent (the “Extension Effective Date”) and the
extended Maturity Date with respect to the Extending Lenders. As a condition precedent to such extension, each Borrower shall deliver to the Administrative Agent a certificate of such Borrower dated as of the Extension Effective Date signed by a
Responsible Officer of such Borrower certifying that, as of the Extension Effective Date, (i) immediately before and immediately after giving effect to such extension, the representations and warranties set forth in this Agreement are true and
correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, in which case such representations and warranties are true and correct in all respects as written, including the
materiality qualifier) on and as of such date (other than those representations and warranties that expressly relate to a specific earlier date, which are true and correct in all material respects as of such earlier date (other than those
representations and 

  
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warranties that are subject to a materiality qualifier, in which case such representations and warranties are true and correct in all respects as of such earlier date as written, including the
materiality qualifier)) and (ii) immediately before and immediately after giving effect to such extension, no Default or Event of Default has occurred and is continuing. 

(d) If the Maturity Date is extended in accordance with this Section, (i) the Administrative Agent shall record in the Register any
Replacement Lender’s information as provided pursuant to an Administrative Questionnaire that shall be executed and delivered by such Replacement Lender to the Administrative Agent on or before such Extension Effective Date,
(ii) Schedule 2.01 hereof shall be amended and restated to set forth all Revolving Lenders (including any Replacement Lenders) and Issuing Banks that will be Revolving Lenders and Issuing Banks hereunder (and their respective Commitments
and Letter of Credit Commitments) after giving effect to such extensions and the Administrative Agent shall distribute to each Lender (including each Replacement Lender) and each Issuing Bank a copy of such amended and restated Schedule 2.01,
(iii) each Replacement Lender that complies with the provisions of this Section 2.04 shall be a “Lender” for all purposes under this Agreement, (iv) all calculations and payments of interest on the Loans
shall take into account the actual Commitments of each Lender and the principal amount outstanding of each Loan made by such Lender during the relevant period of time, and (v) each Lender’s share of the LC Exposure and obligation to
participate in Swing Line Loans on such date shall automatically be deemed to equal such Lender’s Applicable Percentage of the LC Exposure (such Applicable Percentage for such Lender to be determined as of such Extension Effective Date in
accordance with its Commitment on such date as a percentage of the Commitments on such date) or the Swing Line Lenders, as applicable, without further action by any party. 

(e) If as a result of any extension of the Maturity Date in accordance with this Section 2.04 there is more than one
Maturity Date in effect at any time, the Borrowers and the Administrative Agent may make such amendments to this Agreement as may be necessary to ensure the pro rata treatment in accordance with Section 2.18(c) in respect
of all Borrowings and Loans hereunder. 
 Section 2.05 Swing Line Loan. 

(a) Amount of Swing Line Loans. Upon (a) the satisfaction of the conditions precedent set forth in
Section 4.02 and (b) if such Swing Line Loan is to be made on the date of the initial advance hereunder, the satisfaction of the conditions precedent set forth in Section 4.01, from and
including the Effective Date and before the Maturity Date as to the Swing Line Lender, any Borrower may request and the Swing Line Lender shall, on the terms and conditions set forth in this Agreement, make Swing Line Loans to the Borrowers from
time to time in an aggregate principal amount not to exceed the Swing Line Limit; provided that at no time shall the Aggregate Outstanding Credit Exposure at any time exceed the Aggregate Commitment. Subject to the terms of this Agreement,
the Borrowers may borrow, repay and re-borrow Swing Line Loans at any time prior to the Maturity Date as to the Swing Line Lender. Subject to the terms and conditions of this Agreement (including the
satisfaction of the applicable conditions precedent set forth in Article IV), a Borrower may request a Loan (other than a Swing Line Loan) hereunder for the purpose of repaying any Swing Line Loan. 

  
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 (b) Borrowing Notice. A Borrower may request a Swing Line Loan by delivering to the
Administrative Agent and the Swing Line Lender irrevocable notice in substantially the form attached hereto as Exhibit B-2 (a “Swing Line Borrowing Notice”) not later than 2:00 p.m. on the
requested borrowing date of such Swing Line Loan, specifying (i) the applicable borrowing date (which date shall be a Business Day), and (ii) the aggregate amount of the requested Swing Line Loan which shall be an amount not less than
$5,000,000 and in an integral multiple of $1,000,000 in excess thereof. The Swing Line Loans shall bear interest at the Swing Line Rate. 

(c) Making of Swing Line Loans. Promptly after receipt of a Swing Line Borrowing Notice, the Administrative Agent shall notify each
Lender of the requested Swing Line Loan. Not later than 4:00 p.m. on the applicable borrowing date, the Swing Line Lender shall make available the Swing Line Loan to the applicable Borrower on the borrowing date to the account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders. 
 (d) Repayment of Swing Line Loans. 

(i) Each Swing Line Loan shall be paid in full by the applicable Borrower on or before the earlier of (A) the seventh
Business Day after the borrowing date for such Swing Line Loan and (B) the Maturity Date as to the Swing Line Lender; provided, that such payment shall not be made by application of the proceeds of any other Swing Line Loans. 

(ii) The Swing Line Lender may, by written notice given to the Administrative Agent not later than 10:00 a.m. on any Business
Day, require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swing Line Loans outstanding. Such notice shall specify the aggregate amount of Swing Line Loans in which Revolving Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s share of such Swing Line Loan or Swing Line Loans which share shall be equal
to its Pro Rata Share thereof. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swing Line Lender, such Revolving Lender’s
share of such Swing Line Loan or Swing Line Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swing Line Loans pursuant to this paragraph is unconditional, continuing, irrevocable and absolute and
shall not be affected by any circumstances, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Administrative Agent, the Swing Line Lender
or any other Person, (B) the occurrence or continuance of a Default or Event of Default, (C) any adverse change in the condition (financial or otherwise) of any Borrower, or (D) any other circumstances, happening or event whatsoever.
Each Revolving Lender shall comply with its obligation under this Section 2.05(d) by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect Loans
made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swing Line Lender the
amounts so received from the Revolving Lenders. In the event that any Revolving 

  
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Lender fails to make payment to the Administrative Agent of any amount due under this Section 2.05(d), the Administrative Agent shall be entitled to receive, retain and
apply against such obligation the principal and interest otherwise payable to such Revolving Lender hereunder until the Administrative Agent receives such payment from such Revolving Lender or such obligation is otherwise fully satisfied. The
Administrative Agent shall notify the applicable Borrower of any participations in any Swing Line Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swing Line Loan shall be made to the Administrative Agent and not
to the Swing Line Lender. Any amounts received by the Swing Line Lender from the applicable Borrower (or other party on behalf of such Borrower) in respect of a Swing Line Loan after receipt by the Swing Line Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent. All of such amounts received by the Administrative Agent in payment of Swing Line Loans shall be promptly remitted by the Administrative Agent to the Revolving Lenders
that shall have made their payments pursuant to this paragraph and to the Swing Line Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swing Line Lender or to the Administrative Agent, as
applicable, if and to the extent such payment is required to be refunded to a Borrower for any reason. The purchase of participations in a Swing Line Loan pursuant to this paragraph shall not relieve a Borrower of any default in the payment thereof.

 (iii) In addition, on the seventh Business Day after the borrowing date of any Swing Line Loan, a Borrower shall be deemed
to have automatically given notice to the Administrative Agent requesting that each Revolving Lender make a Loan in the amount of such Revolving Lender’s Pro Rata Share of such Swing Line Loan (including any interest accrued and unpaid
thereon), for the purpose of repaying such Swing Line Loan, in which case each Revolving Lender hereby absolutely and unconditionally agrees to fund to the Administrative Agent, for the account of the Swing Line Lender, such Revolving Lender’s
Loan deemed requested under this clause (iii) to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, no later than 4:00 p.m. on the date such notice is received by the Revolving
Lender from the Administrative Agent if such notice is received at or before 2:00 p.m. (and otherwise before 11:00 a.m. on the next Business Day). Loans made pursuant to this Section 2.05(d)(iii) shall initially be ABR
Loans and thereafter may be continued as ABR Loans or converted into Eurodollar loans in the manner provided in Section 2.08 and subject to the other conditions and limitations set forth in this Article II. Unless a
Revolving Lender shall have notified the Swing Line Lender, prior to its making any Swing Line Loan, that any applicable condition precedent set forth in Section 4.01 or 4.02 had not then been satisfied, such Revolving
Lender’s obligation to make Loans pursuant to this Section 2.05(d)(iii) to repay Swing Line Loans shall be unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including
(A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Administrative Agent, the Swing Line Lender or any other Person, (B) the occurrence or
continuance of a Default or Event of Default, (C) any adverse change in the condition (financial or otherwise) of any Borrower, or (D) any other circumstances, happening or event whatsoever. 

  
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 Section 2.06 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, any Borrower may request the issuance of Letters of Credit under the
Commitments for its own account or for the account of any Subsidiary of it, in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability Period;
provided that no Issuing Bank shall be required to issue, amend, renew or extend a Letter of Credit after the Maturity Date with respect to that Issuing Bank. In the event of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any Letter of Credit Document, the terms and conditions of this Agreement shall control. For the avoidance of doubt, any representations, warranties and events of default in any such letter of credit
application or other agreement shall have no effect. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary of any Borrower, the Borrower requesting such
Letter of Credit shall be obligated to reimburse the applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit, provided that, for the avoidance of doubt, Williams shall not be obligated to reimburse any Issuing
Bank for any drawing under a Letter of Credit requested by NWP or TGPL and issued or outstanding in support of any obligations of, or for the account of NWP, TGPL or any Subsidiary of NWP or TGPL. Each Borrower hereby acknowledges that the issuance
of Letters of Credit for the account of its Subsidiaries (other than, in the case of Williams, the issuance of Letters of Credit at the request of NWP or TGPL for the account of NWP, TGPL or any Subsidiary of NWP or TGPL) inures to the benefit of
such Borrower, and that such Borrower’s business derives substantial benefits from the businesses of its Subsidiaries. 
 (b) Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal (unless automatically renewed by its terms) or extension of an outstanding Letter of Credit), a Borrower
shall hand deliver or fax (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent three Business Days (or such shorter
period as may be acceptable to such Issuing Bank) in advance of the requested date of issuance, amendment, renewal (unless automatically renewed by its terms) or extension, a notice requesting the issuance of a Letter of Credit, or identifying the
Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with
paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by such
Issuing Bank, such Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended if and
only if (and upon issuance, amendment, renewal or extension of each Letter of Credit such Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure in
respect of all Letters of Credit issued by the Issuing Banks does not exceed the aggregate of all Letter of Credit Commitments at such time, (ii) the LC Exposure in respect of all Letters of Credit issued by any Issuing Bank does not
exceed the Letter of Credit Commitment of such Issuing Bank at such time, (iii) the Credit Exposure of any Issuing Bank does not exceed the Commitment of such Issuing Bank at such time, and (iv) the Aggregate Outstanding Credit

  
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Exposure does not exceed the Aggregate Commitments. In addition to the other conditions precedent set forth above, (1) if any Lender becomes, and during the period it remains, a Defaulting
Lender, no Issuing Bank will be required to issue any Letter of Credit or to amend any outstanding Letter of Credit unless such Issuing Bank is satisfied that any exposure that would result therefrom is eliminated or fully covered by the Commitments
of the Non-Defaulting Lenders or by Cash Collateralization or a combination thereof satisfactory to such Issuing Bank, (2) no Issuing Bank shall be under any obligation to issue any Letter of Credit if
any Governmental Authority shall purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such Issuing Bank refrain from, such Letter of Credit or
the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally, and (3) neither Barclays Bank PLC nor Morgan Stanley Bank, N.A., in their respective capacities as Issuing
Banks, shall have any obligation to issue any Letter of Credit that is not a standby Letter of Credit. 
 (c) Expiration Date. No
Letter of Credit shall have a stated expiry date later than the earlier of (A) one year from the date of its issuance unless the applicable Issuing Bank otherwise agrees to a later stated expiry date (including without limitation by extending
the stated expiry date or allowing the stated expiry date to be automatically extended if such Letter of Credit contains language providing for its automatic renewal) and (B) seven Business Days prior to the Maturity Date for the applicable
Issuing Bank, unless the applicable Borrower has Cash Collateralized such Letter of Credit in an amount equal to the sum of the undrawn face amount of such Letter of Credit as of the seventh Business Day prior to such Maturity Date, plus fees and
expenses related to such Letter of Credit over its remaining term. In the case of a Letter of Credit containing language providing for its automatic renewal, each Borrower acknowledges and agrees that, if any such automatic renewal would cause
the stated expiry date of such Letter of Credit to be later than seven Business Days prior to the Maturity Date for the applicable Issuing Bank, such Issuing Bank may give notice to the beneficiary of such Letter of Credit that such automatic
renewal shall not take place, unless the applicable Borrower has Cash Collateralized such Letter of Credit in accordance with this Section 2.06(c). Once a Letter of Credit that provides for automatic renewal has been
issued, the Lenders shall be deemed to have authorized (but may not require) such Issuing Bank to permit the renewal of such Letter of Credit at any time to a date not later than seven Business Days prior to such Issuing Bank’s Maturity Date.

 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and
without any further action on the part of any Issuing Bank or the Lenders, each Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to
such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to
the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the applicable Borrower on the date due as provided in
paragraph (e) of this Section, or of any reimbursement payment required to be refunded to such Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters 

  
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of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Aggregate Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall
reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement on the date that such LC Disbursement is made, if such Borrower shall have received notice of such LC Disbursement prior to 9:00 a.m., New
York City time, on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then on the Business Day immediately following the day that such Borrower receives such notice; provided that such
Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Sections 2.03 that such payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed,
such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If such Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable
LC Disbursement, the payment then due from such Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable
Percentage of the payment then due from such Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative
Agent of any payment from such Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to
reimburse such Issuing Bank, then to such Lenders and the applicable Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of
ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve a Borrower of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. Each Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s obligations hereunder. Neither
the Administrative Agent, the Lenders nor the Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by 

  
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reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in
the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of an Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to any
Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by any Borrower that are caused by such Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the
generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the
terms of such Letter of Credit. 
 (g) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The applicable Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by telephone (confirmed by fax or such electronic
communication that has been approved by the applicable Issuing Bank) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such
notice shall not relieve such Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement. 

(h) Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the applicable Borrower shall reimburse such LC
Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that such Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if such Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(e)
shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse
such Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of an Issuing Bank. Any
Issuing Bank may be replaced at any time, after consultation with the Administrative Agent, by written agreement among the Borrowers, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any
such replacement of an Issuing Bank. At the time any such 

  
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replacement shall become effective, the applicable Borrower shall pay all unpaid fees owed by it and accrued for the account of the replaced Issuing Bank pursuant to
Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of
Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall
require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit
issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
 (j) Cash
Collateralization. 
 (i) If any Event of Default shall occur and be continuing and if the maturity of the Loans has been
accelerated with respect to a Borrower pursuant to Article VII, on the Business Day that the Borrowers receive notice from the Administrative Agent upon written request of the Required Lenders demanding Cash Collateralization pursuant to this
paragraph, each such applicable Borrower shall Cash Collateralize an amount in cash equal to the LC Exposure for all outstanding Letters of Credit requested by it as of such date plus any accrued and unpaid interest thereon; provided that the
obligation to Cash Collateralize the LC Exposure shall become effective immediately, and such cash collateral shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with
respect to such Borrower described in clause (g) or (h) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the applicable
Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and at each Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account.
Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed by the applicable Borrower and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the applicable Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of
the total LC Exposure), be applied to satisfy other obligations of the applicable Borrower under this Agreement. To the extent not applied as aforesaid, any cash collateral provided hereunder shall be returned in full to the applicable Borrower
within three Business Days after all Events of Default have been cured or waived or, in full or in part, as necessary to cause the amount of such cash collateral not to exceed the aggregate LC Exposure. 

(ii) If any Lender becomes, and during the period it remains, a Defaulting Lender, if any Letter of Credit or Swing Line Loan
is at the time outstanding, any Issuing Bank (unless such Issuing Bank or the Swing Line Lender is a Defaulting Lender), except to the extent the Commitments have been reallocated pursuant to Section 2.06(k), by

  
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notice to the applicable Borrower which requested or has requested the issuance of such Letters of Credit or Swing Line Loan through the Administrative Agent, may require such applicable Borrower
to Cash Collateralize within seven Business Days the obligations of such Borrower to the Issuing Banks in respect of such Letters of Credit, or the Swing Line Lender in respect of such Swing Line Loan, as the case may be, in an amount equal to the
aggregate amount of the unreallocated obligations (contingent or otherwise) of such Defaulting Lender in respect thereof, or to make other arrangements satisfactory to the Administrative Agent and to the applicable Issuing Bank(s) or the Swing Line
Lender, as the case may be, in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender. Any cash collateral provided pursuant to this clause (ii) shall be deposited
in an interest bearing account promptly after the execution of the appropriate deposit account agreement and establishment of such account from which the Administrative Agent will release interest to the applicable Borrower on a periodic basis. 

(iii) Upon each Maturity Date (other than the latest Maturity Date), the LC Exposure of each Lender whose Commitments terminate
on such Maturity Date (each, a “Terminating Bank”) shall, subject to the limitation in the first proviso below, automatically be reallocated (effective on such Maturity Date) among the Lenders whose Commitments do not terminate on
such Maturity Date (the “Remaining Banks”), pro rata in accordance with their respective Pro Rata Share (calculated without regard to the Terminating Banks’ Commitments); provided that the sum of each
Remaining Bank’s total Credit Exposure may not in any event exceed the Commitment of such Remaining Bank as in effect at the time of such reallocation. To the extent that any portion (the “Unreallocated Portion”) of the
Terminating Banks’ LC Exposure cannot be so reallocated pursuant to this section, the applicable Borrower will on or prior to such Maturity Date (i) Cash Collateralize the LC Exposure in an amount at least equal to the aggregate amount of
the Unreallocated Portion of such LC Exposure, or (ii) make other arrangements satisfactory to the Administrative Agent and to the applicable Issuing Bank, in their sole discretion, with respect to such Letters of Credit. 

(k) Reallocation of Defaulting Lender Commitment, Etc. If a Lender becomes, and during the period it remains, a Defaulting Lender, the
LC Exposure and the Swing Line Loan Exposure of such Defaulting Lender will, subject to the limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Commitments; provided that (a) the sum of each Non-Defaulting Lender’s total Credit
Exposure, total Swing Line Loan Exposure and total LC Exposure may not in any event exceed the Commitment of such Non-Defaulting Lender as in effect at the time of such reallocation and (b) neither such
reallocation nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim the Borrowers, the Administrative Agent, the Issuing Banks, the Swing Line Lender or
any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender. 

  
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 (l) Addition of Letters of Credit. If (i) an Issuing Bank has, at the request of a
Borrower, issued a letter of credit in Dollars other than under this Agreement, (ii) such Borrower decides to add such letter of credit (an “Added Letter of Credit”) to this Agreement as a Letter of Credit and (iii) such
Issuing Bank consents in writing (such consent, and any funding of a draw under such letter of credit, are deemed made by such Issuing Bank in reliance on the agreements of the other Revolving Lenders pursuant to this
Section 2.06) to such letter of credit becoming an Added Letter of Credit, then such Borrower shall give the Administrative Agent and such Issuing Bank at least three Business Days’ (or such shorter period as agreed to
by the Administrative Agent and such Issuing Bank) prior notice requesting that such letter of credit be so added, specifying the Business Day such letter of credit is to be added to this Agreement and attaching thereto a copy of such letter of
credit, by hand delivering, faxing or transmitting by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank, to the applicable Issuing Bank and the Administrative Agent. On the Business Day so
specified for such letter of credit, such letter of credit shall become an Added Letter of Credit and become a Letter of Credit deemed issued under this Agreement by the Issuing Bank specified in the relevant notice (the date such letter of credit
so becomes an Added Letter of Credit being the “Added L/C Effective Date” for such letter of credit), if and only if (and, in the case of clauses (A) and (B) below, upon adding such letter of credit such Borrower shall be
deemed to represent and warrant that), (A) after giving effect to such inclusion (w) the LC Exposure in respect of all Letters of Credit issued by the Issuing Banks does not exceed the aggregate of all Letter of Credit Commitments at
such time, (x) the LC Exposure in respect of all Letters of Credit issued by any Issuing Bank does not exceed the Letter of Credit Commitment of such Issuing Bank at such time, (y) the Aggregate Outstanding Credit Exposure shall not exceed
the Aggregate Commitments and (z) the Aggregate Outstanding Credit Exposure with respect to NWP or TGPL do not exceed in each case the Borrower Sublimit, (B) such letter of credit complies in all other respects with this
Section 2.06, and (C) such Issuing Bank notifies the Administrative Agent, on or before such Added L/C Effective Date, that such letter of credit is or will become, as of such Added L/C Effective Date, an Added Letter
of Credit. 
 (m) Existing Letters of Credit. The parties hereto acknowledge and agree that all Existing Letters of Credit are deemed
to be issued under this Agreement by the applicable Issuing Bank at the request of the applicable Borrower and shall constitute Letters of Credit hereunder for all purposes (including Section 2.06(d) and
Section 2.06(e)), and no notice requesting issuance thereof shall be required hereunder. Each reference herein to the issuance of a Letter of Credit shall include any such deemed issuance. All fees accrued on the Existing
Letters of Credit to but excluding the Effective Date shall be for the account of the applicable “Issuing Bank” and the “Lenders” (as those terms are used in the Existing Credit Agreement) as provided in the Existing Credit
Agreement, and all fees accruing on the Existing Letters of Credit on and after the Effective Date shall be for the account of the applicable Issuing Bank thereof and the Lenders as provided herein. 

Section 2.07 Funding of Borrowings. 

(a) Except as otherwise provided in Section 2.05 each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds, to an account designated by such Borrower in the applicable Borrowing Request; provided that ABR Loans made to finance the
reimbursement of an LC 

  
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Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank; and provided further that Loans made or
deemed made to repay Swing Line Loans shall be remitted by the Administrative Agent to the Swing Line Lender or Revolving Lenders in accordance with Section 2.05(d)(iii). 

(b) Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the proposed date of any Borrowing that such
Lender will not make available to the Administrative Agent such Lender’s Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made such Pro Rata Share available on such date in accordance with this
Section 2.07 and may, but shall not be required to, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Revolving Lender has not in fact made its Pro Rata
Share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by such Borrower, the interest rate applicable to ABR Loans.
If such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the applicable Borrower the amount of such interest paid by such Borrower
for such period. If such Lender pays its Pro Rata Share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the applicable Borrower
shall be without prejudice to any claim such Borrower may have against a Revolving Lender that shall have failed to make such payment to the Administrative Agent. 

Section 2.08 Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may
elect Interest Periods therefor, all as provided in this Section. Such Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Revolving
Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by telephone
by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, fax or emailed pdf to the Administrative Agent of a written Interest Election Request signed by such Borrower. 

  
 46 

 (c) Each telephonic and written Interest Election Request shall specify the following information
in compliance with Section 2.03: 
 (i) the Borrowing to which such Interest Election Request
applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and
(iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to
be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then such Borrower shall be deemed to have
selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Revolving Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If a Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing with respect to any Borrower and the Administrative Agent, at the request of the Required Lenders, so notifies such Borrower, then, so long as an Event of Default with respect to such Borrower is continuing (i) no
outstanding Borrowing of such Borrower may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Borrowing of such Borrower shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto. 
 (f) Notwithstanding anything herein to the contrary, this Section 2.08 shall not apply to Borrowings of
Swing Line Loans. 
 Section 2.09 Termination and Reduction of Commitments. 

(a) Unless previously terminated, the Aggregate Commitments shall terminate on the Maturity Date. 

  
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 (b) Williams may at any time terminate, or from time to time reduce, the Aggregate Commitments or
the Letter of Credit Commitments and NWP and TGPL may at any time terminate, or from time to time reduce, the Borrower Sublimit applicable to such Borrower in each case on a pro rata basis; provided that (i) each reduction of the
Aggregate Commitments, the Letter of Credit Commitments or any Borrower Sublimit shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000, (ii) Williams shall not terminate or reduce the Aggregate Commitments if,
after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Aggregate Outstanding Credit Exposure would exceed the Aggregate Commitments, (iii) Williams shall not terminate or
reduce the Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Issuing Bank shall not be reduced to an amount which is less than
the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such Issuing Bank; (v) the Borrower Sublimit for any Borrower may not be reduced to an amount which is less than the greatest, for such Borrower,
of the sum of (A) the aggregate outstanding principal amount of Loans owed by such Borrower plus (B) the aggregate amount of LC Exposure in respect of Letters of Credit issued at the request of such Borrower; and (vi) the Aggregate
Commitments shall not be reduced to an amount which is less than the aggregate amount of the Letter of Credit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time. When NWP or TGPL ceases to be a
Borrower, the Borrower Sublimit applicable to such Borrower shall be terminated, such Borrower shall repay all obligations under the Loan Documents owing by it and all Letters of Credit issued at the request of such Borrower shall be terminated or
such Borrower shall provide cash collateral to the Agent in an amount equal to the undrawn face amount of such Letters of Credit. 
 (c) The
applicable Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit under paragraph (b) of this Section at least three Business Days
prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof.
Each notice delivered by a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by any Borrower may state that such notice is
conditioned upon the effectiveness of other credit facilities or another event, in which case such notice may be revoked by such Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Any termination or reduction of the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit shall be permanent; provided that nothing in this provision shall affect a Borrower’s ability to increase the
Letter of Credit Commitments pursuant to Section 2.01(c)(iii). Each reduction of the Aggregate Commitments and a Borrower Sublimit shall be made ratably among the Lenders in accordance with their respective Commitments,
except as provided in clause (d) below. Each reduction of the Letter of Credit Commitments being made in conjunction with a reduction of the Aggregate Commitments pursuant to Section 2.09(b)(vi) above shall be made
ratably among the Issuing Banks in accordance with their respective Letter of Credit Commitments. 
 (d) Williams may terminate the unused
amount of the Commitment and Letter of Credit Commitment of a Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be
deemed to be a waiver or release of any claim the Borrowers, the Administrative Agent, the Issuing Banks or any Lender may have against such Defaulting Lender. 

  
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 (e) Notwithstanding any other provision of this Section 2.09, if at any
time, Williams ceases to have Control over, and/or ceases to maintain NWP or TGPL as its Subsidiary, then the Borrower Sublimit applicable to such Borrower shall automatically terminate, such Borrower shall repay all obligations owing by it under
the Loan Documents and all Letters of Credit issued at the request of such Borrower shall be terminated or such Borrower shall provide cash collateral to the Agent in an amount equal to the undrawn face amount of such Letters of Credit or make other
arrangements satisfactory to the relevant Issuing Bank(s) with respect to such Letters of Credit, it being understood that the termination of a Borrower Sublimit for either NWP or TGPL shall not result in a reduction of the Aggregate Commitments.

 (f) Notwithstanding the foregoing, all of the provisions of the Loan Documents which by their terms survive termination of the Commitments
of a Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in full force and effect. 

Section 2.10 Repayment of Loans; Evidence of Debt. 

(a) Each Borrower hereby unconditionally promises to pay to the Administrative Agent for the ratable account of each Lender the then unpaid
principal amount of each Loan (and all accrued and unpaid interest thereon) made to such Borrower on the Maturity Date applicable to such Lender. 

(b) 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 Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof
and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts
maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of each Borrower to repay the Loans made to such Borrower in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, each Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to such Lender and substantially in the form of note attached hereto as Exhibit E. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 9.05) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered
assigns). 

  
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 Section 2.11 Prepayment of Loans. 

(a) Each Borrower shall have the right at any time and from time to time to prepay any Borrowing, including Borrowings of Swing Line Loans, in
whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 
 (b) The applicable Borrower shall notify
the Administrative Agent by telephone (confirmed by hand delivery, fax or emailed pdf) of any prepayment hereunder not later than 11:00 a.m., New York City time on the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, any such notice of prepayment may be conditioned upon the effectiveness of other credit facilities or another event. Promptly
following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that is an integral multiple of $1,000,000 and
not less than $5,000,000. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13.

 Section 2.12 Fees. 

(a) Williams agrees to pay to the Administrative Agent for the account of each Lender (other than a Defaulting Lender) a commitment fee on the
daily average unused amount of the Commitment of such Lender for the period from and including the Effective Date up to, but excluding, the date on which the Aggregate Commitments have been terminated at the Applicable Rate for commitment fees (it
being understood that Swing Line Loans (to the extent participations therein have not been funded by the Lenders pursuant to Section 2.05(d)(ii)) will not be deemed a utilization of the Commitments solely for the purposes
of this Section). Accrued commitment fees shall be payable in arrears on the last Business Day of March, June, September and December of each year and on the date on which the Aggregate Commitments terminate, commencing on the first such date to
occur after the Effective Date. All commitment fees shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

 (b) Each Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender (other than a Defaulting Lender) a
participation fee with respect to its participations in Letters of Credit (other than with respect to Letters of Credit which have been Cash Collateralized to the extent of such Cash Collateralization) issued at the request of such Borrower, which
shall accrue at the same Applicable Rate as interest on Eurodollar Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to 

  
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unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the date on which such Lender ceases to have any LC Exposure, and (ii) to the
applicable Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and
including the Effective Date to but excluding the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable quarterly on the third Business Day following the last day of March, June,
September and December of each year, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Aggregate Commitments terminate and any such fees accruing after
the date on which the Aggregate Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Banks pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be
computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All fees accrued on a letter of credit that becomes an Added
Letter of Credit, to but excluding the Added L/C Effective Date for such Added Letter of Credit shall be for the account of the entity that issued such Added Letter of Credit, and all fees accruing on such letter of credit on and after such Added
L/C Effective Date shall be for the account of the relevant Issuing Bank thereof and the Lenders as provided herein. 
 (c) Williams agrees
to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between Williams and the Administrative Agent as set forth in the applicable Fee Letter. 

(d) Williams agrees to pay to each Joint Lead Arranger, for its own account, fees payable in the amounts and at the times separately agreed
upon among Williams and such Joint Lead Arranger as set forth in the applicable Fee Letter. 
 (e) All fees payable hereunder shall be paid
on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank or the Swing Line Lender, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to
the Revolving Lenders or the Joint Lead Arrangers, as applicable. Fees paid shall not be refundable under any circumstances. 
 (f) Anything
herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to this Section 2.12 (without
prejudice to the rights of the Lenders other than Defaulting Lenders in respect of such fees) nor shall any such fee be payable by any Borrower, provided that (a) for the avoidance of doubt and without duplication of fees, to the extent
that a portion of the LC Exposure or the Swing Line Loan Exposure of such Defaulting Lender is reallocated to the Non-Defaulting Lenders pursuant to Section 2.06(k), such fees that
would have accrued for the benefit of such Defaulting Lender will instead accrue for the benefit of and be payable to such Non-Defaulting Lenders (other than with respect to Letters of Credit or Swing Line
Loans, which have been Cash Collateralized to the extent of such Cash Collateralization), pro rata in accordance with their respective Commitments, and (b) to the extent any portion of such LC Exposure or Swing Line Loan Exposure
cannot be so reallocated, such fees will instead accrue for the benefit of and be payable to the Issuing Banks and the Swing Line Lender, as their interests appear (and the pro rata payment provisions of
Section 2.18 will automatically be deemed adjusted to reflect the provisions of this Section). 

  
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 Section 2.13 Interest. 

(a) The Loans comprising each ABR Borrowing shall bear interest on each day at the Alternate Base Rate for such day plus the Applicable Rate.

 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate. 
 (c) Each Swing Line Loan shall bear interest on the outstanding principal amount thereof, for each day
from and including the day such Swing Line Loan is made to but excluding the date it is paid, at a rate per annum equal to the Swing Line Rate for such day. 

(d) Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default with respect to any Borrower, if any
principal of or interest on any Loan or any fee or other amount payable by such Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2%
plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
 (e) Accrued interest on each Loan shall be
payable in arrears on each Interest Payment Date for such Loan and upon termination of the Aggregate Commitments or, if a Borrower ceases to be a Borrower, on such date; provided that (i) interest accrued pursuant to paragraph
(d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion. 
 (f) All interest determined by reference to the LIBO Rate or clauses (b) or (c) of
the definition of Alternate Base Rate shall be computed on the basis of a year of 360 days, and all other interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

(g) Any Borrower (with respect to Loans made to it) shall pay to each Lender, so long as such Lender shall be required under regulations of the
Board of Governors of the Federal Reserve System of the United States of America to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of
each Borrowing of such Lender during such periods as such Borrowing is a Eurodollar Borrowing, from the date of such Borrowing until such principal amount is paid in 

  
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full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period in effect for such Eurodollar Borrowing from
(ii) the rate obtained by dividing such LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period. Such additional interest shall be determined by such Lender. Any Borrower
(with respect to Loans made to it) shall from time to time, within 15 days after demand (which demand shall be accompanied by a certificate comporting with the requirements set forth in Section 2.15(c)) by such Lender (with
a copy of such demand and certificate to the Administrative Agent) pay to the Lender giving such notice such additional interest; provided, however, that no Borrower shall be required to pay to such Lender any portion of such additional
interest that accrued more than 90 days prior to any such demand, unless such additional interest was not determinable on the date that is 90 days prior to such demand. 

Section 2.14 Alternate Rate of Interest. 

(a) Subject to clause (b) below, if prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 
 (ii) the Administrative Agent is
advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving
rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 (b) Notwithstanding anything
to the contrary in this Agreement or any of the other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required
Lenders have determined, that (i) the circumstances described in Section 2.14(a)(i) or (ii) have arisen and that such circumstances are unlikely to be temporary, or (ii) ICE (or its successor), the applicable supervisor or
administrator (if any) of any applicable interest rate specified herein, or a Governmental Authority having or purporting to have jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which any
applicable interest rate specified herein shall no longer be made available, or used for determining the interest rate of loans in Dollars in the U.S. syndicated loan market (the “Scheduled Unavailability Date”); 

  
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 then, in each case, the Administrative Agent may, with the consent of Williams, determine an
alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) to replace the LIBO Rate then in effect, giving due consideration to the then prevailing market convention for determining a
rate of interest for syndicated loans in the United States at such time (any such proposed rate, a “LIBO Successor Rate”), provided that if any such rate is less than zero the LIBO Successor Rate shall be deemed to be zero for
purposes of this agreement). Such LIBO Successor Rate shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed LIBO Successor Rate to the Lenders unless, prior to such time, the
Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such LIBO Successor Rate. Upon the effectiveness of such LIBO Successor Rate, the Administrative Agent and
Williams may amend this Agreement to replace the LIBO Rate with such LIBO Successor Rate and make any LIBO Successor Rate Conforming Changes. 

If no LIBO Successor Rate has been determined and the circumstances under clause 2.14(b)(i), (ii), or (iii) above exist or the Scheduled
Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify Williams and each Lender. Thereafter, (i) the obligation of the Lenders to make or maintain Eurodollar Loans shall be suspended (to the extent of
the affected Eurodollar Loans or Interest Periods) and (ii) the LIBO Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, Williams may revoke any pending request for a Borrowing of, conversion to
or continuation of Eurodollar Loans (to the extent of the affected Eurodollar loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of ABR Loans (subject to the foregoing clause
(ii)) in the amount specified therein. 
 Section 2.15 Increased Costs; Illegality. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender Party; 
 (ii)
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes on its loans, loan principal, letters of
credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender Party or the London interbank market any other condition, cost or expense affecting this Agreement
or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the
cost to such Lender Party of making, funding or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender Party of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), 

  
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or to reduce the amount of any sum received or receivable by such Lender Party hereunder (whether of principal, interest or any other amount) then, upon request of such Lender Party, the
applicable Borrower will pay to such Lender Party such additional amount or amounts as will compensate such Lender Party for such additional costs incurred or reduction suffered, in each case to the extent applicable to the Loans or LC Exposure
related to such Borrower. 
 (b) Capital Requirements. If any Lender Party determines that any Change in Law affecting such Lender
Party or any lending office of such Lender Party or such Lender Party’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender Party’s capital or on
the capital of such Lender Party’s holding company, if any, as a consequence of this Agreement, the commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by
such Issuing Bank, to a level below that which such Lender Party or such Lender Party’s holding company could have achieved but for such Change in Law (taking into consideration such Lender Party’s policies and the policies of such Lender
Party’s holding company with respect to capital adequacy or liquidity), then from time to time the applicable Borrower will pay to such Lender Party such additional amount or amounts as will compensate such Lender Party or such Lender
Party’s holding company for any such reduction suffered, in each case to the extent applicable to the Loans or LC Exposure related to such Borrower. 

(c) Certificates for Reimbursement. A certificate of a Lender Party setting forth the amount or amounts necessary to compensate such
Lender Party or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, showing the computation thereof and delivered to the applicable Borrower shall be conclusive absent manifest error. Such certificate
shall further certify that such Lender Party is making similar demands of its other similarly situated borrowers. Any applicable Borrower shall pay such Lender Party the amount shown as owed by it and due on any such certificate within 10 days after
receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender Party to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender Party’s right to demand such compensation, provided that no Borrower shall be required to compensate a Lender Party pursuant to this Section for any increased costs incurred or
reductions suffered more than ninety days prior to the date that such Lender Party notifies such Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender Party’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the ninety day period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Illegality. If any Lender determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable lending office to make, maintain, or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon notice thereof by such Lender to the each Borrower (through the
Administrative Agent), (a) any obligation of such Lender to make or continue Eurodollar Loans or to convert ABR Loans to Eurodollar Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender

  
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making or maintaining ABR Loans the interest rate on which is determined by reference to the LIBO Rate component of the ABR, the interest rate on which ABR Loans of such Lender shall, if
necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the ABR, in each case until such Lender notifies the Administrative Agent and each Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (i) each Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Loans of such Lender to
ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the ABR), either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans and (ii) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the ABR applicable to such Lender without reference to the LIBO Rate component thereof until the
Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such prepayment or conversion, each Borrower shall also pay accrued
interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.16. 

Section 2.16 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 2.19, then, in any such event, the applicable
Borrower shall compensate each Lender for the loss, cost and expense (excluding loss of anticipated profits) attributable to such event. A certificate of any Lender setting forth, in reasonable detail showing the computation thereof, any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. Such Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof, if such certificate complies herewith. 
 Section 2.17 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of each Borrower hereunder or under any other Loan
Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if an applicable withholding agent shall be required by applicable law (as determined in the good faith discretion of the withholding
agent) to deduct or withhold any Taxes from such payments, then (i) if such Tax is an Indemnified Tax, the sum payable by such Borrower shall be increased as necessary so that after making all required deductions or withholdings (including
deductions applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to 

  
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the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall make such deductions and (iii) such withholding agent shall
pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) Payment of Other Taxes by
Borrowers. Without duplication of the provisions of paragraph (a) above or paragraph (c) below, each Borrower shall timely pay any Other Taxes attributable to it to the relevant Governmental Authority in accordance with applicable law.

 (c) Indemnification by Borrowers. Without duplication of any obligation in this Section 2.17, each
Borrower shall indemnify each Recipient within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that no Borrower shall be required to indemnify or reimburse a Recipient pursuant to this Section for any Indemnified Taxes or
Other Taxes which were, to the knowledge of the Recipient, imposed or asserted more than one hundred and eighty (180) days prior to the date that the applicable Recipient notifies the Borrower of the Indemnified Taxes or Other Taxes imposed or
asserted and of the Recipient’s intention to claim compensation therefor. For purposes of this Section 2.17(c), a Recipient shall be deemed to have knowledge of any written imposition, assessment, or assertion of
Indemnified Taxes or Other Taxes received from a Governmental Authority. A certificate as to the amount of such payment or liability delivered to a Borrower by a Recipient (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Recipient shall be conclusive absent manifest error. 
 (d) Indemnification by the Lenders. Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrowers have 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 9.05(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 Borrower, 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 paragraph (d). 
 (e)
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a Governmental Authority pursuant to this Section 2.17, 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. 

  
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 (f) Status of Lenders. 

(i) 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 the applicable Borrower and the Administrative Agent, at the time or times prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the Borrowers 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, shall deliver
such other documentation prescribed by applicable requirement of law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers 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 either set forth in
Section 2.17(f)(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, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrowers 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 a 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 the Borrowers 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 a Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), 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 

  
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“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 F-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 any 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 W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially
in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or 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 F-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 the Borrowers 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 a Borrower or the
Administrative Agent), executed copies of any other form prescribed by an 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 the Borrowers 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 any 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), such Lender shall deliver to the Borrowers and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA, to determine that such Lender has or has not
complied with such Lender’s obligations under FATCA or to determine the amount 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. 

  
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 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 the Borrowers and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes)of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund); provided that, the the indemnifying party, upon the request of such indemnified party, agree to repay the amount paid over pursuant to this paragraph (g) (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 paragraph (g), in no event will the indemnified party be required to
pay any amount to the indemnifying party pursuant to this paragraph (g) 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 indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require the Administrative Agent or any Lender Party to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to the Borrowers or any other Person. 
 (h) Survival. Each
party’s obligations under this Section 2.17 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 the Commitments
and the repayment, satisfaction or discharge of all obligations under any Loan Document. 
 Section 2.18 Payments Generally; Pro
Rata Treatment; Sharing of Set-offs. 
 (a) Subject to Sections 2.17(a) and 2.17(c), each
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or
otherwise) prior to 1:00 p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the date of such payment or on the next succeeding Business Day for purposes of calculating interest and fees thereon. All such payments shall be made to the Administrative Agent at its
office at Citibank, N.A., Citibank Delaware, 1615 Brett Road, OPS III, New Castle, Delaware 19720, Attn: Agency Operations, except payments to be made directly to an Issuing Bank or the Swing Line Lender as expressly provided herein and except that
payments pursuant to Sections 2.15, 2.16, 2.17 and 9.04 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 

  
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 (b) If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) If any Revolving Lender shall, by exercising
any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Revolving Lender, then the Revolving Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Revolving Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this Section 2.18(c) shall not be
construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement (including payments made to Declining Lenders on the Maturity Date applicable to such Declining Lender) or any payment
obtained by a Revolving Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to any Borrower or any Subsidiary or Affiliate
thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to this
subsection (c) may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of
such participation. 
 (d) [Reserved]. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.06(d), 2.06(e), 2.07(b),
or 9.04(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid. In the event that any Defaulting Lender exercises any such right of setoff, (x) all amounts so set off will be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Sections 2.06(d), 2.06(e), 2.07(b), or 9.04(c), and, pending such payment, will be 

  
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segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders and (y) the Defaulting
Lender will provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

Section 2.19 Mitigation Obligations; Replacement of Lenders; Defaulting Lenders. 

(a) If any Lender requests compensation under Section 2.13(g) or Section 2.15 or
if any Borrower is required to pay any Indemnified Taxes or Other Taxes to any Lender or any Governmental Authority for the account of any Lender, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Sections 2.13(g), 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Any
applicable Borrower required to make any payment under Sections 2.13(g), 2.15 or 2.17 hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
Subject to the foregoing, Lenders agree to use reasonable efforts to select lending offices which will minimize Indemnified Taxes, Other Taxes and other costs and expenses for the Borrowers. 

(b) If any Lender requests compensation under Section 2.13(g) or Section 2.15, or if any
Borrower is required to pay any Indemnified Taxes or Other Taxes to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting Lender or a Declining
Lender, or if any Lender fails to approve an amendment, waiver or other modification to this Agreement that requires the approval of all Lenders and at least the Required Lenders have approved such amendment, waiver or other modification, then the
Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 9.05), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrowers shall have received the prior written consent of the Administrative Agent, the Swing Line Lender and the Issuing Banks, which consent shall not unreasonably be withheld or delayed, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 2.16), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrower or Borrowers (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(g) or Section 2.15 or payments required to be made pursuant to
Section 2.17, such assignment will result in a reduction in such compensation or payments, and (iv) in the case of any assignment of a Declining Lender’s Commitments, the relevant replacement Lender shall have
agreed (and shall be deemed to agree by entering into such assignment) that such assigned Commitments shall have a Maturity Date that is the latest Maturity Date for any Commitments then in effect under this Agreement (after giving effect to

  
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the latest Extension Effective Date). A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and delegation cease to apply. If any Lender refuses to assign and delegate all its interests, rights and obligations under this Agreement after the Borrowers have required such Lender
to do so as a result of a claim for compensation under Section 2.13(g) or Section 2.15 or payments required to be made pursuant to Section 2.17, such Lender shall not be
entitled to receive such compensation or required payments. 
 (c) If the Borrowers, the Administrative Agent, the Issuing Banks and the
Swing Line Lender agree in writing in their discretion that a Lender that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase at par such portion of outstanding Loans of the other Revolving Lenders and/or make such other adjustments as the
Administrative Agent may determine to be necessary to cause the Credit Exposure, LC Exposure, and Swing Line Loan Exposure of the Revolving Lenders to be on a pro rata basis in accordance with their respective Commitments, whereupon
such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender (and such Credit Exposure of each Revolving Lender will automatically be adjusted on a prospective basis to reflect the
foregoing); provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided, further, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from such Lender having been a Defaulting Lender. 
 Section 2.20 Nature of Obligations. Notwithstanding anything in this
Agreement to the contrary, the respective obligations of the Borrowers under the Loan Documents are several and not joint. For avoidance of doubt, and without limitation of the preceding sentence, it is agreed that (i) no Borrower shall be
liable for the Loans (or interest or fees with respect thereto) made to a different Borrower under Section 2.01, and no Borrower shall be liable for the LC Disbursements (or related fees) with respect to Letters of Credit
issued at the request of a different Borrower pursuant to Section 2.06, (ii) with respect to each Borrower, the obligations set forth in Section 2.15 shall only apply in respect of the Commitment
of any Lender Party to lend to, or to issue (or purchase participations in) Letters of Credit issued at the request of, such Borrower, (iii) with respect to the indemnification obligations set forth in Section 2.17,
each Borrower shall only be responsible for such obligations that result from Taxes or Other Taxes in connection with Loans made to, or Letters of Credit issued at the request of, or that otherwise pertain to, such Borrower or any of its
Subsidiaries, (iv) with respect to any representation and warranty made by a Borrower pursuant to Section 4.02, such representation and warranty shall only be made by such Borrower as provided in clause (v) of
this Section 2.20, (v) with respect to the representations and warranties made in Article III or, if applicable, any other Loan Document, each Borrower makes such representations and warranties only with respect to,
and only to the extent applicable to, such Borrower and its Subsidiaries, and (vi) with respect to covenants set forth in Articles V and VI, each Borrower is only responsible for compliance with such covenants only with respect
to, and only to the extent applicable to, such Borrower and its Subsidiaries. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Borrower, solely with respect to itself and, to the extent set forth below, its Subsidiaries, represents and warrants to the Lenders
that, on the Effective Date, the date of each Borrowing by such Borrower or issuance or increase in the amount of any Letter of Credit for such Borrower, and each Added L/C Effective Date, except with respect to
Sections 3.07 and 3.12, which shall only be represented and warranted as of the Effective Date, as provided therein: 

Section 3.01 Organization; Powers. Such Borrower and each of its Material Subsidiaries is validly existing and (if applicable) in
good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business in all material respects as now conducted and is qualified to do business in, and (if applicable) is in good
standing in, every jurisdiction where such qualification is required, except where the failure to do so or to be validly existing and in good standing or to have such power and authority, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect with respect to such Borrower. 
 Section 3.02 Authorization; Enforceability.
The Transactions and the performance of its obligations contemplated thereby are within such Borrower’s corporate or limited liability company powers, as applicable, and have been duly authorized by all necessary partnership, limited liability
company and, if required, stockholder or member action, as applicable. This Agreement has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 Section 3.03 Governmental Approvals; No Conflicts. No material authorization or approval or
other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by such Borrower of any Loan Document to which it is a party, or the consummation of the transactions
contemplated thereby. The execution, delivery and performance by such Borrower of the Loan Documents to which it is shown as being a party and the consummation of the transactions contemplated thereby do not contravene (a) such Borrower’s
organizational documents or (b) any applicable law or any restriction under any material agreement binding on such Borrower and will not result in or require the creation or imposition of any Lien prohibited by this Agreement. 

Section 3.04 Financial Condition. Williams has heretofore furnished to the Lenders its consolidated balance sheet and statements
of income and cash flows (a) as of and for the fiscal year ended December 31, 2017, reported on by Ernst & Young LLP, independent public accountants, and (b) as of and for the fiscal quarter and the portion of the fiscal year
ended March 31, 2018. Such financial statements (i) were prepared in accordance with GAAP, except as otherwise expressly noted therein, and (ii) present fairly, in all material respects, the financial position and results of
operations and cash flows of the businesses of Williams and its consolidated subsidiaries as of such dates and for such periods in accordance with GAAP. 

  
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 Section 3.05 Litigation. Except as set forth in the annual report on Form 10-K for the year ended December 31, 2017, the quarterly reports on Form 10-Q or current reports on Form 8-K filed subsequent
thereto but prior to the Closing Date, or any amendments thereof filed subsequent thereto but prior to the Closing Date, in each case of any Borrower or Pre-Merger WPZ, or as set forth in the registration
statement on Form S-4 of Williams filed on May 29, 2018, or any amendments thereof filed subsequent thereto but prior to the Closing Date, there are no actions, suits or proceedings by or before any
arbitrator or Governmental Authority pending against or, to the knowledge of such Borrower, threatened in writing against such Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and
that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect with respect to such Borrower or (ii) that purport to adversely affect the legality, validity and enforceability of the Loan Documents
and are non-frivolous (as reasonably determined by the Administrative Agent); provided, that this representation, when made, shall not constitute an admission that any action, suit or proceeding set
forth in any annual report on Form 10-K, any quarterly report on Form 10-Q, any current report on Form 8-K, or set forth in the
Form S-4, or any amendments to any of the foregoing, in each case referred to above would result in a Material Adverse Effect due to an adverse determination, if any. 

Section 3.06 Environmental Matters. Except as set forth in the annual report on Form 10-K
for the year ended December 31, 2017, the quarterly reports on Form 10-Q or current reports on Form 8-K filed subsequent thereto but prior to the Closing Date, or
any amendments thereof filed subsequent thereto but prior to the Closing Date, in each case of any Borrower or Pre-Merger WPZ, or as set forth in the registration statement on Form S-4 of Williams filed on May 29, 2018, or any amendments thereof filed subsequent thereto but prior to the Closing Date, such Borrower and its Subsidiaries have reasonably concluded that they: (a) are in
compliance with all applicable Environmental Laws, except to the extent that any non-compliance would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower; (b) are
not subject to any judicial, administrative, government, regulatory or arbitration proceeding alleging the violation of any applicable Environmental Laws, except to the extent that any such proceeding would not reasonably be expected to have a
Material Adverse Effect with respect to such Borrower; and (c) possess, and are in compliance with, or have applied for, all approvals, licenses, permits, consents and other authorizations which are necessary under any applicable Environmental
Laws to conduct their business, except to the extent that the failure to possess, or be in compliance with, any of the foregoing would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower. 

Section 3.07 Disclosure. As of the Effective Date only, neither the Information Memorandum nor any of the other reports, financial
statements, certificates or other written information furnished by or on behalf of such Borrower (including, in the case of Williams, by or on behalf of Pre-Merger WPZ) in connection with the Transactions to
the Administrative Agent or any Lender on or prior to the Effective Date (as modified or supplemented by other information so furnished on or prior to the Effective Date), taken as a whole, contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading, 

  
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provided that, with respect to any projected financial information, such Borrower represents only that such information was prepared in good faith based upon assumptions believed by such
Borrower to be reasonable at the time (it being recognized, however, that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by any projections may materially differ from
the projected results). 
 Section 3.08 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken
together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect in respect of such Borrower. 

Section 3.09 Investment Company Status. No Borrower is an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940. 
 Section 3.10 Margin Securities. No Borrower is engaged principally, or as one of
its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations U or X of the Board of Governors of the Federal Reserve System of the United States of America),
and no part of the proceeds of any Loan will be used to purchase or carry any margin stock in violation of said Regulations U or X or to extend credit to others for the purpose of purchasing or carrying margin stock in violation of said Regulations
U or X. 
 Section 3.11 Sanctions; Anti-Corruption; Money Laundering and Counter-Terrorist Financing Laws 

(a) None of the Borrowers or any of their Subsidiaries, nor, to the knowledge of the Borrowers, any director, officer, employee or Affiliate of
any Borrower or any of their Subsidiaries is the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control or the U.S. State Department, the United Nations Security Council, the
European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”); none of the Borrowers or any of their Subsidiaries is located, organized or resident in a country or territory that is,
or whose government is, the subject of Sanctions. 
 (b) Neither any Letter of Credit nor any part of the proceeds of the Loans will be used,
directly or, to the knowledge of any Borrower, indirectly, (i) to fund or finance any activities or business of or with any Person or vessel, or in any country or territory, that, at the time of such funding or financing, is, or whose
government is, the subject of Sanctions if such activities or business would be prohibited for a U.S. Person pursuant to Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Borrower or any Subsidiary or
any other party to this Agreement. 
 (c) Each Borrower and its Subsidiaries are in compliance with all applicable anti-corruption laws,
including the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), except for such non-compliance that could not, based upon the facts and
circumstances existing at the time, reasonably be expected to (x) result in a Material Adverse Effect or (y) result in material liability to any Lender Party or the 

  
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Administrative Agent. Williams has instituted and maintains policies and procedures reasonably designed to promote compliance by each Borrower with the FCPA and all other applicable
anti-corruption laws, and each Borrower adheres to such policies and procedures. Neither any Letter of Credit nor any part of the proceeds of the Loans will be used, directly or, to the knowledge of any Borrower, indirectly, in violation of the FCPA
or any other applicable anti-corruption law, including for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or any other applicable anticorruption law. 

(d) To the extent applicable, each Borrowers and its Subsidiaries are in compliance with the Bank Secrecy Act, as amended by Title III of the
USA PATRIOT Act, and all other applicable anti-money laundering and counter-terrorist financing laws and regulations, except for such non-compliance that could not, based on the facts and circumstances
existing at the time, reasonably be expected to (x) result in a Material Adverse Effect or (y) result in material liability to any Lender Party or the Administrative Agent. 

Section 3.12 Beneficial Ownership Certification. As of the Effective Date, the information included in the Beneficial Ownership
Certification is true and correct in all respects. 
 Section 3.13 Taxes. Each Borrower and 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 where (a)(i) the Taxes are being contested by such Borrower or such Subsidiary in good faith by appropriate proceedings, and (ii) such Borrower or such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP, and (b) the failure to file such tax returns and reports or make such payment would not reasonably be expected to have a Material Adverse Effect. 

ARTICLE IV 
 CONDITIONS

 Section 4.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of
Credit hereunder shall not become effective until the Effective Date which is scheduled to occur when each of the following conditions is satisfied: 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed
on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include fax or email pdf transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 (b) The Administrative Agent shall have received written opinions (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of T. Lane Wilson, General Counsel of the Borrowers, and Gibson, Dunn & Crutcher LLP, counsel for the Borrowers, in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 (c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to (i) the organization and existence of the Borrowers, and (ii) the authorization of the Transactions and any other legal matters relating to the Borrowers, this
Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The
Administrative Agent shall have received each promissory note requested by a Lender pursuant to Section 2.10(e), each duly completed and executed by each Borrower. 

(e) The Administrative Agent shall have received a certificate or certificates, dated the Effective Date and signed by the President, an
Executive Vice President or a Financial Officer or a Responsible Officer of each Borrower, (i) confirming compliance with the conditions set forth in paragraphs (g), (h), (i), (j), and (k) of this
Section 4.01 and (ii) stating that as of the Effective Date only, after giving effect to the Effective Date Merger, each Borrower, individually, and together with its Subsidiaries on a consolidated basis, is Solvent.

 (f) The Administrative Agent shall have received (i) all fees and other amounts due and payable pursuant to the Fee Letters on or
prior to the Effective Date and (ii) to the extent invoiced two (2) Business Days prior to closing, reimbursement or payment of all out-of-pocket expenses
required to be reimbursed or paid by the Borrowers hereunder (or shall have received satisfactory evidence that all such fees and amounts are being paid substantially simultaneously). 

(g) As of the Effective Date only, since December 31, 2017, no event resulting in a Material Adverse Effect has occurred and is
continuing. 
 (h) No Default or Event of Default has occurred and is continuing. 

(i) The representations and warranties of each Borrower set forth in this Agreement shall be true and correct in all material respects (other
than those representations and warranties that are subject to a materiality qualifier, in which case such representations and warranties shall be true and correct in all respects as written, including the materiality qualifier) on and as of the
Effective Date (other than those representations and warranties that expressly relate to a specific earlier date, which shall be true and correct in all material respects as of such earlier date (other than those representations and warranties that
are subject to a materiality qualifier, in which case such representations and warranties shall be true and correct in all respects as of such earlier date as written, including the materiality qualifier)). 

(j) The Effective Date Merger shall have been consummated or is being consummated, on the Effective Date. 

(k) The Administrative Agent shall have received evidence reasonably satisfactory to it that the Existing Credit Agreements have been
terminated (or will be terminated on the Effective Date), all obligations thereunder have been paid in full in cash (other than any Letters of Credit listed on Schedule 2.06 hereto and any contingent expense reimbursement, indemnification and
similar obligations that survive repayment in full of the obligations under the Existing Credit Agreements), all commitments to extend credit thereunder shall have been terminated in full, and arrangements shall have been made with respect to each
letter of credit issued thereunder, satisfactory to the issuer of such letter of credit (including the termination, cash collateralization, or backstop of such letter of credit). 

  
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 (l) Beneficial Ownership Certification. On or prior to the Closing Date, each Borrower
shall deliver to the Administrative Agent and any Lender who so requests a Beneficial Ownership Certification, to the extent such Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 

(m) KYC Information. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender the documentation and
other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the Act. 

The date on which all of the foregoing conditions have been satisfied (or waived by the Administrative Agent) shall be the “Effective Date”.
The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

Section 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (exclusive of
continuations and conversions of a Borrowing and except as set forth in Section 2.05(d) with respect to Loans to be made by the Revolving Lenders for the purpose of repaying the Swing Line Loans), and of any Issuing Bank to
issue or increase the amount of any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations
and warranties of the Borrower requesting the Loan set forth in this Agreement shall be true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, in which case such
representations and warranties shall be true and correct in all respects as written, including the materiality qualifier) on and as of the date of such Borrowing or the date of issuance or increase of such Letter of Credit, as applicable (other than
those representations and warranties that expressly relate to a specific earlier date, which shall be true and correct in all material respects as of such earlier date (other than those representations and warranties that are subject to a
materiality qualifier, in which case such representations and warranties shall be true and correct in all respects as of such earlier date as written, including the materiality qualifier)). 

(b) At the time of and immediately after giving effect to such Borrowing or the issuance or increase of such Letter of Credit, as applicable,
no Default with respect to such Borrower shall have occurred and be continuing. 
 Each Borrowing, each Swing Line Borrowing Notice and each issuance or
increase of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower making such Borrowing on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

Section 4.03 Defaulting Lenders. In addition to the other conditions precedent herein set forth, if any Lender becomes, and during
the period it remains, a Defaulting Lender, no Issuing Bank will be required to issue any Letter of Credit or to increase any outstanding Letter of Credit, and the Swing Line Lender will not be required to make a Swing Line Loan, unless such Issuing
Bank or the Swing Line Lender, as the case may be, is reasonably satisfied that any exposure that would result therefrom is fully covered or eliminated by any combination, at the option of the applicable Borrower, of the following: 

  
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 (a) the LC Exposure and the Swing Line Loan Exposure of such Defaulting Lender is reallocated, as
to outstanding and future Letters of Credit and Swing Line Loans to the Non-Defaulting Lenders as provided in Section 2.06(k); 

(b) to the extent a reallocation as provided in Section 2.06(k) is not available or otherwise at the option of the
Borrower requesting the Letter of Credit or the Swing Line Loan, without limiting the provisions of Section 2.06(j), each Borrower Cash Collateralizes the obligations of such Borrower in respect of such Letter of Credit or
Swing Line Loan in an amount equal to the aggregate amount of the unreallocated obligations (contingent or otherwise) of such Defaulting Lender in respect of such Letter of Credit or Swing Line Loan (provided that cash collateral shall be
deposited in an interest bearing account promptly after the execution of the appropriate deposit account agreement and establishment of such account from which the Administrative Agent will release interest to the applicable Borrower on a periodic
basis), or makes other arrangements satisfactory to the Administrative Agent and the relevant Issuing Bank(s) or the Swing Line Lender in their sole discretion to protect them against the risk of non-payment
by such Defaulting Lender; and 
 (c) in the case of a proposed issuance of a Letter of Credit or making of a Swing Line Loan, by an
instrument or instruments in form and substance satisfactory to the Administrative Agent and to the relevant Issuing Bank(s) or the Swing Line Lender, as the case may be, the Borrowers agree that the face amount of such requested Letter of Credit or
the principal amount of such requested Swing Line Loan will be reduced by an amount equal to the unreallocated, non-Cash Collateralized portion thereof as to which such Defaulting Lender would otherwise be
liable, in which case the obligations of the Non-Defaulting Lenders in respect of such Letter of Credit or Swing Line Loan will, subject to the first proviso below, be on a pro rata basis in
accordance with the Commitments of the Non-Defaulting Lenders, and the pro rata payment provisions of Section 2.18 will be deemed adjusted to reflect this provision;
provided that (a) the sum of each Non-Defaulting Lender’s total Credit Exposure may not in any event exceed the Commitment of such Non-Defaulting
Lender, and (b) subject to Section 9.23, neither any such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto nor any such Cash Collateralization or
reduction will constitute a waiver or release of any claim any Borrower, the Administrative Agent, any Issuing Bank, the Swing Line Lender or any other Lender may have against such Defaulting Lender, or cause such Defaulting Lender to be a Non-Defaulting Lender. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

From and after the Effective Date and until the Aggregate Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, each Borrower, solely with respect to itself, and to the extent set
forth below, its Subsidiaries, covenants and agrees with the Lenders that: 

  
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 Section 5.01 Financial Statements and Other Information. Such Borrower will furnish,
or cause to be furnished, to the Administrative Agent: 
 (a) as soon as available, but in any event within 105 days after the end of each
fiscal year of such Borrower, the audited consolidated balance sheet of such Borrower and its consolidated subsidiaries for such fiscal year and the related consolidated statements of income, equity and cash flows of such Borrower and its
consolidated subsidiaries for such fiscal year, all in reasonable detail, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing selected by such Borrower, which report and
opinion shall be prepared in accordance with GAAP; 
 (b) as soon as available, but in any event within 60 days after the end of each of the
first three fiscal quarters of each fiscal year of such Borrower, the unaudited consolidated balance sheet of such Borrower and its consolidated subsidiaries as at the end of such quarter and the related consolidated statements of income, equity and
cash flows of such Borrower and its consolidated subsidiaries for such quarter, all in reasonable detail and certified by a Financial Officer of such Borrower as fairly presenting in all material respects the financial condition, results of
operations and cash flows of such Borrower and its subsidiaries in accordance with GAAP, subject to normal changes resulting from year-end adjustments; 

(c) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of such Borrower and within 105 days after the
end of each fiscal year of such Borrower, a certificate of a Financial Officer of such Borrower substantially in the form of Exhibit D (i) certifying as to whether a Default has occurred that is then continuing and, if
a Default has occurred that is then continuing, specifying the details thereof and any action taken or proposed to be taken with respect thereto, and (ii) setting forth in reasonable detail calculations demonstrating compliance with
Section 6.05; 
 (d) promptly upon their becoming available, one copy of (i) each financial statement, report,
notice or proxy statement sent by any Borrower to public securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such Lender), and each prospectus
and all amendments thereto filed by Williams or any of its Subsidiaries with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities
exchange; and 
 (e) any other information (other than projections) which the Administrative Agent, at the request of any Lender, may from
time to time reasonably request. 
 Any document readily available on-line through the
“Electronic Data Gathering, Analysis and Retrieval” system (or any successor system thereof) maintained by the Securities and Exchange Commission (or any succeeding Governmental Authority), shall be deemed to have been furnished to the
Administrative Agent for purposes of this Section 5.01. Documents required to be delivered pursuant to this Section 5.01 may be delivered electronically and if so delivered, shall be deemed to have
been delivered on the date (i) on which such Borrower posts such documents, or provides a link thereto on such Borrower’s website on the Internet at http://co.williams.com/ or (ii) on which such documents are (or are deemed to
be) delivered to 

  
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the Administrative Agent. The Administrative Agent shall post such documents on such Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and
in any event shall have no responsibility to monitor compliance by such Borrower with any such request for delivery. 
 Section 5.02
Notices of Material Events. Such Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 

(a) the occurrence of any Event of Default; 

(b) as soon as possible and in any event within 30 Business Days after such Borrower or any of its Subsidiaries or ERISA Affiliate of such
Borrower knows or has reason to know that any ERISA Event with respect to any Plan of such Borrower has occurred or is reasonably expected to occur that could reasonably be expected to have a Material Adverse Effect in respect of such Borrower; 

(c) promptly and in any event within 30 Business Days after receipt thereof by such Borrower or any ERISA Affiliate of such Borrower, copies of
each notice received by such Borrower or any ERISA Affiliate of such Borrower from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan; 

(d) promptly and in any event within 30 Business Days after receipt thereof by such Borrower or any ERISA Affiliate of such Borrower from the
sponsor of a Multiemployer Plan, a copy of each notice received by such Borrower or any ERISA Affiliate of such Borrower concerning (i) the imposition of a Withdrawal Liability by a Multiemployer Plan, (ii) the termination of a
Multiemployer Plan within the meaning of Title IV of ERISA, or (iii) the amount of liability incurred, or expected to be incurred, by such Borrower or any ERISA Affiliate of such Borrower in connection with any event described in clause
(i) or (ii) above that, in the aggregate, would reasonably be expected to have a Material Adverse Effect in respect of such Borrower; and 

(e) promptly, and in any event, within 5 Business Days of any announcement by Moody’s or S&P of a downgrade in a rating for the Index
Debt of such Borrower; provided, that such obligation shall be deemed automatically satisfied if such announcement is made public by Moody’s or S&P, as applicable or by Williams. 

Each notice delivered under clauses (a) through (d) of this Section shall be accompanied by a statement of a Responsible Officer setting forth the
details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.03 Existence; Conduct of Business. Such Borrower will, and will cause each of its Material Subsidiaries to, do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except where failure to do so could not be
reasonably expected to have a Material Adverse Effect with respect to such Borrower except (i) 

  
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in the case of any Material Subsidiary of such Borrower (other than another Borrower), where the failure of such Material Subsidiary to so maintain its existence could not reasonably be expected
to have a Material Adverse Effect in respect of such Borrower, (ii) where the failure to preserve and maintain such rights and franchises (other than existence) or to so qualify and remain qualified could not reasonably be expected to have a
Material Adverse Effect in respect of such Borrower, and (iii) the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution not prohibited under Section 6.02. 

Section 5.04 Payment of Taxes. Such Borrower will, and will cause each of its Material Subsidiaries to, pay any Tax liabilities,
except where (a)(i) the validity or amount thereof is being contested by such Borrower or such Subsidiary in good faith by appropriate proceedings, and (ii) such Borrower or such Subsidiary has set aside on its books adequate reserves with
respect thereto in accordance with GAAP, or (b) the failure to make payment would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower. 

Section 5.05 Maintenance of Properties; Insurance. Such Borrower will, and will cause each of its Material Subsidiaries to,
(a) keep and maintain all property, taken as a whole, material to the conduct of their business in good working order and condition, ordinary wear and tear excepted, in the reasonable judgment of such Borrower or Material Subsidiary, and
(b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar
locations; provided that (i) such Borrower or Material Subsidiary may self-insure to the extent and in the manner normal for companies of like size, type and financial condition and (ii) any insurance required by this
Section 5.05(b) may be maintained by Williams on behalf of such Borrower or Material Subsidiary. 

Section 5.06 Books and Records; Inspection Rights. Such Borrower will, and will cause each of its Material Subsidiaries to, keep
in accordance with GAAP books of record and account. Such Borrower will, and will cause each of its Material Subsidiaries to, permit any representatives designated by the Administrative Agent or the Required Lenders, upon reasonable prior notice
during normal business hours and, if such Borrower shall so request, in the presence of a Responsible Officer or an appointee of a Responsible Officer, at the Lenders’ expense so long as no Event of Default exists and at such Borrower’s
expense during the continuance of an Event of Default, to visit and inspect its properties, to examine and make extracts from its books and records (subject to such attorney-client privilege exceptions that the Borrower reasonably determines are
necessary in order to avoid loss of its attorney client privilege, compliance with confidentiality agreements and applicable copyright law), and to discuss its affairs, finances and condition with its officers, all at such reasonable times and as
often as reasonably requested but no more frequently than once a year so long as no Event of Default exists. 
 Section 5.07
Compliance with Laws. Such Borrower will, and will cause each of its Material Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, including, without limitation,
Environmental Laws, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect with respect to such Borrower. 

  
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 Section 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Loans will be
used (i) to refinance the outstanding Indebtedness under the Existing Credit Agreements on the Effective Date and (ii) for working capital, acquisitions, capital expenditures and other general corporate, partnership or limited liability
company, as applicable, purposes. Letters of Credit will be used for such Borrower’s and their respective Subsidiaries’ general corporate, partnership or limited liability company, as applicable, purposes. No part of the proceeds of any
Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System of the United States of America, including Regulations U and X. 

Section 5.09 Potential Subsidiary Guarantors. 

(a) If, on or after the date of this Agreement, any Subsidiary of Williams that is not already a Guarantor guarantees any Material Indebtedness
of any Borrower, then that Subsidiary shall become a Guarantor of the obligations of such Borrower hereunder by executing a Guaranty and delivering it to the Administrative Agent within twenty Business Days of the date on which it guaranteed such
Material Indebtedness, together with such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

(b) The Guaranty of a Guarantor shall be released (i) in connection with any sale or other disposition of all or substantially all of the
properties or assets of such Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Guarantor, (ii) in connection with any sale or other disposition of all of
the Capital Stock of such Guarantor to a Person that is not (either before or after giving effect to such transaction) a Guarantor, (iii) upon termination of this Agreement or (iv) at such time as such Guarantor ceases to guaranty such
Material Indebtedness. 
 Section 5.10 Post-Closing Requirements. 

(a) If the merger between Williams and Post-Merger WPZ has not been consummated by the date that is three Business Days after the Effective
Date, then Williams shall cause Post-Merger WPZ to become a Guarantor of the obligations of Williams hereunder by executing a Guaranty and delivering it to the Administrative Agent on such date, together with such other additional closing documents,
certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 
 (b) If the merger between Williams and
Post-Merger WPZ is consummated on a date other than the Effective Date, then on the date of such consummation, Williams shall deliver to the Administrative Agent a certificate, dated as of the date of such consummation and signed by the President,
an Executive Vice President or a Financial Officer or a Responsible Officer of each Borrower, stating that as of such date only, after giving effect to such consummation, each Borrower, individually, and together with its Subsidiaries on a
consolidated basis, is Solvent. 

  
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 ARTICLE VI 

NEGATIVE COVENANTS 
 From
and after the Effective Date and until the Aggregate Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and
all LC Disbursements shall have been reimbursed, each Borrower, solely with respect to itself, and to the extent set forth below, its Subsidiaries, covenants and agrees with the Lenders that: 

Section 6.01 Liens. Such Borrower shall not, and shall not permit any of its Material Subsidiaries to, create, assume or incur any
Lien on any of its assets or property or upon any Equity Interests of any such Material Subsidiary, which Equity Interests are now owned or hereafter acquired by such Borrower or such Subsidiary to secure any Indebtedness of such Borrower or any
other Person (other than the Indebtedness under this Agreement) other than Permitted Liens, without providing that the Loans of such Borrower shall be equally and ratably secured with such Indebtedness until such time as such Indebtedness is no
longer secured by a Lien. Notwithstanding the foregoing, each Borrower may, and may permit any of its Material Subsidiaries to, create, assume or incur any Indebtedness secured by a Lien, other than a Permitted Lien, without securing the Loans of
such Borrower, provided that the aggregate principal amount of all Indebtedness then outstanding secured by Liens (other than Permitted Liens) does not exceed 15% of Consolidated Net Tangible Assets. 

Section 6.02 Fundamental Changes. Such Borrower will not merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of, directly or indirectly, (in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing, (a) any Person may merge into a Borrower in a transaction in which such
Borrower is the surviving Person, and (b) NWP or TGPL may merge or consolidate with or into Williams or any Subsidiary of Williams or transfer all or substantially all of its assets to Williams or any Subsidiary of Williams in a transaction or
series of transactions in which Williams or such Subsidiary of Williams is the surviving Person. 
 Section 6.03 Restricted
Payments. Such Borrower will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except as long as no Event of Default has occurred and is continuing or would result therefrom, (a) Williams may make
Restricted Payments, (b) each of NWP and TGPL may make Restricted Payments to Williams and its Subsidiaries, (c) Williams may make payments or other distributions to officers, directors or employees with respect to the exercise by any such
Persons of options, warrants or other rights to acquire Equity Interests in Williams issued pursuant to an employment, equity award, equity option or equity appreciation agreement or plans entered into by Williams or such Subsidiary in the ordinary
course of business, and (d) TGPL and NWP may distribute cash to Williams in connection with their participation in Williams’s cash management program; provided, that even if an Event of Default shall have occurred and is continuing,
each of NWP and TGPL may make Restricted Payments to Williams and its Subsidiaries so long as, with respect to any such Borrower or its respective Subsidiaries, there is no Credit Exposure of any Lender with respect to such Borrower; provided,
further, that even if an Event of Default shall have occurred and is continuing and there is Credit Exposure of a Lender with respect to NWP and/or TGPL, NWP and/or TGPL (as applicable) may make Permitted Tax Distributions. 

  
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 Section 6.04 Restrictive Agreements. Such Borrower will not, and will not permit any
of its Material Subsidiaries to, directly or indirectly, enter into or permit to exist any agreement or other arrangement with any Person, other than the Lenders pursuant hereto, which expressly prohibits or restricts or imposes any conditions upon
the ability of any Material Subsidiary of such Borrower to (a) pay dividends or make other distributions or pay any Indebtedness owed to Williams or any Material Subsidiary of Williams, or (b) make subordinate loans or advances to or make
other investments in Williams or any Material Subsidiary of Williams in each case, other than restrictions or conditions contained in, or existing by reasons of, any agreement or instrument (i) relating to any Indebtedness or volumetric
production payment arrangements of any Subsidiary of Williams, (ii) relating to property existing at the time of the acquisition thereof, so long as the restriction or condition relates only to the property so acquired, (iii) relating to
any Subsidiary of Williams at the time such Subsidiary was merged or consolidated with or into, or acquired by, Williams or a Subsidiary of Williams or became a Subsidiary of Williams and not created in contemplation thereof, (iv) effecting a
renewal, extension, refinancing, refund or replacement (or successive extensions, renewals, refinancings, refunds or replacements) of Indebtedness issued under an agreement referred to in clauses (i) through (iii) above, so long as the
restrictions and conditions contained in any such renewal, extension, refinancing, refund or replacement agreement, taken as a whole, are not materially more restrictive than the restrictions and conditions contained in the original agreement, as
determined in good faith by the board of directors of Williams, (v) constituting customary provisions restricting subletting or assignment of any leases of Williams or any Subsidiary of Williams or provisions in agreements that restrict the
assignment of such agreement or any rights thereunder, (vi) related to Permitted Liens, (vii) constituting any temporary encumbrance or restriction with respect to a Subsidiary of Williams under an agreement that has been entered into for
the disposition of all or substantially all of the outstanding Equity Interests of or assets of such Subsidiary, provided that such disposition is otherwise permitted hereunder, (viii) constituting customary restrictions on cash, other
deposits or assets imposed by customers and other persons under contracts entered into in the ordinary course of business, (ix) constituting provisions contained in agreements or instruments relating to Indebtedness that prohibit the transfer
of all or substantially all of the assets of the obligor under that agreement or instrument unless the transferee assumes the obligations of the obligor under such agreement or instrument or such assets may be transferred subject to such
prohibition, (x) constituting a requirement that a certain amount of Indebtedness be maintained between a Subsidiary of Williams and Williams or another Subsidiary of Williams, (xi) constituting any restriction or condition with respect to
property under an agreement that has been entered into for the disposition of such property, provided that such disposition is otherwise permitted hereunder, (xii) constituting any restriction or condition with respect to property under
a charter, lease or other agreement that has been entered into for the employment of such property, (xiii) constituting a Hybrid Security or an indenture, document, agreement or security entered into or issued in connection with a Hybrid
Security or otherwise constituting a restriction or condition on the payment of dividends or distributions by an issuer of a Hybrid Security; (xiv) entered into in the ordinary course of business; (xv) existing under or by reason of
applicable law; (xvi) relating to a joint venture or similar arrangement, so long as the restriction or condition relates only to the property that is subject to such joint venture or similar arrangement; (xvii) existing on the Closing
Date and set forth in Schedule 6.04; or (xviii) relating to financial performance covenants. 

  
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 Section 6.05 Financial Condition Covenants. 

(a) Leverage Ratio. Williams shall not permit the ratio of Consolidated Indebtedness of Williams as of the last day of any fiscal
quarter for which financial statements have been delivered pursuant to Section 5.01 to Consolidated EBITDA of Williams for the four full fiscal quarters ending on such date to exceed the maximum ratio set forth below
opposite such fiscal quarter: 
  

					
	 Fiscal Quarter Ending
	  	Maximum
Leverage Ratio	 
	 On or prior to June 30, 2019
	  	 	5.75 to 1.00	 
	 September 30, 2019 and December 31, 2019
	  	 	5.50 to 1.00	 
	 March 31, 2020 and each fiscal quarter thereafter
	  	 	5.00 to 1.00	 

 provided, that with respect to any fiscal quarter ending during an Acquisition Adjustment Period (including on the last
day of an Acquisition Adjustment Period), such maximum ratio shall be 5.50 to 1.00. 
 For purposes of this Section 6.05(a):
(A) Hybrid Securities up to an aggregate amount of 15% of Consolidated Total Capitalization shall be excluded from Consolidated Indebtedness, (B) Consolidated EBITDA may include, at Williams’s option, any Material Project EBITDA
Adjustments as provided in the definition thereof and (C) once any Acquisition Adjustment Period is in effect, the next succeeding Acquisition Adjustment Period may not commence until the termination of such Acquisition Adjustment Period then
in effect. 
 (b) Ratio of Consolidated Indebtedness to Capitalization. In the case of any Borrower (other than Williams), such
Borrower shall not permit its ratio of (i) Consolidated Indebtedness of such Borrower as of the last day of any fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 to
(ii) the Consolidated Total Capitalization of such Borrower as of such date to exceed 0.65:1.00. 
 ARTICLE VII 

EVENTS OF DEFAULT 
 If any
of the following events (“Events of Default”) shall occur and be continuing: 
 (a) any Borrower shall fail to pay any
principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) any Borrower shall fail to pay (i) any interest on any Loan payable under this Agreement, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of five (5) days or (ii) any fee or any other amount (other than an amount referred to in clause (a) or (b)(i) of this Article) payable under this Agreement, when and as
the same shall become due and payable, and such failure shall continue unremedied for a period of ten (10) days; 

  
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 (c) any representation or warranty (other than Added L/C Representations) made by any Borrower or
any Guarantor herein or in any other Loan Document (or by any Responsible Officer of such Borrower) in writing under or in connection with this Agreement or any other Loan Document or any instrument executed in connection herewith (including
representations and warranties deemed made pursuant to Section 4.02) shall prove to have been incorrect in any material respect when made or deemed made and such materiality is continuing; 

(d) any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Article VI; 

(e) any Borrower or any Guarantor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any
other Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after the earlier of (i) written notice thereof from the Administrative
Agent to Williams (which notice will be given at the request of the Required Lenders) or (ii) a Responsible Officer of any Borrower shall have knowledge of such failure; 

(f) any Borrower or any Material Subsidiary of such Borrower shall (i) fail to pay (A) any principal of or premium or interest on any
Material Indebtedness of such Borrower or such Material Subsidiary (as the case may be), or (B) aggregate net obligations under one or more Hedging Agreements (excluding amounts the validity of which are being contested in good faith by
appropriate proceedings, if necessary, and for which adequate reserves with respect thereto are maintained on the books of such Borrower or such Material Subsidiary (as the case may be)) in excess of $150,000,000, in each case 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 Material
Indebtedness or such Hedging Agreements; or (ii) default in the observance or performance of any covenant or obligation contained in any agreement of such Material Indebtedness that is a default (in each case, other than a failure to pay
specified in clause (i) of this subsection (f)) and such default shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect thereof is to accelerate the maturity of such Material
Indebtedness or require such Material Indebtedness to be prepaid prior to the stated maturity thereof; for the avoidance of doubt the parties acknowledge and agree that any payment required to be made under a guaranty of payment or collection
described in clause (g) of the definition of Indebtedness shall be due and payable at the time such payment is due and payable under the terms of such guaranty (taking into account any applicable grace period) and such payment shall be deemed
not to have been accelerated or required to be prepaid prior to its stated maturity as a result of the obligation guaranteed having become due; provided, that this paragraph (f) shall not apply to secured Indebtedness that becomes due as
a result of voluntary sale or transfer of the property or assets securing such Indebtedness; 

  
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 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of any Borrower or any Material Subsidiary of such Borrower or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Material Subsidiary of such Borrower or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

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

(i) any Borrower or any Material Subsidiary of such Borrower shall admit in writing its inability to pay its debts generally; 

(j) one or more judgments for the payment of money in an aggregate uninsured amount equal to or greater than $150,000,000 shall be rendered
against any Borrower or any Material Subsidiary of such Borrower or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of such Borrower or any such Material Subsidiary of such Borrower to enforce any such judgment; 

(k) an ERISA Event shall have occurred and, thirty (30) days after notice thereof shall have been given to any Borrower by the
Administrative Agent, such ERISA Event shall still exist, and such ERISA Event, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect; 

(l) any Borrower or any Material Subsidiary or ERISA Affiliate of such Borrower shall have been notified by the sponsor of a Multiemployer Plan
that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans in connection with Withdrawal Liabilities (determined as of the date of such
notification), would reasonably be expected to result in a Material Adverse Effect; 
 (m) any Borrower or any Material Subsidiary or ERISA
Affiliate of such Borrower shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan or is being terminated, within the meaning of Title IV of ERISA, if as a result of such termination the aggregate annual
contributions of the Borrowers and their respective ERISA Affiliates to all Multiemployer Plans which are then being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the respective plan years
which include the Closing Date by an amount that would reasonably be expected to result in a Material Adverse Effect; 

  
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 (n) a Change in Control shall occur; or 

(o) if any Guaranty of a Material Subsidiary is required to be in effect pursuant to Section 5.09(a) or
Section 5.10 and prior to any release of such Guaranty pursuant to Section 5.09(b), (i) such Guaranty for any reason is not a legal, valid, binding and enforceable obligation of such Guarantor
party thereto for more than five (5) days or (ii) any Borrower or any Guarantor shall so state in writing that such Guaranty for any reason is not a legal, valid, binding and enforceable obligation of such Guarantor; 

then, and in every such event (other than an event with respect to any Borrower described in clause (g) or (h) of this Article), and at any time
thereafter during the continuance of such event, the Administrative Agent at the request of the Required Lenders shall, by notice to the Borrowers or applicable Borrower, take any of the following actions, at the same or different
times: (i) terminate the Aggregate Commitments, the commitments of the Swing Line Lender and Letter of Credit Commitments, and thereupon the Aggregate Commitments, the commitments of the Swing Line Lender, and the Letter of Credit
Commitments shall terminate immediately, (ii) declare the Loans owed by the applicable Borrower as to which an Event of Default has occurred and is continuing (or if such Event of Default occurred and is continuing with respect to a Guarantor,
the applicable Borrower whose obligations hereunder are guaranteed by such Guarantor) are to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of such Borrower accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to any Borrower described in clause (g) or (h) of this Article, the Borrower Sublimit of the
Borrower as to which such Event of Default has occurred and is outstanding, the obligations of each Lender to make Loans to such Borrower, obligation of the Swing Line Lender to make Swing Line Loans to such Borrower, and of each Issuing Bank to
issue a Letter of Credit for or on behalf of such Borrower shall be automatically terminated and the principal of the Loans of such Borrower then outstanding, together with accrued interest thereon and all fees and other obligations owed by the
applicable Borrower as to which such Event of Default has occurred and is continuing, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and
(iii) exercise on behalf of itself, the Lenders, the Swing Line Lender and the Issuing Banks all rights and remedies available to it, the Lenders, the Swing Line Lender and the Issuing Banks under the Loan Documents, including the rights under
Section 2.06(j)(i). 
 ARTICLE VIII 

THE ADMINISTRATIVE AGENT 

Section 8.01 Appointment and Authority. Each Lender Party hereby irrevocably appoints Citibank, N.A. to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lender Parties, and no Borrower or Guarantor shall have rights as a third party
beneficiary of any of such provisions. 

  
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 Section 8.02 Administrative Agent Individually. 

(a) The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender Party as any
other Lender Party and may exercise the same as though it were not the Administrative Agent and the term “Lender Party” or “Lender Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lender Parties. 

(b) Each Lender Party understands that the Person serving as Administrative Agent, acting in its individual capacity, and its Affiliates
(collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services
and businesses are collectively referred to in this Article VIII as “Activities”) and may engage in the Activities with or on behalf of one or more of the Borrowers or their respective Affiliates. Furthermore, the
Agent’s Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Borrowers and their Affiliates and including holding,
for its own account or on behalf of others, equity, debt and similar positions in the Borrowers or its respective Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of
one or more of the Borrowers or their Affiliates. Each Lender Party understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain information concerning the Borrowers or their Affiliates (including
information concerning the ability of the Borrowers to perform its obligations hereunder and under the other Loan Documents) which information may not be available to any of the Lender Parties that are not members of the Agent’s Group. None of
the Administrative Agent nor any member of the Agent’s Group shall have any duty to disclose to any Lender Party or use on behalf of the Lender Parties, and shall not be liable for the failure to so disclose or use, any information whatsoever
about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrowers or any Affiliate thereof) or to account for any
revenue or profits obtained in connection with the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender Party such documents as are expressly required by any Loan Document to be transmitted by the
Administrative Agent to the Lender Parties. 
 (c) Each Lender Party further understands that there may be situations where members of the
Agent’s Group or their respective customers (including the Borrowers and their Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lender Parties
(including the interests of the Lender Parties hereunder and under the other Loan Documents). Each Lender Party agrees that no 

  
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member of the Agent’s Group is or shall be required to restrict its activities as a result of the Person serving as Administrative Agent being a member of the Agent’s Group, and that
each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Lender Party. None of (i) this Agreement nor any other Loan Document, (ii) the receipt by the Agent’s Group of
information (including Information) concerning the Borrowers or their Affiliates (including information concerning the ability of the Borrowers to perform their respective obligations hereunder and under the other Loan Documents) nor (iii) any
other matter shall give rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any Lender Party including any
such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers (including the Borrowers or their Affiliates) or for its own account.     

Section 8.03 Duties of Administrative Agent; Exculpatory Provisions. 

(a) The Administrative Agent’s duties hereunder and under the other Loan Documents are solely ministerial and administrative in nature and
the Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such other
number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent or any of its Affiliates to liability or that is contrary to any Loan Document or applicable law, including, for the avoidance of doubt, any action that may be in violation of the automatic stay under the
Bankruptcy Code or other debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of the Bankruptcy Code or other debtor relief law. 

(b) The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.03
or Article VII) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or the event or events that give or may give rise to any Default
unless and until any Borrower or any Lender Party shall have given notice to the Administrative Agent describing such Default and such event or events. 

(c) Neither the Administrative Agent nor any member of the Agent’s Group shall be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty, representation or other information made or supplied in or in connection with this Agreement, any other Loan Document or the Information Memorandum, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or
other terms or 

  
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conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be
delivered to the Administrative Agent. 
 (d) Nothing in this Agreement or any other Loan Document shall require the Administrative Agent or
any of its Related Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender Party and each Lender Party confirms to the Administrative Agent that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 

Section 8.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender Party, the Administrative Agent
may presume that such condition is satisfactory to such Lender Party unless an officer of the Administrative Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Lender Party prior to the
making of such Loan or the issuance of such Letter of Credit, and in the case of a Borrowing, such Lender Party shall not have made available to the Administrative Agent such Lender Party’s ratable portion of such Borrowing. The Administrative
Agent may consult with legal counsel (who may be counsel for any Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 Section 8.05 Delegation of Duties. The Administrative Agent may perform any and all 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 and all of its duties and
exercise its rights and powers by or through their respective Related Parties. Each such sub agent and the Related Parties of the Administrative Agent and each such sub agent shall be entitled to the benefits of all provisions of this Article
VIII and Section 9.04 (as though such sub-agents were the “Administrative Agent” under the Loan Documents) as if set forth in full herein with respect thereto. 

Section 8.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the
Lender Parties and the Borrowers (such notice not to be effective until 30 days have lapsed). Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrowers, to appoint a successor. If no
such successor shall have been so appointed by the Required Lenders and shall have 

  
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accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (such 30-day period, the “Lender
Party Appointment Period”), then the retiring Administrative Agent may, with the Borrower’s approval, on behalf of the Lender Parties, 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 and such bank, or its Affiliate, shall have capital and surplus equal to or greater than $500,000,000. In addition and without any obligation on the part of the retiring Administrative Agent to appoint, on
behalf of the Lender Parties, a successor Administrative Agent, the retiring Administrative Agent may at any time upon or after the end of the Lender Party Appointment Period notify the Borrowers and the Lender Parties that no qualifying Person has
accepted appointment as successor Administrative Agent and the effective date of such retiring Administrative Agent’s resignation which effective date shall be no earlier than three business days after the date of such notice. Upon the
resignation effective date established in such notice and regardless of whether a successor Administrative Agent has been appointed and accepted such appointment, the retiring Administrative Agent’s resignation shall nonetheless become
effective and (i) the retiring Administrative Agent shall be discharged from its duties and obligations as Administrative Agent hereunder and under the other Loan Documents and (ii) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender Party directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the
acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Administrative Agent of the retiring (or retired)
Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations as Administrative Agent hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
paragraph). The fees payable by Williams to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Williams and such successor. After the retiring Administrative Agent’s
resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 9.04 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. Anything herein to the contrary notwithstanding, if at any time the Required Lenders
determine that the Person serving as Administrative Agent is (without taking into account any provision in the definition of “Defaulting Lender” requiring notice from the Administrative Agent or any other party) a Defaulting Lender, the
Required Lenders (determined after giving effect to Section 9.03) may by notice to the Borrowers and such Person remove such Person as Administrative Agent and, in with the consent of the Borrowers, appoint a replacement
Administrative Agent hereunder. Such removal will, to the fullest extent permitted by applicable law, be effective on the earlier of (i) the date a replacement Administrative Agent is appointed and (ii) the date 30 days after the giving of
such notice by the Required Lenders (regardless of whether a replacement Administrative Agent has been appointed). Any resignation by the Administrative Agent pursuant to this Section 8.06 shall, unless otherwise agreed,
also constitute its resignation as Swing Line Lender. 

  
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 Section 8.07 Non-Reliance on Administrative Agent
and Other Lender Parties. 
 (a) Each Lender Party confirms to the Administrative Agent, each other Lender Party and each of their
respective Related Parties that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Administrative Agent, any other Lender
Party or any of their respective Related Parties, of evaluating the merits and risks (including Tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Loans and other
extensions of credit hereunder and under the other Loan Documents and (z) taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement
and making Loans and other extensions of credit hereunder and under the other Loan Documents is suitable and appropriate for it. 
 (b) Each
Lender Party acknowledges that (i) it is solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement and the other Loan Documents, (ii) it has, independently
and without reliance upon the Administrative Agent, any other Lender Party or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into,
this Agreement based on such documents and information as it has deemed appropriate and (iii) it will, independently and without reliance upon the Administrative Agent, any other Lender Party or any of their respective Related Parties, continue
to be solely responsible for making its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement and the other Loan Documents based on
such documents and information as it shall from time to time deem appropriate, which may include, in each case: 
 (i) the
financial condition, status and capitalization of the Borrowers; 
 (ii) the legality, validity, effectiveness, adequacy or
enforceability of this Agreement and each other Loan Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Loan Document; 

(iii) determining compliance or non-compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; 

(iv) the adequacy, accuracy and/or completeness of the Information Memorandum and any other information delivered by the
Administrative Agent, any other Lender Party or by any of their respective Related Parties under or in connection with this Agreement or any other Loan Document, the transactions contemplated hereby and thereby or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in connection with any Loan Document. 

  
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 Section 8.08 No Other Duties, etc. Anything herein to the contrary notwithstanding,
none of the Persons acting as Joint Bookrunners, Joint Lead Arrangers or Co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or as a Lender Party hereunder. 

Section 8.09 Trust Indenture Act. In the event that Citibank, N.A. or any of its Affiliates shall be or become an indenture
trustee under the Trust Indenture Act of 1939 (as amended, the “Trust Indenture Act”) in respect of any securities issued or guaranteed by any Borrower or any Guarantor, the parties hereto acknowledge and agree that any payment or
property received in satisfaction of or in respect of any obligation of such Borrower or such Guarantor hereunder or under any other Loan Document by or on behalf of Citibank, N.A. in its capacity as the Administrative Agent for the benefit of any
Lender under any Loan Document (other than Citibank, N.A. or an Affiliate of Citibank, N.A.) and which is applied in accordance with the Loan Documents shall be deemed to be exempt from the requirements of Section 311 of the Trust Indenture Act
pursuant to Section 311(b)(3) of the Trust Indenture Act. 
 Section 8.10 Resignation of an Issuing Bank. If a Lender
becomes, and during the period it remains, a Defaulting Lender, and Commitments have not been fully reallocated pursuant to Section 2.06(k), an Issuing Bank and/or the Swing Line Lender may, upon prior written notice to the
Borrowers and the Administrative Agent, resign as an Issuing Bank or as Swing Line Lender, respectively, effective at the close of business New York time on a date specified in such notice; provided, that such resignation by an Issuing Bank
will have no effect on the validity or enforceability of any Letter of Credit then outstanding or on the obligations of the Borrowers or any Lender under this Agreement with respect to any such outstanding Letter of Credit or otherwise to such
Issuing Bank; and provided, further, that such resignation by the Swing Line Lender will have no effect on its rights in respect of any outstanding Swing Line Loans or on the obligations of the Borrowers or any Lender under this Agreement
with respect to any such outstanding Swing Line Loan. 
 Section 8.11 Certain ERISA Matters. 

(a) Each Lender Party (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, each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of
doubt, to or for the benefit of any Borrower or any Subsidiary of a Borrower, that at least one of the following is and will be true: 

(i) such Lender Party is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, 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 

  
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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 Party’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender Party 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 Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, 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 Party, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender Party’s entrance into, participation in, administration of and performance of the Loans, 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 Party. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender Party or such Lender Party has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately
preceding clause (a), such Lender Party further (x) represents and warrants, as of the date such Person became a Lender Party 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, each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower or any Subsidiary of a
Borrower, that: 
 (i) none of the Administrative Agent, any Joint Lead Arranger or any of their respective Affiliates is a
fiduciary with respect to the assets of such Lender Party (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),

 (ii) the Person making the investment decision on behalf of such Lender Party with respect to the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an
insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 

  
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 (iii) the Person making the investment decision on behalf of such Lender Party
with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard
to particular transactions and investment strategies (including in respect of the obligations), 
 (iv) the Person making the
investment decision on behalf of such Lender Party with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code,
or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly to the Administrative Agent, any Joint Lead Arranger or any their
respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement. 

(c) The Administrative Agent and each Joint Lead Arranger hereby informs the Lender Parties that each such Person is not undertaking to provide
impartial 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 (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender Party or (iii) 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 IX 

MISCELLANEOUS 

Section 9.01 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices, demands, requests,
consents and other communications provided for in this Agreement shall be given in writing, or by any telecommunication device capable of creating a written record (including electronic mail), and addressed to the party to be notified as follows:

 (i) if to Williams or any other Borrower, to it at The Williams Companies, Inc., One Williams Center, Tulsa, Oklahoma
74172-0172, Attention of Treasurer (fax number 918-573-0871); 

  
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 (ii) if to the Administrative Agent or the Swing Line Lender, to Citibank, N.A.,
Citibank Delaware, 1615 Brett Road, OPS III, New Castle, Delaware 19720, (fax number: (646) 274-5080; email address: glagentofficeops@citi.com), with a copy to Citibank, N.A., 811 Main Street, Houston, Texas
77002, Attn: Williams Account Officer; 
 (iii) if to any Issuing Bank, to it at its address (or fax number) set forth in its
Administrative Questionnaire; and 
 (iv) if to any other Lender Party, to it at its address (or fax number) set forth in its
Administrative Questionnaire. 
 or at such other address as shall be notified in writing (x) in the case of any Borrower and the
Administrative Agent, to the other parties and (y) in the case of all other parties, to the Borrowers and the Administrative Agent. 

(b) All notices, demands, requests, consents and other communications described in clause (a) shall be effective (i) if delivered by
hand, including any overnight courier service, upon personal delivery, (ii) if delivered by mail, when deposited in the mails, (iii) if delivered by posting to an Approved Electronic Platform, an Internet website or a similar
telecommunication device requiring that a user have prior access to such Approved Electronic Platform, website or other device (to the extent permitted by Section 9.02 to be delivered thereunder), when such notice, demand,
request, consent and other communication shall have been made generally available on such Approved Electronic Platform, Internet website or similar device to the class of Person being notified (regardless of whether any such Person must accomplish,
and whether or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact information, compliance with a standard user agreement or undertaking a duty of
confidentiality) and such Person has been notified in respect of such posting that a communication has been posted to the Approved Electronic Platform and (iv) if delivered by electronic mail or any other telecommunications device, when
transmitted to an electronic mail address (or by another means of electronic delivery) as provided in clause (a); provided, however, that notices and communications to the Administrative Agent pursuant to Article II or Article
VIII shall not be effective until received by the Administrative Agent. 
 (c) Notwithstanding clauses (a) and (b) (unless the
Administrative Agent requests that the provisions of clause (a) and (b) be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other means,
the Borrowers shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to
glagentofficeops@citi.com or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Borrowers. Nothing in this clause (c) shall prejudice the right of the Administrative Agent
or any Lender Party to deliver any Approved Electronic Communication to the Borrowers in any manner authorized in this Agreement or to request that the Borrowers effect delivery in such manner. 

  
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 Section 9.02 Posting of Approved Electronic Communications. 

(a) Each of the Lender Parties and the Borrowers agree that the Administrative Agent may, but shall not be obligated to, make the Approved
Electronic Communications available to the Lender Parties by posting such Approved Electronic Communications on Debt Domain or a substantially similar 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, each of the Lender Parties and the Borrowers acknowledges and agrees that the distribution of material through
an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other
consideration provided hereunder, the receipt and sufficiency of which are hereby acknowledged, each of the Lender Parties and the Borrowers hereby approves distribution of the Approved Electronic Communications through the Approved Electronic
Platform and understands and assumes the risks of such distribution. 
 (c) THE APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC
COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF THE ADMINISTRATIVE AGENT NOR ANY OTHER MEMBER OF THE AGENT’S GROUP WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR
THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, 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 AGENT PARTIES IN
CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.  
 (d) Each of the Lender Parties and the
Borrowers agree that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally-applicable document retention procedures and policies. 
 Section 9.03 Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies 

  
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that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance
of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase or extend the Commitment of any Lender
without the written consent of such Lender (provided that, for the avoidance of doubt, this clause (i) shall not be deemed to be applicable to an increase of a Borrower Sublimit), (ii) reduce the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC
Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected
thereby (and, for the avoidance of doubt, a Declining Lender shall not be affected by an extension of the Maturity Date by Extending Lenders in accordance with Section 2.04), (iv) except as contemplated in
Section 2.04(e), change any provision in a manner that would alter the pro rata sharing of payments or other pro rata treatment of Lenders required thereby, without the written consent of each Lender, (v) change any of
the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender, or (vi) release any Guarantor from its obligation under any Guaranty except as permitted pursuant to Section 5.09(b) without the written consent of
each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank, or the Swing Line Lender hereunder without the prior written consent of the
Administrative Agent, such Issuing Bank or the Swing Line Lender, as the case may be. Except as provided herein, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable law, such Lender will not be
entitled to vote in respect of amendments and waivers hereunder and the Commitment and the outstanding Loans or other extensions of credit of such Lender hereunder will not be taken into account in determining whether the Required Lenders or all of
the Lenders, as required, have approved any such amendment or waiver (and the definition of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided, that any such amendment or
waiver referred to in clauses (i) through (v) or the proviso above or that would alter the terms of this proviso shall require the consent of such Defaulting Lender to the extent such Defaulting Lender is affected thereby. Notwithstanding
anything to the contrary herein, the Borrowers and the Administrative Agent may amend this agreement to incorporate and reflect any LIBO Successor Rate and any related LIBO Successor Rate Conforming Changes contemplated by
Section 2.14(b), which amendments may be effectuated without requiring the consent of any Lender except to the extent required by Section 2.14(b). 

  
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 (c) Notwithstanding anything to the contrary herein, the Administrative Agent and Williams may
amend any Loan Document to correct any obvious errors, mistakes, omissions, defects or inconsistencies of a technical or immaterial nature, and such amendment shall become effective without any further consent of any other party to such Loan
Document other than the Administrative Agent and Williams. 
 Section 9.04 Expenses; Indemnity; Damage Waiver 

(a) (i) Williams agrees to pay, within 30 days of receipt by Williams of request therefor, all reasonable
out-of-pocket costs and expenses of the Joint Lead Arrangers, the Administrative Agent and the Issuing Banks in connection with the syndication, preparation, execution,
delivery, administration, modification and amendment of this Agreement, the Letters of Credit, the Notes, or any other Loan Document and the other documents to be delivered under this Agreement, including the reasonable fees and out-of-pocket expenses of Bracewell LLP, counsel for the Administrative Agent, with respect thereto and with respect to advising the Administrative Agent as to its rights and
responsibilities under this Agreement, the Notes and any other Loan Document and the reasonable costs and expenses of the Issuing Banks in connection with any Letter of Credit, and (ii) Williams agrees to pay, on demand all costs and expenses,
if any (including reasonable counsel fees and out-of-pocket expenses), of the Administrative Agent, the Issuing Banks and each Lender in connection with the enforcement
(after the occurrence and during the continuance of an Event of Default and whether through negotiations (including formal workouts or restructurings), legal proceedings or otherwise) against any Borrower or any Guarantor of any Loan Document. 

(b) Each Borrower agrees, to the fullest extent permitted by law, to indemnify and hold harmless the Administrative Agent, the Issuing Banks,
the Swing Line Lender, the Joint Lead Arrangers, each Lender (other than any Defaulting Lender) and each Related Party of any of the foregoing Persons (the “Indemnified Parties”) from and against any and all claims, damages, losses,
liabilities, costs, penalties, fees and expenses (including reasonable fees and disbursements of counsel) of any kind or nature whatsoever for which any of them may become liable or which may be incurred by or asserted against any of the Indemnified
Parties (other than claims and related damages, losses, liabilities, costs, penalties, fees and expenses made by one Lender (or its successors or assignees) against another Lender) arising out of, related to or in connection with (i) any Loan
Document or any other document or instrument delivered in connection herewith, (ii) any violation by any Borrower or any Subsidiary thereof of any Environmental Law or any other law, rule, regulation or order, (iii) any Loan, any Letter of
Credit or the use or proposed use of the proceeds of any Loan or Letter of Credit, (iv) any of the Aggregate Commitments or the commitments of the Swing Line Lender, or (v) any investigation, litigation or proceeding, whether or not any of
the Indemnified Parties is a party thereto, related to or in connection with any of the foregoing or any Loan Document (EXPRESSLY INCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, PENALTY, FEE OR EXPENSE ATTRIBUTABLE TO THE ORDINARY, SOLE
OR CONTRIBUTORY NEGLIGENCE OF SUCH INDEMNIFIED PARTY, BUT EXCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, PENALTY, FEE OR EXPENSE SOUGHT TO BE RECOVERED BY ANY INDEMNIFIED PARTY TO THE EXTENT SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST,
PENALTY, FEE OR EXPENSE RESULTED FROM (i) THE GROSS NEGLIGENCE OR WILLFUL  

  
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MISCONDUCT OF SUCH INDEMNIFIED PARTY OR MATERIAL BREACH BY SUCH INDEMNIFIED PARTY OF ITS EXPRESS OBLIGATIONS UNDER THIS AGREEMENT, IN EACH CASE, AS DETERMINED BY A COURT OF COMPETENT
JURISDICTION IN A FINAL NON-APPEALABLE JUDGMENT or (ii) DISPUTES SOLELY AMONG THE LENDERS OTHER THAN AS A RESULT OF ANY ACT OR OMISSION BY WILLIAMS OR ANY OF ITS AFFILIATES (EXCLUDING FOR
THE AVOIDANCE OF DOUBT, CLAIMS AGAINST THE ADMINISTRATIVE AGENT IN ITS CAPACITY AS SUCH)). IT IS THE INTENT OF THE PARTIES HERETO THAT EACH INDEMNIFIED PARTY SHALL, TO THE EXTENT PROVIDED IN THIS SECTION 9.04(b), BE INDEMNIFIED
FOR ITS OWN ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE. This Section 9.04 shall not apply to Taxes unless those Taxes represent losses, claims, damages, etc. arising as a result of a
non-Tax claim that is otherwise subject to the indemnity contained in this Section 9.04. 

(c) To the extent that any Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Swing Line Lender or any
Issuing Bank under paragraph (a) or (b) of this Section, each Revolving Lender severally agrees to pay to the Administrative Agent, the Swing Line Lender or the applicable Issuing Bank, as the case may be, such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability, cost, penalty, fee or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Swing Line Lender or such Issuing Bank in its capacity as such. 

(d) To the fullest extent permitted by applicable law, no party shall assert, and each party hereby waives, any claim against any other party
or any Indemnified Party, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided, however, that the foregoing limitation shall not be deemed to impair or affect the
indemnification obligations of the Borrower under the Loan Documents. No Indemnified Party referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except to the extent caused by such
Indemnified Party’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final non-appealable judgment. 

(e) All amounts due under this Section shall be payable not later than 30 days after written demand therefor, such demand to be in reasonable
detail setting forth the basis for and method of calculation of such amounts. 

  
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 Section 9.05 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender
and 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 paragraph (b) of this Section, (ii) by way of participation in accordance with
the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (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 paragraph (d) of this Section 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 Loans 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 the Loans at the
time owing to it 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 paragraph (b)(i)(A) of this Section, (1) the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 and shall be an
integral multiple of $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing at the time of such assignment, Williams otherwise consents (each such consent not to be unreasonably
withheld or delayed) and (2) such partial assignment shall result in the assignor retaining a Commitment of not less than $10,000,000. 

(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 Loans or the Commitment assigned and each assignment for any Borrower shall be made only if the same percentage of Commitments of the assigning Lender for each
of the other Borrowers and the same percentage of LC Exposure of the assigning Lender are simultaneously assigned by the assigning Lender to the same Eligible Assignee pursuant to the same Assignment and Acceptance. 

  
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 (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 
 (A) the consent of Williams (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; 
 (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 with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

(C) the consent of the Issuing Banks (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(D) the consent of the Swing Line Lender (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 with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

(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 (which fee may be waived by the Administrative Agent in its discretion and shall, in any event, not be payable by Williams), and the assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to Borrower. No such
assignment shall be made to any Borrower or any Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to
Natural Persons or a Defaulting Lender. No such assignment shall be made to a natural person or a Defaulting Lender. 
 In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment will be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment 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, or other compensating actions, including
funding, with the consent of the Borrowers and the Administrative Agent, the applicable Pro Rata Share of Loans 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 Issuing Bank, the Swing Line Lender and each other Lender hereunder (and interest accrued thereon), and
(y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans and participations in Letters of Credit 

  
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and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder
becomes effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, 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 2.15, 2.17 and 9.04 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Any purported assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.05(b) shall be
void, and any such purported assignment or transfer shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section. 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, the Credit Exposure, and principal amounts of the Loans
owing to (and stated interest thereon), each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent, the Issuing Banks and
the Lenders may 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, notwithstanding notice to the contrary. The Register shall be available for inspection by
any Borrower and any Lender Party as to its own Commitments and amounts owing to it, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of an executed Assignment and Acceptance, together with any Note subject
to such assignment, and the payment of any processing and registration fee, the Administrative Agent shall (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt
notice thereof to the parties thereto. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, any
Borrower, the Administrative Agent, the Swing Line Lender or the Issuing Banks, sell participations to any Person (other than a natural person or any Borrower or any Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in 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 Loans 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, (iii) such Lender receives the documentation required under
Section 2.17(f) from such participant (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender), (iv) such Lender, acting solely for

  
 96 

 
this purpose as a non-fiduciary agent of the Borrowers, maintains a register on which it enters the name and address of each participant and the principal
amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”), which 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; 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 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, loan or other obligation is in registered form for federal income Tax purposes (including under
Section 5f.103-1(c) of the Treasury Regulations) or as otherwise required by law, and (v) the Borrowers, the Administrative Agent, the Lenders and the Issuing Banks 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 Section 9.03(b) that affects such Participant. Subject
to paragraph (e) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15, and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.09 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.18(c) as though it were a Lender. 
 (e) Limitations upon Participant Rights. A
Participant shall not be entitled to receive any greater payment under Sections 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant unless the sale of
the participation to such Participant is made with the Borrowers’ prior written consent. 
 (f) 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 any central bank
having jurisdiction over such Lender; 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. 

Section 9.06 Survival. All covenants, agreements, representations and warranties made by the Borrowers herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of
any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or
any other amount payable under this 

  
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Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Aggregate Commitments have not expired or terminated. The provisions of Sections 2.15,
2.16, 2.17 and 9.04 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Aggregate Commitments or the termination of this Agreement or any provision hereof. 
 Section 9.07
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective on the Closing Date, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or pdf shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 9.08 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 9.09 Right of Setoff. If an
Event of Default shall have occurred and be continuing, each Lender Party is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender Party to or for the credit or the account of any Borrower or any Guarantor against any and all of
the obligations of such Borrower or any Guarantor now or hereafter existing under this Agreement or any other Loan Document to such Lender Party, irrespective of whether or not such obligations of such Borrower or any Guarantor may be owed to a
branch or office of such Lender Party different from the branch or office holding such deposit or obligated on such indebtedness, provided that demand has been made to the applicable Borrower for payment of such obligations. The rights of
each Lender Party under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender Party may have. Each Lender Party agrees to notify the Borrowers and the Administrative Agent promptly after any
such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 9.10 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

  
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 (b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against any Borrower or its respective properties in the courts of any jurisdiction. 
 (c) Each Borrower hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 9.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 9.12 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.13 Confidentiality. Each of the Administrative Agent and the Lender Parties agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential) to the extent used in connection with the 

  
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administration of this Agreement, (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) during the existence of an Event of Default, 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, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative or other similar transaction under which payments are to be made by
reference to any Borrower and its respective obligations, this Agreement or payments hereunder, (iii) any rating agency, (iv) the CUSIP Service Bureau or any similar organization or (v) any assignee in connection with any pledges
permitted by Section 9.05(f), (g) with the consent of Williams, or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available
to the Administrative Agent, any Lender Party or any of their respective Affiliates on a nonconfidential basis from a source other than a Borrower. 
 For
purposes of this Section, “Information” means all information received from any Borrower or any of its Subsidiaries relating to the Borrowers or any of their respective Subsidiaries or any of their respective businesses, other than any
such information that is available to the Administrative Agent or any Lender Party on a nonconfidential basis prior to disclosure by any Borrower or any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 Section 9.14 Treatment of Information. 

(a) Certain of the Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis
of information that may contain material non-public information with respect to the Borrowers or their securities (such material non-public information,
“Restricting Information”). Other Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information that does not contain Restricting Information. Each Lender
Party acknowledges that United States federal and state securities laws prohibit any person from purchasing or selling securities on the basis of material, non-public information concerning such issuer of such
securities or, subject to certain limited exceptions, from communicating such information to any other Person. Neither the Administrative Agent nor any of its Related Parties nor the Borrowers nor any of their Related Parties, shall, by making any
Communications (including Restricting Information) available to a Lender Party, by participating in any conversations or other interactions with a Lender Party or otherwise, make or be deemed to make any statement with regard to or otherwise warrant
that any such information or Communication does or does not contain Restricting Information (except with respect to the Borrowers and their Related Parties, pursuant to Section 9.14(b)), nor shall the Administrative Agent
or any of its Related Parties nor 

  
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the Borrowers nor any of their Related Parties be responsible or liable in any way for any decision a Lender Party may make to limit or to not limit its access to Restricting Information. In
particular, none of the Administrative Agent nor any of its Related Parties nor the Borrowers nor any of their Related Parties (i) shall have, and the Administrative Agent, on behalf of itself and each of its Related Parties, hereby disclaims,
any duty to ascertain or inquire as to whether or not a Lender Party has or has not limited its access to Restricting Information, such Lender Party’s policies or procedures regarding the safeguarding of material, nonpublic information or such
Lender Party’s compliance with applicable laws related thereto or (ii) shall have, or incur, any liability to any Borrower or Lender Party or any of their respective Related Parties arising out of or relating to the Administrative Agent or
any of its Related Parties providing or not providing Restricting Information to any Lender Party. 
 (b) Each Borrower agrees that
(i) all Communications it provides to the Administrative Agent intended for delivery to the Lender Parties whether by posting to the Approved Electronic Platform or otherwise shall be clearly and conspicuously marked “PUBLIC” if such
Communications do not contain Restricting Information which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Communications “PUBLIC,” the Borrowers shall be
deemed to have authorized the Administrative Agent and the Lender Parties to treat such Communications as either publicly available information or not material information (although, in this latter case, such Communications may contain sensitive
business information and, therefore, remain subject to the confidentiality undertakings of Section 9.14) with respect to the Borrowers or their securities for purposes of United States federal and state securities laws,
(iii) all Communications marked “PUBLIC” may be delivered to all Lender Parties and may be made available through a portion of the Approved Electronic Platform designated “Public Side Information,” and (iv) the
Administrative Agent shall be entitled to treat any Communications that are not marked “PUBLIC” as Restricting Information and may post such Communications to a portion of the Approved Electronic Platform not designated “Public Side
Information.” Neither the Administrative Agent nor any of its Affiliates shall be responsible for any statement or other designation by any Borrower regarding whether a Communication contains or does not contain material non-public information with respect to the Borrowers or their securities nor shall the Administrative Agent or any of its Affiliates incur any liability to any Borrower, any Lender Party or any other Person for any
action taken by the Administrative Agent or any of its Affiliates based upon such statement or designation, including any action as a result of which Restricting Information is provided to a Lender Party that may decide not to take access to
Restricting Information. Nothing in this Section 9.14 shall modify or limit a Lender Party’s obligations under Section 9.13 with regard to Communications and the maintenance of the
confidentiality of or other treatment of Information. 
 (c) Each Lender Party acknowledges that circumstances may arise that require it to
refer to Communications that might contain Restricting Information. Accordingly, each Lender Party agrees that it will nominate at least one designee to receive Communications (including Restricting Information) on its behalf and identify such
designee (including such designee’s contact information) on such Lender Party’s Administrative Questionnaire. Each Lender Party agrees to notify the Administrative Agent from time to time of such Lender Party’s designee’s e-mail address to which notice of the availability of Restricting Information may be sent by electronic transmission. 

  
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 (d) Each Lender Party acknowledges that Communications delivered hereunder and under the other
Loan Documents may contain Restricting Information and that such Communications are available to all Lender Parties generally. Each Lender Party that elects not to take access to Restricting Information does so voluntarily and, by such election,
acknowledges and agrees that the Administrative Agent and other Lender Parties may have access to Restricting Information that is not available to such electing Lender Party. None of the Administrative Agent nor any Lender Party with access to
Restricting Information shall have any duty to disclose such Restricting Information to such electing Lender Party or to use such Restricting Information on behalf of such electing Lender Party, and shall not be liable for the failure to so disclose
or use, such Restricting Information. 
 (e) The provisions of the foregoing clauses of this Section 9.14 are
designed to assist the Administrative Agent, the Lender Parties and the Borrower, in complying with their respective contractual obligations and applicable law in circumstances where certain Lender Parties express a desire not to receive Restricting
Information notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to the Lender Parties hereunder or thereunder may contain Restricting Information. Neither the Administrative Agent nor
any of its Related Parties warrants or makes any other statement with respect to the adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its Related Parties warrant or make any other statement to the
effect that any Borrower’s or Lender Party’s adherence to such provisions will be sufficient to ensure compliance by any Borrower or Lender Party with its contractual obligations or its duties under applicable law in respect of Restricting
Information and each of the Lender Parties and each Borrower assumes the risks associated therewith. 
 Section 9.15 Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate
of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together (to the extent lawful) with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

Section 9.16 No Waiver; Remedies. No failure on the part of any Lender Party or the Administrative Agent to exercise, and no delay
in exercising, any right under this Agreement or any other Loan Document 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 provided in this Agreement are cumulative and not exclusive of any remedies provided by law. 

  
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 Section 9.17 USA Patriot Act Notice. Each Lender Party and Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies each Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2003)) (the “Act”), it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender Party or
the Administrative Agent, as applicable, to identify each Borrower in accordance with the Act. Each Borrower shall, following a request by the Administrative Agent or any Lender Party, provide all documentation and other information that the
Administrative Agent or such Lender Party reasonably requests in order to comply with its ongoing obligations under applicable “know your customer,” the Beneficial Ownership Regulation, and anti-money laundering rules and regulations,
including the Act. 
 Section 9.18 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby, each Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrowers, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, and each Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents
(including any amendment, waiver or other modification hereof or thereof); (b) in connection with the process leading to such transaction, the Administrative Agent and the Lenders are and have been acting solely as principals and are not the
financial advisors, agents or fiduciaries, for any Borrower or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (c) the Administrative Agent and the Lenders have not assumed or will assume an
advisory, agency or fiduciary responsibility in favor of any Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any
other Loan Document (irrespective of whether the Administrative Agent or any Lender advised or is currently advising any Borrower or any of their respective Affiliates on other matters) and the Administrative Agent and the Lenders have no obligation
to any Borrower or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (d) the Administrative Agent, the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their respective Affiliates, and the Administrative Agent and the Lenders have no obligation to disclose any of
such interests by virtue of any advisory, agency or fiduciary relationship; and (e) the Administrative Agent and the Lenders have not provided and will not provide any legal, accounting, regulatory or Tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Borrowers has consulted its own legal, accounting, regulatory and Tax advisors to the extent it has deemed
appropriate. Each of the Borrowers hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or the Lenders with respect to any breach or alleged breach of agency (other than
against the Administrative Agent acting in its administrative capacity) or fiduciary duty; provided, however that it being understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other
similar term) with reference to the 

  
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Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter
of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 
 Section 9.19
Merger. Notwithstanding any term or provision herein or in any other Loan Document, the parties hereto agree that the Effective Date Merger and each other transaction related thereto is expressly permitted under this Agreement and each other
Loan Document without any further action, waiver, consent or agreement by the Administrative Agent, the Joint Lead Arrangers, any other agent or any Lender from time to time party hereto; provided that, for the avoidance of doubt, the
Borrowers shall be required to comply with Section 6.05, notwithstanding this Section 9.19. 

Section 9.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties with respect to the subject matter hereof, each party hereto acknowledges that any liability of any EEA
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 an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in full
or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other 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 any EEA Resolution Authority. 

[Signature Pages to Follow] 
  

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

			
	THE WILLIAMS COMPANIES, INC.

 
			
		
	By:	 	 /s/ Pete S. Burgess

	Name: Pete S. Burgess
	Title: VP Treasury & Insurance and Treasurer
	
	NORTHWEST PIPELINE LLC

 
			
		
	By:	 	 /s/ Pete S. Burgess

	Name: Pete S. Burgess
	Title: Treasurer
	
	TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC

 
			
		
	By:	 	 /s/ Pete S. Burgess

	Name: Pete S. Burgess
	Title: Treasurer

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	CITCITIBANK, N.A., as Administrative Agent, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Maureen P. Maroney

	Name: Maureen P. Maroney
	Title: Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	BANK OF AMERICA, N.A., as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Tyler Ellis

	Name: Tyler Ellis
	Title: Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	BARCLAYS BANK PLC, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Sydney G. Dennis

	Name: Sydney G. Dennis
	Title: Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Darrell Stanley

	Name: Darrell Stanley
	Title: Managing Director
		
	By:	 	 /s/ Nimisha Srivastav

	Name: Nimisha Srivastav
	Title: Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Travis Watson

	Name: Travis Watson
	Title: Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	MIZUHO BANK, LTD., as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Raymond Ventura

	Name: Raymond Ventura
	Title: Managing Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Michael King

	Name: Michael King
	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	MUFG BANK, LTD., as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Sherwin Brandford

	Name: Sherwin Brandford
	Title: Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Amy Marchbanks

	Name: Amy Marchbanks
	Title: Assistant Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Marc Graham

	Name: Marc Graham
	Title: Managing Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Trudy Nelson

	Name: Trudy Nelson
	Title: Authorized Signatory
		
	By:	 	 /s/ Megan Larson

	Name: Megan Larson
	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Mark H. Wolf

	Name: Mark H. Wolf
	Title: Senior Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Nupur Kumar

	Name: Nupur Kumar
	Title: Authorized Signatory
		
	By:	 	 /s/ Andrew Griffin

	Name: Andrew Griffin
	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Ming K Chu

	Name: Ming K Chu
	Title: Director
		
	By:	 	 /s/ Virginia Cosenza

	Name: Virginia Cosenza
	Title: Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Sean Piper

	Name: Sean Piper
	Title: Assistant Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Jay T. Sartain

	Name: Jay T. Sartain
	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender
		
	By:	 	 /s/ Katsuyuki Kubo

	Name: Katsuyuki Kubo
	Title: Managing Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Carmen Malizia

	Name: Carmen Malizia
	Title: Director

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Annie Dorval

	Name: Annie Dorval
	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ John Prigge

	Name: John Prigge
	Title: Senior Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 
			
	BOKF, N.A. DBA BANK OF OKLAHOMA, as a Lender
		
	By:	 	 /s/ J. Nick Cooper

	Name: J. Nick Cooper
	Title: Senior Vice President

  
 Signature Page to Credit
Agreement 
 The Williams Companies, Inc. 

 SCHEDULE 2.01 

Commitments/Letter of Credit Commitments 
  

									
	 Lender
	  	Commitment	 	  	Letter of Credit
Commitment	 
	 Citibank, N.A.
	  	$	228,000,000	 	  	$	100,000,000	 
	 Bank of America, N.A.
	  	$	228,000,000	 	  	$	100,000,000	 
	 Barclays Bank PLC
	  	$	228,000,000	 	  	$	100,000,000	 
	 Credit Agricole Corporate and Investment Bank
	  	$	228,000,000	 	  	$	100,000,000	 
	 JPMorgan Chase Bank, N.A.
	  	$	228,000,000	 	  	$	100,000,000	 
	 Mizuho Bank, Ltd.
	  	$	228,000,000	 	  	$	100,000,000	 
	 Morgan Stanley Bank, N.A.
	  	$	228,000,000	 	  	$	100,000,000	 
	 MUFG Bank, Ltd.
	  	$	228,000,000	 	  	$	100,000,000	 
	 Wells Fargo Bank, N.A.
	  	$	228,000,000	 	  	$	100,000,000	 
	 The Bank of Nova Scotia, Houston Branch
	  	$	228,000,000	 	  	$	100,000,000	 
	 Canadian Imperial Bank of Commerce, New York Branch
	  	$	212,000,000	 	  			
	 Compass Bank
	  	$	212,000,000	 	  			
	 Credit Suisse AG, Cayman Islands Branch
	  	$	212,000,000	 	  			
	 Deutsche Bank AG New York Branch
	  	$	212,000,000	 	  			
	 PNC Bank, National Association
	  	$	212,000,000	 	  			
	 Royal Bank of Canada
	  	$	212,000,000	 	  			
	 Sumitomo Mitsui Banking Corporation
	  	$	212,000,000	 	  			
	 SunTrust Bank
	  	$	212,000,000	 	  			
	 The Toronto-Dominion Bank, New York Branch
	  	$	212,000,000	 	  			
	 U.S. Bank National Association
	  	$	212,000,000	 	  			
	 BOKF, N.A. dba Bank of Oklahoma
	  	$	100,000,000	 	  			
	 TOTAL
	  	$	4,500,000,000	 	  	$	1,000,000,000	 

 SCHEDULE 2.306 

Existing Letters of Credit 
 None.

  
 2 

 SCHEDULE 6.04 

Restrictive Agreements 
 None. 

  
 3 

 EXHIBIT A 

FORM OF 
 ASSIGNMENT AND
ACCEPTANCE 
 Reference is made to that certain Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or
otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), among The Williams Companies, Inc., Northwest Pipeline LLC, Transcontinental Gas Pipe Line Company, LLC, the Lenders named therein and
Citibank, N.A., as Administrative Agent for the Lenders. Terms defined in the Credit Agreement are used herein with the same meanings. 

The Assignor named herein hereby sells and assigns, without recourse, to the Assignee named herein, and the Assignee hereby purchases and
assumes, without recourse, from the Assignor, effective as of the Assignment Date set forth herein the interests set forth herein (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement,
including, without limitation, the interests set forth herein in the Commitment of the Assignor on the Assignment Date and Loans owing to the Assignor which are outstanding on the Assignment Date, together with the participations in Letters of
Credit and LC Disbursements held by the Assignor on the Assignment Date, but excluding accrued interest and fees to and excluding the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Credit Agreement. From and after the
Assignment Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to
the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Credit Agreement. 
 This
Assignment and Acceptance is being delivered to the Administrative Agent together with (i) if the Assignee is a Foreign Lender, any documentation required to be delivered by the Assignee pursuant to Section 2.17(f) of
the Credit Agreement, duly completed and executed by the Assignee, and (ii) if the Assignee is not already a Lender under the Credit Agreement, an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by
the Assignee. The [Assignee/Assignor] shall pay the fee payable to the Administrative Agent pursuant to Section 9.05(b) of the Credit Agreement. 

This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

Date of Assignment: 
 Legal Name of Assignor: 

Legal Name of Assignee: 
 Assignee’s Address for Notices:

 Effective Date of Assignment 
 (“Assignment Date”):

  
 4 

					
	 Facility
	  	Principal Amount Assigned	  	Percentage Assigned of
Facility/Commitment (set forth, to at least
8 decimals, as a percentage of the Facility
and the
aggregate Commitments of all
Lenders thereunder)
	Commitment Assigned:	  	$	  	%
	Loans:	  		  	

 Notwithstanding any term or provision herein or in any other agreement, instrument or document between the parties to this
Assignment and Acceptance evidencing or governing the transfer of the Assigned Interest from the Assignor to the Assignee (including any defined terms or section headings therein), the parties to this Assignment and Assumption intend that the
transaction providing for transfer of the Assigned Interest from the Assignor to the Assignee be a sale by the Assignor and a purchase by the Assignee of the Assigned Interest, and not an assignment by the Assignor and an assumption by the Assignee
of the Assigned Interest. 
 The terms set forth above are hereby agreed to: 

 

			
	 [Name of Assignor], as Assignor

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 [Name of Assignee], as Assignee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 5 

 The undersigned hereby consent to the within assignment: 

 

					
	The Williams Companies, Inc.	 		  	Citibank, N.A.,
		 		  	as Administrative Agent
			
	By:                                     
                                         
       	 		  	By:                                     
                                         
       
	      Name:	 		  	      Name:
	      Title:	 		  	      Title:
			
	Citibank, N.A.,	 		  	Barclays Bank PLC,
	as Swing Line Lender and as Issuing Bank	 		  	as Issuing Bank
			
	By:                                     
                                         
       	 		  	By:                                     
                                         
       
	      Name:	 		  	      Name:
	      Title:	 		  	      Title:
			
	JPMorgan Chase Bank, N.A.,	 		  	Bank of America, N.A.,
	as Issuing Bank	 		  	as Issuing Bank
			
	By:                                     
                                         
       	 		  	By:                                     
                                         
       
	      Name:	 		  	      Name:
	      Title:	 		  	      Title:
			
	Credit Agricole Corporate and Investment Bank,	 		  	Mizuho Bank, Ltd.,
	as Issuing Bank	 		  	as Issuing Bank
			
	By:                                     
                                         
       	 		  	By:                                     
                                         
       
	      Name:	 		  	      Name:
	      Title:	 		  	      Title:
			
	The Bank of Nova Scotia,	 		  	MUFG Bank, Ltd.,
	as Issuing Bank	 		  	as Issuing Bank
			
	By:                                     
                                         
       	 		  	By:                                     
                                         
       
	      Name:	 		  	      Name:
	      Title:	 		  	      Title:
			
	Wells Fargo Bank, N.A.,	 		  	Morgan Stanley Bank, N.A.,
	as Issuing Bank	 		  	as Issuing Bank
			
	
By:                  
                                         
                          
	 		  	
By:                  
                                         
                          

	      Name:	 		  	       Name:

	      Title:	 		  	       Title:

  
 6 

 EXHIBIT B-1 

FORM OF BORROWING REQUEST 

Dated
                         

Citibank, N.A., 
     as Administrative Agent

 Citibank Delaware 
 1615 Brett Road, OPS III 

New Castle, Delaware 19720 
 Attn: Agency Operations 

Ladies and Gentlemen: 
 This Borrowing Request is
delivered to you by [The Williams Companies, Inc.] [Northwest Pipeline LLC] [Transcontinental Gas Pipe Line Company, LLC] (the “Borrower”) under Section 2.03 of the Credit Agreement dated as of
July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among the Borrower, [The Williams Companies, Inc.], [Northwest Pipeline
LLC], [Transcontinental Gas Pipe Line Company, LLC], the Lenders party thereto, and Citibank, N.A., as Administrative Agent. 
 1. The
Borrower hereby requests that the Lenders make a Loan or Loans in the aggregate principal amount of $                        (the
“Loan” or the “Loans”).1 
 2. The Borrower hereby
requests that the Loan or Loans be made on the following Business Day:2 
 3. The
Borrower hereby requests that the Loan or Loans be of the Type and have the Interest Period set forth below: 
  

							
	 Type of

Loan
	 	 Principal

Component of

Loan
	 	 Interest Period

(if applicable)
	  	 Maturity Date

for
 Interest Period

(if applicable)

  

 

	1 	Complete with an amount in accordance with Section 2.03 of the Credit Agreement. 

	2 	Complete with a Business Day in accordance with Section 2.03 of the Credit Agreement. 

  
 1 

							
	 Type of

Loan
	 	 Principal

Component of

Loan
	 	 Interest Period

(if applicable)
	  	 Maturity Date

for
 Interest Period

(if applicable)

4. The Borrower hereby requests that the funds from the Loan or Loans be disbursed to the following bank account:
                                         
   . 
 5. After giving effect to any requested Loan, the Aggregate Outstanding Credit Exposure as of the date hereof
(including the requested Loans) does not exceed the maximum amount permitted to be outstanding pursuant to the terms of the Credit Agreement. 

6. All of the conditions applicable to the Loans requested herein as set forth in the Credit Agreement will be satisfied on the date of such
Loans. 
 7. All capitalized undefined terms used herein have the meanings assigned thereto in the Credit Agreement. 

IN WITNESS WHEREOF, the undersigned have executed this Borrowing Request this
             day of
            ,                . 

 

	
	[THE WILLIAMS COMPANIES, INC.]
	[NORTHWEST PIPELINE LLC]
	[TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC]
	
	By:                                     
                                    
	      Name:
	      Title:

  
 2 

 EXHIBIT B-2 

FORM OF SWING LINE BORROWING NOTICE 

Dated                      

Citibank, N.A., 
     as Administrative Agent
and as Swing Line Lender 
 Citibank Delaware 
 1615 Brett Road,
OPS III 
 New Castle, Delaware 19720 
 Attn: Agency Operations

 Ladies and Gentlemen: 
 This Swing Line
Borrowing Notice is delivered to you by [The Williams Companies, Inc.] [Northwest Pipeline LLC] [Transcontinental Gas Pipe Line Companies, LLC] (the “Borrower”) under Section 2.05(b) of the Credit Agreement
dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by and among the Borrower, [The Williams Companies, Inc.],
[Northwest Pipeline LLC], [Transcontinental Gas Pipe Line Company, LLC], the Lenders party thereto, and Citibank, N.A., as Administrative Agent. 

1. The Borrower hereby requests that the Swing Line Lender make a Swing Line Loan or Swing Line Loans in the aggregate principal amount of
$                         (the “Swing Line Loan” or the “Swing Line Loans”).1 
 2. The Borrower hereby requests that the Swing Line Loan or Swing Line Loans be made on
the following Business Day:2 
 3. After giving effect to any requested Swing Line Loan,
the Aggregate Outstanding Credit Exposure as of the date hereof (including the requested Swing Line Loans) does not exceed the maximum amount permitted to be outstanding pursuant to the terms of the Credit Agreement. 

4. All of the conditions applicable to the Swing Line Loans requested herein as set forth in the Credit Agreement will be satisfied on the date
of such Swing Line Loans. 
 5. All capitalized undefined terms used herein have the meanings assigned thereto in the Credit Agreement. 

 

	1 	Complete with an amount in accordance with Section 2.05(b) of the Credit Agreement. 

	2 	Complete with a Business Day in accordance with Section 2.05(b) of the Credit Agreement. 

  
 1 

 IN WITNESS WHEREOF, the undersigned have executed this Swing Line Borrowing Notice this
             day
of                                    ,     
       . 
  

	
	[THE WILLIAMS COMPANIES, INC.]
	[NORTHWEST PIPELINE LLC]
	[TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC]
	
	By:                                     
                                        

	      Name:
	      Title:

  
 2 

 EXHIBIT C 

FORM OF 
 INTEREST
ELECTION REQUEST 
 Dated
                     
 Citibank, N.A., 

    as Administrative Agent 
 Citibank
Delaware 
 1615 Brett Road, OPS III 
 New Castle, Delaware
19720 
 Attn: Agency Operations 
 Ladies and Gentlemen: 

This irrevocable Interest Election Request (the “Interest Election Request”) is delivered to you under
Section 2.08 of the Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Credit Agreement”), by
and among The Williams Companies, Inc., Northwest Pipeline LLC and Transcontinental Gas Pipe Line Company, LLC (each a “Borrower”), the Lenders party thereto (the “Lenders”), and Citibank, N.A., as Administrative
Agent (the “Administrative Agent”). 
 1. This Interest Election Request is submitted for the purpose of: 

(a) [Converting] [Continuing] a
                     Loan [into] [as] a
                             Loan.1 

(b) The aggregate outstanding principal balance of such Loan is
$                    . 

(c) The last day of the current Interest Period for such Loan is
                    .2 

(d) The principal amount of such Loan to be [converted] [continued] is
$                    . 

(e) The requested effective date of the [conversion] [continuation] of such Loan is
                    .3 

(f) The requested Interest Period applicable to the [converted] [continued] Loan is
                    .4 

 

	1 	Delete the bracketed language and insert “ABR” or “Eurodollar”, as applicable, in each blank. 

	2 	Insert applicable date for any Eurodollar Loan being converted or continued. 

	3 	Complete with a Business Day in compliance with Section 2.08 of the Credit Agreement. 

	4 	Complete for each Eurodollar Loan in compliance with the definition of the term “Interest Period” specified in Section 1.01. 

  
 1 

 2. All capitalized undefined terms used herein have the meanings assigned thereto in the Credit
Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this Interest Election Request this
        day of                 ,            . 

 

	
	[THE WILLIAMS COMPANIES, INC.]
	[NORTHWEST PIPELINE LLC]
	[TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC]
	
	By:                                     
                                    
	      Name:
	      Title:

  
 2 

 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that he is the
                                 of [The Williams Companies, Inc.][Northwest Pipeline
LLC] [Transcontinental Gas Pipe Line Company, LLC] (the “Borrower”), and that as such he is authorized to execute this certificate on behalf of the Borrower. With reference to that certain Credit Agreement dated as of July 13,
2018 (as amended, restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Agreement”), among the Borrower, [The Williams Companies, Inc.], [Northwest Pipeline LLC], [Transcontinental Gas
Pipe Line Company, LLC], Citibank, N.A., as Administrative Agent (the “Agent”) for the lenders (the “Lenders”), which are or become a party thereto, and such Lenders, the undersigned represents and warrants as
follows (each capitalized term used herein having the same meaning given to it in the Agreement unless otherwise specified); 
 (a) [There
currently does not exist any Default under the Agreement.] [Attached hereto is a schedule specifying the details of [a] certain Default[s] which exist under the Agreement and the action taken or proposed to be taken with respect thereto.] 

(b) Attached hereto are the detailed computations necessary to determine whether the Borrower is in compliance with
Section 6.05[(a)]1 [(b)]2 of the Agreement as of the end of the [fiscal quarter][fiscal year] ending
                            . 

EXECUTED AND DELIVERED this                  day of
                    , 20        . 

 

	
	[THE WILLIAMS COMPANIES, INC.]
	[NORTHWEST PIPELINE LLC]
	[TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC]
	
	By:                                     
                                    
	      Name:
	      Title:

  
  

 

	1 	Use for Compliance Certificate of Williams 

	2 	Use for Compliance Certificate of Borrowers other than Williams 

  
 1 

 EXHIBIT E 

FORM OF NOTE 
  

			
	$            	 	            ,20        

 [THE WILLIAMS COMPANIES, INC., a Delaware corporation][NORTHWEST PIPELINE LLC, a Delaware limited liability
company] [TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC, a Delaware limited liability company] (the “Borrower”), for value received, promises and agrees to pay to
                                         (the
“Lender”), or order, at the payment office of CITIBANK, N.A., as Administrative Agent, Citibank Delaware at 1615 Brett Road, OPS III, Delaware 19720, Attn: Agency Operations, the principal sum of
                                         AND
NO/100 DOLLARS ($                    ), or such lesser amount as shall equal the aggregate unpaid principal amount of the Loans owed to the Lender
under the Credit Agreement, as hereafter defined, in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid
principal amount as provided in the Credit Agreement for such Loans, at such office, in like money and funds, for the period commencing on the date of each such Loan until such Loan shall be paid in full, at the rates per annum and on the dates
provided in the Credit Agreement. 
 This Note (the “Note”) evidences the Loans owed to the Lender under that certain
Credit Agreement dated as of July 13, 2018, by and among The Williams Companies, Inc., Northwest Pipeline LLC, Transcontinental Gas Pipe Line Company, LLC, Citibank, N.A., individually, as Administrative Agent (the “Administrative
Agent”) and Issuing Bank, and the other financial institutions parties thereto (including the Lender) (such Credit Agreement, together with all amendments or supplements thereto, being the “Credit Agreement”), and shall be
governed by the Credit Agreement. Capitalized terms used in this note and not defined in this note, but which are defined in the Credit Agreement, have the respective meanings herein as are assigned to them in the Credit Agreement. 

The Lender is hereby authorized by the Borrower to endorse on Schedule A (or a continuation thereof) attached to this Note, the Type of
each Loan owed to the Lender, the amount and date of each payment or prepayment of principal of each such Loan received by the Lender and the Interest Periods and interest rates applicable to each Loan, provided that any failure by the Lender
to make any such endorsement shall not affect the obligations of the Borrower under the Credit Agreement or under this Note in respect of such Loans. 

This Note may be held by the Lender for the account of its applicable lending office and, except as otherwise provided in the Credit
Agreement, may be transferred from one lending office of the Lender to another lending office of the Lender from time to time as the Lender may determine. 

Except only for any notices which are specifically required by the Credit Agreement, the Borrower and any and all co-makers, endorsers, guarantors and sureties severally waive notice (including but not limited to notice of intent to accelerate and notice of acceleration, notice of protest and notice of dishonor), demand,
presentment for payment, protest, diligence in 

  
 1 

 
collecting and the filing of suit for the purpose of fixing liability, and consent that the time of payment hereof may be extended and re-extended from
time to time without notice to any of them. Each such person agrees that its liability on or with respect to this Note shall not be affected by any release of or change in any guaranty or security at any time existing or by any failure to perfect or
maintain perfection of any lien against or security interest in any such security or the partial or complete unenforceability of any guaranty or other surety obligation, in each case in whole or in part, with or without notice and before or after
maturity. 
 The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for
prepayment of Loans upon the terms and conditions specified therein. Reference is made to that certain Credit Agreement for all other pertinent purposes. 

This Note is issued pursuant to and is entitled to the benefits of the Credit Agreement. 

THIS NOTE SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF
NEW YORK AND THE UNITED STATES OF AMERICA FROM TIME TO TIME
IN EFFECT. 
 This Note and the other Loan Documents represent the final agreement among the parties and may
not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the parties. 

[Remainder of page intentionally left blank] 

  
 2 

 
	
	[THE WILLIAMS COMPANIES, INC.]
	[NORTHWEST PIPELINE LLC]
	[TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC]
	
	By:                                     
                                    
	      Name:
	      Title:

 [Signature Page to Note] 

 TO 

NOTE 
 This Note evidences the Loans owed
to the Lender under the Credit Agreement, in the principal amount set forth below and the applicable Interest Periods and rates for each such Loan, subject to the payments of principal set forth below: 

SCHEDULE 
 OF 

LOANS AND PAYMENTS OF PRINCIPAL AND INTEREST 
  

															
	 Date
	  	 Interest

Period
	  	 Rate
	  	 Principal
Amount of Loan
	  	 Amount of

Principal
 Paid or

Prepaid
	  	 Interest

Paid
	  	 Balance

of Loans
	  	 Notation

Made
 by

 EXHIBIT F-1 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified
from time to time and in effect on the date hereof, the “Credit Agreement”), among The Williams Companies, Inc., Northwest Pipeline LLC, and Transcontinental Gas Pipe Line Company, LLC (each a “Borrower”), Citibank,
N.A., and the other financial institutions named herein or in Assignment and Assumption Agreements, in their capacities as Lenders, and Citibank, N.A., in its capacity as Administrative Agent. Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17 of the
Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) 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 881(c)(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 Agent and the Borrowers with a certificate of its
status as not a United States person (as defined in section 7701(a)(30) of the Code) on IRS Form W-8BEN or 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 Agent, and (2) the undersigned shall have at all times furnished the
Borrowers and the 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. 

 

			
	[NAME OF LENDER]
		
	By:	 	
                     
        

		 	Name:
		 	Title:

 Date:
                    , 20[     ] 

  
 1 

 EXHIBIT F-2 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified
from time to time and in effect on the date hereof, the “Credit Agreement”), among Williams Partners L.P., Northwest Pipeline LLC and Transcontinental Gas Pipe Line Company, LLC (each a “Borrower”), Citibank, N.A.
and the other financial institutions named herein or in Assignment and Assumption Agreements, in their capacities as Lenders, and Citibank, N.A., in its capacity as Administrative Agent. Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Loan Agreement. 
 Pursuant to the provisions of Section 2.17 of the Credit
Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 881(c)(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
status as not a United States person (as defined in section 7701(a)(30) of the Code) on IRS Form W-8BEN or 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. 

 

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                     
        

		 	Name:
		 	Title:

 Date:                 
    , 20[    ] 

  
 1 

 EXHIBIT F-3 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement dated as of July 13, 2018 (as amended, restated, supplemented or otherwise modified
from time to time and in effect on the date hereof, the “Credit Agreement”), among Williams Partners L.P., Northwest Pipeline LLC and Transcontinental Gas Pipe Line Company, LLC (each a “Borrower”), Citibank, N.A.
and the other financial institutions named herein or in Assignment and Assumption Agreements, in their capacities as Lenders, and Citibank, N.A., in its capacity as Administrative Agent. Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Loan Agreement. 
 Pursuant to the provisions of Section 2.17 of the Credit
Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
participation, (iii) with respect to 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 881(c)(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
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E 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. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                     

		 	Name:
		 	Title:

 Date:                 ,
20[    ] 

  
 1 

 EXHIBIT F-4 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement dated as of July 13, 2018 as amended, restated, supplemented or otherwise modified
from time to time and in effect on the date hereof, the “Credit Agreement”), among Williams Partners L.P., Northwest Pipeline LLC and Transcontinental Gas Pipe Line Company, LLC (each a “Borrower”), Citibank, N.A.
and the other financial institutions named herein or in Assignment and Assumption Agreements, in their capacities as Lenders, and Citibank, N.A., in its capacity as Administrative Agent. Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Loan Agreement. 
 Pursuant to the provisions of Section 2.17 of the Credit
Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
Loan(s), (iii) with respect to the extension of credit pursuant to this 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 881(c)(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 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
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E 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 Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the 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. 

 

			
	[NAME OF LENDER]
		
	By:	 	
                     
        

		 	Name:
		 	Title:

 Date:
                    , 20[     ]

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