Document:

exc-20211231x10kxexh1039

Execution Version  $250,000,000  CREDIT AGREEMENT  dated as of January 24, 2022  among  EXELON CORPORATION  as Borrower,  VARIOUS FINANCIAL INSTITUTIONS,  as Lenders,  and  PNC BANK, NATIONAL ASSOCIATION  as Administrative Agent    

 

  -i-  TABLE OF CONTENTS  Page  ARTICLE I    DEFINITIONS AND INTERPRETATION  SECTION 1.01 Certain Defined Terms ...................................................................................... 1  SECTION 1.02 Other Interpretive Provisions .......................................................................... 24  SECTION 1.03 Accounting Principles ..................................................................................... 25  SECTION 1.04 Term SOFR Notification................................................................................. 25  SECTION 1.05 Divisions ......................................................................................................... 26  ARTICLE II    AMOUNTS AND TERMS OF THE COMMITMENTS  SECTION 2.01 Commitments .................................................................................................. 26  SECTION 2.02 Procedures for Advances; Limitations on Borrowings ................................... 26  SECTION 2.03 Fees ................................................................................................................. 27  SECTION 2.04 Termination of Commitments ......................................................................... 27  SECTION 2.05 Repayment of Advances ................................................................................. 27  SECTION 2.06 Interest on Advances ....................................................................................... 27  SECTION 2.07 [Reserved] ....................................................................................................... 28  SECTION 2.08 Interest Rate Determination ............................................................................ 28  SECTION 2.09 Continuation and Conversion of Advances .................................................... 28  SECTION 2.10 Prepayments .................................................................................................... 28  SECTION 2.11 Increased Costs ............................................................................................... 29  SECTION 2.12 Illegality .......................................................................................................... 30  SECTION 2.13 Payments and Computations ........................................................................... 30  SECTION 2.14 Taxes ............................................................................................................... 32  SECTION 2.15 Sharing of Payments, Etc ................................................................................ 36  SECTION 2.16 Availability of Types of Borrowings; Adequacy of Interest Rate;  Benchmark Replacement ................................................................................ 36  SECTION 2.17 Funding Indemnification ................................................................................. 38  SECTION 2.18 Interest Payment Dates ................................................................................... 39  ARTICLE III    CONDITIONS PRECEDENT  SECTION 3.01 Conditions Precedent to Effectiveness............................................................ 40  

 

TABLE OF CONTENTS  (continued)  Page    -ii-  ARTICLE IV    REPRESENTATIONS AND WARRANTIES  SECTION 4.01 Representations and Warranties of the Borrower ........................................... 41  ARTICLE V    COVENANTS OF THE BORROWER  SECTION 5.01 Affirmative Covenants .................................................................................... 43  SECTION 5.02 Negative Covenants ........................................................................................ 48  ARTICLE VI    EVENTS OF DEFAULT  SECTION 6.01 Events of Default ............................................................................................ 52  ARTICLE VII    THE ADMINISTRATIVE AGENT  SECTION 7.01 Authorization and Action ................................................................................ 54  SECTION 7.02 Administrative Agent’s Reliance, Etc............................................................. 54  SECTION 7.03 Administrative Agent and Affiliates ............................................................... 54  SECTION 7.04 Lender Credit Decision ................................................................................... 55  SECTION 7.05 Indemnification ............................................................................................... 55  SECTION 7.06 Successor Administrative Agent ..................................................................... 55  ARTICLE VIII    MISCELLANEOUS  SECTION 8.01 Amendments, Etc ............................................................................................ 56  SECTION 8.02 Notices, Etc ..................................................................................................... 57  SECTION 8.03 No Waiver; Remedies ..................................................................................... 57  SECTION 8.04 Costs and Expenses; Indemnification ............................................................. 57  SECTION 8.05 Right of Set-off ............................................................................................... 58  SECTION 8.06 Binding Effect ................................................................................................. 58  SECTION 8.07 Assignments and Participations ...................................................................... 58  SECTION 8.08 Governing Law ............................................................................................... 63  SECTION 8.09 Consent to Jurisdiction; Certain Waivers ....................................................... 63  SECTION 8.10 Waiver of Jury Trial ........................................................................................ 63  

 

TABLE OF CONTENTS  (continued)  Page    -iii-  SECTION 8.11 Execution in Counterparts; Integration ........................................................... 64  SECTION 8.12 USA PATRIOT ACT NOTIFICATION ........................................................ 64  SECTION 8.13 No Advisory or Fiduciary Responsibility ....................................................... 64  SECTION 8.14 [Reserved] ....................................................................................................... 65  SECTION 8.15 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions....................................................................................................... 65  SECTION 8.16 Confidentiality ................................................................................................ 65  SECTION 8.17 Material Non-Public Information ................................................................... 66  SECTION 8.18 Interest Rate Limitation .................................................................................. 66  SECTION 8.19 Severability ..................................................................................................... 67  SECTION 8.20 Headings ......................................................................................................... 67  SECTION 8.21 Survival ........................................................................................................... 67      SCHEDULE I COMMITMENTS  SCHEDULE 3.06 DISCLOSED MATTERS  SCHEDULE 5.02 EXISTING RESTRICTIONS    EXHIBIT A FORM OF ASSIGNMENT AND ASSUMPTION  EXHIBIT B FORM OF NOTICE OF BORROWING  EXHIBIT C FORM OF NOTE  EXHIBIT D FORM OF ANNUAL AND QUARTERLY COMPLIANCE CERTIFICATE  EXHIBIT E FORMS OF U.S. TAX COMPLIANCE CERTIFICATE  EXHIBIT F FORM OF NOTICE OF CONTINUATION OR CONVERSION  EXHIBIT G FORM OF NOTICE OF PREPAYMENT 

 

    CREDIT AGREEMENT  THIS CREDIT AGREEMENT dated as of January 24, 2022 is among EXELON  CORPORATION, a Pennsylvania, corporation the banks and other financial institutions or entities  listed on the signature pages hereof, and PNC BANK, NATIONAL ASSOCIATION, as  Administrative Agent.  The parties hereto, intending to be legally bound hereby, agree as follows:  ARTICLE I    DEFINITIONS AND INTERPRETATION  SECTION 1.01 Certain Defined Terms.  As used in this Agreement, each of the  following terms shall have the meaning set forth below (each such meaning to be equally  applicable to both the singular and plural forms of the term defined):  “Administrative Agent” means PNC Bank, National Association in its capacity as  administrative agent for the Lenders pursuant to Article VII, and not in its individual capacity as a  Lender, and any successor Administrative Agent appointed pursuant to Section 7.06.  “Administrative Questionnaire” means an administrative questionnaire,  substantially in the form supplied by the Administrative Agent, completed by a Lender and  furnished to the Administrative Agent in connection with this Agreement.  “Advance” means an advance by a Lender to the Borrower hereunder.  An Advance  may be a Base Rate Advance, a Daily Simple SOFR Advance or a SOFR Advance, each of which  shall be a “Type” of Advance.  “Adjusted Daily Simple SOFR Rate” means an interest rate per annum equal to  (a) the Daily Simple SOFR Rate, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR  Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the  Floor for the purposes of this Agreement.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any  UK Financial Institution.  “Affiliate” means, as to any Person, any other Person that, directly or indirectly,  controls, is controlled by or is under common control with such Person or is a director or officer  of such Person.  “Aggregate Commitment Amount” means the aggregate of the Commitments of all  the Lenders, as reduced or increased from time to time pursuant to the terms hereof. As of the  Effective Date, the Aggregate Commitment Amount is $250,000,000.  “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the  highest of (a) zero, (b) the Prime Rate for such day, (c) the sum of the Federal Funds Effective  Rate for such day plus 0.50% per annum and (d) the Term SOFR Rate or Daily Simple SOFR Rate  (without giving effect to the Applicable Margin) for a one-month Interest Period on such day (or  if such day is not a Business Day or if the Term SOFR Rate or Daily Simple SOFR Rate, as  

 

  -2-  applicable for such Business Day is not published due to a holiday or other circumstance that the  Administrative Agent deems in its sole discretion to be temporary, the immediately preceding  Business Day) for Dollars plus 1.00%. Any change in the Alternate Base Rate due to a change in  the Prime Rate, the Federal Funds Effective Rate, or the Term SOFR Rate shall be effective from  the effective date of such change. If the Alternate Base Rate is being used when Term SOFR  Advances are unavailable pursuant to Section 2.16, then the Alternate Base Rate shall be the  highest of clauses (a), (b) and (c) above, without reference to clause (d) above.  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction  applicable to the Borrower or any of its Affiliates from time to time concerning or relating to  money-laundering, bribery or corruption.   “Applicable Margin” means, 0.55% with respect to Term SOFR Advances, Daily  Simple SOFR Advances, Term SOFR Borrowings, Daily Simple SOFR Borrowings, Daily Simple  SOFR Loans and Term SOFR Loans and (y) 0.00% with respect to Base Rate Advances, Base  Rate Borrowings and Base Rate Loans to Borrower.  “Approved Fund” has the meaning set forth in Section 8.07(a).  “Available Tenor” means, as of any date of determination and with respect to the  then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor  for such Benchmark that is or may be used for determining the length of an Interest Period or  (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as  applicable, pursuant to this Agreement as of such date.   “Assignment and Assumption” means an assignment and assumption entered into  by a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in substantially  the form of Exhibit A.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers  by the applicable Resolution Authority in respect of any liability of an Affected Financial  Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council  of the European Union, the implementing law, regulation rule or requirement for such EEA  Member Country from time to time which is described in the EU Bail-In Legislation Schedule and  (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as  amended from time to time) and any other law, regulation or rule applicable in the United Kingdom  relating to the resolution of unsound or failing banks, investment firms or other financial  institutions or their affiliates (other than through liquidation, administration or other insolvency  proceedings).   “Base Rate” means, for any day, a fluctuating per annum rate of interest equal to  the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate, and (iii)  Daily  Simple SOFR Rate, plus 1.00%, so long as the Daily Simple SOFR Rate is offered, ascertainable  and not unlawful; provided, however, if the Base Rate as determined above would be less than  

 

  -3-  zero, then such rate shall be deemed to be zero.  Any change in the Base Rate (or any component  thereof) shall take effect at the opening of business on the day such change occurs.    “Base Rate Advance” means an Advance that bears interest as provided in Section  2.06.  “Base Rate Borrowing” means a Borrowing that, except as otherwise provided in  Section 2.13(f), bears interest at the Base Rate.  “Base Rate Loan” means a Loan that, except as otherwise provided in Section  2.13(f), bears interest at the Base Rate.  “Benchmark” means, initially, with respect to any (i) Daily Simple SOFR Loan, the  Daily Simple SOFR Rate or (ii) Term SOFR Loan, the Term SOFR Rate; provided that if a  Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with  respect to the Daily Simple SOFR Rate or Term SOFR Rate, as applicable, or the then-current  Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that  such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.16(b).  “Benchmark Replacement” means, for any Available Tenor, the first alternative set  forth in the order below that can be determined by the Administrative Agent for the applicable  Benchmark Replacement Date:  (1) Daily Simple SOFR; or  (2) the sum of: (a) the alternate benchmark rate that has been selected by the  Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the  applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation  of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant  Governmental Body or (ii) any evolving or then-prevailing market convention for determining a  benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated  syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (1) or (2) above  would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the  purposes of this Agreement and the other Loan Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of  the then-current Benchmark with an Unadjusted Benchmark Replacement pursuant to clause (2)  thereof for any applicable Interest Period and Available Tenor for any setting of such Benchmark  Replacement, the spread adjustment, or method for calculating or determining such spread  adjustment, (which may be a positive or negative value or zero) that has been selected by the  Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due  consideration to (i) any selection or recommendation of a spread adjustment, or method for  calculating or determining such spread adjustment, for the replacement of such Benchmark with  the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the  applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market  convention for determining a spread adjustment, or method for calculating or determining such  

 

  -4-  spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted  Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities.  “Benchmark Replacement Conforming Changes” means, with respect to any  Benchmark Replacement, any technical, administrative or operational changes (including changes  to the definition of “Borrowing” and “Term SOFR Borrowing,” the definition of “Alternate Base  Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency  of determining rates and making payments of interest, timing of borrowing requests or prepayment,  conversion or continuation notices, length of lookback periods, the applicability of breakage  provisions, and other technical, administrative or operational matters) that the Administrative  Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark  Replacement and to permit the administration thereof by the Administrative Agent in a manner  substantially consistent with market practice (or, if the Administrative Agent decides that adoption  of any portion of such market practice is not administratively feasible or if the Administrative  Agent determines that no market practice for the administration of such Benchmark Replacement  exists, in such other manner of administration as the Administrative Agent decides is reasonably  necessary in connection with the administration of this Agreement and the other Loan Documents).  “Benchmark Replacement Date” means the earliest to occur of the following events  with respect to the then-current Benchmark:  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition  Event,” the later of (a) the date of the public statement or publication of information referenced  therein and (b) the date on which the administrator of such Benchmark (or the published  component used in the calculation thereof) permanently or indefinitely ceases to provide all  Available Tenors of such Benchmark (or such component thereof);  (2) in the case of clause (3) of the definition of “Benchmark Transition Event,”  the first date on which such Benchmark (or the published component used in the calculation  thereof) has been determined and announced by the regulatory supervisor for the administrator of  such Benchmark (or such component thereof) to be no longer representative; provided, that such  non-representativeness will be determined by reference to the most recent statement or publication  referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such  component thereof) continues to be provided on such date; and  (3) in the case of an Early Opt-in Election, the Business Day specified by the  Administrative Agent in the notice of the Early Opt-in Election provided to the Lenders, so long  as the Administrative Agent has not received, by 5:00 p.m. (Central time) on the fifth Business  Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice  of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders.  For the avoidance of doubt, (i) if the event giving rise to the Benchmark  Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of  any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the  Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be  deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the  

 

  -5-  occurrence of the applicable event or events set forth therein with respect to all then-current  Available Tenors of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the  following events with respect to the then-current Benchmark:  (1) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that such administrator has ceased or will cease to provide all Available Tenors of  such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the  time of such statement or publication, there is no successor administrator that will continue to  provide any Available Tenor of such Benchmark (or such component thereof);  (2) a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component used in the  calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve  Bank of New York, an insolvency official with jurisdiction over the administrator for such  Benchmark (or such component), a resolution authority with jurisdiction over the administrator  for such Benchmark (or such component) or a court or an entity with similar insolvency or  resolution authority over the administrator for such Benchmark (or such component), which states  that the administrator of such Benchmark (or such component) has ceased or will cease to provide  all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely,  provided that, at the time of such statement or publication, there is no successor administrator that  will continue to provide any Available Tenor of such Benchmark (or such component thereof); or  (3) a public statement or publication of information by any of the entities  referenced in clause (2) above announcing that all Available Tenors of such Benchmark (or such  component thereof) are no longer, or as of a specified future date will no longer be, representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to  have occurred with respect to any Benchmark if a public statement or publication of information  set forth above has occurred with respect to each then-current Available Tenor of such Benchmark  (or the published component used in the calculation thereof).  “Benchmark Unavailability Period” means the period (if any) (x) beginning at the  time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has  occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark in  accordance with Section 2.16(b), and (y) ending at the time that a Benchmark Replacement has  replaced the then-current Benchmark in accordance with Section 2.16(b).  “Beneficial Ownership Certification” means a certification regarding beneficial  ownership as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “BGE” shall mean Baltimore Gas and Electric Company.  “BGE Entity” shall mean RF Holdco, BGE and any of their Subsidiaries.  

 

  -6-   “Borrower” means Exelon Corporation or any Eligible Successor thereof.  “Borrowing” means a group of Advances of the same Type made, continued or  converted on the same day by the Lenders ratably according to their Pro Rata Shares and, in the  case of a Borrowing of Term SOFR Loans, having the same Interest Period.  “Business Day” means a day (other than a Saturday or Sunday) on which banks  generally are open in New York City, New York for the conduct of substantially all of their  commercial lending activities and interbank wire transfers can be made on the Fedwire system;  provided that, when used in connection with SOFR, Term SOFR, Term SOFR Base Rate or Term  SOFR Rate, the term “Business Day” excludes any day on which the Securities Industry and  Financial Markets Association (SIFMA) recommends that the fixed income departments of its  members be closed for the entire day for purposes of trading in United States government  securities.  “Capital Lease Obligations” of any Person means the obligations of such Person to  pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real  or personal property, or a combination thereof, which obligations are required to be classified and  accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP,  and the amount of such obligations shall be the capitalized amount thereof determined in  accordance with GAAP.  “Change in Control” means the acquisition of ownership, directly or indirectly  beneficially or of record, by any Person or group (within the meaning of the Securities Exchange  Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests  representing more than 50% of the aggregate ordinary voting power represented by the issued and  outstanding Equity Interests of the Borrower.               “Change in Law” means (a) the adoption of any law, rule, regulation or treaty after  the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the  interpretation or application thereof by any Governmental Authority after the date of this  Agreement or (c) compliance by any Lender (or, for purposes of Section 2.11(b), by any lending  office of such Lender or by such Lender’s holding company, if any) with any request, rule,  guideline or directive (whether or not having the force of law) of any Governmental Authority  made or issued after the date of this Agreement; provided that notwithstanding anything herein to  the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,  rules, guidelines or directives thereunder or issued in connection therewith and (ii) 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.   “Code” means the Internal Revenue Code of 1986, as amended.  “ComEd” means Commonwealth Edison Company, an Illinois corporation, or any  successor thereof.  “ComEd Entity” means ComEd and each of its Subsidiaries.  

 

  -7-  “Commitment” means, with respect to each Lender, the commitment of such  Lender to make an Advance, expressed as an amount representing the maximum principal amount  of the Advance to be made by such Lender.  The initial amount of each Lender’s Commitment is  set forth on Schedule I attached hereto.  “Commitment Amount” means, for any Lender at any time, the amount set forth  opposite such Lender’s name on Schedule I attached hereto or, if such Lender has entered into any  Assignment and Assumption, set forth for such Lender in the Register maintained by the  Administrative Agent pursuant to Section 8.07(c).   “Commodity Trading Obligations” shall mean the obligations of the Borrower (or,  prior to consummation of the Spin Transaction, Genco) under (i) any commodity swap agreement,  commodity future agreement, commodity option agreement, commodity cap agreement,  commodity floor agreement, commodity collar agreement, commodity hedge agreement,  commodity forward contract or derivative transaction and any put, call or other agreement,  arrangement or transaction, including natural gas, power, electric energy, emissions forward  contracts, renewable energy credits, or any combination of any such arrangements, agreements  and/or transactions, employed in the ordinary course of the Borrower or Genco’s business,  including the Borrower or Genco’s energy marketing, trading and asset optimization business, or  (ii) any commodity swap agreement, commodity future agreement, commodity option agreement,  commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity  hedge agreement, commodity forward contract or derivative transaction and any put, call or other  agreement or arrangement, or combination thereof (including an agreement or arrangement to  hedge foreign exchange risks) in respect of commodities entered into by the Borrower or Genco  pursuant to asset optimization and risk management policies and procedures adopted pursuant to  authority delegated by the Board of Directors of the Borrower or Genco.  The term “commodities”  shall include electric energy and/or capacity, transmission rights, coal, petroleum, natural gas  liquids, natural gas, fuel transportation rights, emissions allowances, weather derivatives and  related products and by-products and ancillary services.  “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 Capitalization Ratio” means, as of any date of determination, the  ratio of (a) Consolidated Total Indebtedness as of the last day of the applicable Test Period to  (b) the sum of Consolidated Total Indebtedness plus Consolidated Stockholders’ Equity as of the  last day for such Test Period.                “Consolidated Stockholders’ Equity” means, as of any date of determination, the  total stockholders’ equity of the Borrower on a consolidated basis, determined in accordance with  GAAP.              “Consolidated Total Indebtedness” means, as of any date of determination, the total  amount of all Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis  in accordance with GAAP. For the avoidance of doubt, Consolidated Total Indebtedness shall not  include Nonrecourse Indebtedness.    

 

  -8-   “Controlled Group” means each person (as defined in Section 3(9) of ERISA) that,  together with the Borrower, would be deemed to be a “single employer” within the meaning of  Section 414(b) or 414(c) of the Code.   “Corresponding Tenor” with respect to any Available Tenor means, as applicable,  either a tenor (including overnight) or an interest payment period having approximately the same  length (disregarding business day adjustment) as such Available Tenor.  “Credit Extension” means the making of an Advance hereunder.   Advance” means any Advance that bears interest as provided in Section 2.06.  “Daily Simple SOFR Borrowing” means a Borrowing that, except as otherwise  provided in Section 2.13(f), bears interest at the applicable Daily Simple SOFR Rate  “Daily Simple SOFR Loan” means a Loan that, except as otherwise provided in  Section 2.13(f), bears interest at the applicable Adjusted Daily Simple SOFR Rate other than  pursuant to clause (d) of the definition of Alternate Base Rate.   “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), the interest rate  per annum determined by the Administrative Agent by dividing (the resulting quotient rounded  upwards, at the Administrative Agent’s discretion, to the nearest 1/100th of 1%) (A) SOFR for the  day (the “SOFR Determination Date”) that is 2 Business Days prior to (i) such SOFR Rate Day if  such SOFR Rate Day is a Business Day or (ii) the Business Day immediately preceding such SOFR  Rate Day if such SOFR Rate Day is not a Business Day, by (B) a number equal to 1.00 minus the  SOFR Reserve Percentage.  If Daily Simple SOFR as determined above would be less than the  SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR Floor.  If SOFR for any  SOFR Determination Date has not been published or replaced with a Benchmark Replacement by  5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately following such  SOFR Determination Date, then SOFR for such SOFR Determination Date will be SOFR for the  first Business Day preceding such SOFR Determination Date for which SOFR was published in  accordance with the definition of “SOFR”; provided that SOFR determined pursuant to this  sentence shall be used for purposes of calculating Daily Simple SOFR for no more than 3  consecutive SOFR Rate Days.  If and when Daily Simple SOFR as determined above changes, any  applicable rate of interest based on Daily Simple SOFR will change automatically without notice  to the Borrower, effective on the date of any such change.    “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.  “Disclosed Matters” means the actions, suits and proceedings and the  environmental matters disclosed in Schedule 3.06.  “Domestic Lending Office” means, with respect to any Lender, the office of such  Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire or in the  Assignment and Assumption pursuant to which it became a Lender, or such other office of such  

 

  -9-  Lender as such Lender may from time to time specify to the Borrower and the Administrative  Agent.  “Early Opt-in Election” means, if the then-current Benchmark is the Term SOFR  Base Rate, the joint election by the Administrative Agent and the Borrower to trigger a fallback  from the Term SOFR Base Rate to the Benchmark Replacement, and a notification by the  Administrative Agent to each of the other parties hereto of such election and the proposed  Benchmark Replacement.   “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 which all conditions precedent set forth in  Section 3.01 have been satisfied.   “Electronic System” means any electronic system, including e-mail, e-fax,  Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site,  whether such electronic system is owned, operated or hosted by the Administrative Agent or any  Lender and any of its respective Related Parties or any other Person, providing for access to data  protected by passcodes or other security system.  “Eligible Assignee” means (i) a commercial bank organized under the laws of the  United States, or any State thereof; (ii) a commercial bank organized under the laws of any other  country that is a member of the OECD or has concluded special lending arrangements with the  International Monetary Fund associated with its “General Arrangements to Borrow”, or a political  subdivision of any such country, provided that such bank is acting through a branch or agency  located in the United States; (iii) a finance company, insurance company or other financial  institution or fund (whether a corporation, partnership or other entity) engaged generally in  making, purchasing or otherwise investing in commercial loans in the ordinary course of its  business; (iv) the central bank of any country that is a member of the OECD; (v) any Lender; or  (vi) any Affiliate (excluding any individual) of a Lender; provided that, unless otherwise agreed  by the Borrower and the Administrative Agent in their sole discretion, (A) any Person described  in clause (i), (ii) or (iii) above shall also (x) have outstanding unsecured long-term debt that is rated  BBB- or better by S&P and Baa3 or better by Moody’s (or an equivalent rating by another  nationally recognized credit rating agency of similar standing if either such corporation is no  longer in the business of rating unsecured indebtedness of entities engaged in such businesses) and  

 

  -10-  (y) have combined capital and surplus (as established in its most recent report of condition to its  primary regulator) of not less than $100,000,000 (or its equivalent in foreign currency), and (B)  any Person described in clause (ii), (iii), (iv), (v) or (vi) above shall, on the date on which it is to  become a Lender hereunder, be entitled to receive payments hereunder without deduction or  withholding of any United States Federal income taxes (as contemplated by Section 2.14(e)).  In  no event shall an Eligible Assignee include an Ineligible Institution.  “Eligible Successor” means a Person that (i) is a corporation, limited liability  company or business trust duly incorporated or organized, validly existing and in good standing  under the laws of one of the states of the United States or the District of Columbia, (ii) as a result  of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of  the consolidated business and assets of the Borrower, (iii) upon giving effect to such contemplated  acquisition, consolidation or merger, will have all or substantially all of its consolidated business  and assets conducted and located in the United States and (iv) is acceptable to the Majority Lenders  as a credit matter.  “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 in any way to (i) the environment,  (ii) preservation or reclamation of natural resources, (iii) the management, release or threatened  release of any Hazardous Material or (iv) health and safety matters.  “Environmental Liability” means any liability, contingent or otherwise (including  any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of  the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of  any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or  disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or  threatened release of any Hazardous Materials into the environment or (e) any contract, agreement  or other consensual arrangement pursuant to which liability is assumed or imposed with respect to  any of the foregoing.  “Equity Interests” means shares of capital stock, partnership interests, membership  interests in a limited liability company, beneficial interests in a trust or other equity ownership  interests in a Person, and any warrants, options or other rights entitling the holder thereof to  purchase or acquire any such equity interest, but excluding any debt securities convertible into any  of the foregoing.  “ERISA” means the Employee Retirement Income Security Act of 1974, as  amended.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that,  together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code  or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single  employer under Section 414 of the Code.  “ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of  ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which  

 

  -11-  the 30-day notice period is waived); (b) the failure with respect to any Plan to satisfy the “minimum  funding standard” (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 the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA  with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate  from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan  or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its  ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the  Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt  by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan  from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the  Borrower or any of its ERISA Affiliates of Withdrawal Liability under Section 4201 of ERISA or  a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning  of Title IV of ERISA.  “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.  “Event of Default” shall have the meaning specified in Section 6.01.  “Exchange Act” means the Securities Exchange Act of 1934.  “Excluded Project Subsidiary” shall mean, at any time, any Subsidiary that is an  obligor (or, in the case of a Subsidiary of an Excluded Project Subsidiary that is such an obligor  and is in a business that is related to the business of such Excluded Project Subsidiary that is such  an obligor, is otherwise bound, or its property is subject to one or more covenants and other terms  of any Nonrecourse Indebtedness outstanding at such time, regardless of whether such Subsidiary  is a party to the agreement evidencing the Nonrecourse Indebtedness) with respect to any  Nonrecourse Indebtedness outstanding at such time.   “Excluded Subsidiary” shall mean (a) an Excluded Project Subsidiary, (b) any  captive insurance Subsidiary, (c) any not-for-profit Subsidiary or (d) any special purpose vehicle,  including any Securitization Vehicle.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to  a Recipient or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes  imposed on or measured by net 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, 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, U.S. Federal withholding Taxes imposed on  amounts payable to or for the account of such Lender with respect to an applicable interest in an  Advance or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires  such interest in the Advance or Commitment (other than pursuant to an assignment request by the  Borrower under Section 8.07(g)) or (ii) such Lender changes its lending office, except in each case  

 

  -12-  to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either  to such Lender’s assignor immediately before such Lender acquired the applicable interest in an  Advance or Commitment or to such Lender immediately before it changed its lending office, (c)  Taxes attributable to such Recipient’s failure to comply with Section 2.14(f) and (d) any U.S.  Federal withholding Taxes imposed under FATCA.   “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this  Agreement, and any current or future regulations or official interpretations thereof; provided that  “FATCA” shall also include any amendments to Sections 1471 through 1474 of the Code that are  substantively comparable, but only if the requirements in such amended version for avoiding the  withholding are not materially more onerous than the requirements in the current version.  “Federal Funds Effective Rate” means, for any day, the greater of (a) zero and (b)  the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s  federal funds transactions by depository institutions (as determined in such manner as the Federal  Reserve Bank of New York shall set forth on its public website from time to time) and published  on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal  funds effective rate or, if such rate is not so published for any day which is a Business Day, the  average of the quotations at approximately 10:00 a.m. (Central time) on such day on such  transactions received by the Administrative Agent from three federal funds brokers of recognized  standing selected by the Administrative Agent in its sole discretion.  “Federal Reserve Bank of New York’s Website” means the website of the Federal  Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.  “Financial Officer” means the chief financial officer, principal accounting officer,  treasurer or controller of the Borrower.  “Fitch” means Fitch Ratings, Inc. or any successor.  “Fitch Rating” means, at any time, the rating issued by Fitch and then in effect with  respect to the Borrower’s senior unsecured long-term public debt securities without third party  credit enhancement (it being understood that if the Borrower does not have any outstanding debt  securities of the type described above but has an indicative rating from Fitch for debt securities of  such type, then such indicative rating shall be used for determining the “Fitch Rating” and if the  Borrower does not have such an indicative rating, but has an issuer rating from Fitch, then such  issuer rating shall be used for determining the “Fitch Rating”).  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially  (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement  or otherwise) with respect to the Term SOFR Rate or the Adjusted Daily Simple SOFR, as  applicable. For the avoidance of doubt the initial Floor for each of the Term SOFR Rate or the  Adjusted Daily Simple SOFR Rate shall be 0%.  “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a  U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized  under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.  

 

  -13-  “GAAP” shall have meaning specified in Section 1.03(a).  “Genco” means Exelon Generation Company, LLC a Pennsylvania limited liability  company.  “Governmental Authority” means the government of the United States of America  or any other nation or any political subdivision thereof, whether state or local, and any agency,  authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,  legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to  government (including any supra-national bodies such as the European Union or the European  Central Bank) and any group or body charged with setting financial accounting or regulatory  capital rules or standards (including, without limitation, the Financial Accounting Standards  Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or  any successor or similar authority to any of the foregoing).  “Granting Bank” shall have the meaning specified in Section 8.07(i).  “Guarantee” of or by any Person (the “guarantor”) means any obligation,  contingent or otherwise, of the guarantor guaranteeing or having the economic effect of  guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in  any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or  indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such  Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of)  any security for the payment thereof, (b) to purchase or lease property, securities or services for  the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof,  (c) to maintain working capital, equity capital or any other financial statement condition or  liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or  other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty  issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not  include endorsements for collection or deposit in the ordinary course of business.  “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 regulated pursuant to  any Environmental Law.  “Hedging Obligations” mean, with respect to any Person, the obligations of such  Person under any interest rate or currency swap agreement, interest rate or currency future  agreement, interest rate collar agreement, interest rate or currency hedge agreement, and any put,  call or other agreement or arrangement designed to protect such Person against fluctuations in  interest rates or currency exchange rates.  “Indebtedness” of any Person means, without duplication, (a) all obligations of  such Person for borrowed money or with respect to deposits or advances of any kind, (b) all  obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all  obligations of such Person upon which interest charges are customarily paid, (d) all obligations of  

 

  -14-  such Person under conditional sale or other title retention agreements relating to property acquired  by such Person, (e) all obligations of such Person in respect of the deferred purchase price of  property or services (excluding current accounts payable incurred in the ordinary course of  business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness  has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or  acquired by such Person, whether or not the Indebtedness secured thereby has been assumed and  (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of  such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in  respect of letters of credit and letters of guaranty.  The Indebtedness of any Person shall include  the Indebtedness of any other entity (including any partnership in which such Person is a general  partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest  in or other relationship with such entity, except to the extent the terms of such Indebtedness provide  that such Person is not liable therefor.    “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or  with respect to any payment made by the Borrower under this Agreement, and (b) Other Taxes.  “Index Debt” means senior, unsecured, long-term indebtedness for borrowed  money of the Borrower that is not guaranteed by any other Person or subject to any other credit  enhancement, provided, that if the Borrower does not have any outstanding debt securities of the  type described, an appropriate fallback will be determined by Administrative Agent in consultation  with Borrower.  “Ineligible Institution” has the meaning assigned to it in Section 8.07(a).  “Interest Period” means, with respect to a Term SOFR Borrowing, a period of one  month (in each case, subject to the availability thereof) commencing on a Business Day selected  by the Borrower pursuant to this Agreement and ending on the day that corresponds numerically  to such date one month thereafter; provided that  (i) any Interest Period that would otherwise end on a day that is not a  Business Day shall be extended to the next succeeding Business Day unless such  succeeding Business Day falls in a new calendar month, in which case such Interest  Period shall end on the immediately preceding Business Day;  (ii) any Interest Period 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 calendar month at the end of such Interest Period) shall end on the last  Business Day of the calendar month at the end of such Interest Period;  (iii) no Interest Period shall extend beyond the Termination Date; and  (iv) no tenor that has been removed from this definition pursuant to  Section 2.16(b)(iv) may be available for selection by the Borrower.   “IRS” means the United States Internal Revenue Service.  

 

  -15-  “Lenders” means each of the financial institutions listed on the signature pages  hereof and each Eligible Assignee that shall become a party hereto pursuant to Section 8.07.  “Lien” means any lien (statutory or other), mortgage, pledge, security interest or  other charge or encumbrance, or any other type of preferential arrangement in the nature of a  security interest (including the interest of a vendor or lessor under any conditional sale, capitalized  lease or other title retention agreement).  “Loan Documents” means this Agreement, including schedules and exhibits hereto,  and any agreements entered into in connection herewith by the Borrower with or in favor of the  Administrative Agent and/or the Lenders, including any amendments, modifications or  supplements thereto or waivers thereof, legal opinions issued in connection with the other Loan  Documents, flood determinations, letter of credit applications and any other documents prepared  in connection with the other Loan Documents, if any.  “Loans” means the loans made by the Lenders to the Borrower pursuant to this  Agreement.  “Majority Lenders” means Lenders having Pro Rata Shares of more than 50%;  provided that, for purposes of this definition, neither the Borrower nor any of its Affiliates, if a  Lender, shall be included in calculating the amount of any Lender’s Pro Rata Share or the amount  of the Commitment Amounts or Outstanding Credit Extensions, as applicable, required to  constitute more than 50% of the Pro Rata Shares.  “Material Adverse Change” and “Material Adverse Effect” each means, relative to  any occurrence, fact or circumstances of whatsoever nature (including any determination in any  litigation, arbitration or governmental investigation or proceeding), (i) any materially adverse  change in, or materially adverse effect on, the financial condition, operations, assets or business of  the Borrower and its consolidated Subsidiaries, taken as a whole, provided that, except as  otherwise expressly provided herein, the assertion against the Borrower or any Subsidiary of  liability for any obligation arising under ERISA for which the Borrower or such Subsidiary bore  joint and several liability with any ComEd Entity, or the payment by the Borrower or any  Subsidiary of any such obligation, shall not be considered in determining whether a Material  Adverse Change or Material Adverse Effect has occurred; or (ii) any materially adverse effect on  the validity or enforceability against the Borrower of this Agreement.  “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.  “Moody’s Rating” means, at any time, the rating issued by Moody’s and then in  effect with respect to the Borrower’s senior unsecured long-term public debt securities without  third-party credit enhancement (it being understood that if the Borrower does not have any  outstanding debt securities of the type described above but has an indicative rating from Moody’s  for debt securities of such type, then such indicative rating shall be used for determining the  “Moody’s Rating” and if the Borrower does not have such an indicative rating, but has an issuer  rating from Moody’s, then such issuer rating shall be used for determining the “Moody’s Rating”).  

 

  -16-  “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining  agreement or any other arrangement to which Exelon or any other member of the Controlled Group  is a party to which more than one employer is obligated to make contributions.  “Nonrecourse Indebtedness” means any Indebtedness that finances the acquisition,  development, ownership or operation of an asset or pool of assets in respect of which the Person  to which such Indebtedness is owed has no recourse whatsoever to the Borrower or any of its  Affiliates other than:  (i) recourse to the named obligor with respect to such Indebtedness (the  “Debtor”) for amounts limited to the cash flow or net cash flow (other than  historic cash flow) from the asset;  (ii) recourse to the Debtor for the purpose only of enabling amounts to be  claimed in respect of such Indebtedness in an enforcement of any security  interest or lien given by the Debtor over the asset or the income, cash flow  or other proceeds deriving from the asset (or given by any shareholder or  the like in the Debtor over its shares or like interest in the capital of the  Debtor) to secure the Indebtedness, but only if the extent of the recourse to  the Debtor is limited solely to the amount of any recoveries made on any  such enforcement; and  (iii) recourse to the Debtor generally or indirectly to any Affiliate of the Debtor,  under any form of assurance, undertaking or support, which recourse is  limited to a claim for damages (other than liquidated damages and damages  required to be calculated in a specified way) for a breach of an obligation  (other than a payment obligation or an obligation to comply or to procure  compliance by another with any financial ratios or other tests of financial  condition) by the Person against which such recourse is available.  “Notice of Borrowing” has the meaning set forth in Section 2.02(a).  “Obligations” means all advances to, and debts, liabilities, obligations, covenants  and duties of, the Borrower arising under any Loan Document or otherwise with respect to any  Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent,  due or to become due, now existing or hereafter arising and including interest and fees that accrue  after the commencement by or against the Borrower or any Affiliate thereof of any proceeding  under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of  whether such interest and fees are allowed or allowable claims in such proceeding.  Without  limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest  commissions, charges, expenses, fees, indemnities and other amounts payable by the Borrower  under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in  respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its  sole discretion, may elect to pay or advance on behalf of the Borrower.  “OECD” means the Organization for Economic Cooperation and Development.  

 

  -17-  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as  a result of a present or former connection between such Recipient and the jurisdiction imposing  such Tax (other than connections arising from such Recipient having executed, delivered, become  a party to, performed its obligations under, received payments under, received or perfected a  security interest under, engaged in any other transaction pursuant to or enforced any loan  document, or sold or assigned an interest in any Advance or document related thereto).  “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, this Agreement, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment (other than an assignment under Section  8.07(g)).  “Outstanding Credit Extensions” means the sum of the aggregate principal amount  of all outstanding Advances.  “Overnight Bank Funding Rate” means for any day, the rate comprised of both  overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices  of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank  of New York, as set forth on its public website from time to time, and as published on the next  succeeding Business Day as the overnight bank funding rate by the Federal Reserve Bank of New  York (or by such other recognized electronic source (such as Bloomberg) selected by the  Administrative Agent for the purpose of displaying such rate); provided, that if such day is not a  Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately  preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no  longer exist, a comparable replacement rate determined by Administrative Agent at such time  (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding  Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The  rate of interest charged shall be adjusted as of each Business Day based on changes in the  Overnight Bank Funding Rate without notice to the Borrower.  “Participant” has the meaning assigned to such term in Section 8.07(e).  “Participant Register” has the meaning assigned to such term in Section 8.07(e).  “Payment Date” means (a) with respect to Base Rate Loans, the last day of each  calendar quarter and the Termination Date, (b) with respect to Daily Simple SOFR Loans, each  date that is on the numerically corresponding day in each calendar month that is one month after  the borrowing of such Loan (or, if there is no such numerically corresponding day in such month,  then the last day of such month) and the Termination Date and (c) with respect to Term SOFR  Loans, the last day of each Interest Period applicable to the Borrowing of which such Loan is a  part.  “PBGC” means the Pension Benefit Guaranty Corporation and any entity  succeeding to any or all of its functions under ERISA.  

 

  -18-  “PECO” means PECO Energy Company, a Pennsylvania corporation, or any  successor thereof.  “Pepco” means Pepco Holdings LLC, a Delaware limited liability company, or any  successor thereof.  “Pepco Entity” shall mean Pepco, PH Holdco and any of their Subsidiaries.  “Permitted Encumbrance” means (a) any right reserved to or vested in any  municipality or other governmental or public authority (i) by the terms of any right, power,  franchise, grant (including, without limitation, any financial assistance grant), license or permit  granted or issued to the Borrower (or prior to consummation of the Spin Transaction, Genco) or  (ii) to purchase or recapture or to designate a purchaser of any property of the Borrower (or prior  to consummation of the Spin Transaction, Genco) ; (b) any easement, restriction, exception or  reservation in any property and/or right of way of the Borrower (or prior to consummation of the  Spin Transaction, Genco)  for the purposes of roads, pipelines, transmission lines, distribution  lines, transportation lines or removal of minerals or timber or for other like purposes or for the  joint or common use of real property, rights of way, facilities and/or equipment, and defects,  irregularities and deficiencies in title of any property and/or rights of way, which, in each case  described in this clause (b), whether considered individually or collectively with all other items  described in this clause (b), do not materially impair the use of the relevant property and/or rights  of way for the purposes for which such property and/or rights of way are held by the Borrower (or  prior to consummation of the Spin Transaction, Genco); (c) rights reserved to or vested in any  municipality or other Governmental Authority to control or regulate any property of the Borrower  (or prior to consummation of the Spin Transaction, Genco)  or to use such property in a manner  that does not materially impair the use of such property for the purposes for which it is held by the  Borrower (or prior to consummation of the Spin Transaction, Genco) ; and (d) obligations or duties  of the Borrower (or prior to consummation of the Spin Transaction, Genco)  to any municipality  or other Governmental Authority that arise out of any franchise, grant, license or permit and that  affect any property of the Borrower (or prior to consummation of the Spin Transaction, Genco)   (including, without limitation, obligations with respect to nuclear waste disposal and related  arrangements).  “Permitted Obligations” mean (1) Hedging Obligations of the Borrower (or prior  to consummation of the Spin Transaction, Genco)  arising in the ordinary course of business and  in accordance with the Borrower’s (or prior to consummation of the Spin Transaction, Genco’s)  established risk management policies that are designed to protect the Borrower (or prior to  consummation of the Spin Transaction, Genco)  against, among other things, fluctuations in  interest rates or currency exchange rates and which in the case of agreements relating to interest  rates shall have a notional amount no greater than the payments due with respect to the applicable  obligations being hedged and (2) Commodity Trading Obligations of the Borrower (or prior to  consummation of the Spin Transaction, Genco).  “Person” means an individual, partnership, corporation (including a business trust),  joint stock company, trust, unincorporated association, joint venture, limited liability company or  other entity, or a government or any political subdivision or agency thereof.  

 

  -19-  “PH Holdco” shall mean PH HoldCo LLC, a Delaware limited liability company.   “Plan” means an employee pension benefit plan that is covered by Title IV of  ERISA or subject to the minimum funding standards under Section 412 of the Code as to which  the Borrower or any other member of the Controlled Group has or may have any liability (including  contingent liability).  “Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar  electronic transmission system.  “Prime Rate” means a rate per annum equal to the prime rate of interest announced  by PNC Bank, National Association as its prime rate (which is not necessarily the lowest rate  charged to any customer) in effect at its office located in Minneapolis, Minnesota; each change in  the Prime Rate shall be effective from and including the date such change is publicly announced  as being effective.  “Principal Subsidiary” means each Subsidiary other than PECO and its  Subsidiaries, any BGE Entity, any ComEd Entity, and any Pepco Entity, (i) the consolidated assets  of which, as of the date of any determination thereof, are at least equal to 10% of the consolidated  assets of the Borrower or (ii) the consolidated earnings before taxes of which are at least equal to  10% of the consolidated earnings before taxes of the Borrower for the most recently completed  fiscal year.   “Pro Rata Share” means, with respect to a Lender, the percentage that such Lender’s  Commitment Amount is of the Aggregate Commitment Amount.  If the Commitments have  terminated or expired, the Pro Rata Shares shall be determined based upon the Commitment  Amounts most recently in effect, giving effect to any assignments.  “Public-Sider” means a Lender whose representatives may trade in securities of the  Borrower or its controlling person or any of its Subsidiaries while in possession of the financial  statements provided by the Borrower under the terms of this Agreement.  “Rating Agency” means each of S&P, Moody’s and Fitch.  “Recipient” means, as applicable, (a) the Administrative Agent and (b) any Lender.  “Reference Time” means, with respect to any setting of the then-current  Benchmark, the time determined by the Administrative Agent in its reasonable discretion.   “Register” has the meaning set forth in Section 8.07(c).  “Related Parties” means, with respect to any specified Person, such Person’s  Affiliates and the respective trustees, administrators, managers, representatives, directors, officers,  employees, agents and advisors of such Person and such Person’s Affiliates.  “Relevant Governmental Body” means the Board of Governors of the Federal  Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or  

 

  -20-  convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank  of New York, or any successor thereto.  “Reportable Event” means a reportable event as defined in Section 4043 of ERISA  and regulations issued under such Section with respect to a Single Employer Plan, excluding such  events as to which the requirement of Section 4043(a) of ERISA that the PBGC be notified within  30 days after the occurrence of such event is waived under PBGC Regulation Section 4043,  provided that a failure to meet the minimum funding standard of Section 412 of the Code and  Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waivers  in accordance with either Section 4043(a) of ERISA or Section 412(c) of the Code.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any  UK Financial Institution, a UK Resolution Authority.  “RF Holdco” shall mean RF HoldCo LLC, a Delaware limited liability company.   “S&P” means Standard and Poor’s Financial Services, LLC, or any successor.  “S&P Rating” means, at any time, the rating issued by S&P and then in effect with  respect to the Borrower’s senior unsecured long-term public debt securities without third-party  credit enhancement (it being understood that if the Borrower does not have any outstanding debt  securities of the type described above but has an indicative rating from S&P for debt securities of  such type, then such indicative rating shall be used for determining the “S&P Rating”).  “Sanctioned Country” means, at any time, a country, region or territory which is  itself, or whose government is, the subject or target of any Sanctions (as of the Effective Date,  Cuba, Iran, North Korea, Sudan, Syria and Crimea).  “Sanctioned Person” means, at any time, any Person that is the target of Sanctions,  including, without limitation, (a) any Person listed in any Sanctions-related list of designated  Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the  Treasury, the U.S. Department of State, or by the United Nations Security Council, the European  Union or any European Union member state or Her Majesty’s Treasury of the United Kingdom,  (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned  or controlled by any such Person or Persons described in the foregoing clause (a) or (b).  “Sanctions” means economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those  administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or  the U.S. Department of State, or (b) the United Nations Security Council, the European Union,  any European Union member state or Her Majesty’s Treasury of the United Kingdom.  “Screen” has the meaning provided in the definition of Term SOFR Base Rate.  “Securitization” shall mean any transaction or series of transactions entered into by  the Borrower or any Subsidiary pursuant to which the Borrower or such Subsidiary, as the case  may be, sells, conveys, assigns, grants an interest in or otherwise transfers, from time to time, to  one or more Securitization Vehicles the Securitization Assets (and/or grants a security interest in  

 

  -21-  such Securitization Assets transferred or purported to be transferred to such Securitization  Vehicle), and which Securitization Vehicle finances the acquisition of such Securitization Assets  (i) with proceeds from the issuance of Third Party Securities, (ii) with the issuance to the Borrower  or such Subsidiary of Sellers’ Retained Interests or an increase in such Sellers’ Retained Interests,  or (iii) with proceeds from the sale or collection of Securitization Assets.  “Securitization Assets” shall mean any accounts receivable originated or expected  to be originated by (and owed to) the Borrower or any Subsidiary (in each case whether now  existing or arising or acquired in the future) and any ancillary assets (including contract rights)  which are of the type customarily conveyed with, or in respect of which security interests are  customarily granted in connection with, such accounts receivable in a securitization transaction  and which are sold, transferred or otherwise conveyed by the Borrower or a Subsidiary to a  Securitization Vehicle.  “Securitization Vehicle” shall mean a Person that is a direct wholly owned  Subsidiary of the Borrower or of any Subsidiary (a) formed for the purpose of effecting a  Securitization, (b) to which the Borrower and/or any Subsidiary transfers Securitization Assets and  (c) which, in connection therewith, issues Third Party Securities; provided that (i) such  Securitization Vehicle shall engage in no business other than the purchase of Securitization Assets  pursuant to the Securitization, the issuance of Third Party Securities or other funding of such  Securitization and any activities reasonably related thereto.  “Sellers’ Retained Interests” means the debt and/or Equity Interests (including any  intercompany notes) held by the Borrower or any Subsidiary in a Securitization Vehicle to which  Securitization Assets have been transferred in a Securitization, including any such debt or equity  received as consideration for, or as a portion of, the purchase price for the Securitization Assets  transferred, and any other instrument through which the Borrower or any Subsidiary has rights to  or receives distributions in respect of any residual or excess interest in the Securitization Assets.  “Single Employer Plan” means a Plan other than a Multiemployer Plan, maintained  by the Borrower or any other member of the Controlled Group for employees of the Borrower or  any other member of the Controlled Group.  “SOFR” means, with respect to any Business Day, a rate per annum equal to the  secured overnight financing rate for such Business Day published by the SOFR Administrator on  the SOFR Administrator’s Website.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a  successor administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank  of New York, currently at http://www.newyorkfed.org, or any successor source for the secured  overnight financing rate identified as such by the SOFR Administrator from time to time.  “SOFR Determination Date” has the meaning specified in the definition of “Daily  Simple SOFR Rate”.  

 

  -22-  “SOFR Rate Day” has the meaning specified in the definition of “Daily Simple  SOFR Rate”.  “SOFR Reserve Percentage” shall mean, for any day, the maximum effective  percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal  Reserve System (or any successor) for determining the reserve requirements (including, without  limitation, supplemental, marginal and emergency reserve requirements) with respect to SOFR  funding.  “SPC” has the meaning set forth in Section 8.07(i).  “Spin Transaction” means (i) the transfer of the membership interests of Genco by  Exelon to SpinCo and (ii) the pro rata distribution of the capital stock of SpinCo to the holders of  Exelon’s common stock, at which point SpinCo will become a separate, independent publicly  traded company.  “SpinCo” means the new company established by Exelon in connection with the  Spin Transaction and that as of the effective date of the Spin Transaction, will own, directly, 100%  of the issued and outstanding membership interests of Genco (or its successor in interest, as  applicable).  “Subsidiary” means, with respect to any Person, any corporation or unincorporated  entity of which more than 50% of the outstanding capital stock (or comparable interest) having  ordinary voting power (irrespective of whether or not at the time capital stock, or comparable  interests, of any other class or classes of such corporation or entity shall or might have voting  power upon the occurrence of any contingency) is at the time directly or indirectly owned by such  Person (whether directly or through one or more other Subsidiaries).  Unless otherwise indicated,  each reference to a “Subsidiary” means a Subsidiary of the Borrower.  “Taxes” means all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding), value added taxes, or any other goods and services,  use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority,  including any interest, additions to tax or penalties applicable thereto.  “Termination Date” means July 24, 2023.  “Term SOFR” means the rate per annum determined by the Administrative Agent  as the forward-looking term rate based on SOFR.  “Term SOFR Administrator” means CME Group Benchmark Administration  Ltd.(or a successor administrator of Term SOFR).  “Term SOFR Administrator’s Website” means  https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr, or any  successor source for Term SOFR identified as such by the Term SOFR Administrator from time  to time.  

 

  -23-  “Term SOFR Advance” means any Advance that bears interest as provided in  Section 2.06.  “Term SOFR Base Rate” means, for the relevant Interest Period, the greater of (a)  zero and (b) the Term SOFR rate quoted by the Administrative Agent from the Term SOFR  Administrator’s Website or the applicable Bloomberg screen (or other commercially available  source providing such quotations as may be selected by the Administrative Agent from time to  time) (the “Screen”) for such Interest Period, which shall be the Term SOFR rate published two  Business Days before the first day of such Interest Period (such Business Day, the “Determination  Date”). If as of 5:00 p.m. (New York time) on any Determination Date, the Term SOFR rate has  not been published by the Term SOFR Administrator or on the Screen, then the rate used will be  that as published by the Term SOFR Administrator or on the Screen for the first preceding Business  Day for which such rate was published on such Screen so long as such first preceding Business  Day is not more than three (3) Business Days prior to such Determination Date.  “Term SOFR Borrowing” means a Borrowing that, except as otherwise provided  in Section 2.13(f), bears interest at the applicable Term SOFR Rate.  “Term SOFR Loan” means a Loan that, except as otherwise provided in Section  2.13(f), bears interest at the applicable Term SOFR Rate other than pursuant to clause (d) of the  definition of Alternate Base Rate.   “Term SOFR Rate” means, for the relevant Interest Period, the sum of (a) the Term  SOFR Base Rate applicable to such Interest Period, plus (b) the Applicable Margin, plus (c) 0.10%;  provided that the Term SOFR Rate before an Event of Default or the Termination Date expressed  as an annual rate shall not be less than 0%.  “Test Period” means, for any date of determination under this Agreement, the four  (4) consecutive fiscal quarters of the Borrower most recently ended as of such date of  determination for which financial statements have been delivered pursuant to Section 5.01(a).  “Third Party Securities” shall mean, with respect to any Securitization, notes, bonds  or other debt instruments, beneficial interests in a trust, undivided ownership interests in  receivables or other securities issued for cash consideration by the relevant Securitization Vehicle  to banks, financing conduits, investors or other financing sources (other than the Borrower or any  Subsidiary, except in respect of the Sellers’ Retained Interest) the proceeds of which are used to  finance, in whole or in part, the purchase by such Securitization Vehicle of Securitization Assets  in a Securitization. The amount of any Third Party Securities shall be deemed to equal the  aggregate principal, stated, or invested amount of such Third Party Securities which are  outstanding at such time.  “Type” means, with respect to any Borrowing, its nature as a Base Rate Borrowing,  a Term SOFR Borrowing or a Daily Simple SOFR Borrowing and with respect to a Loan, its nature  as a Base Rate Loan, Term SOFR Loan or Daily Simple SOFR Loan.  “UK Financial Institutions” means any BRRD Undertaking (as such term is defined  under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom  Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook  

 

  -24-  (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority,  which includes certain credit institutions and investment firms, and certain affiliates of such credit  institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement” means the applicable Benchmark  Replacement excluding the related Benchmark Replacement Adjustment.  “Unfunded Liabilities” means, (i) in the case of any Single Employer Plan, the  amount (if any) by which the present value of all vested nonforfeitable benefits under such Plan  exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the  then most recent actuarial valuation date for such Plan using the actuarial assumptions set forth in  the most recent actuarial valuation report for such Single Employer Plan, and (ii) in the case of  any Multiemployer Plan, the Withdrawal Liability that would be incurred by the Controlled Group  if all members of the Controlled Group completely withdrew from such Multiemployer Plan.  “U.S. Government Securities Business Day” means any day except for (a) a  Saturday or Sunday or (b) a day on which the Securities Industry and Financial Markets  Association recommends that the fixed income departments of its members be closed for the entire  day for purposes of trading in United States government securities.  “U.S. Person” means a “United States” person within the meaning of Section  7701(a)(30) of the Code.  “U.S. Tax Compliance Certificate” has the meaning assigned to such term in  Section 2.14(f)(ii)(B)(3).  “Withdrawal Liability” shall have the meaning specified in Part 1 of Subtitle E of  Title IV of ERISA.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA  Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority  from time to time under the Bail-In Legislation for the applicable EEA Member Country, which  write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b)  with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under  the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK  Financial Institution  or any contract or instrument under which that liability arises, to convert all  or part of that liability into shares, securities or obligations of that person or any other person, to  provide that any such contract or instrument is to have effect as if a right had been exercised under  it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  SECTION 1.02 Other Interpretive Provisions.  In this Agreement, (a) in the  computation of periods of time from a specified date to a later specified date, the word “from”  means “from and including” and the words “to” and “until” each means “to but excluding”; (b) the  term “including” means “including without limitation”; and (c) unless otherwise indicated, (i) any  

 

  -25-  reference to an Article, Section, Exhibit or Schedule means an Article or Section hereof or an  Exhibit or Schedule hereto; (ii) any reference to a time of day means such time in Pittsburgh,  Pennsylvania; (iii) any reference to a law or regulation means such law or regulation as amended,  modified or supplemented from time to time and includes all statutory and regulatory provisions  consolidating, replacing or interpreting such law or regulation; and (d) any reference to an  agreement, instrument or other document means such agreement, instrument or other document as  amended, supplemented or otherwise modified from time to time. For purposes of this Agreement,  Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a  “Term SOFR Loan”) or by Class and Type (e.g., a “Term SOFR Revolving Loan”). Borrowings  also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g.,  a “Term SOFR Borrowing”) or by Class and Type (e.g., a “Term SOFR Revolving Borrowing”).  SECTION 1.03 Accounting Principles.  (a) Except as otherwise expressly provided herein, all terms of an accounting  or financial nature shall be construed in accordance with GAAP, as in effect from time to time;  provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an  amendment to any provision hereof to eliminate the effect of any change occurring after the date  hereof in GAAP or in the application thereof on the operation of such provision (or if the  Administrative Agent notifies the Borrower that the Majority Lenders request an amendment to  any provision hereof for such purpose), regardless of whether any such notice is given before or  after such change in GAAP or in the application thereof, then such provision shall be interpreted  on the basis of GAAP as in effect and applied immediately before such change shall have become  effective until such notice shall have been withdrawn or such provision amended in accordance  herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or  financial nature used herein shall be construed, and all computations of amounts and ratios referred  to herein shall be made, without giving effect to (i) any election under Financial Accounting  Standards Board Accounting Standards Codification 825 (or any other Financial Accounting  Standard having a similar result or effect) to value any Indebtedness or other liabilities of the  Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of  Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other  Accounting Standards Codification or Financial Accounting Standard having a similar result or  effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and  such Indebtedness shall at all times be valued at the full stated principal amount thereof.  (b) Notwithstanding anything to the contrary contained in Error! Reference  source not found. or in the definition of “Capital Lease Obligations,” any change in accounting  for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board  Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such  adoption would require treating any lease (or similar arrangement conveying the right to use) as a  capital lease where such lease (or similar arrangement) would not have been required to be so  treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital  lease, and all calculations and deliverables under this Agreement or any other Loan Document  shall be made or delivered, as applicable, in accordance therewith.  SECTION 1.04 Term SOFR Notification.  The interest rate on Term SOFR  Borrowings is determined by reference to the Term SOFR Base Rate, which is derived from Term  

 

  -26-  SOFR. Section 2.16(b) provides a mechanism for (a) determining an alternative rate of interest if  Term SOFR is no longer available or in the other circumstances set forth in Section 2.16(b), and  (b) modifying this Agreement to give effect to such alternative rate of interest. The Administrative  Agent does not warrant or accept any responsibility for, and shall not have any liability with respect  to, the administration, submission or any other matter related to Term SOFR or other rates in the  definition of Term SOFR Base Rate or with respect to any alternative or successor rate thereto, or  replacement rate thereof (including any Benchmark Replacement), including without limitation,  whether any such alternative, successor or replacement reference rate (including any Benchmark  Replacement), as it may or may not be adjusted pursuant to Section 2.16(b), will have the same  value as, or be economically equivalent to, the Term SOFR Base Rate. The Administrative Agent  and its affiliates or other related entities may engage in transactions that affect the calculation of  Alternate Base Rate, Term SOFR, the Term SOFR Base Rate, any alternative, successor or  replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in  each case, in a manner adverse to the Borrower. The Administrative Agent may select information  sources or services in its reasonable discretion to ascertain the Alternate Base Rate, the Term SOFR  Base Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this  Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity  for damages of any kind, including direct or indirect, special, punitive, incidental or consequential  damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in  equity), for any error or calculation of any such rate (or component thereof) provided by any such  information source or service.  SECTION 1.05 Divisions.  For all purposes hereunder or under any other loan  documents, in connection with any division or plan of division under Delaware law (or any  comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability  of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be  deemed to have been transferred from the original Person to the subsequent Person, and (b) if any  new Person comes into existence, such new Person shall be deemed to have been organized and  acquired on the first date of its existence by the holders of its equity interests at such time.  ARTICLE II    AMOUNTS AND TERMS OF THE COMMITMENTS  SECTION 2.01 Commitments.  Subject to the terms and conditions set forth herein,  each Lender severally (and not jointly) agrees to make an Advance in dollars to the Borrower, on  the Effective Date, in a principal amount not to exceed such Lender’s Commitment.  Amounts  prepaid or repaid in respect of such Advances may not be reborrowed.  SECTION 2.02 Procedures for Advances; Limitations on Borrowings.  (a) The Borrower shall request the Advance to be made on the Effective Date  by giving notice (a “Notice of Borrowing”) to the Administrative Agent (which shall promptly  advise each Lender of its receipt thereof) not later than 10:00 A.M. on the third Business Day prior  to the Effective Date of any proposed borrowing of Term SOFR Advances or Daily Simple SOFR  Advances and on the Effective Date of any proposed borrowing of Base Rate Advances.  Each  Notice of Borrowing shall be in substantially the form of Exhibit B, specifying therein (i) the Type  

 

  -27-  of Advances requested, (ii) the aggregate principal amount of the requested Advances and (iii) in  the case of a borrowing of Term SOFR Advances, the initial Interest Period therefor.  Each Lender  shall, before 12:00 noon on the date of such borrowing, make available for the account of its  applicable lending office to the Administrative Agent at its address referred to in Section 8.02, in  same day funds, such Lender’s ratable portion of the requested borrowing.  After the  Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set  forth in Article III, the Administrative Agent will make such funds available to the Borrower at  the Administrative Agent’s aforesaid address.  (b) Each Notice of Borrowing shall be irrevocable and binding on the  Borrower.  If a Notice of Borrowing requests Term SOFR Advances, the Borrower shall indemnify  each Lender against any loss, cost or expense incurred by such Lender as a result of any failure of  the Borrower to fulfill on or before the requested borrowing date the applicable conditions set forth  in Article III, including any loss, cost or expense incurred by reason of the liquidation or  reemployment of deposits or other funds acquired by such Lender to fund the requested Advance  to be made by such Lender.   (c) If the Notice of Borrowing requests Daily Simple SOFR Advances ,  Borrower shall indemnify each Lender against any loss cost or expense incurred by such Lender  as a result of (i) the payment of principal of any Daily Simple SOFR Loan other than on the  Payment Date applicable thereto, (ii) the failure to borrow or prepay any Daily Simple SOFR Loan  on the date specified in any notice delivered pursuant hereto or (iii) the assignment of any Daily  Simple SOFR Loan or Term SOFR Advances other than on the Payment Date applicable thereto  as a result of a request by the Borrower.  SECTION 2.03 Fees.  The Borrower agrees to pay to the Administrative Agent, for  its own account, fees payable in the amounts and at the times separately agreed upon between the  Borrower and the Administrative Agent.  SECTION 2.04 Termination of Commitments. The Commitments shall terminate at  5:00 pm on the Effective Date.  SECTION 2.05 Repayment of Advances.  The Borrower shall repay all outstanding  Advances made by each Lender, and all other obligations of the Borrower hereunder on the  Termination Date.  SECTION 2.06 Interest on Advances.   (a)  Each Base Rate Loan shall bear interest on the outstanding principal  amount thereof, for each day from the date such Loan is made or is automatically converted into a  Base Rate Loan pursuant to Section 2.09, to the date it is paid or is converted into a Term SOFR  Loan pursuant to Section 2.09, at a rate per annum equal to the Base Rate for such day. Changes  in the rate of interest on each Base Rate Borrowing will take effect simultaneously with each  change in the Alternate Base Rate.   (b) Each Term SOFR Loan shall bear interest on the outstanding principal  amount thereof from the first day of the Interest Period applicable thereto to the last day of such  Interest Period at the interest rate determined by the Administrative Agent as applicable to such  

 

  -28-  Term SOFR Loan based upon the Borrower’s selections under Sections 2.02 and 2.09 and the  Applicable Margin.    (c) Each Daily Simple SOFR Loan shall bear interest on the outstanding  principal amount thereof from the date such Loan is made at a rate per annum equal to the Adjusted  Daily Simple SOFR Rate for such day.  SECTION 2.07 [Reserved].   SECTION 2.08 Interest Rate Determination.  The Administrative Agent shall give  prompt notice to the Borrower and the Lenders of each applicable interest rate determined by the  Administrative Agent for purposes of Section 2.06.  SECTION 2.09 Continuation and Conversion of Advances.  (a) The Borrower may on any Business Day, upon notice given to the  Administrative Agent, substantially in the form of Exhibit F to this Agreement, not later than 10:00  A.M. on the third Business Day prior to the date of any proposed continuation of or conversion  into Term SOFR Advances or Daily Simple SOFR Advances, and on the date of any proposed  conversion into Base Rate Advances, and subject to the provisions of Sections 2.08 and 2.12,  continue Term SOFR Advances for a new Interest Period or convert a Borrowing of Advances of  one Type into Advances of the other Type; provided that any continuation of Term SOFR  Advances or conversion of Term SOFR Advances into Base Rate Advances shall be made on, and  only on, the last day of an Interest Period for such Term SOFR Advances, unless, in the case of  such a conversion, the Borrower shall also reimburse the Lenders pursuant to Section 8.04(b) on  the date of such conversion.  Each such notice of a continuation or conversion shall, within the  restrictions specified above, specify (i) the date of such continuation or conversion, (ii) the  Advances to be continued or converted, and (iii) in the case of continuation of or conversion into  Term SOFR Advances, the duration of the Interest Period for such Advances.  (b) If the Borrower fails to select the Type of any Advance or the duration of  any Interest Period for any Borrowing of Term SOFR Advances in accordance with the provisions  contained in the definition of “Interest Period” in Section 1.01 and Section 2.09(a), the  Administrative Agent will forthwith so notify the Borrower and the Lenders and such Advances  will automatically, on the last day of the then existing Interest Period therefor, convert into Base  Rate Advances.  SECTION 2.10 Prepayments.  The Borrower may, upon notice to the Administrative  Agent, substantially in the form of Exhibit G to this Agreement.  not later than 10:00 A.M. at least  three Business Days prior to any prepayment of Term SOFR Advances or Daily Simple SOFR  Advances or on the date of any prepayment of Base Rate Advances, in each case stating the  proposed date and aggregate principal amount of the prepayment, and if such notice is given, the  Borrower shall, prepay the outstanding principal amounts of the Advances made as part of the  same Borrowing in whole or ratably in part, together with accrued interest to the date of such  prepayment on the principal amount prepaid; provided that (i) each partial prepayment shall be in  an aggregate principal amount not less than $10,000,000 or a higher integral multiple of  $1,000,000 in the case of any prepayment of Term SOFR Advances or Daily Simple SOFR  

 

  -29-  Advances and $5,000,000 or a higher integral multiple of $1,000,000 in the case of any prepayment  of Base Rate Advances and (ii) in the case of any such prepayment of a Term SOFR Advance or  Daily Simple SOFR Advance, the Borrower shall be obligated to reimburse the Lenders pursuant  to Section 8.04(b) on the date of such prepayment.  SECTION 2.11 Increased Costs.    (a) If any Change In Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  liquidity or similar requirement (including any compulsory loan requirement,  insurance charge or other assessment) against assets of, deposits with or for the  account of, or credit extended by, any Lender (except any such reserve requirement  reflected in the Term SOFR Rate);  (ii) impose on any Lender or the London interbank market any other  condition, cost or expense (other than Taxes) affecting this Agreement, Term SOFR  Advances or Daily Simple SOFR Advances made by such Lender; or  (iii) 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).  and the result of any of the foregoing shall be to increase the cost to such Lender or such other  Recipient of making, continuing, converting or maintaining any Term SOFR Advance or Daily  Simple SOFR Advance (or of maintaining its obligation to make any such Advance) or to reduce  the amount of any sum received or receivable by such Lender or such other Recipient hereunder  (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such  other Recipient, as the case may be, such additional amount or amounts as will compensate such  Lender or other Recipient, as the case may be, for such additional costs incurred or reduction  suffered.  (b) If any Lender determines that any Change in Law, regarding capital or  liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s  capital or on the capital of such Lender’s holding company, if any, as a consequence of this  Agreement or the Advances made by such Lender to a level below that which such Lender or such  Lender’s holding company could have achieved but for such Change in Law (taking into  consideration such Lender’s policies and the policies of such Lender’s holding company with  respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such  Lender such additional amount or amounts as will compensate such Lender or such Lender’s  holding company for any such reduction suffered.  (c) A certificate of a Lender setting forth the amount or amounts necessary to  compensate such Lender or its holding company, as the case may be, as specified in paragraph (a)  or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest  

 

  -30-  error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within  10 days after receipt thereof.  (d) Failure or delay on the part of any Lender to demand compensation pursuant  to this Section shall not constitute a waiver of such Lender’s right to demand such compensation;  provided that the Borrower shall not be required to compensate a Lender pursuant to this Section  for any increased costs or reductions incurred more than 90 days prior to the date that such Lender  notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and  of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change  in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period  referred to above shall be extended to include the period of retroactive effect thereof, provided that  such demand is made within 90 days after the implementation of such retroactive Change in Law.  SECTION 2.12 Illegality.  If any Lender determines that any Law has made it  unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or  its applicable lending office to make, maintain, or fund Loans whose interest is determined by  reference to the Term SOFR Rate, or to determine or charge interest rates based upon the Term  SOFR 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 Borrower (through the Administrative Agent),  (a) any obligation of such Lender to make or continue Term SOFR Borrowings or to convert Base  Rate Borrowings to Term SOFR Borrowings shall be suspended, and (b) if such notice asserts the  illegality of such Lender making or maintaining Base Rate Borrowings the interest rate on which  is determined by reference to the Term SOFR Rate component of the Base Rate, the interest rate  on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined  by the Administrative Agent without reference to the Term SOFR Rate component of the Base  Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the  circumstances giving rise to such determination no longer exist. Upon receipt of such notice,  (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),  prepay or, if applicable, convert each Term SOFR Loan of such Lender to a Base Rate Loan (the  interest rate on which Base Rate Loan shall, if necessary to avoid such illegality, be determined by  the Administrative Agent without reference to the Term SOFR Rate component of the Base Rate),  either on the last day of the Interest Period therefor, if such Lender can lawfully continue to  maintain such Term SOFR Loan to such day, or immediately, if such Lender cannot lawfully  continue to maintain such Term SOFR Loan, and (y) if such notice asserts the illegality of such  Lender determining or charging interest rates based upon the Term SOFR Rate, the Administrative  Agent shall during the period of such suspension compute the Base Rate applicable to such Lender  without reference to the Term SOFR 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 Term SOFR Rate. Upon any such prepayment or conversion, the  Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any  additional amounts required pursuant to Section 2.17.  SECTION 2.13 Payments and Computations.  (a) The Borrower shall make each payment hereunder not later than 10:00 A.M.  on the day when due in U.S. dollars to the Administrative Agent at its address referred to in Section  

 

  -31-  8.02 in same day funds without setoff, counterclaim or other deduction.  The Administrative Agent  will promptly thereafter cause to be distributed like funds relating to the payment of principal,  interest and upfront fees ratably (other than amounts payable pursuant to Section 2.02(b), 2.11,  2.14 or 8.04(b)) to the Lenders for the account of their respective applicable lending offices, and  like funds relating to the payment of any other amount payable to any Lender to such Lender for  the account of its applicable lending office, in each case to be applied in accordance with the terms  of this Agreement.  Upon its acceptance of an Assignment and Assumption and recording of the  information contained therein in the Register pursuant to Section 8.07(d), from the effective date  specified in such Assignment and Assumption, the Administrative Agent shall make all payments  hereunder in respect of the interest assigned thereby to the Lender assignee thereunder, and the  parties to such Assignment and Assumption shall make all appropriate adjustments in such  payments for periods prior to such effective date directly between themselves.  (b) The Borrower hereby authorizes each Lender, if and to the extent any  payment owed to such Lender by the Borrower is not made when due hereunder, to charge from  time to time against any of the Borrower’s accounts with such Lender any amount so due.  Each  Lender agrees to notify the Borrower promptly after any such set-off and application made by such  Lender, provided that the failure to give such notice shall not affect the validity of such set-off and  application.  (c) Interest computed by reference to the Term SOFR Rate or Daily Simple  SOFR Rate hereunder shall be computed on the basis of a year of 360 days.  Interest computed by  reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime  Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  In each  case interest shall be payable for the actual number of days elapsed (including the first day but  excluding the last day).  All interest hereunder on any Loan shall be computed on a daily basis  based upon the outstanding principal amount of such Loan as of the applicable date of  determination.  The applicable Alternate Base Rate, Term SOFR Rate, or Daily Simple SOFR Rate  shall be determined by the Administrative Agent, and such determination shall be conclusive  absent manifest error.  (d) Whenever any payment hereunder shall be stated to be due on a day other  than a Business Day, such payment shall be made on the next succeeding Business Day, and such  extension of time shall in such case be included in the computation of any interest or fees, as the  case may be; provided that if such extension would cause payment of interest on or principal of a  Term SOFR Advance or Daily Simple SOFR Advance to be made in the next following calendar  month, such payment shall be made on the next preceding Business Day.  (e) Unless the Administrative Agent shall have received notice from the  Borrower prior to the date on which any payment is due by the Borrower to the Lenders hereunder  that the Borrower will not make such payment in full, the Administrative Agent may assume that  the Borrower has made such payment in full to the Administrative Agent on such date and the  Administrative Agent may, in reliance upon such assumption, cause to be distributed to each  Lender on such due date an amount equal to the amount then due such Lender.  If and to the extent  that the Borrower shall not have so made such payment in full to the Administrative Agent, each  Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to  such Lender together with interest thereon, for each day from the date such amount is distributed  

 

  -32-  to such Lender until the date such Lender repays such amount to the Administrative Agent, at the  Federal Funds Effective Rate.  (f) Notwithstanding anything to the contrary contained herein, any amount  payable by the Borrower hereunder that is not paid when due (whether at stated maturity, by  acceleration or otherwise) shall (to the fullest extent permitted by law) bear interest from the date  when due until paid in full at a rate per annum equal at all times to the Alternate Base Rate plus  the Applicable Margin in effect from time to time plus 2%, payable upon demand.  SECTION 2.14 Taxes.  (a) Payments Free of Taxes.  Any and all payments by or on account of any  obligation of the Borrower under this Agreement shall be made without deduction or withholding  for any Taxes, except as required by applicable law.  If any applicable law (as determined in the  good faith discretion of an applicable withholding agent) requires the deduction or withholding of  any Tax from any such payment by a withholding agent, then the applicable withholding agent  shall be entitled to make such deduction or withholding and shall timely pay the full amount  deducted or withheld to the relevant Governmental Authority in accordance with applicable law  and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased  as necessary so that after such deduction or withholding has been made (including such deductions  and withholdings applicable to additional sums payable under this Section 2.14) the applicable  Recipient receives an amount equal to the sum it would have received had no such deduction or  withholding been made.  (b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay  to the relevant Governmental Authority in accordance with applicable law, or at the option of the  Administrative Agent timely reimburse it for, Other Taxes.  (c) Evidence of Payments.  As soon as practicable after any payment of Taxes  by the Borrower to a Governmental Authority pursuant to this Section 2.14, the Borrower shall  deliver to the Administrative Agent the original or a certified copy of a receipt issued by such  Governmental Authority evidencing such payment, a copy of the return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.  (d) Indemnification by the Borrower.  The Borrower shall indemnify each  Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes  (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this  Section) payable or paid by such Recipient or required to be withheld or deducted from a payment  to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether  or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate as to the amount of such payment or liability delivered to  the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative  Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the  Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes  attributable to such Lender (but only to the extent that the Borrower has not already indemnified  

 

  -33-  the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the  Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the  provisions of Section 8.07(e) 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 this Agreement, 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 this Agreement 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 (e).  (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 this Agreement shall deliver  to the Borrower and the Administrative Agent, at the time or times reasonably  requested by the Borrower or the Administrative Agent, such properly completed  and executed documentation reasonably requested by the Borrower or the  Administrative Agent as will permit such payments to be made without withholding  or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested  by the Borrower or the Administrative Agent, shall deliver such other  documentation prescribed by applicable law or reasonably requested by the  Borrower or the Administrative Agent as will enable the Borrower or the  Administrative Agent to determine whether or not such Lender is subject to backup  withholding or information reporting requirements.  Notwithstanding anything to  the contrary in the preceding two sentences, the completion, execution and  submission of such documentation (other than such documentation set forth in  Section 2.14(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, in the event that the  Borrower is a U.S. Person,  (A) any Lender that is a U.S. Person shall deliver to the Borrower  and the Administrative Agent on or prior to the date on which such Lender  becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of the Borrower or the Administrative Agent),  an executed 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 Borrower and the Administrative Agent (in such  number of copies as shall be requested by the recipient) on or prior to the  

 

  -34-  date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), whichever of the following is  applicable:  (1) 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, an  executed IRS Form W-8BEN-E or IRS Form W-8BEN establishing  an exemption from, or reduction of, U.S. Federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under this Agreement, IRS  Form W-8BEN-E or IRS Form W-8BEN establishing an exemption  from, or reduction of, U.S. Federal withholding Tax pursuant to the  “business profits” or “other income” article of such tax treaty;  (2) in the case of a Foreign Lender claiming that its  extension of credit will generate U.S. effectively connected income,  an executed IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the benefits  of the exemption for portfolio interest under Section 881(c) of the  Code, (x) a certificate substantially in the form of Exhibit E 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  the 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) an executed IRS Form W-8BEN-E or IRS Form W-8BEN; or  (4) to the extent a Foreign Lender is not the beneficial  owner, an executed IRS Form W-8IMY, accompanied by IRS Form  W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax  Compliance Certificate, 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 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 Borrower and the Administrative Agent (in such  number of copies as shall be requested by the recipient) on or prior to the  date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed originals of any other  

 

  -35-  form prescribed by applicable law as a basis for claiming exemption from  or a reduction in U.S. Federal withholding Tax, duly completed, together  with such supplementary documentation as may be prescribed by applicable  law to permit the Borrower or the Administrative Agent to determine the  withholding or deduction required to be made; and  (D) if a payment made to a Lender under this Agreement would  be subject to U.S. Federal withholding Tax imposed by FATCA if such  Lender were to fail to comply with the applicable reporting requirements of  FATCA (including those contained in Section 1471(b) or 1472(b) of the  Code, as applicable), such Lender shall deliver to the Borrower and the  Administrative Agent at the time or times prescribed by law and at such  time or times reasonably requested by the Borrower or the Administrative  Agent such documentation prescribed by applicable law (including as  prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional  documentation reasonably requested by the Borrower or the Administrative  Agent as may be necessary for the Borrower and the Administrative Agent  to comply with their obligations under FATCA and to determine that such  Lender has complied with such Lender’s obligations under FATCA or to  determine the amount to deduct and withhold from such payment.  Solely  for purposes of this clause (D), “FATCA” shall include any amendments  made to FATCA after the date of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly  notify the Borrower 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 2.14 (including by the payment of additional amounts  pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund  (but only to the extent of indemnity payments made under this Section 2.14 with respect to the  Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such  indemnified party and without interest (other than any interest paid by the relevant Governmental  Authority with respect to such refund).  Such indemnifying party, upon the request of such  indemnified party, shall repay to such indemnified party the amount paid over pursuant to this  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 an 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 Tax subject to  indemnification and giving rise to such refund had not been deducted, withheld or otherwise  imposed and the indemnification payments or additional amounts with respect to such Tax had  never been paid.  This paragraph shall not be construed to require any indemnified party to make  available its Tax returns (or any other information relating to its Taxes that it deems confidential)  to the indemnifying party or any other Person.  

 

  -36-  (h) Survival.  Each party’s obligations under this Section 2.14 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 this Agreement.  (i) Defined Terms.  For purposes of this Section 2.14, the term “applicable  law” includes FATCA.  (j) Status.  For purposes of determining withholding Taxes imposed under  FATCA, from and after the Effective Date, the Borrower and the Administrative Agent shall treat  (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not  qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section  1.1471-2(b)(2)(i).  SECTION 2.15 Sharing of Payments, Etc.  If any Lender shall obtain any payment  (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on  account of the Advances made by it to the Borrower (other than pursuant to Section 2.02(b), 2.11,  2.14, or 8.04(b)) in excess of its ratable share of payments on account of the Advances to the  Borrower, such Lender shall forthwith purchase from the other Lenders such participations in the  Advances as shall be necessary to cause such purchasing Lender to share the excess payment  ratably with each of them, provided that if all or any portion of such excess payment is thereafter  recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and  such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery  together with an amount equal to such Lender’s ratable share (according to the proportion of (i)  the amount of such Lender’s required repayment to (ii) the total amount so recovered from the  purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in  respect of the total amount so recovered.  The Borrower agrees that any Lender so purchasing a  participation from another Lender pursuant to this Section 2.15 may, to the fullest extent permitted  by law, exercise all its rights of payment (including the right of set-off) with respect to such  participation as fully as if such Lender were the direct creditor of the Borrower in the amount of  such participation.  SECTION 2.16 Availability of Types of Borrowings; Adequacy of Interest Rate;  Benchmark Replacement.  (a) Availability of Term SOFR Borrowings. Notwithstanding anything to the  contrary in this Agreement or any other Loan Document, but subject to Section 2.16(b), if the  Administrative Agent determines (which determination shall be conclusive absent manifest error),  or the Majority Lenders notify the Administrative Agent that the Majority Lenders have  determined, that:  (i) for any reason in connection with any request for a Term SOFR  Borrowing or a conversion or continuation thereof that the Term SOFR Base Rate  for any requested Interest Period with respect to a proposed Term SOFR Borrowing  does not adequately and fairly reflect the cost to such Lenders of the funding such  Loans, or  

 

  -37-  (ii) the interest rate applicable to Term SOFR Borrowings for any  requested Interest Period is not ascertainable or available (including, without  limitation, because the applicable Screen (or on any successor or substitute page on  such screen) is unavailable) and such inability to ascertain or unavailability is not  expected to be permanent, or does not adequately and fairly reflect the cost of  making or maintaining Term SOFR Borrowings,  then the Administrative Agent shall suspend the availability of Term SOFR  Borrowings and require any affected Term SOFR Borrowings to be repaid or  converted to Base Rate Borrowings, subject to the payment of any funding  indemnification amounts required by Section 2.17.  (b) Benchmark Replacement.  (i) Benchmark Transition Event; Early Opt-in Election.  Notwithstanding anything to the contrary herein or in any other Loan Document, if  a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its  related Benchmark Replacement Date have occurred prior to the Reference Time  in respect of any setting of the then-current Benchmark, then (x) if a Benchmark  Replacement is determined in accordance with clause (1) of the definition of  “Benchmark Replacement” for such Benchmark Replacement Date, such  Benchmark Replacement will replace such Benchmark for all purposes hereunder  and under any Loan Document in respect of such Benchmark setting and  subsequent Benchmark settings without any amendment to, or further action or  consent of any other party to, this Agreement or any other Loan Document and (y)  if a Benchmark Replacement is determined in accordance with clause (2) of the  definition of “Benchmark Replacement” for such Benchmark Replacement Date,  such Benchmark Replacement will replace such Benchmark for all purposes  hereunder and under any Loan Document in respect of any Benchmark setting at or  after 5:00 p.m. (New York City time) on the fifth Business Day after the date notice  of such Benchmark Replacement is provided by the Administrative Agent to the  Lenders without any amendment to, or further action or consent of any other party  to, this Agreement or any other Loan Document so long as the Administrative  Agent has not received, by such time, written notice of objection to such  Benchmark Replacement from Lenders comprising the Majority Lenders.  (ii) Benchmark Replacement Conforming Changes. In connection with  the implementation of a Benchmark Replacement, the Administrative Agent will  have the right to make Benchmark Replacement Conforming Changes from time to  time and, notwithstanding anything to the contrary herein or in any other Loan  Document, any amendments implementing such Benchmark Replacement  Conforming Changes will become effective without any further action or consent  of any other party to this Agreement or any other Loan Document.  (iii) Notices; Standards for Decisions and Determinations. The  Administrative Agent will promptly notify the Borrower and the Lenders of (A) the  implementation of any Benchmark Replacement, and (B) the effectiveness of any  

 

  -38-  Benchmark Replacement Conforming Changes. Any determination, decision or  election that may be made by the Administrative Agent or, if applicable, any Lender  (or group of Lenders) pursuant to this Section 2.16(b), including any determination  with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence  of an event, circumstance or date and any decision to take or refrain from taking  any action or any selection, will be conclusive and binding absent manifest error  and may be made in its or their sole discretion and without consent from any other  party to this Agreement or any other Loan Document, except, in each case, as  expressly required pursuant to this Section 2.16(b).  (iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to  the contrary herein or in any other Loan Document, at any time (including in  connection with the implementation of a Benchmark Replacement), (i) if the then- current Benchmark is a term rate (including the Term SOFR Base Rate and Term  SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen  or other information service that publishes such rate from time to time as selected  by the Administrative Agent in its reasonable discretion or (B) the regulatory  supervisor for the administrator of such Benchmark has provided a public statement  or publication of information announcing that any tenor for such Benchmark is or  will be no longer representative, then the Administrative Agent may modify the  definition of “Interest Period” (or any similar or analogous definition) for any  Benchmark settings at or after such time to remove any tenor of such Benchmark  that is unavailable or non-representative for any Benchmark settings and (ii) if a  tenor that was removed pursuant to clause (i) above either (A) is subsequently  displayed on a screen or information service for a Benchmark (including a  Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement  that it is or will no longer be representative for a Benchmark (including a  Benchmark Replacement), then the Administrative Agent may modify the  definition of “Interest Period” (or any similar or analogous definition) for all  Benchmark settings at or after such time to reinstate such previously removed tenor.   (v) Benchmark Unavailability Period. Upon notice to the Borrower by  the Administrative Agent in accordance with this Section 2.16(b) of the  commencement of a Benchmark Unavailability Period and until a Benchmark  Replacement is determined in accordance with this Section 2.16(b), the Borrower  may revoke any request for a Term SOFR Borrowing, or any request for the  conversion or continuation of a Term SOFR Borrowing to be made, converted or  continued during any Benchmark Unavailability Period at the end of the applicable  Interest Period, and, failing that, the Borrower will be deemed to have converted  any such request at the end of the applicable Interest Period into a request for a  Base Rate Borrowing or conversion to a Base Rate Borrowing. During any  Benchmark Unavailability Period or at any time that a tenor for the then-current  Benchmark is not an Available Tenor, the component of the Alternate Base Rate  based upon the then-current Benchmark or such tenor for such Benchmark, as  applicable, will not be used in any determination of the Alternate Base Rate.  SECTION 2.17 Funding Indemnification. If   

 

  -39-  (i) any payment of a Term SOFR Borrowing occurs on a date that is  not the last day of the applicable Interest Period, whether because of acceleration,  prepayment or otherwise;   (ii) a Term SOFR Borrowing is not made on the date specified by the  Borrower for any reason other than default by the Lenders;   (iii) a Term SOFR Borrowing is converted other than on the last day of  the Interest Period applicable thereto; or  (iv) the Borrower fails to borrow, convert, continue or prepay a Term  SOFR Borrowing on the date specified in any notice delivered pursuant hereto.   then the Borrower shall indemnify each Lender for such Lender’s costs, expenses and Interest  Differential (as determined by such Lender) incurred as a result of such prepayment. The term  “Interest Differential” means the greater of zero and the financial loss incurred by the Lender  resulting from prepayment, calculated as the difference between the amount of interest such  Lender would have earned (from like investments as of the first day of the Interest Period) had  prepayment not occurred and the interest such Lender will actually earn (from like investments as  of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because  of the short-term duration of any Interest Period, the Borrower agrees that the Interest Differential  shall not be discounted to its present value.  The Borrower hereby acknowledges that the Borrower shall be required to pay Interest  Differential with respect to any portion of the principal balance accelerated or paid before the end  of the Interest Period for such Term SOFR Borrowing, whether voluntarily, involuntarily, or  otherwise, including without limitation any principal payment required upon maturity when the  Borrower has elected an Interest Period that extends beyond the scheduled maturity date of such  Loan and any principal payment required following default, demand for payment, acceleration,  collection proceedings, foreclosure, sale or other disposition of collateral, bankruptcy or other  insolvency proceedings, eminent domain, condemnation, application of insurance proceeds, or  otherwise. Such Interest Differential shall at all times be an Obligation as well as an undertaking  by the Borrower to the Lenders whether arising out of a voluntary or mandatory prepayment.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled  to receive pursuant to this Section 2.17 shall be delivered to the Borrower and shall be conclusive  absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such  certificate within 10 days after receipt thereof.  SECTION 2.18 Interest Payment Dates. Interest on each Loan shall be due on the Interest  Payment Date for the corresponding Type of Loan. Interest on mandatory prepayments shall be due on the  date such mandatory prepayment is due. Interest on the principal amount of each Loan or other monetary  Obligation shall be due and payable on demand after such principal amount or other monetary Obligation  becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise). Interest  shall be computed to, but excluding, the date payment is due.  

 

  -40-  ARTICLE III    CONDITIONS PRECEDENT  SECTION 3.01 Conditions Precedent to Effectiveness.  This Agreement (including  the Commitments of the Lenders and the obligations of the Borrower hereunder) shall become  effective if all of the following conditions precedent have been satisfied:  (a) the Administrative Agent shall have received (i) a counterpart of this  Agreement signed on behalf of each party hereto or (ii) written evidence (which may include  electronic transmission of a signed signature page of this Agreement) that each party hereto has  signed a counterpart of this Agreement and each of the following documents, each dated a date  reasonably satisfactory to the Administrative Agent and otherwise in form and substance  satisfactory to the Administrative Agent:  (i) Certified copies of resolutions of the Board of Directors or  equivalent managing body of the Borrower approving the transactions  contemplated by this Agreement and of all documents evidencing other necessary  organizational action of the Borrower with respect to this Agreement and the  documents contemplated hereby;  (ii) A certificate of the Secretary or an Assistant Secretary of Borrower  certifying (A) the names and true signatures of the officers of the Borrower  authorized to sign this Agreement and the other documents to be delivered  hereunder; (B) that attached thereto are true and correct copies of the organizational  documents of the Borrower, in each case in effect on such date; and (C) that  attached thereto are true and correct copies of all governmental and regulatory  authorizations and approvals required for the due execution, delivery and  performance by the Borrower of this Agreement and the documents contemplated  hereby;  (iii) A certificate signed by either the chief financial officer, principal  accounting officer or treasurer of the Borrower stating that (A) the representations  and warranties contained in Section 4.01 are correct on and as of the date of such  certificate as though made on and as of such date and (B) no Default or Event of  Default has occurred and is continuing on the date of such certificate;  (iv) Any notes requested by a Lender, substantially in the form of  Exhibit C; and  (v) A favorable opinion of Ballard Spahr LLP, counsel for the  Borrower, in form and substance reasonably acceptable to the Administrative  Agent.  (b) [Reserved];  (c) The Administrative Agent shall have received evidence, satisfactory to the  Administrative Agent, that the Borrower has paid (or will pay with the proceeds of the initial Credit  

 

  -41-  Extensions) all fees and, to the extent billed, expenses payable by the Borrower hereunder on the  Effective Date;  (d) 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  PATRIOT Act, in each case at least five days prior to the Effective Date; and   (e) Receipt by the Administrative Agent of the Beneficial Ownership  Certification in relation to the Borrower.   Promptly upon the occurrence thereof, the Administrative Agent shall notify the Borrower  and the Lenders as to the Effective Date.  ARTICLE IV    REPRESENTATIONS AND WARRANTIES  SECTION 4.01 Representations and Warranties of the Borrower.  The Borrower  represents and warrants as follows:  (a) The Borrower is a corporation, validly existing and in good standing under  the laws of the Commonwealth of Pennsylvania.  (b) The execution, delivery and performance by the Borrower of this  Agreement are within the Borrower’s organizational powers, have been duly authorized by all  necessary organizational action on the part of the Borrower, and do not and will not contravene (i)  the organizational documents of the Borrower, (ii) applicable law or (iii) any contractual or legal  restriction binding on or affecting the properties of the Borrower or any Subsidiary.  (c) No authorization or approval or other action by, and no notice to or filing  with, any Governmental Authority or regulatory body is required for the due execution, delivery  and performance by the Borrower of this Agreement, except any order that has been duly obtained  and is (x) in full force and effect and (y) sufficient for the purposes hereof.  (d) This Agreement is a legal, valid and binding obligation of the Borrower,  enforceable against the Borrower in accordance with its terms, except as the enforceability thereof  may be limited by equitable principles or bankruptcy, insolvency, reorganization, moratorium or  similar laws affecting the enforcement of creditors’ rights generally.  (e) The consolidated balance sheet of the Borrower and its Subsidiaries as of  December 31, 2020 and the related consolidated statements of operations and comprehensive  income, changes in shareholders’ equity and cash flows of the Borrower and its Subsidiaries for  the fiscal year then ended, certified by PricewaterhouseCoopers LLP, copies of which have been  furnished to each Lender, fairly present in all material respects the consolidated financial condition  of the Borrower and its Subsidiaries as of such dates and the consolidated results of the operations  of the Borrower and its Subsidiaries for the periods ended on such dates in accordance with GAAP;  and (ii) since December 31, 2020, there has been no Material Adverse Change.  

 

  -42-  (f) Except as disclosed in the Borrower’s annual, quarterly or current Reports,  each as delivered in connection with Section 5.01 and/or filed with the Securities and Exchange  Commission and delivered to the Lenders prior to the Effective Date, there is no pending or  threatened action, investigation or proceeding affecting the Borrower or any Subsidiary before any  court, governmental agency or arbitrator that may reasonably be anticipated to have a Material  Adverse Effect.  There is no pending or threatened action or proceeding against the Borrower or  any Subsidiary that purports to affect the legality, validity, binding effect or enforceability against  the Borrower of this Agreement. Since December 31, 2021, there has been no material adverse  change in the business, assets, operations, prospects or condition, financial or otherwise, of the  Borrower and its Subsidiaries, taken as a whole.  (g) Except for the Disclosed Matters and except with respect to any other  matters that, individually or in the aggregate, could not reasonably be expected to result in a  Material Adverse Effect, the Borrower (i) has not failed to comply with any Environmental Law  or to obtain, maintain or comply with any permit, license or other approval required under any  Environmental Law, (ii) has not become subject to any Environmental Liability, (iii) has not  received notice of any claim with respect to any Environmental Liability or (iv) has no knowledge  of any basis for any Environmental Liability.  (h) No proceeds of any Advance have been or will be used directly or indirectly  in connection with the acquisition of in excess of 5% of any class of equity securities that is  registered pursuant to Section 12 of the Exchange Act or any transaction subject to the  requirements of Section 13 or 14 of the Exchange Act.  (i) The Borrower is not 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 Regulation U issued by the Board of Governors of the Federal  Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin  stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.  Not  more than 25% of the value of the assets of the Borrower and its Subsidiaries is represented by  margin stock.  (j) The Borrower is not required to register as an “investment company” under  the Investment Company Act of 1940.  (k) During the twelve consecutive month period prior to the date of the  execution and delivery of this Agreement and prior to the date of any Credit Extension, no steps  have been taken by the Borrower or any member of the  Controlled Group or, to the knowledge of  the Borrower, by any other Person to terminate any Plan (excluding any termination arising out of  the institution by or against any ComEd Entity of any bankruptcy, insolvency or similar proceeding  so long as such termination would not constitute an Default or Event of Default under Section  6.01(g)), and there has been no failure to satisfy the minimum funding standard described in  Section 412(a)(2) of the Code with respect to any Single Employer Plan that would reasonably be  expected to result in a lien pursuant to Section 430(k) of the Code.  To the knowledge of the  Borrower, no condition exists or event or transaction has occurred with respect to any Plan, which  would reasonably be expected to result in the incurrence by the Borrower or any other member of  the Controlled Group of any material liability (other than to make contributions, pay annual PBGC  

 

  -43-  premiums or pay out benefits in the ordinary course of business), fine or penalty (excluding any  condition, event or transaction arising out of the institution by or against any ComEd Entity of any  bankruptcy, insolvency or similar proceeding so long as such condition, event or transaction does  not constitute an Default or Event of Default under Section 6.01(g)).  (l) The Borrower has implemented, and maintains in effect, policies and  procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective  directors, officers, employees and agents with all Anti-Corruption Laws and applicable Sanctions,  and the Borrower, its Subsidiaries and their respective officers and employees and to the  knowledge of the Borrower, its directors and agents, are in compliance with all Anti-Corruption  Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary  or any of their respective directors, officers or employees, or (b)  to the knowledge of the Borrower,  any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or  benefit from the credit facility established hereby or the transactions contemplated hereby, is a  Sanctioned Person.  No Advance, use of proceeds or other transaction contemplated by this  Agreement will violate any Anti-Corruption Law or applicable Sanctions.  (m) The Borrower is not an Affected Financial Institution.  (n) The Borrower is in compliance with all laws, regulations and orders of any  Governmental Authority applicable to it or its property and all indentures, agreements and other  instruments binding upon it or its property, except where the failure to do so, individually or in the  aggregate, could not reasonably be expected to result in a Material Adverse Effect.  No Default  has occurred and is continuing.  (o) As of the Effective Date, the information included in the Beneficial  Ownership Certification, if applicable, is true and correct in all respects.  (p) The Borrower has timely filed or caused to be filed all Tax returns and  reports required to have been filed and has paid or caused to be paid all Taxes required to have  been paid by it, except (q) Taxes that are being contested in good faith by appropriate proceedings  and for which the Borrower has set aside on its books adequate reserves or (r) to the extent that  the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  (s) 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, could reasonably be expected to result in a Material Adverse Effect.  ARTICLE V    COVENANTS OF THE BORROWER  SECTION 5.01 Affirmative Covenants.  The Borrower agrees that so long as any  amount payable by the Borrower hereunder remains unpaid, the Borrower will, and, in the case of  Section 5.01(a), will cause its Principal Subsidiaries to, unless the Majority Lenders shall  otherwise consent in writing:  

 

  -44-  (a) Financial Statements; Ratings Change and Other Information.  The  Borrower will furnish to the Administrative Agent and each Lender, including their Public-Siders:  (i) as soon as available and in any event within 60 days after the end of  each of the first three quarters of each fiscal year of the Borrower, a copy of the  Borrower’s Quarterly Report on Form 10-Q filed with the Securities and Exchange  Commission with respect to such quarter (or, if the Borrower is not required to file  a Quarterly Report on Form 10-Q, copies of an unaudited consolidated balance  sheet of the Borrower as of the end of such quarter and the related consolidated  statement of operations of the Borrower for the portion of the Borrower’s fiscal  year ending on the last day of such quarter, in each case prepared in accordance  with GAAP, subject to the absence of footnotes and to year-end adjustments),  together with a certificate of an authorized officer of the Borrower stating that no  Default or Event of Default has occurred and is continuing or, if any such Default  or Event of Default has occurred and is continuing, a statement as to the nature  thereof and the action which the Borrower proposes to take with respect thereto;  (ii) as soon as available and in any event within 105 days after the end  of each fiscal year of the Borrower, a copy of the Borrower’s Annual Report on  Form 10-K filed with the Securities and Exchange Commission with respect to such  fiscal year (or, if the Borrower is not required to file an Annual Report on Form 10- K, the consolidated balance sheet of the Borrower and its Subsidiaries as of the last  day of such fiscal year and the related consolidated statements of operations,  changes in shareholders’ equity (if applicable) and cash flows of the Borrower for  such fiscal year, certified by PricewaterhouseCoopers LLP or other certified public  accountants of recognized national standing), together with a certificate of an  authorized officer of the Borrower stating that no Default or Event of Default has  occurred and is continuing or, if any such Default or Event of Default has occurred  and is continuing, a statement as to the nature thereof and the action which the  Borrower proposes to take with respect thereto;  (iii) concurrently with the delivery of the quarterly and annual reports  referred to in subsections (i) and (ii) above, a compliance certificate in substantially  the form set forth in Exhibit D, duly completed and signed by the Chief Financial  Officer, Treasurer or an Assistant Treasurer of the Borrower;  (iv) except as otherwise provided in clause (i) or (ii) above, promptly  after the sending or filing thereof, copies of all reports that the Borrower sends to  its security holders generally, and copies of all Reports on Form 10-K, 10-Q or 8- K, and registration statements and prospectuses that the Borrower or any Subsidiary  files with the Securities and Exchange Commission or any national securities  exchange (except to the extent that any such registration statement or prospectus  relates solely to the issuance of securities pursuant to employee purchase, benefit  or dividend reinvestment plans of the Borrower or a Subsidiary);  (v) promptly upon becoming aware of the institution of any steps by the  Borrower or any other Person to terminate any Plan, or the failure to make a  

 

  -45-  required contribution to any Plan if such failure is sufficient to give rise to a lien  under section 430(k) of the Code, or the taking of any action with respect to a Plan  which could result in the requirement that the Borrower furnish a bond or other  security to the PBGC or such Plan, or the occurrence of any event with respect to  any Plan which could result in the incurrence by the Borrower or any other member  of the Controlled Group of any material liability, fine or penalty, notice thereof and  a statement as to the action the Borrower or such member of the Controlled Group  proposes to take with respect thereto;  (vi) promptly after any Rating Agency shall have announced a change  in the rating established or deemed to have been established for the Index Debt,  written notice of such rating change;  (vii) promptly following any request therefor, (x) such other information  regarding the operations, business affairs and financial condition of the Borrower  or any Principal Subsidiary, or compliance with the terms of this Agreement, as the  Administrative Agent or any Lender (through the Administrative Agent) may  reasonably request and (y) information and documentation reasonably requested by  the Administrative Agent or any Lender for purposes of compliance with applicable  “know your customer” and anti-money laundering rules and regulations, including  the Patriot Act and the Beneficial Ownership Regulation; and   (viii) such other information respecting the condition, operations or  business, financial or otherwise, of the Borrower or any Subsidiary as any Lender,  through the Administrative Agent, may from time to time reasonably request  (including any information that any Lender reasonably requests in order to comply  with its obligations under any “know your customer” or anti-money laundering  laws or regulations, including the Patriot Act and the Beneficial Ownership  Regulation).  Documents required to be delivered pursuant to Section 5.01(a)(i), (ii) or (v) (to the  extent any such documents are included in materials otherwise filed with the SEC) may be  delivered electronically and, if so delivered, shall be deemed to have been delivered on the  date (i) on which such materials are publicly available as posted on the Electronic Data  Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are  posted on the 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 made available by the Administrative Agent); provided that:  (A) upon  written request by the Administrative Agent (or any Lender through the Administrative  Agent) to the Borrower, the Borrower shall deliver paper copies of such documents to the  Administrative Agent or such Lender until a written request to cease delivering paper  copies is given by the Administrative Agent or such Lender and (B) the Borrower shall  notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the  posting of any such documents and provide to the Administrative Agent by electronic mail  electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall  have no obligation to request the delivery of or to maintain paper copies of the documents  referred to above, and in any event shall have no responsibility to monitor compliance by  

 

  -46-  the Borrower with any such request by a Lender for delivery, and each Lender shall be  solely responsible for timely accessing posted documents or requesting delivery of paper  copies of such document to it and maintaining its copies of such documents.  (b) Notices of Material Events.  The Borrower will furnish to the  Administrative Agent and each Lender prompt written notice of the following:  (i) as soon as possible, and in any event within five Business Days after  the occurrence of any Default or Event of Default with respect to the Borrower  continuing on the date of such statement, a statement of an authorized officer of the  Borrower setting forth details of such Default or Event of Default and the action  which the Borrower proposes to take with respect thereto;  (ii) any change in the credit ratings from a credit rating agency, or the  placement by a credit rating agency of the Borrower or its parent on a  “CreditWatch” or “WatchList” or any similar list, in each case with negative  implications, or the cessation by a credit rating agency of, or its intent to cease,  rating the Borrower’s debt; and  (iii) any change in the information provided in the Beneficial Ownership  Certification delivered to such Lender that would result in a change to the list of  beneficial owners identified in such certification.  Each notice delivered under this Section (i) shall be in writing, (ii) shall contain a  heading or a reference line that reads “Notice under Section 5.01 of Exelon Corporation  Credit Agreement dated January 24, 2022” and (iii) shall be accompanied by a statement  of a Financial Officer or other executive officer of the Borrower setting forth the details of  the event or development requiring such notice and any action taken or proposed to be  taken with respect thereto.  (c) Existence; Conduct of Business.  The Borrower will 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; provided  that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted  under Section 5.02(b).  (d) Payment of Obligations.  The Borrower will pay its obligations, including  Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall  become delinquent or in default, except where (i) the validity or amount thereof is being contested  in good faith by appropriate proceedings, (ii) the Borrower has set aside on its books adequate  reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment  pending such contest could not reasonably be expected to result in a Material Adverse Effect.  (e) Maintenance of Properties; Insurance.  The Borrower will, and will cause  each of its Principal Subsidiaries to, (i) keep and maintain all property material to the conduct of  its business in good working order and condition, ordinary wear and tear excepted, and  (ii) maintain, with financially sound and reputable insurance companies, insurance in such  

 

  -47-  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.  (f) Books and Records; Inspection Rights.  The Borrower will, at any  reasonable time and from time to time, pursuant to prior notice delivered to the Borrower, permit  any Lender, or any agent or representative of any thereof, to examine and, at such Lender’s  expense, make copies of, and abstracts from the records and books of account of, and visit the  properties of, the Borrower and any Principal Subsidiary and to discuss the affairs, finances and  accounts of the Borrower and any Principal Subsidiary with any of their respective officers;  provided that any non-public information (which has been identified as such by the Borrower or  the applicable Principal Subsidiary) obtained by any Lender or any of its agents or representatives  pursuant to this Section 5.01(f) shall be treated confidentially by such Person; provided, further,  that such Person may disclose such information to (a) any other party to this Agreement, its  examiners, Affiliates, outside auditors, counsel or other professional advisors in connection with  this Agreement, (b) to any direct, indirect, actual or prospective counterparty (and its advisor) to  any swap, derivative or securitization transaction related to the obligations under this Agreement,  (c) to any credit insurance provider or (d) if otherwise required to do so by law or regulatory  process (it being understood that, unless prevented from doing so by any applicable law or  Governmental Authority, such Person shall use reasonable efforts to notify the Borrower of any  demand or request for any such information promptly upon receipt thereof so that the Borrower  may seek a protective order or take other appropriate action).  (g) Compliance with Laws.  The Borrower will comply with all laws, rules,  regulations and orders of any Governmental Authority applicable to it or its property, except where  the failure to do so, individually or in the aggregate, could not reasonably be expected to result in  a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and  procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective  directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  (h) Use of Proceeds.  The proceeds of the Loans will be used only to make a  capital contribution to Genco in connection with Spin Transaction and to pay certain fees and  expenses in connection therewith, but in no event for any purpose that would be contrary to Section  4.01(h) or 4.01(i).  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 Federal Reserve Board,  including Regulations T, U and X.  The Borrower will not request any Borrowing, and the  Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors,  officers, employees and agents shall not use, directly or indirectly, the proceeds of any Borrowing  (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving  of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b)  for the purpose of funding, financing or facilitating any activities, business or transaction of or  with any Sanctioned Person, or in any Sanctioned Country, or (c) in any manner that would result  in the violation of  any Sanctions applicable to any party hereto (including any Person participating  in the Loans hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility  or security agent or otherwise).  (i) Accuracy of Information.  The Borrower will ensure that any information,  including financial statements or other documents, furnished to the Administrative Agent or the  

 

  -48-  Lenders in connection with this Agreement or any amendment or modification hereof or waiver  hereunder contains no 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  misleading, and the furnishing of such information shall be deemed to be a representation and  warranty by the Borrower on the date thereof as to the matters specified in this Section.  SECTION 5.02 Negative Covenants.  The Borrower agrees that so long as any  amount payable by the Borrower hereunder remains unpaid, the Borrower will not, without the  written consent of the Majority Lenders:  (a) Limitation on Liens.  Create, incur, allow to assume or suffer to exist or  permit (and prior to consummation of the Spin Transaction allow Genco to create, incur, allow to  assume or suffer to exist) any Lien on its property, revenues or assets, whether now owned or  hereafter acquired, except as follows:  (i) Liens imposed by law, such as carriers’, warehousemen’s,  landlords’ repairmen’s, materialmen’s and mechanics’ Liens and other similar  Liens arising in the ordinary course of business;  (ii) Liens for taxes, assessments or governmental charges, levies, or  fines (including such amounts arising under environmental law) on property of the  Borrower (or prior to consummation of the Spin Transaction, Genco) if the same  shall not at the time be delinquent or thereafter can be paid without a material  penalty, or are being contested in good faith and by appropriate proceedings;  (iii) Liens on the capital stock of or any other equity interest in any  Subsidiary (other than, prior to the Spin Transaction, Genco and any holding  company for Genco) to secure Nonrecourse Indebtedness;  (iv) Liens upon or in any property acquired in the ordinary course of  business to secure the purchase price of such property or to secure any obligation  incurred solely for the purpose of financing the acquisition of such property;  (v) Liens existing on property at the time of the acquisition thereof  (other than any such Lien created in contemplation of such acquisition unless  permitted by the preceding clause (iv));  (vi) Liens granted in connection with any financing arrangement for the  purchase of nuclear fuel or the financing of pollution control facilities, limited to  the fuel or facilities so purchased or acquired;  (vii) Liens arising in connection with sales or transfers of, or financing  secured by, accounts receivable or related contracts, provided that any such sale,  transfer or financing shall be on arms’ length terms;  (viii) Liens securing Permitted Obligations and reimbursement  obligations in respect of letters of credit issued to support Permitted Obligations  (for the avoidance of doubt, the Electric Reliability Council of Texas (ERCOT)  

 

  -49-  program and any other similar agreement or arrangement, including with any  Independent System Operator or Regional Transmission Organization, are  permitted under this clause (viii));  (ix) Permitted Encumbrances;  (x) Liens arising in connection with sale and leaseback transactions  entered into by the Borrower (or prior to consummation of the Spin Transaction,  Genco), but only to the extent that the aggregate purchase price of all assets sold by  the Borrower (or prior to consummation of the Spin Transaction, Genco) during the  term of this Agreement pursuant to such sale and leaseback transactions does not  exceed $1,000,000,000;  (xi) Liens arising out of pledges or deposits under worker’s  compensation laws, unemployment insurance, compensation arrangements,  supplemental retirement plans arising out of pledges or deposits under worker’s  compensation laws, unemployment insurance, compensation arrangements,  supplemental retirement plans or other social security or similar legislation;  (xii) Liens constituting attachment, judgment and other similar Liens  arising in connection with court proceedings to the extent not constituting an Event  of Default under Section 6.01(f);  (xiii) Liens created in the ordinary course of business to secure liability to  insurance carriers and Liens on insurance policies and the proceeds thereof  (whether accrued or not), rights or claims against an insurer or other similar asset  securing insurance premium financings;  (xiv) Liens in favor of customs and revenue authorities arising as a matter  of law to secure payment of customs duties in connection with the importation of  goods in the ordinary course of business;  (xv) Liens in the nature of rights of setoff, bankers’ liens, revocation,  refund, chargeback, counterclaim, netting of cash amounts or similar rights as to  deposit accounts, commodity accounts or securities accounts or other funds  maintained with a credit or depository institution;  (xvi) Liens consisting of pledges of industrial development, pollution  control or similar revenue bonds in connection with the remarketing of such bonds;  (xvii) Liens and similar customary cash collateralization obligations in  respect of letter of credit exposure or swingline loan exposure relating to defaulting  lenders in the Borrower’s senior unsecured credit facilities;  (xviii) Liens arising under leases or subleases, licenses or sublicenses  granted to others that do not materially interfere with the ordinary course of  business of the Borrower (or prior to the consummation of the Spin Transaction,  Genco);  

 

  -50-  (xix) Liens resulting from any restriction on any equity interest (or project  interest, interests in any energy facility (including undivided interests)) of a Person  providing for a breach, termination or default under any owners, participation,  shared facility, joint venture, stockholder, membership, limited liability company  or partnership agreement between such Person and one or more other holders of  equity interest (or project interest, interests in any energy facility (including  undivided interests)) of such Person, to the extent a security interest or other Lien  is created on any such interest as a result thereof;  (xx) Liens granted on cash or cash equivalents to defease or repay  Indebtedness of the Borrower (or, prior to consummation of the Spin Transaction,  Genco)  no later than 60 days after the creation of such Lien;  (xxi) Liens created in connection with sales, transfers, leases, assignment  or other conveyances or dispositions of assets, including (A) Liens on assets or  securities granted or deemed to arise in connection with and as a result of the  execution, delivery or performance of contracts to purchase or sell such assets or  securities, and (B) rights of first refusal, options or other contractual rights or  obligations to sell, assign or otherwise dispose of any interest therein; and  (xxii) Liens, other than those described above in this Section 5.02(a),  provided that the aggregate amount of all Indebtedness secured by Liens permitted  by this clause (xxii) shall (i) prior to consummation of the Spin Transaction, (A) in  the case of Genco, not exceed $100,000,000, and (B) in the case of the Borrower  and Genco, collectively, not exceed $200,000,000 and (ii) on and after the  consummation of the Spin Transaction, not exceed in the aggregate at any one time  outstanding $200,000,000.  (b) Mergers and Consolidations; Disposition of Assets.  Merge with or into or  consolidate with or into, or sell, assign, lease or otherwise dispose of (whether in one transaction  or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter  acquired) to any Person or permit any Principal Subsidiary to do so, except that (i)  any Principal  Subsidiary may merge with or into or consolidate with or transfer assets to any other Principal  Subsidiary, (ii)  any Principal Subsidiary may merge with or into or consolidate with or transfer  assets to the Borrower (and the Borrower may transfer any assets acquired by the Borrower through  any such merger, consolidation or transfer to any Principal Subsidiary), (iii) [Reserved] and (iv)  the Borrower or any Principal Subsidiary may merge with or into or consolidate with or transfer  assets to any other Person, provided that, in each case, (A) immediately before and after giving  effect thereto, no Default or Event of Default shall have occurred and be continuing (except in the  case where any Principal Subsidiary may merge with or into or consolidate with or transfer assets  to any other Principal Subsidiary), (B) in the case of any such merger, consolidation or transfer of  assets to which the Borrower is a party, either (x) the Borrower shall be the surviving entity or  transferee (as applicable), or (y) the surviving entity or transferee (as applicable), shall be an  Eligible Successor and shall have assumed all of the Obligations of the Borrower under this  Agreement pursuant to a written instrument in form and substance satisfactory to the  Administrative Agent, and the Administrative Agent shall have received an opinion of counsel in  form and substance satisfactory to it as to the enforceability of such obligations assumed and (C)  

 

  -51-  subject to clause (B) above, in the case of any such merger, consolidation or transfer of assets to  which any Principal Subsidiary is a party, a Principal Subsidiary shall be the surviving entity or  transferee (as applicable).  (c) Consolidated Capitalized Ratio.  the Consolidated Capitalization Ratio as  of the last day of any Test Period to exceed 0.65:1.00.  (d) Continuation of Businesses.  Engage, or permit any Subsidiary to engage,  in any line of business which is material to the Borrower and its Subsidiaries, taken as a whole,  other than businesses engaged in by the Borrower and its Subsidiaries as of the date hereof and  reasonable extensions thereof.  (e) Capital Structure. Prior to consummation of the Spin Transaction, fail at any  time to own, free and clear of all Liens, 100% of the issued and outstanding equity interests of  Genco (or of a holding company which owns, free and clear of all Liens, 100% of the issued and  outstanding equity interests of Genco).  (f) Restrictive Agreements.  The Borrower will not, and will not permit any of  its Subsidiaries (other than any Excluded Subsidiary) to, directly or indirectly, enter into, incur or  permit to exist any agreement or other arrangement that prohibits, restricts or imposes any  condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist  any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or  other distributions with respect to any shares of its capital stock or to make or repay loans or  advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower  or any other Subsidiary; provided that (c) the foregoing shall not apply to restrictions and  conditions imposed by law or by this Agreement, (d) the foregoing shall not apply to restrictions  and conditions existing on the date hereof identified on Schedule 5.02 (but shall apply to any  extension or renewal of, or any amendment or modification expanding the scope of, any such  restriction or condition),(e) the foregoing shall not apply to customary restrictions and conditions  contained in agreements relating to the sale of a Subsidiary pending such sale; provided that such  restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted  hereunder, (f) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by  any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions  or conditions apply only to the property or assets securing such Indebtedness and (g) clause (a) of  the foregoing shall not apply to customary provisions in leases and other contracts restricting the  assignment thereof.  (g) Anti-Corruption Laws and Sanctions.  Request any Borrowing or Advance  and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective  directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Advance  (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving  of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B)  for the purpose of funding, financing or facilitating any activities, business or transaction of or  with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, business  or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the  United States or in a European Union member state, or (C) in any manner that would result in the  violation of any Sanctions applicable to any party hereto.  

 

  -52-  ARTICLE VI    EVENTS OF DEFAULT  SECTION 6.01 Events of Default.  If any of the following events shall occur and be  continuing (any such event an “Event of Default”):  (a) The Borrower shall fail to pay (i) any principal of any Advance when the  same becomes due and payable or (ii) any interest on any Advance or any other amount payable  by the Borrower hereunder within three Business Days after the same becomes due and payable;  or  (b) Any representation or warranty made by the Borrower herein or by the  Borrower (or any of its officers) pursuant to the terms of this Agreement shall prove to have been  incorrect or misleading in any material respect when made; or  (c) The Borrower shall fail to perform or observe (i) any term, covenant or  agreement contained in Section 5.01(c) (with respect to Borrower’s existence), Section 5.01(h)  or  Section 5.02, or (ii) any other term, covenant or agreement contained in this Agreement on its part  to be performed or observed if the failure to perform or observe such other term, covenant or  agreement shall remain unremedied for 30 days after written notice thereof shall have been given  to the Borrower by the Administrative Agent (which notice shall be given by the Administrative  Agent at the written request of any Lender); or  (d) The Borrower or any Principal Subsidiary shall fail to pay any principal of  or premium or interest on any Indebtedness that is outstanding in a principal amount in excess of  $100,000,000 in the aggregate (but excluding Indebtedness hereunder and Nonrecourse  Indebtedness) when the same becomes due and payable (whether by scheduled maturity, required  prepayment, acceleration, demand or otherwise), and such failure shall continue after the  applicable grace period, if any, specified in the agreement or instrument relating to such  Indebtedness; or any other event shall occur or condition shall exist under any agreement or  instrument relating to any such Indebtedness and shall continue after the applicable grace period,  if any, specified in such agreement or instrument, if the effect of such event or condition is to  accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such  Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a  regularly scheduled required prepayment), prior to the stated maturity thereof, other than any  acceleration of any Indebtedness secured by equipment leases or fuel leases of the Borrower or a  Principal Subsidiary as a result of the occurrence of any event requiring a prepayment (whether or  not characterized as such) thereunder, which prepayment will not result in a Material Adverse  Change; or  (e) The Borrower or any Principal Subsidiary shall generally not pay its debts  as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall  make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or  against the Borrower or any Principal Subsidiary seeking to adjudicate it as bankrupt or insolvent,  or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or  composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization  

 

  -53-  or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver,  trustee, custodian or other similar official for it or for any substantial part of its property and, in  the case of any such proceeding instituted against it (but not instituted by it), either such proceeding  shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such  proceeding (including the entry of an order for relief against, or the appointment of a receiver,  trustee, custodian or other similar official for, it or for any substantial part of its property) shall  occur; or the Borrower or any Principal Subsidiary shall take any corporate or limited liability  company action to authorize or to consent to any of the actions set forth above in this Section  6.01(e);  or  (f) One or more judgments or orders for the payment of money in an aggregate  amount exceeding $100,000,000 (excluding any such judgments or orders to the extent covered  by insurance, subject to any customary deductible, and under which the applicable insurance  carrier has not denied coverage) shall be rendered against the Borrower or any Principal Subsidiary  and either (i) enforcement proceedings shall have been commenced by any creditor upon such  judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of  enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be  in effect; or  (g) (i) Any Reportable Event that the Majority Lenders determine in good faith  is reasonably likely to result in the termination of any Single Employer Plan or in the appointment  by the appropriate United States District Court of a trustee to administer a Single Employer Plan  shall have occurred and be continuing 60 days after written notice to such effect shall have been  given to the Borrower by the Administrative Agent; (ii) any Single Employer Plan shall be  terminated; (iii) a Trustee shall be appointed by an appropriate United States District Court to  administer any Single Employer Plan; (iv) the PBGC shall institute proceedings to terminate any  Single Employer Plan or to appoint a trustee to administer any Single Employer Plan; or (v) the  Borrower or any other member of the Controlled Group withdraws from any Multiemployer Plan;  provided that on the date of any event described in clauses (i) through (v) above, the Unfunded  Liabilities of the applicable Plan exceed $100,000,000;    (h) any material provision of any Loan Document, at any time after its  execution and delivery and for any reason other than as expressly permitted hereunder or  thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the  Borrower or any other Person contests in writing the validity or enforceability of any provision of  any Loan Document; or the Borrower denies in writing that it has any or further liability or  obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any  Loan Document; or  (i) a Change in Control shall have occurred;  then, and in any such event, the Administrative Agent shall at the request, or may with the consent,  of the Majority Lenders, by notice to the Borrower, declare the outstanding principal amount of  the Advances, all interest thereon and all other amounts payable under this Agreement by the  Borrower to be forthwith due and payable, whereupon the outstanding principal amount of the  Advances, all such interest and all such other amounts shall become and be forthwith due and  payable, without presentment, demand, protest or further notice of any kind, all of which are  

 

  -54-  hereby expressly waived by the Borrower; provided that in the event of an Event of Default under  Section 6.01(e), (A) the obligation of each Lender to make any Advance to the Borrower shall  automatically be terminated and (B) the outstanding principal amount of all Advances, all interest  thereon and all other amounts payable by the Borrower hereunder shall automatically and  immediately become due and payable, without presentment, demand, protest or any notice of any  kind, all of which are hereby expressly waived by the Borrower.  ARTICLE VII    THE ADMINISTRATIVE AGENT  SECTION 7.01 Authorization and Action.  Each Lender hereby appoints and  authorizes the Administrative Agent to take such action as administrative agent on its behalf and  to exercise such powers under this Agreement as are delegated to the Administrative Agent by the  terms hereof, together with such powers as are reasonably incidental thereto.  As to any matters  not expressly provided for by this Agreement (including enforcement or collection of the  obligations of the Borrower hereunder), the Administrative Agent shall not be required to exercise  any discretion or take any action, but shall be required to act or to refrain from acting (and shall  be fully protected in so acting or refraining from acting) upon the instructions of the Majority  Lenders, and such instructions shall be binding upon all Lenders; provided that the Administrative  Agent shall not be required to take any action which exposes the Administrative Agent to personal  liability or which is contrary to this Agreement or applicable law.  The Administrative Agent  agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to  the terms of this Agreement.  SECTION 7.02 Administrative Agent’s Reliance, Etc.  Neither the Administrative  Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or  omitted to be taken by it or them under or in connection with this Agreement, except for its or their  respective own gross negligence or willful misconduct.  Without limiting the generality of the  foregoing: (i) the Administrative Agent may consult with legal counsel (including counsel for the  Borrower), independent public accountants and other experts selected by it and shall not be liable  for any action taken or omitted to be taken in good faith by it in accordance with the advice of such  counsel, accountants or experts; (ii) the Administrative Agent makes no warranty or representation  to any Lender and shall not be responsible to any Lender for any statements, warranties or  representations (whether written or oral) made in or in connection with this Agreement; (iii) the  Administrative Agent shall not have any duty to ascertain or to inquire as to the performance or  observance of any of the terms, covenants or conditions of this Agreement on the part of the  Borrower or to inspect the property (including the books and records) of the Borrower; (iv) the  Administrative Agent shall not be responsible to any Lender for the due execution, legality,  validity, enforceability, genuineness, sufficiency or value of this Agreement or any other  instrument or document furnished pursuant hereto; and (v) the Administrative Agent shall not incur  any liability under or in respect of this Agreement by acting upon any notice, consent, certificate  or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed  or sent by the proper party or parties.  SECTION 7.03 Administrative Agent and Affiliates.  With respect to its  Commitment, Advances and other rights and obligations hereunder in its capacity as a Lender,  

 

  -55-  PNC Bank, National Association shall have the same rights and powers under this Agreement as  any other Lender and may exercise the same as though it were not the Administrative Agent; and  the term “Lender” or “Lenders” shall include PNC Bank, National Association in its individual  capacity.  PNC Bank, National Association and its affiliates may accept deposits from, lend money  to, act as trustee under indentures of, and generally engage in any kind of business with, the  Borrower, any Affiliate thereof and any Person who may do business with or own securities of the  Borrower or any such Affiliate, all as if it were not Administrative Agent and without any duty to  account therefor to the Lenders.  SECTION 7.04 Lender Credit Decision.  Each Lender acknowledges that it has,  independently and without reliance upon the Administrative Agent or any other Lender and based  on the financial statements referred to in Section 4.01(e) and such other documents and information  as it has deemed appropriate, made its own credit analysis and decision to enter into this  Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon  the Administrative Agent or any other Lender and based on such documents and information as it  shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking  action under this Agreement.  SECTION 7.05 Indemnification.  The Lenders severally agree to indemnify the  Administrative Agent (to the extent not reimbursed by the Borrower), ratably according to their  respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages,  penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature  whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent  in any way relating to or arising out of this Agreement or any action taken or omitted by the  Administrative Agent under this Agreement, provided that no Lender shall be liable for any portion  of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,  expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful  misconduct.  Without limiting the foregoing, each Lender agrees to reimburse the Administrative  Agent promptly upon demand for its Pro Rata Share of any out-of-pocket expenses (including  reasonable counsel fees) incurred by the Administrative Agent in connection with the preparation,  execution, delivery, administration, modification, amendment or enforcement (whether through  negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or  responsibilities under, this Agreement, to the extent that such expenses are reimbursable by the  Borrower but for which the Administrative Agent is not reimbursed by the Borrower.  SECTION 7.06 Successor Administrative Agent.  The Administrative Agent may  resign at any time by giving written notice thereof to the Lenders and the Borrower and may be  removed at any time with or without cause by the Majority Lenders.  Upon any such resignation  or removal, the Majority Lenders shall have the right to appoint a successor Administrative Agent.   If no successor Administrative Agent shall have been so appointed by the Majority Lenders, and  shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s  giving of notice of resignation or the Majority Lenders’ removal of the retiring Administrative  Agent, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor  Administrative Agent, which shall be a commercial bank described in clause (i) or (ii) of the  definition of “Eligible Assignee” having a combined capital and surplus of at least $500,000,000.   Upon the acceptance of any appointment as Administrative Agent hereunder by a successor  Administrative Agent, such successor Administrative Agent shall thereupon succeed to and  

 

  -56-  become vested with all the rights, powers, privileges and duties of the retiring Administrative  Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations  under this Agreement.  After any retiring Administrative Agent’s resignation or removal hereunder  as Administrative Agent, the provisions of this Article VII shall inure to its benefit as to any actions  taken or omitted to be taken by it while it was Administrative Agent under this Agreement.   Notwithstanding the foregoing, if no Default or Event of Default shall have occurred and be  continuing, then no successor Administrative Agent shall be appointed under this Section 7.06  without the prior written consent of the Borrower, which consent shall not be unreasonably  withheld or delayed.  ARTICLE VIII    MISCELLANEOUS  SECTION 8.01 Amendments, Etc.  No failure or delay by the Administrative Agent  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 and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies  that they would otherwise have.  No amendment or waiver of any provision of this Agreement, nor  consent to any departure by the Borrower therefrom, shall in any event be effective unless the same  shall be in writing and signed by the Majority Lenders and, in the case of an amendment, the  Borrower, and then such waiver or consent shall be effective only in the specific instance and for  the specific purpose for which given; provided that no amendment, waiver or consent shall: (a)  increase or extend the Commitment of any Lender, without the written consent of such Lender, (b)  reduce the principal of, or rate of interest on, any Advance or any fees payable hereunder, without  the written consent of each Lender directly affected thereby, (c) postpone any date fixed for any  payment of principal of, or interest on, any Advance or any fees payable hereunder, without the  written consent of each Lender directly affected thereby, (d) change the percentage of the  Commitments or of the aggregate unpaid principal amount of the Advances, or the number of  Lenders, that shall be required for the Lenders or any of them to take any action hereunder or the  definition of “Majority Lenders”, without the written consent of each Lender, (e) amend this  Section 8.01, without the written consent of each Lender or (f) waive or amend any provision  regarding pro rata sharing or otherwise relates to the distribution of payments among Lenders,  without the written consent of each Lender; provided, further, that no amendment, waiver or  consent shall, unless in writing and signed by the Administrative Agent, in addition to the Lenders  required above to take such action, affect the rights or duties of the Administrative Agent under  this Agreement.  Without limiting the generality of the foregoing, the making of an Advance shall  not be construed as a waiver of any Event of Default, regardless of whether the Administrative  Agent or any Lender may have had notice or knowledge of such Event of Default at the time.  If  the Administrative Agent and the Borrower acting together identify any ambiguity, omission,  mistake, typographical error or other defect in any provision of this Agreement or any other  document executed in connection herewith, then the Administrative Agent and the Borrower shall  be permitted to amend, modify or supplement such provision to cure such ambiguity, omission,  mistake, typographical error or other defect, and such amendment shall become effective without  any further action or consent of any other party to this Agreement.  

 

  -57-  SECTION 8.02 Notices, Etc. All notices and other communications provided for  hereunder shall be in writing (including facsimile transmission) and mailed, sent by facsimile or  delivered, if to the Borrower, at 10 S. Dearborn, 48th Floor, Chicago, IL 60603, Attention: Chief  Financial Officer, facsimile: 312-394-5443; if to any Lender, at its Domestic Lending Office  specified in its Administrative Questionnaire or in the Assignment and Assumption pursuant to  which it became a Lender; and if to the Administrative Agent, (a) for payments and notices  pursuant to Section 2.09 or 2.10, at its address at The Tower at PNC Plaza, 10th Floor, 300 Fifth  Avenue, Pittsburgh, PA 15222; or, as to each party, at such other address as shall be designated by  such party in a written notice to the other parties.  All such notices and communications shall be  effective (a) if mailed, three Business Days after being deposited in the U.S. mail, postage prepaid,  (b) if sent by facsimile, when such facsimile is sent (except that if not sent during normal business  hours for the recipient, such facsimile shall be deemed to have been sent at the opening of business  on the next Business Day for the recipient), and (c) otherwise, when delivered, except that notices  and communications to the Administrative Agent pursuant to Article II or VII shall not be effective  until received by the Administrative Agent.  SECTION 8.03 No Waiver; Remedies.  No failure on the part of any Lender or the  Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as  a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or  further exercise thereof or the exercise of any other right.  The remedies herein provided are  cumulative and not exclusive of any remedies provided by law.  SECTION 8.04 Costs and Expenses; Indemnification.  (a) The Borrower agrees to pay on demand all costs and expenses incurred by  the Administrative Agent in connection with the preparation, execution, delivery, administration,  modification and amendment of this Agreement and the other documents to be delivered  hereunder, including the reasonable fees, internal charges and out-of-pocket expenses of counsel  (including in-house 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  Borrower further agrees to pay on demand all costs and expenses, if any (including counsel fees  and expenses of outside counsel and of internal counsel), incurred by the Administrative Agent or  any Lender in connection with the collection and enforcement (whether through negotiations, legal  proceedings or otherwise) of the Borrower’s obligations under this Agreement and the other  documents to be delivered by the Borrower hereunder, including reasonable counsel fees and  expenses in connection with the enforcement of rights under this Section 8.04(a).  (b) In the event of any payment of principal of, or any conversion of, any Term  SOFR Advance is made other than on the last day of the Interest Period for such Advance, as a  result of a payment or conversion pursuant to Section 2.09 or 2.12 or acceleration of the maturity  of the Advances pursuant to Section 6.01 or for any other reason, or the assignment of a Term  SOFR Advance other than on the last day of the Interest Period for such Advance as a result of a  request by the Borrower pursuant to Section 8.07(g) or the failure to borrow any Term SOFR  Advance on the date specified in any notice delivered pursuant hereto, the Borrower shall, upon  demand by any Lender (with a copy of such demand to the Administrative Agent), pay to the  Administrative Agent for the account of such Lender any amount required to compensate such  Lender for any additional loss, cost or expense which it may reasonably incur as a result of such  

 

  -58-  event, including any loss, cost or expense incurred by reason of the liquidation or reemployment  of deposits or other funds acquired by any Lender to fund or maintain such Advance.  (c) The Borrower agrees to indemnify and hold each Lender and the  Administrative Agent and each of their respective Related Parties (each, an “Indemnified Person”)  harmless from and against any claim, damage, loss, liability, cost or expense (including reasonable  attorney’s fees and expenses, whether or not such Indemnified Person is named as a party to any  proceeding or is otherwise subjected to judicial or legal process arising from any such proceeding)  that any of them may pay or incur arising out of or relating to this Agreement or the transactions  contemplated hereby, or the use by the Borrower or any Subsidiary of the proceeds of any  Advance; provided that the Borrower shall not be liable for any portion of any such claim, damage,  loss, liability, cost or expense resulting from such Indemnified Person’s gross negligence or willful  misconduct as determined in a final non-appealable order of a court of competent jurisdiction.  The  Borrower’s obligations under this Section 8.04(c) shall survive the repayment of all amounts  owing by the Borrower to the Lenders and the Administrative Agent under this Agreement and the  termination of Commitments hereunder.  If and to the extent that the obligations of the Borrower  under this Section 8.04(c) are unenforceable for any reason, the Borrower agrees to make the  maximum contribution to the payment and satisfaction thereof which is permissible under  applicable law.  This Section 8.04(c) shall not apply with respect to Taxes other than any Taxes  that represent losses or damages arising from any non-Tax claim.  In the case of an investigation,  litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be  effective whether or not such investigation, litigation or proceeding is brought by the Borrower,  any of the Borrower’s equityholders or creditors, an Indemnified Person or any other person or  entity, whether or not an Indemnified Person is otherwise a party thereto.  SECTION 8.05 Right of Set-off.  Upon (i) the occurrence and during the  continuance of any Event of Default and (ii) the making of the request or the granting of the consent  specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and  payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is hereby  authorized at any time and from time to time, to the fullest extent permitted by law, to set off and  apply any and all deposits (general or special, time or demand, provisional or final) at any time  held and other indebtedness at any time owing by such Lender or Affiliate to or for the credit or  the account of the Borrower against any and all of the obligations of the Borrower now or hereafter  existing under this Agreement, whether or not such Lender shall have made any demand under  this Agreement and although such obligations may be unmatured.  Each Lender agrees to notify  the Borrower promptly after any such set-off and application made by such Lender or Affiliate  thereof, provided that the failure to give such notice shall not affect the validity of such set-off and  application.  The rights of each Lender under this Section 8.05 are in addition to other rights and  remedies (including other rights of set-off) that such Lender may have.  SECTION 8.06 Binding Effect.  This Agreement shall be binding upon and inure to  the benefit of the Borrower, the Administrative Agent and each Lender and their respective  successors and assigns, provided that (except as permitted by Section 5.02(b)(iii)) the Borrower  shall not have the right to assign rights hereunder or any interest herein without the prior written  consent of all Lenders.  SECTION 8.07 Assignments and Participations.  

 

  -59-  (a) Each Lender may, with the prior written consent of the Borrower and the  Administrative Agent (which consents shall not be unreasonably withheld or delayed), and if  demanded by the Borrower pursuant to Section 8.07(g) shall to the extent required by such Section,  assign to one or more banks or other entities (other than an Ineligible Institution) all or a portion  of its rights and obligations under this Agreement (including all or a portion of its Commitment  and the Advances owing to it); provided that (i) each such assignment shall be of a constant, and  not a varying, percentage of all of the assigning Lender’s rights and obligations under this  Agreement, (ii) the Commitment Amount of the assigning Lender being assigned pursuant to each  such assignment (determined as of the date of the Assignment and Assumption with respect to  such assignment) shall in no event be less than $5,000,000 or, if less, the entire amount of such  Lender’s Commitment Amount, and shall be an integral multiple of $1,000,000 or such Lender’s  entire Commitment Amount, (iii) each such assignment shall be to an Eligible Assignee, (iv) the  parties to each such assignment shall execute and deliver to the Administrative Agent, for its  acceptance and recording in the Register, an Assignment and Assumption, together with a  processing and recordation fee of $3,500 (which shall be payable by one or more of the parties to  the Assignment and Assumption, and not by the Borrower (except in the case of a demand under  Section 8.07(g)), and shall not be payable if the assignee is a Federal Reserve Bank), (v) the  consent of the Borrower shall not be required after the occurrence and during the continuance of  any Event of Default, and (vi) the Borrower shall be deemed to have consented to any such  assignment unless it shall object thereto by written notice to the Administrative Agent within five  (5) Business Days after having received notice thereof.  Upon such execution, delivery, acceptance  and recording, from and after the effective date specified in each Assignment and Assumption, (x)  the assignee thereunder shall be a party hereto and, to the extent that rights and obligations  hereunder have been assigned to it pursuant to such Assignment and Assumption, have the rights  and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent  that rights and obligations hereunder have been assigned by it pursuant to such Assignment and  Assumption, relinquish its rights and be released from its obligations under this Agreement and,  in the case of an Assignment and Assumption covering all or the remaining portion of an assigning  Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto  (although an assigning Lender shall continue to be entitled to indemnification pursuant to Section  8.04(c)).  Notwithstanding anything contained in this Section 8.07(a) to the contrary, (A) the  consent of the Borrower and the Administrative Agent shall not be required with respect to any  assignment by any Lender to an Affiliate of such Lender or to another Lender or to an Approved  Fund, and (B) any Lender may at any time, without the consent of the Borrower or the  Administrative Agent, and without any requirement to have an Assignment and Assumption  executed, assign all or any part of its rights under this Agreement to a Federal Reserve Bank or  other central banking authority, provided that no such assignment shall release the transferor  Lender from any of its obligations hereunder.  For the purposes of this Section 8.07(a), the terms “Approved Fund” and “Ineligible  Institution” have the following meanings:  “Approved Fund” means any Person (other than a natural person) that is engaged in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the  ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.  

 

  -60-  “Ineligible Institution” means (a) a natural person, (b) a holding company, investment  vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s)  thereof, (c) the Borrower or any of its Affiliates or (d) Lender, an Affiliate of a Lender or an  Approved Fund that, in each case at the time of such assignment, is a Sanctioned Person; provided  that, such holding company, investment vehicle or trust shall not constitute an Ineligible Institution  if it (x) has not been established for the primary purpose of acquiring any Borrowings or  Commitments, (y) is managed by a professional advisor, who is not such natural person or a  relative thereof, having significant experience in the business of making or purchasing commercial  loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of  making or purchasing commercial loans and similar extensions of credit in the ordinary course of  its business.  (b) By executing and delivering an Assignment and Assumption, the Lender  assignor thereunder and the assignee thereunder confirm to and agree with each other and the other  parties hereto as follows: (i) other than as provided in such Assignment and Assumption, such  assigning Lender makes no representation or warranty and assumes no responsibility with respect  to any statements, warranties or representations made in or in connection with this Agreement or  the execution, legality, validity, enforceability, genuineness, sufficiency or value of this  Agreement or any other instrument or document furnished pursuant hereto; (ii) such assigning  Lender makes no representation or warranty and assumes no responsibility with respect to the  financial condition of the Borrower or the performance or observance by the Borrower of any of  its obligations under this Agreement or any other instrument or document furnished pursuant  hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with  copies of the financial statements referred to in Section 4.01(e) and such other documents and  information as it has deemed appropriate to make its own credit analysis and decision to enter into  such Assignment and Assumption; (iv) such assignee will, independently and without reliance  upon the Administrative Agent, such assigning Lender or any other Lender and based on such  documents and information as it shall deem appropriate at the time, continue to make its own credit  decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is  an Eligible Assignee; (vi) such assignee appoints and authorizes the Administrative Agent to take  such action as agent on its behalf and to exercise such powers under this Agreement as are  delegated to the Administrative Agent by the terms hereof, together with such powers as are  reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with  their terms all of the obligations which by the terms of this Agreement are required to be performed  by it as a Lender.  (c) The Administrative Agent shall maintain at its address referred to in  Section 8.02 a copy of each Assignment and Assumption delivered to and accepted by it and a  register for the recordation of the names and addresses of the Lenders and the Commitment  Amount of, and principal amount of the Advances owing to, each Lender from time to time (the  “Register”).  The entries in the Register shall be conclusive and binding for all purposes, absent  manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person  whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.   The Register shall be available for inspection by the Borrower or any Lender at any reasonable  time and from time to time upon reasonable prior notice.  

 

  -61-  (d) Upon its receipt of an Assignment and Assumption executed by an  assigning Lender and an assignee representing that it is an Eligible Assignee, the Administrative  Agent shall, if such Assignment and Assumption has been completed and is in substantially the  form of Exhibit A (including any necessary consents of the Administrative Agent and the  Borrower), (i) accept such Assignment and Assumption, (ii) record the information contained  therein in the Register and (iii) give prompt notice thereof to the Borrower.  (e) Any Lender may, without the consent of the Borrower or the Administrative  Agent, sell participations to one or more banks or other entities other than an Ineligible Institution  (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement  (including all or a portion of its Commitment and the Advances owing to it); provided that (A)  such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall  remain solely responsible to the other parties hereto for the performance of such obligations; and  (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely  and directly with such Lender in connection with such Lender’s rights and obligations under this  Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation  shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve  any amendment, modification or waiver of any provision of this Agreement; provided that such  agreement or instrument may provide that such Lender will not, without the consent of the  Participant, agree to any amendment, modification or waiver described in the first proviso to  Section 8.01 that affects such Participant.  Borrower agrees that each Participant shall be entitled  to the benefits of Sections 2.11, 2.14 and 8.04(b) (subject to the requirements and limitations  therein, including the requirements under Section 2.14(f) (it being understood that the  documentation required under Section 2.14(f) shall be delivered to the participating Lender)) to  the same extent as if it were a Lender and had acquired its interest by assignment pursuant to  paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the  provisions of Sections 2.15 and 8.07(g) as if it were an assignee under paragraph (b) of this Section;  and (B) shall not be entitled to receive any greater payment under Sections 2.11 or 2.14, with  respect to any participation, than its participating Lender would have been entitled to receive,  except to the extent such entitlement to receive a greater payment results from a Change in Law  that occurs after the Participant acquired the applicable participation.  To the extent permitted by  law, each Participant also shall be entitled to the benefits of Section 8.05 as though it were a  Lender, provided such Participant agrees to be subject to Section 2.15 as though it were a  Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of the Borrower, maintain a register on which it enters the name and address of  each Participant and the principal amounts (and stated interest) of each Participant’s interest in the  Advances or other obligations under this Agreement (the “Participant Register”); provided that no  Lender shall have any obligation to disclose all or any portion of the Participant Register to any  Person (including the identity of any Participant or any information relating to a Participant’s  interest in any Commitments, Advances or its other obligations hereunder) except to the extent  that such disclosure is necessary to establish that such Commitment, Advance, or other obligation  is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The  entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall  treat each person whose name is recorded in the Participant Register as the owner of such  participation for all purposes of this Agreement notwithstanding any notice to the contrary.  (f) [Reserved].  

 

  -62-  (g) If any Lender (i) shall make demand for payment under Section 2.11(a),  2.11(b) or 2.14, (ii) shall deliver any notice to the Administrative Agent pursuant to Section 2.12  resulting in the suspension of certain obligations of the Lenders with respect to Term SOFR  Advances, or (iii) does not consent to an amendment or waiver that requires the consent of all  Lenders and has been approved by the Majority Lenders, then (A) in the case of clause (i), within  60 days after such demand (if, but only if, the payment demanded under Section 2.11(a), 2.11(b)  or 2.14 has been made by the Borrower), (B) in the case of clause (ii), within 60 days after such  notice (if such suspension is still in effect), or (C) in the case of clause (iii), within 60 days after  the date the Majority Lenders approve the applicable amendment or waiver, as the case may be,  the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative  Agent, demand that such Lender assign in accordance with this Section 8.07 to one or more  Eligible Assignees designated by the Borrower and reasonably acceptable to the Administrative  Agent all (but not less than all) of such Lender’s rights and obligations hereunder within the next  succeeding 30 days; provided that such Lender shall have received payment of an amount equal to  the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other  amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and  accrued interest and fees) or the Borrower (in the case of all other amounts).  If any such Eligible  Assignee designated by the Borrower shall fail to consummate such assignment on terms  acceptable to such Lender, or if the Borrower shall fail to designate any such Eligible Assignee for  all of such Lender’s Commitment and Advances, then such Lender may (but shall not be required  to) assign such Commitment and Advances to any other Eligible Assignee in accordance with this  Section 8.07 during such period.  In the event that a Lender assigns any Term SOFR Advances or  Daily Simple SOFR Advances pursuant to this Section 8.07(g), such assignment shall be deemed  to be a prepayment by the Borrower of such Daily Simple SOFR Advances for purposes of Section  8.04(b).  (h) [Reserved].  (i) Notwithstanding anything to the contrary contained herein, any Lender (a  “Granting Bank”) may grant to a special purpose funding vehicle (an “SPC”), identified as such  in writing from time to time by the Granting Bank to the Administrative Agent and the Borrower,  the option to provide to the Borrower all or any part of any Advance that such Granting Bank  would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein  shall constitute a commitment by any SPC to make any Advance, (ii) if an SPC elects not to  exercise such option or otherwise fails to provide all or any part of such Advance, the Granting  Bank shall be obligated to make such Advance pursuant to the terms hereof.  The making of an  Advance by an SPC hereunder shall utilize the Commitment of the Granting Bank to the same  extent, and as if, such Advance were made by such Granting Bank.  Each party hereto hereby  agrees that no SPC shall be liable for any indemnity or similar payment obligation under this  Agreement (all liability for which shall remain with the Granting Bank).  In furtherance of the  foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this  Agreement) that, prior to the date that is one year and one day after the payment in full of all  outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against,  or join any other person in instituting against, such SPC any bankruptcy, reorganization,  arrangement, insolvency or liquidation proceedings under the laws of the United States or any  State thereof.  In addition, notwithstanding anything to the contrary contained in this Section 8.07,  any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the  

 

  -63-  Administrative Agent and without paying any processing fee therefor, assign all or a portion of its  interests in any Advance to the Granting Bank or to any financial institution (consented to by the  Borrower and Administrative Agent, which consents shall be unreasonably withheld or delayed)  providing liquidity and/or credit support to or for the account of such SPC to support the funding  or maintenance of Advances and (ii) disclose on a confidential basis any non-public information  relating to its Advances to any rating agency, commercial paper dealer or provider of any surety,  guarantee or credit or liquidity enhancement to such SPC.  This Section 8.07(i) may not be  amended in any manner which adversely affects a Granting Bank or an SPC without the written  consent of such Granting Bank or SPC.  (j) 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; 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 8.08 Governing Law.  THIS AGREEMENT SHALL BE GOVERNED  BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW  YORK.  SECTION 8.09 Consent to Jurisdiction; Certain Waivers.  THE BORROWER  HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE  COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN  IN NEW YORK CITY AND ANY UNITED STATES DISTRICT COURT SITTING IN THE  BOROUGH OF MANHATTAN IN NEW YORK CITY, AND ANY APPELLATE COURT  FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR  RELATING TO THIS AGREEMENT AND THE BORROWER HEREBY IRREVOCABLY  AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY  BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE  ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY  SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH  COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT  OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS  AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.  EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY  WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION  ARISING OUT OF OR RELATING TO THIS AGREEMENT ANY SPECIAL,  EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES  OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; PROVIDED THAT  NOTHING CONTAINED IN THIS SENTENCE SHALL LIMIT ANY OF THE  BORROWER’S INDEMNITY AND REIMBURSEMENT OBLIGATIONS TO ANY  INDEMNITEE TO THE EXTENT SUCH INDEMNITEE IS ENTITLED TO  INDEMNIFICATION WITH RESPECT TO THIRD PARTY CLAIMS.  SECTION 8.10 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  

 

  -64-  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 8.11 Execution in Counterparts; Integration.  This Agreement may be  executed in any number of counterparts and by different parties hereto in separate counterparts,  each of which when so executed shall be deemed to be an original and all of which taken together  shall constitute one and the same agreement.  This Agreement constitutes the entire agreement and  understanding among the parties hereto and supersedes all prior and contemporaneous agreements  and understandings, oral or written, relating to the subject matter hereof.  SECTION 8.12 USA PATRIOT ACT NOTIFICATION.  The following notification  is provided to the Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C.  Section 5318:  IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW  ACCOUNT.  To help the government fight the funding of terrorism and money laundering  activities, Federal law requires all financial institutions to obtain, verify, and record  information that identifies each person or entity that opens an account, including any  deposit account, treasury management account, loan, other extension of credit, or other  financial services product.  What this means for the Borrower: When the Borrower opens  an account, the Administrative Agent and the Lenders will ask for the Borrower’s name,  tax identification number and business address and other information that will allow the  Administrative Agent and the Lenders to identify the Borrower.  The Administrative Agent  and the Lenders may also ask to see the Borrower’s legal organizational documents or other  identifying documents.  SECTION 8.13 No Advisory or Fiduciary Responsibility.  In connection with all  aspects of the transactions contemplated hereby (including in connection with any amendment,  waiver or other modification hereof), the Borrower acknowledges and agrees, and acknowledges  its Affiliates’ understanding, that:  (i) (A) the services regarding this Agreement provided by the  Administrative Agent and the Lenders are arm’s-length commercial transactions between the  Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lenders on the  other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors  to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and  understands and accepts, the terms, risks and conditions of the transactions contemplated hereby;  (ii) (A) the Administrative Agent and each Lender is and has been acting solely as a principal and,  except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be  acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person  and (B) neither the Administrative Agent nor any Lender has any obligation to the Borrower or  

 

  -65-  any of its Affiliates with respect to the transactions contemplated hereby except those obligations  expressly set forth herein; and (iii) the Administrative Agent and the Lenders and their respective  Affiliates may be engaged in a broad range of transactions that involve interests that differ from  those of the Borrower and its Affiliates, and neither the Administrative Agent nor any Lender has  any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest  extent permitted by law, the Borrower hereby waives and releases any claims that it may have  against the Administrative Agent and the Lenders with respect to any breach or alleged breach of  agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.  SECTION 8.14 [Reserved].  SECTION 8.15 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other  agreement, arrangement or understanding among any such parties, each party hereto acknowledges  that any liability of any Affected Financial Institution arising under any Loan Document may be  subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and  agrees and consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder which may be payable to  it by any party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if  applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent entity,  or a bridge institution that may be issued to it or otherwise conferred on it, and that  such shares or other instruments of ownership will be accepted by it in lieu of any  rights with respect to any such liability under this Agreement or any other Loan  Document; or  (iii) the variation of the terms of such liability in connection with the  exercise of the Write-Down   and Conversion Powers of the applicable Resolution  Authority.  SECTION 8.16 Confidentiality.  Each of the Administrative Agent and the Lenders  agrees to maintain the confidentiality of the Information (as defined below), except that  Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,  including accountants, legal counsel and other advisors (it being understood that the Persons to  whom such disclosure is made will be informed of the confidential nature of such Information and  instructed to keep such Information confidential), (b) to the extent requested by any Governmental  Authority (including any self-regulatory authority, such as the National Association of Insurance  Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena  or similar legal process, (d) to any other party to this Agreement, (e) in connection with the  exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or  

 

  -66-  the enforcement of rights hereunder, (f) subject to an agreement containing provisions  substantially the same as those of this Section, to (i) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights or obligations under this Agreement or  (ii)  any actual or prospective counterparty (or its advisors) to any swap or derivative transaction  relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the  extent such Information (i) becomes publicly available other than as a result of a breach of this  Section or (ii) becomes available to the Administrative Agent or any Lender on a non-confidential  basis from a source other than the Borrower.  For the purposes of this Section, “Information”  means all information received from the Borrower relating to the Borrower or its business, other  than any such information that is available to the Administrative Agent or any Lender on a non- confidential basis prior to disclosure by the Borrower and other than information pertaining to this  Agreement routinely provided by arrangers to data service providers, including league table  providers, that serve the lending industry; provided that, in the case of information received from  the Borrower after the date hereof, such information is clearly identified at the time of delivery as  confidential.  Any Person required to maintain the confidentiality of Information as provided in  this Section shall be considered to have complied with its obligation to do so if such Person has  exercised the same degree of care to maintain the confidentiality of such Information as such  Person would accord to its own confidential information.  SECTION 8.17 Material Non-Public Information.  EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN  SECTION 8.16 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY  INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE  BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES,  AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES  REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT  WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE  WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND  STATE SECURITIES LAWS.  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND  AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE  AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS  AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY  CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER  AND ITS RELATED PARTIES OR ITS SECURITIES.  ACCORDINGLY, EACH  LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT  THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT  CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL  NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE  PROCEDURES AND APPLICABLE LAW.  SECTION 8.18 Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the interest rate applicable to any Advance or Borrowing, together with all  fees, charges and other amounts which are treated as interest on such Advance or Borrowing under  applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum  

 

  -67-  Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such  Advance or Borrowing in accordance with applicable law, the rate of interest payable in respect of  such Advance or Borrowing 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 Advance or Borrowing 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 Advances or Borrowings or periods shall be increased (but not above the  Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal  Funds Effective Rate to the date of repayment, shall have been received by such Lender.  SECTION 8.19 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 8.20 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 8.21 Survival.  All covenants, agreements, representations and warranties  made by the Borrower 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  Advance, regardless of any investigation made by any such other party or on its behalf and  notwithstanding that the Administrative Agent or any 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 Advance or any fee or any other amount payable under this Agreement is  outstanding and unpaid.    [Signature Pages Follow]  

 

  [Signature Page to Credit Agreement]  IN WITNESS WHEREOF, Borrower, the Lenders and the Administrative Agent have  executed this Agreement as of the date first above written.  EXELON CORPORATION, as Borrower        By:   Name:   Title:  

 

  [Signature Page to Credit Agreement]    PNC BANK, NATIONAL ASSOCIATION, as  Administrative Agent and Lender      By:   Name:  Title:  

 

  I-1  SCHEDULE I  COMMITMENTS    Lender    Commitment  PNC Bank, National Association  $250,000,000.00  TOTAL $250,000,000.00    

 

  I-1  SCHEDULE 3.06  Disclosed Matters  Nothing other than what has been previously disclosed in the Borrower’s Annual Report  on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the  periods ending March 31, 2021, June 30, 2021, and September 30, 2021, and Periodic Reports on  Form 8-K filed by the Borrower with the United States Securities and Exchange Commission  during the period between January 1, 2021, and the date hereof. 

 

  I-1  SCHEDULE 5.02  Existing Restrictions   None.    

 

  A-1  EXHIBIT A  FORM OF ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the  “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not  defined herein shall have the meanings given to them in the Credit Agreement identified below (as  amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the  Assignee.  The Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to  and incorporated herein by reference and made a part of this Assignment and Assumption as if set  forth herein in full.  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject  to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the  Effective Date inserted by the Administrative Agent as contemplated below, the interest in and to  all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement  and any other documents or instruments delivered pursuant thereto that represents the amount and  percentage interest identified below of all of the Assignor’s outstanding rights and obligations  under the respective facilities identified below (including without limitation any guaranties  included in such facilities and, to the extent permitted to be assigned under applicable law, all  claims (including without limitation contract claims, tort claims, malpractice claims, statutory  claims and all other claims at law or in equity), suits, causes of action and any other right of the  Assignor against any Person whether known or unknown arising under or in connection with the  Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan  transactions governed thereby) other than claims for indemnification or reimbursement with  respect to any period prior to Effective Date (the “Assigned Interest”).  Such sale and assignment  is without recourse to the Assignor and, except as expressly provided in this Assignment and  Assumption, without representation or warranty by the Assignor.  1. Assignor:     2. Assignee:     [and is an Affiliate of Assignor]  3. Borrower: Exelon Corporation  4. Administrative Agent: PNC Bank, National Association  5. Credit Agreement: Credit Agreement, dated as of January 24, 2022, as amended, among  the Borrower, the Lenders party thereto, and the Administrative Agent.  6. Assigned Interest:  Facility Assigned Aggregate Amount of  Commitment/  Outstanding Credit  Amount of Commitment/  Outstanding Credit  Exposure Assigned  Percentage Assigned of  Commitment/  

 

  A-2  Exposure for all   Lenders  Outstanding Credit  Exposure1   ____________ $ $ _______%  ____________ $ $ _______%  ____________ $ $ _______%    7. Trade Date:2  Effective Date: ____________________, 20__ [TO BE INSERTED BY THE  ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF  RECORDATION OF TRANSFER BY THE ADMINISTRATIVE AGENT.]  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR  [NAME OF ASSIGNOR]  By:  Title:  ASSIGNEE  [NAME OF ASSIGNEE]  By:  Title:  [Consented to and]3Accepted:  PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent  By:  Title:  [Consented to:]4  [NAME OF RELEVANT PARTY]  By:  Title:    Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the  Trade Date and the Effective Date.  1 Set forth, to at least 9 decimals, as a percentage of the Commitment/loans of all Lenders thereunder.  2 Insert if satisfaction of minimum amounts is to be determined as of the Trade Date.  3 To be added only if the consent of the Administrative Agent is required by the terms of the Credit  Agreement.  4 To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit  Agreement.  

 

  A-3  ANNEX 1  TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1.  Representations and Warranties.  1.1  Assignor.  The Assignor represents and warrants that (i) it is the legal and  beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all  action necessary, to execute and deliver this Assignment and Assumption and to consummate the  transactions contemplated hereby.  Neither the Assignor nor any of its officers, directors,  employees, agents or attorneys shall be responsible for (i) any statements, warranties or  representations made in or in connection with the Credit Agreement, (ii) the execution, legality,  validity, enforceability, genuineness, sufficiency, perfection, priority, collectability, or value of the  Credit Agreement or any collateral thereunder, (iii) the financial condition of the Borrower, any of  its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement, (iv)  the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other  Person of any of their respective obligations under the Credit Agreement, (v) inspecting any of the  property, books or records of the Borrower, or any guarantor, or (vi) any mistake, error of  judgment, or action taken or omitted to be taken in connection with the Credit Extensions or the  Credit Agreement.  1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power  and authority, and has taken all action necessary, to execute and deliver this Assignment and  Assumption and to consummate the transactions contemplated hereby and to become a Lender  under the Credit Agreement, (ii) from and after the Effective Date, it shall be bound by the  provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned  Interest, shall have the obligations of a Lender thereunder, (iii) agrees that its payment instructions  and notice instructions are as set forth in Schedule 1 to this Assignment and Assumption, (iv)  confirms that none of the funds, monies, assets or other consideration being used to make the  purchase and assumption hereunder are “plan assets” as defined under ERISA and that its rights,  benefits and interests in and under the Credit Agreement will not be “plan assets” under ERISA,  (v) agrees to indemnify and hold the Assignor harmless against all losses, costs and expenses  (including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor  in connection with or arising in any manner from the Assignee’s non-performance of the  obligations assumed under this Assignment and Assumption, (vi) it has received a copy of the  Credit Agreement, together with copies of financial statements and such other documents and  information as it has deemed appropriate to make its own credit analysis and decision to enter into  this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it  has made such analysis and decision independently and without reliance on the Administrative  Agent or any other Lender, and (vii) attached as Schedule 1 to this Assignment and Assumption is  any documentation required to be delivered by the Assignee with respect to its tax status pursuant  to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees  that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or  any other Lender, and based on such documents and information as it shall deem appropriate at  the time, continue to make its own credit decisions in taking or not taking action under the Credit  

 

  A-4  Agreement, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Credit Agreement are required to be performed by it as a Lender.  2.  Payments.  The Assignee shall pay the Assignor, on the Effective Date, the  amount agreed to by the Assignor and the Assignee.  From and after the Effective Date, the  Administrative Agent shall make all payments in respect of the Assigned Interest (including  payments of principal, interest, fees and other amounts) to the Assignee.  3.  General Provisions.  This Assignment and Assumption shall be binding upon,  and inure to the benefit of, the parties hereto and their respective successors and assigns.  This  Assignment and Assumption may be executed in any number of counterparts, which together shall  constitute one instrument.  Delivery of an executed counterpart of a signature page of this  Assignment and Assumption by facsimile shall be effective as delivery of a manually executed  counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be  governed by, and construed in accordance with, the law of the State of New York.     

 

  B-1  EXHIBIT B  FORM OF NOTICE OF BORROWING  [____], 20[__]    PNC Bank, National Association  Firstside Center  500 First Avenue, 4th Floor  Pittsburgh, PA  15219  (Mailstop: P7-PFSC-04-L)  and the Lenders that are parties to   the Credit Agreement referred to below         Ladies and Gentlemen:  The undersigned, Exelon Corporation, a Pennsylvania corporation (the  “Borrower”), refers to the Credit Agreement, dated as of January 24, 2022, as amended, among  the Borrower, various financial institutions and PNC Bank, National Association, as  Administrative Agent (as amended, modified or supplemented from time to time, the “Credit  Agreement”), and hereby gives you notice, irrevocably, pursuant to Section 2.02(a) of the Credit  Agreement that the undersigned requests a Borrowing under the Credit Agreement, and in that  connection sets forth below the information relating to such Borrowing (the “Proposed  Borrowing”) as required by Section 2.02(a) of the Credit Agreement:  (i) The Type of Advances to be made in connection with the Proposed  Borrowing is [Base Rate Advances] [Term SOFR Advances][Daily Simple SOFR  Advances].  (ii) The aggregate amount of the Proposed Borrowing is $[___].  (iii) The Interest Period for each Term SOFR Advance made as part of  the Proposed Borrowing is [    month[s]].  The undersigned hereby certifies that the following statements are true on the date  hereof, and will be true on the date of the Proposed Borrowing:  (A) the representations and warranties of the undersigned  contained in Section 4.01 of the Credit Agreement are correct, before and  after giving effect to the Proposed Borrowing and to the application of the  proceeds therefrom, as though made on and as of such date;  (B) no event has occurred and is continuing, or would result  from the Proposed Borrowing or from the application of the proceeds  therefrom, that constitutes an Default or Event of Default; and  

 

  B-2  (C) after giving effect to the Proposed Borrowing, the  undersigned will not have exceeded any limitation on its ability to incur  indebtedness (including any limitation imposed by any governmental or  regulatory authority).  Very truly yours,  EXELON CORPORATION    By:  Name:  Title:  

 

  C-1    EXHIBIT C  FORM OF NOTE  __________, 20__  Exelon Corporation, a Pennsylvania corporation (“Borrower”) promises to pay to  _____________ (“Lender”) the aggregate unpaid principal amount of all Advances made by  Lender to Borrower pursuant to the Credit Agreement (as defined below), at the main office of  PNC Bank, National Association, in Pittsburgh, Pennsylvania as Administrative Agent, together  with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the  Credit Agreement.  Borrower shall pay the principal of and accrued and unpaid interest on the  Advances in full on the Termination Date.  Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to  otherwise record in accordance with its usual practice, the date and amount of the Advances and  the date and amount of each principal payment hereunder.  This note (this “Note”) is one of the notes issued pursuant to, and is entitled to the benefits  of, the Credit Agreement dated as of January 24, 2022 (as further amended or otherwise modified  from time to time, the “Credit Agreement”), among Borrower, the various financial institutions  from time to time made party as Lenders thereto, and U.S Bank National Association, as  Administrative Agent and a Lender.  The Credit Agreement reference is hereby made for a  statement of the terms and conditions governing this Note, including the terms and conditions  under which this Note may be prepaid or its maturity date accelerated.  Capitalized terms used  herein and not otherwise defined herein are used with the meanings attributed to them in the Credit  Agreement.  All payments hereunder shall be made in lawful money of the United States of America  and in immediately available funds.  THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL  LAWS OF THE STATE NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS  APPLICABLE TO NATIONAL BANKS.  EXELON CORPORATION     By____________________________________  Name:  Title:  

 

  D-1    EXHIBIT D  FORM OF ANNUAL AND QUARTERLY COMPLIANCE CERTIFICATE  ______________________, 20____  Pursuant to the Credit Agreement, dated as of January 24, 2022, as amended, among  Exelon Corporation, a Pennsylvania corporation (the “Borrower”), various financial institutions  and PNC Bank, National Association, as Administrative Agent (as amended, modified or  supplemented from time to time, the “Credit Agreement”), the undersigned, being  ______________________ of the Borrower, hereby certifies on behalf of the Borrower as follows:  1.  [Delivered] [Posted concurrently]* herewith are the financial statements  prepared pursuant to Section 5.01(a)[(ii)/(iii)] of the Credit Agreement for the fiscal ________  ended ___________, 20__.  All such financial statements comply with the applicable requirements  of the Credit Agreement.  *Applicable language to be used based on method of delivery.  2.  Schedule I hereto sets forth in reasonable detail the information and calculations  necessary to establish the Borrower’s compliance with the provisions of Section 5.02(c) of the  Credit Agreement as of the end of the fiscal period referred to in paragraph 1 above.  3. (Check one and only one:)  __ No Default or Event of Default has occurred and is continuing.  __ An Default or Event of Default has occurred and is continuing, and the  document(s) attached hereto as Schedule II specify in detail the nature and period of existence of  such Default or Event of Default as well as any and all actions with respect thereto taken or  contemplated to be taken by the Borrower.  4.  The undersigned has personally reviewed the Credit Agreement, and this  certificate was based on an examination made by or under the supervision of the undersigned  sufficient to assure that this certificate is accurate.  5.  Capitalized terms used in this certificate and not otherwise defined shall have  the meanings given in the Credit Agreement.  EXELON CORPORATION      By____________________________________  Name:  Title:  Date:     

 

  E-1  EXHIBIT E  FORMS OF U.S. TAX COMPLIANCE CERTIFICATE  [See Attached Forms]     

 

        EXHIBIT E-1  [FORM OF U.S. TAX COMPLIANCE CERTIFICATE]  (FOR FOREIGN LENDERS THAT ARE NOT PARTNERSHIPS  FOR U.S. FEDERAL INCOME TAX PURPOSES)  Reference is hereby made to the Credit Agreement dated as of January 24, 2022, as  amended, among Exelon Corporation, a Pennsylvania corporation (the “Borrower”), various  financial institutions and U.S Bank National Association, as Administrative Agent (as amended,  modified or supplemented from time to time, the “Agreement”).  Pursuant to the provisions of Section 2.14 of the Agreement, the undersigned hereby  certifies that (i) it is the sole record and beneficial owner of the Advances in respect of which it is  providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the  Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of  Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the  Borrower as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in  question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.  The undersigned has furnished the Administrative Agent and the Borrower with a  certificate of its non-U.S. person status on United States Internal Revenue Service Form W-8BEN.   By executing this certificate, the undersigned agrees that (1) if the information provided on this  certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative  Agent and (2) the undersigned shall have at all times furnished the Borrower and the  Administrative Agent with a properly completed and currently effective certificate in either the  calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.  [NAME OF LENDER]  By: ______________________________________  Name:  Title:  Date: ________ __, 20[ ]     

 

    EXHIBIT E-2  [FORM OF U.S. TAX COMPLIANCE CERTIFICATE]  (For Foreign Lenders That Are Partnerships  For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of January 24, 2022, as  amended, among Exelon Corporation, a Pennsylvania corporation (the “Borrower”), various  financial institutions and PNC Bank, National Association, as Administrative Agent (as amended,  modified or supplemented from time to time, the “Agreement”).  Pursuant to the provisions of Section 2.14 of the Agreement, the undersigned hereby  certifies that (i) it is the sole record owner of the Advances and interests in respect of which it is  providing this certificate, (ii) with respect to the extension of credit pursuant to the Agreement,  neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a  loan agreement entered into in the ordinary course of its trade or business within the meaning of  Section 881(c)(3)(A) of the Code, (iii) none of its partners/members is a ten percent shareholder  of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) none of its  partners/members is a controlled foreign corporation related to the Borrower as described in  Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively  connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business.  The undersigned has furnished the Administrative Agent and the Borrower with United  States Internal Revenue Service Form W-8IMY accompanied by a United States Internal Revenue  Service Form W-8BEN from each of its partners/members claiming the portfolio interest  exemption.  By executing this certificate, the undersigned agrees that (1) if the information  provided on this certificate changes, the undersigned shall promptly so inform the Borrower and  the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower  and the Administrative Agent with a properly completed and currently effective certificate in either  the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.  [NAME OF LENDER ]  By:______________________________________  Name:  Title:  Date: ________ __, 20[ ]  

 

    EXHIBIT E-3  [FORM OF U.S. TAX COMPLIANCE CERTIFICATE]  (For Non-U.S. Participants That Are Not Partnerships  For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of January 24, 2022, as  amended, among Exelon Corporation, a Pennsylvania corporation  (the “Borrower”), various  financial institutions and PNC Bank, National Association, as Administrative Agent (as amended,  modified or supplemented from time to time, the “Agreement”).  Pursuant to the provisions of Section 2.14 of the Agreement, the undersigned hereby  certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it  is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the  Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section  871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as  described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not  effectively connected with the undersigned’s conduct of a U.S. trade or business.  The undersigned has furnished its participating Lender with a certificate of its non-U.S.  person status on United States Internal Revenue Service Form W-8BEN.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes,  the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall  have at all times furnished such Lender with a properly completed and currently effective  certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.  [NAME OF PARTICIPANT ]  By:______________________________________  Name:  Title:  Date: ________ __, 20[ ]     

 

    EXHIBIT E-4  [FORM OF U.S. TAX COMPLIANCE CERTIFICATE]  (For Non-U.S. Participants That Are Partnerships  For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of January 24, 2022, as  amended, among Exelon Corporation, a Pennsylvania corporation (the “Borrower”), various  financial institutions and PNC Bank, National Association, as Administrative Agent (as amended,  modified or supplemented from time to time, the “Agreement”).  Pursuant to the provisions of Section 2.14 of the Agreement, the undersigned hereby  certifies that (i) it is the sole record owner of the participation in respect of which it is providing  this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii)  with respect such participation, neither the undersigned nor any of its partners/members is a bank  extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or  business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its  partners/members is a ten percent shareholder of the Borrower within the meaning of  Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign  corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the  interest payments in question are not effectively connected with the undersigned’s or its  partners/members’ conduct of a U.S. trade or business.  The undersigned has furnished its participating Lender with United States Internal Revenue  Service Form W-8IMY accompanied by a United States Internal Revenue Service Form W-8BEN  from each of its partners/members claiming the portfolio interest exemption.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes,  the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all  times furnished such Lender with a properly completed and currently effective certificate in either  the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.        [NAME OF PARTICIPANT ]  By:______________________________________  Name:  Title:  Date: ________ __, 20[ ] 

 

    EXHIBIT F  FORM OF NOTICE OF CONTINUATION OR CONVERSION    PNC Bank, National Association  Firstside Center  500 First Avenue, 4th Floor  Pittsburgh, PA  15219  (Mailstop: P7-PFSC-04-L)      Ladies and Gentlemen:     This Notice of Conversion/Continuation (this “Notice”) is delivered to you pursuant to  Section 2.09 of the Credit Agreement dated as of January 24, 2022 (as amended, restated,  supplemented or otherwise modified from time to time, the “Credit Agreement”), by and between  Exelon Corporation, a Pennsylvania corporation (the “Borrower”) and U.S Bank National  Association, as Administrative Agent.      1. This Notice is submitted for the purpose of:5        Converting a Base Rate Advance into a [Term SOFR Advance][Daily Simple  SOFR Advance].    (a) The principal amount of such Advance to be converted is  $_______________.      (b) The requested effective date of the conversion of such Advance is  _______________.6      (c) [The requested Interest Period applicable to the converted Advance is  _______________.]7        Converting a [Term SOFR Advance]/[Daily Simple SOFR Advance] into a  Base Rate Advance.    (d) The principal amount of such Advance to be converted is  $_______________.      5 Check one and complete applicable information in accordance with the Credit Agreement.  6 Complete with a Business Day.  7 Will only apply to Term SOFR Advances.  

 

    (e) The last day of the current Interest Period is _______________.     (f) The requested effective date of the conversion of such Advance is  _______________.8        Continuing all or a portion of a [Daily Simple SOFR Advance] [Term SOFR  Advance] as a Base Rate Advance     (g) The principal balance of such Advance is _______________.    (h) [The last day of the current Interest Period for such Advance is  _______________.]9    (i) The principal amount of such Advance to be continued is  _______________.10      (j) The requested effective date of the continuation of such Advance is  _______________.11      (k) [The requested Interest Period applicable to the continued Advance is  _______________.] 12     3. Capitalized terms used herein and not defined herein shall have the meanings assigned  thereto in the Credit Agreement.    [Signature Page Follows]    8 Complete with a Business Day.  9 Will only apply to Term SOFR Advances.  10 Insert amount in U.S. Dollars.  11 Complete with a Business Day.  12 Will only apply to Term SOFR Advances.  

 

     IN WITNESS WHEREOF, the undersigned has executed this Notice of  Conversion/Continuation as of the day and year first written above.    EXELON CORPORATION        By:    Name:              Title:  _____________________________________ 

 

    EXHIBIT G  FORM OF NOTICE OF PREPAYMENT  [____], 20[__]    PNC Bank, National Association  Firstside Center  500 First Avenue, 4th Floor  Pittsburgh, PA  15219  (Mailstop: P7-PFSC-04-L)      Ladies and Gentlemen:     The undersigned, Exelon Corporation, a Pennsylvania corporation (the “Borrower”),  provides a Notice of Prepayment delivered to you pursuant to Section 2.10 of the Credit Agreement  dated as of January 24, 2022 (as amended, restated, supplemented or otherwise modified from time  to time, the “Credit Agreement”), by and between the Borrower and U.S Bank National Association,  as Administrative Agent.      1. The Borrower hereby provides notice to the Administrative Agent that it shall repay  the following [Base Rate Advances] and/or [Term SOFR Advances]/[Daily Simple SOFR Advances]:      2. The Advance to be prepaid is a [check each applicable box]       Base Rate Advance (amount to be prepaid _______________)     [Daily Simple]/[Term SOFR] Advance (amount to be prepaid ____________)     3. The Borrower shall repay the above-referenced Advances on the following Business  Day: _______________.1      4. Capitalized terms used herein and not defined herein shall have the meanings assigned  thereto in the Credit Agreement.    [Signature Page Follows]    1 Complete with a date no earlier than (i) the same Business Day as of the date of this Notice of Prepayment with  respect to any Base Rate Advance and (ii) three (3) Business Days subsequent to date of this Notice of Prepayment  with respect to any Term SOFR Advance or Daily Simple SOFR Advance.  

 

     IN WITNESS WHEREOF, the undersigned has executed this Notice of Prepayment as of the  day and year first written above.      EXELON CORPORATION       By:             Name:            Title:Document

                         Execution Version

$900,000,000
CREDIT AGREEMENT
dated as of
February 1, 2022
among
EXELON CORPORATION
the Lenders Party Hereto
and
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
___________________________
BANK OF AMERICA, N.A., BARCLAYS BANK PLC, BNP PARIBAS SECURITIES CORP., CITIBANK, N.A., GOLDMAN SACHS BANK USA,
MORGAN STANLEY SENIOR FUNDING, INC., and THE BANK OF NOVA SCOTIA,
as Co-Documentation Agents
___________________________
JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., BARCLAYS BANK PLC, BNP PARIBAS SECURITIES CORP., CITIBANK, N.A., GOLDMAN SACHS BANK USA,
MORGAN STANLEY SENIOR FUNDING, INC., and THE BANK OF NOVA SCOTIA, 
as Joint Lead Arrangers and Joint Bookrunners

TABLE OF CONTENTS
Page
						
	ARTICLE 1 Definitions
	1

		
	Section 1.01.    Defined Terms
	1

	Section 1.02.    Classification of Loans and Borrowings
	33

	Section 1.03.    Terms Generally
	33

	Section 1.04.    Accounting Terms; GAAP
	33

	Section 1.05.    Interest Rates; Benchmark Notification
	34

	Section 1.06.    Letter of Credit Amounts
	35

	Section 1.07.    Divisions
	35

		
	ARTICLE 2 The Credits
	35

		
	Section 2.01.    Commitments
	35

	Section 2.02.    Loans and Borrowings
	35

	Section 2.03.    Requests for Revolving Borrowings
	36

	Section 2.04.    Optional Increases in Commitments
	37

	Section 2.05.    [Reserved]
	38

	Section 2.06.    Letters of Credit
	38

	Section 2.07.    Funding of Borrowings
	43

	Section 2.08.    Interest Elections
	44

	Section 2.09.    Termination and Reduction of Commitments
	45

	Section 2.10.    Repayment of Loans; Evidence of Indebtedness
	45

	Section 2.11.    Prepayment of Loans
	46

	Section 2.12.    Fees
	46

	Section 2.13.    Interest
	48

	Section 2.14.    Alternate Rate of Interest
	48

	Section 2.15.    Increased Costs
	51

	Section 2.16.    Break Funding Payments
	53

	Section 2.17.    Withholding of Taxes; Gross-Up
	53

	Section 2.18.    Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	58

	Section 2.19.    Mitigation Obligations; Replacement of Lenders
	59

	Section 2.20.    Defaulting Lenders
	60

	Section 2.21.    Extension of Maturity Date
	63

		
	ARTICLE 3 Representations and Warranties
	65

		
	Section 3.01.    Organization; Powers
	65

	Section 3.02.    Authorization; Enforceability
	65

	Section 3.03.    Governmental Approvals; No Conflicts
	65

i

						
	Section 3.04.    Financial Condition; No Material Adverse Effect
	65

	Section 3.05.    Reserved
	66

	Section 3.06.    Litigation and Environmental Matters
	66

	Section 3.07.    Compliance with Laws and Agreements
	66

	Section 3.08.    Investment Company Status
	66

	Section 3.09.    Taxes
	66

	Section 3.10.    ERISA
	67

	Section 3.11.    Beneficial Ownership
	67

	Section 3.12.    Reserved
	67

	Section 3.13.    Anti-Corruption Laws and Sanctions
	67

	Section 3.14.    Affected Financial Institutions
	67

	Section 3.15.    Reserved
	67

	Section 3.16.    Margin Regulations
	67

	Section 3.17.    Reserved
	67

	Section 3.18.    Exchange Act
	67

		
	ARTICLE 4 Conditions
	68

		
	Section 4.01.    Effective Date
	68

	Section 4.02.    Each Credit Event
	69

		
	ARTICLE 5 Affirmative Covenants
	69

		
	Section 5.01.    Financial Statements; Ratings Change and Other Information
	70

	Section 5.02.    Notices of Material Events
	72

	Section 5.03.    Existence; Conduct of Business
	72

	Section 5.04.    Payment of Obligations
	72

	Section 5.05.    Maintenance of Properties; Insurance
	72

	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
	73

	Section 5.09.    Accuracy of Information
	74

		
	ARTICLE 6 Negative Covenants
	74

		
	Section 6.01.    Liens
	74

	Section 6.02.    Fundamental Changes; Mergers and Consolidations; Disposition of Assets
	76

	Section 6.03.    Continuation of Businesses
	77

	Section 6.04.    Restrictive Agreements
	77

	Section 6.05.    Consolidated Capitalization Ratio
	77

		

ii

						
	ARTICLE 7 Events of Default
	77

		
	Section 7.01.    Events of Default
	77

	Section 7.02.    Remedies Upon an Event of Default
	79

	Section 7.03.    Application of Payments
	80

		
	ARTICLE 8 The Administrative Agent
	81

		
	Section 8.01.    Authorization and Action
	81

	Section 8.02.    Administrative Agent’s Reliance, Limitation of Liability, Etc
	84

	Section 8.03.    Posting of Communications
	85

	Section 8.04.    The Administrative Agent Individually
	87

	Section 8.05.    Successor Administrative Agent
	87

	Section 8.06.    Acknowledgements of Lenders and Issuing Banks
	88

	Section 8.07.    [Reserved]
	90

	Section 8.08.    [Reserved]
	90

	Section 8.09.    Certain ERISA Matters
	90

		
	ARTICLE 9 Miscellaneous
	92

		
	Section 9.01.    Notices
	92

	Section 9.02.    Waivers; Amendments
	93

	Section 9.03.    Expenses; Limitation of Liability; Indemnity, Etc
	94

	Section 9.04.    Successors and Assigns
	96

	Section 9.05.    Survival
	100

	Section 9.06.    Counterparts; Integration; Effectiveness; Electronic Execution
	101

	Section 9.07.    Severability
	102

	Section 9.08.    Right of Setoff
	102

	Section 9.09.    Governing Law; Jurisdiction; Consent to Service of Process
	103

	Section 9.10.    WAIVER OF JURY TRIAL
	104

	Section 9.11.    Headings
	104

	Section 9.12.    Confidentiality
	104

	Section 9.13.    Material Non-Public Information
	105

	Section 9.14.    Interest Rate Limitation
	105

	Section 9.15.    No Fiduciary Duty, etc
	106

	Section 9.16.    USA PATRIOT Act
	107

	Section 9.17.    Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	107

	Section 9.18.    Acknowledgement Regarding Any Supported QFCs
	107

	Section 9.19.    Judgment Currency
	108

	Section 9.20.    Payments Set Aside
	109

iii

SCHEDULES:
Schedule 2.01A – Commitments
Schedule 2.01C – Letter of Credit Commitments
Schedule 3.06 – Disclosed Matters
Schedule 6.04 – Existing Restrictions
EXHIBITS:
Exhibit A – Form of Assignment and Assumption
Exhibit B – Form of Borrowing Request
Exhibit C – Form of Interest Election Request
Exhibit D – Form of Opinion of Borrower’s Counsel
Exhibit E – Form of Compliance Certificate
Exhibit F-1 – U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit F-2 – U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit F-3 – U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit F-4 – U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit G – Incremental Request

iv

CREDIT AGREEMENT dated as of February 1, 2022 (this “Agreement”), among Borrower (as defined herein), the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
The parties hereto agree as follows:
ARTICLE 1
DEFINITIONS
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 whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate.  
“Additional Lender” has the meaning given to such term in Section 2.04.
“Adjusted Daily Simple SOFR Rate” means an interest rate per annum equal to (a) the Daily Simple SOFR Rate, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Adjusted Term SOFR Rate” means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Administrative Agent” means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as administrative agent for the Lenders hereunder.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“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-Related Person” has the meaning assigned to it in Section 9.03(d).
“Agreement” has the meaning specified in introductory paragraph hereof.
“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 NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as 
1

specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology).  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.
“Ancillary Document” has the meaning assigned to it in Section 9.06(b).
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Party” has the meaning assigned to it in Section 8.03(c).
“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment; provided that, in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.
“Applicable Rate” means, for any day, with respect to any ABR Loan or Term Benchmark Revolving Loan, RFR Revolving Loan or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Applicable Rate for Term Benchmark Revolving Loans and LC Fee Rate”, “Applicable Rate for ABR Loans” or “Facility Fee Rate”, as the case may be, based upon the ratings by Moody’s, S&P and Fitch, respectively, applicable on such date to the Pricing Level:
2

															
	Pricing Level	

Index Debt Rating
S&P/Moody’s/Fitch
	Applicable 
Rate for Term Benchmark Revolving Loans, RFR Revolving Loans and LC 
Fee Rate	Applicable 
Rate for ABR Loans	Facility Fee 
Rate
	I	> A2/A/A
	0.900%	0.000%	0.100%
	II	A3/A-/A-	1.000%	0.000%	0.125%
	III	Baa1/BBB+/BBB+	1.075%	0.075%	0.175%
	IV	Baa2/BBB/BBB	1.275%	0.275%	0.225%
	V	Baa3/BBB-/BBB-	1.475%	0.475%	0.275%
	VI	< Baa3/BBB-/BBB-	1.650%	0.650%	0.350%

“Debt Rating” means, as of any date of determination, the Fitch Rating, the Moody’s Rating or the S&P Rating, it being understood that if the Borrower does not have such an indicative rating, an appropriate fallback will be determined by Administrative Agent in consultation with Borrower.
For purposes of the foregoing, (x) at any time that Debt Ratings are available from each of S&P, Moody’s and Fitch and there is a split among such Debt Ratings, then (i) if any two of such Debt Ratings are in the same level, such level shall apply or (ii) if each of such Debt Ratings is in a different level, the level that is the middle level shall apply and (y) at any time that Debt Ratings are available only from any two of S&P, Moody’s and Fitch and there is a split in such Debt Ratings, then the higher1 of such Debt Ratings shall apply, unless there is a split in Debt Ratings of more than one level, in which case the level that is one level lower than the higher Debt Rating shall apply.  The Debt Ratings shall be determined from the most recent public announcement of any changes in the Debt Ratings.  If the rating system of S&P, Moody’s or Fitch shall change, the Borrower and the Administrative Agent shall negotiate in good faith to amend the definition of “Debt Rating” to reflect such changed rating system and, pending the effectiveness of such amendment (which shall require the approval of the Required Lenders), the Debt Rating shall be determined by reference to the rating most recently in effect prior to such change.  If the Borrower has no Fitch Rating, no Moody’s Rating and no S&P Rating, Pricing Level VI shall apply it being understood that if the Borrower does not have such an indicative ratings, appropriate fallbacks will be determined by Administrative Agent in consultation with Borrower.
“Approved Electronic Platform” has the meaning assigned to it in Section 8.03(a).

* It being understood and agreed, by way of example, that a Debt Rating of A- is one level higher than a Debt Rating of BBB+.
3

“Approved Fund” has the meaning assigned to it in Section 9.04(b).
“Arrangers” means each of JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, BNP Paribas Securities Corp., Citibank, N.A., Goldman Sachs Bank USA,
Morgan Stanley Senior Funding, Inc., and The Bank of Nova Scotia, in its capacity as a joint lead arranger and joint bookrunner.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.
“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.14.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute.
“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless 
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such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Benchmark” means, initially, with respect to any (i) RFR Loan, the Daily Simple SOFR Rate or (ii) Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Daily Simple SOFR Rate or Term SOFR Rate, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.
 “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:
(1)    the Adjusted Daily Simple SOFR Rate;
(2)    the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment;
If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period,” timing and frequency of 
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determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
“Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:
(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:
(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component 
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used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations 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”.
“BGE” shall mean Baltimore Gas and Electric Company.
“BGE Entity” shall mean RF Holdco, BGE and any of their Subsidiaries.
“BHC Act Affiliate” of a party means an ‘affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Borrower” means Exelon.
“Borrowing” means Revolving Borrowing.
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“Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03, which shall be substantially in the form of Exhibit B or any other form approved by the Administrative Agent.
“Business Day” means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago, Illinois; provided that, in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan, any such day that is only an U.S. Government Securities Business Day.
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
“Change in Control” means the acquisition of ownership, directly or indirectly beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower.
“Change in Law” means the occurrence after the date of this Agreement of (a) the adoption of or taking effect 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) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided 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 or in the implementation thereof 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, issued or implemented.
“Charges” has the meaning assigned to it in Section 9.14.
“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans.
“CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).
“Code” means the Internal Revenue Code of 1986, as amended.
“ComEd” means Commonwealth Edison Company, an Illinois corporation, or any successor thereof.
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“ComEd Entity” means ComEd and each of its Subsidiaries.
“Commitment” means, with respect to each Lender, the  amount set forth on Schedule 2.01 opposite such Lender’s name, or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable, and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09 and (b) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; provided, that at no time shall the Revolving Credit Exposure of any Lender exceed its Commitment.  The initial aggregate amount of the Lenders’ Commitments is $900,000,000.
“Commodity Trading Obligations” means the obligations of the Borrower under (i) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, commodity forward contract or derivative transaction and any put, call or other agreement, arrangement or transaction, including natural gas, power, electric energy, emissions forward contracts, renewable energy credits, or any combination of any such arrangements, agreements and/or transactions, employed in the ordinary course of the Borrower’s business, or (ii) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, commodity forward contract or derivative transaction and any put, call or other agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Borrower pursuant to asset optimization and risk management policies and procedures adopted pursuant to authority delegated by the Board of Directors of the Borrower.  The term “commodities” shall include electric energy and/or capacity, transmission rights, coal, petroleum, natural gas liquids, natural gas, fuel transportation rights, emissions allowances, weather derivatives and related products and by-products and ancillary services.
“Communications” has the meaning assigned to it in Section 8.03(c).
“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 Capitalization Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness as of the last day of the applicable Test Period to (b) the sum of Consolidated Total Indebtedness plus Consolidated Stockholders’ Equity as of the last day for such Test Period.
“Consolidated Stockholders’ Equity” means, as of any date of determination, the total stockholders’ equity of the Borrower on a consolidated basis, determined in accordance with GAAP.
“Consolidated Total Indebtedness” means, as of any date of determination, the total amount of all Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP. For the avoidance of doubt, Consolidated Total Indebtedness shall not include Nonrecourse Indebtedness.  
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“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Controlled Group” means each person (as defined in Section 3(9) of ERISA) that, together with the Borrower, would be deemed to be a “single employer” within the meaning of Section 414(b) or 414(c) of the Code.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Covered Entity” means any of the following:
(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning assigned to it in Section 9.18.
“Credit Party” means the Administrative Agent, each Issuing Bank or any other Lender.
“Daily Simple SOFR Rate” means, for any day (a “SOFR Rate Day”), a rate per annum equal SOFR for the day (such day “SOFR Determination Date”) that is five (5) U.S. Government Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  Any change in Daily Simple SOFR Rate due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.
“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.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, 
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(b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.
“Dollars”, “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 which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
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“Eligible Successor” means a Person that (i) is a corporation, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of the Borrower, as applicable, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all or substantially all of its consolidated business and assets conducted and located in the United States and (iv) in the case of the Borrower, is acceptable to the Required Lenders as a credit matter.
“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 in any way to (i) the environment, (ii) preservation or reclamation of natural resources, (iii) the management, release or threatened release of any Hazardous Material or (iv) health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of the foregoing.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (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 the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of 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 the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or 
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(g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“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.
“Event of Default” has the meaning assigned to such term in Section 7.01.
“Excluded Project Subsidiary” shall mean, at any time, any Subsidiary that is an obligor (or, in the case of a Subsidiary of an Excluded Project Subsidiary that is such an obligor and is in a business that is related to the business of such Excluded Project Subsidiary that is such an obligor, is otherwise bound, or its property is subject to one or more covenants and other terms of any Nonrecourse Indebtedness outstanding at such time, regardless of whether such Subsidiary is a party to the agreement evidencing the Nonrecourse Indebtedness) with respect to any Nonrecourse Indebtedness outstanding at such time. 
“Excluded Subsidiary” shall mean (a) an Excluded Project Subsidiary, (b) any captive insurance Subsidiary, (c) any not-for-profit Subsidiary or (d) any special purpose vehicle, including any Securitization Vehicle.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net 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, 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, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.
“Exelon” means Exelon Corporation, a Pennsylvania corporation, or any Eligible Successor thereof.
“Existing Letter of Credit” means each letter of credit issued by an Issuing Bank and specified by the Borrower to the Administrative Agent on the Effective Date.
“Existing Maturity Date” has the meaning assigned to such term in Section 2.21(a).
“Extending Lender” has the meaning assigned to such term in Section 2.21(b)(ii).
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“Extension Request” means a written request from the Borrower to the Administrative Agent requesting an extension of the Maturity Date pursuant to Section 2.21.
“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 agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as  shall be set forth on the NYFRB’s Website  from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.
“Fitch” means Fitch Ratings Inc.
“Fitch Rating” means, at any time, the rating issued by Fitch and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from Fitch for debt securities of such type, then such indicative rating shall be used for determining the “Fitch Rating” and if the Borrower does not have such an indicative rating, but has an issuer rating from Fitch, then such issuer rating shall be used for determining the “Fitch Rating”).
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate shall be 0%.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
“GAAP” means generally accepted accounting principles in the United States of America.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and 
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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.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“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 regulated pursuant to any Environmental Law.
“Hedging Obligations” mean, with respect to any Person, the obligations of such Person under any interest rate or currency swap agreement, interest rate or currency future agreement, interest rate collar agreement, interest rate or currency hedge agreement, and any put, call or other agreement or arrangement designed to protect such Person against fluctuations in interest rates or currency exchange rates.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed and (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.  
“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 the Borrower 
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under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other Taxes.
“Indemnitee” has the meaning assigned to it in Section 9.03(c).
“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit enhancement, provided, that if the Borrower does not have any outstanding debt securities of the type described, an appropriate fallback will be determined by Administrative Agent in consultation with Borrower
“Ineligible Institution” has the meaning assigned to it in Section 9.04(b).
“Information” has the meaning assigned to it in Section 9.12.
 “Information Memorandum” means the Confidential Information Memorandum dated November 12, 2021 relating to the Borrower and the Transactions.
“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08, which shall be substantially in the form of Exhibit C or any other form approved by the Administrative Agent.
“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the Maturity Date, (b) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and (2) the Maturity Date and (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and the Maturity Date.
“Interest Period” means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect; provided, that (i) 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 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, (ii) any Interest Period 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 and (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“IRS” means the United States Internal Revenue Service.
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“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Issuing Bank” means each of JPMorgan Chase Bank, N.A., Bank of America, N.A., Barclays Bank PLC, BNP Paribas Securities Corp., Citibank, N.A., Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., and The Bank of Nova Scotia and any other Lender that, with the consent of the Borrower and the Administrative Agent, agrees to issue Letters of Credit hereunder, in each case in its capacity as the issuer of the applicable Letters of Credit.  Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by any Affiliate of such Issuing Bank (provided that (i) the identity and creditworthiness of such Affiliate is reasonably acceptable to the Borrower and (ii) no such Affiliate shall be entitled to any greater indemnification under Section 2.15 or 2.17 than that to which the applicable Issuing Bank was entitled on the date on which such Letter of Credit was issued except in connection with any indemnification entitlement arising as a result of any Change in Law after the date on which such Letter of Credit was issued), in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, or shall cause such branch or Affiliate to, comply with the requirements of Sections 2.06 and 2.17(f) with respect to such Letters of Credit).  Notwithstanding anything in this Agreement to the contrary, in no event shall Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., Barclays Bank PLC, Goldman Sachs Bank USA, Credit Suisse AG, or any of their respective Affiliates be an “Issuing Bank” with respect to any Letter of Credit that is not a standby letter of credit.
“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of applicable law or Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.
“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lender-Related Person” has the meaning assigned to it in Section 9.03(b).
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“Lenders” means the Persons listed on Schedule 2.01A and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise.  Unless the context otherwise requires, the term “Lenders” includes the Issuing Banks.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement and shall include each Existing Letter of Credit. 
“Letter of Credit Agreement” has the meaning assigned to it in Section 2.06(b).
“Letter of Credit Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder.  The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01C, or if an Issuing Bank has entered into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The Letter of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Borrower, and notified to the Administrative Agent.
“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.
“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, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“LLC” means any Person that is a limited liability company under the laws of its jurisdiction of formation.
“Loan Documents” means this Agreement, including schedules and exhibits hereto, and any agreements entered into in connection herewith by the Borrower or any Loan Party with or in favor of the Administrative Agent and/or the Lenders, including any amendments, modifications or supplements thereto or waivers thereof, legal opinions issued in connection with the other Loan Documents, flood determinations, letter of credit applications and any agreements between the  Borrower and an Issuing Bank regarding the issuance by such Issuing Bank of Letters of Credit hereunder and/or the respective rights and obligations between the Borrower and such Issuing Bank in connection thereunder and any other documents prepared in connection with the other Loan Documents, if any.
“Loan Parties” means the Borrower.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Margin Stock” means margin stock within the meaning of Regulations T, U and X, as applicable.
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“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its Obligations or (c) the rights of or benefits available to the Lenders under this Agreement or any other Loan Document.
“Maturity Date” means, with respect to any Lender, the later of (a) February 1, 2027 and (b) if the maturity date is extended for such Lender pursuant to Section 2.21, such extended maturity date as determined pursuant to such Section; provided, however, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.
“Maximum Rate” has the meaning assigned to it in Section 9.14.
“Moody’s” means Moody’s Investors Service, Inc.
“Moody’s Rating” means, at any time, the rating issued by Moody’s and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from Moody’s for debt securities of such type, then such indicative rating shall be used for determining the “Moody’s Rating” and if the Borrower does not have such an indicative rating, but has an issuer rating from Moody’s, then such issuer rating shall be used for determining the “Moody’s Rating”).
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Nonrecourse Indebtedness” means any Indebtedness that finances the acquisition, development, ownership or operation of an asset in respect of which the Person to which such Indebtedness is owed has no recourse whatsoever to the Borrower or any of its Affiliates other than:
(i)    recourse to the named obligor with respect to such Indebtedness (the “Debtor”) for amounts limited to the cash flow or net cash flow (other than historic cash flow) from the asset;
(ii)    recourse to the Debtor for the purpose only of enabling amounts to be claimed in respect of such Indebtedness in an enforcement of any security interest or lien given by the Debtor over the asset or the income, cash flow or other proceeds deriving from the asset (or given by any shareholder or the like in the Debtor over its shares or like interest in the capital of the Debtor) to secure the Indebtedness, but only if the extent of the recourse to the Debtor is limited solely to the amount of any recoveries made on any such enforcement; and
(iii)    recourse to the Debtor generally or indirectly to any Affiliate of the Debtor, under any form of assurance, undertaking or support, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated in a specified way) for a breach of an obligation (other than a payment obligation or an obligation to comply or to procure compliance by another with any financial ratios or other tests of financial condition) by the Person against which such recourse is available.
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“Non-extending Lender” has the meaning assigned to such term in Section 2.21(a).
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.
“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed or allowable claims in such proceeding.  Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities and other amounts payable by the Borrower under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Borrower.
“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, Letter of Credit 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).
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.
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“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Patriot Act” has the meaning assigned to it in Section 9.16.
“Payment” has the meaning assigned to it in Section 8.06(c).
“Payment Notice” has the meaning assigned to it in Section 8.06(c).
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“PECO” means PECO Energy Company, a Pennsylvania corporation, or any successor thereof.
“Pepco” means Pepco Holdings LLC, a Delaware limited liability company, or any successor thereof.
“Pepco Entity” shall mean Pepco, PH Holdco and any of their Subsidiaries.
“Permitted Encumbrances” means:
(a)    Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;
(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;
(c)    pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;
(d)    deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;
(e)    judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(f);
(f)    easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;
(g)    leases, licenses, subleases or sublicenses granted to third parties in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of the Borrower or any Subsidiary;
(h)    Liens in favor of a banking or other financial institution arising as a matter of law or in the ordinary course of business under customary general terms and conditions encumbering deposits or other funds maintained with a 
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financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institution’s general terms and conditions;
(i)    Liens on specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;
(j)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business so long as such Liens only cover the related goods; and
(k)    Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Permitted Obligations” mean (1) Hedging Obligations of the Borrower or any Subsidiary arising in the ordinary course of business and in accordance with the applicable Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (2) Commodity Trading Obligations.
“PH Holdco” shall mean PH HoldCo LLC, a Delaware limited liability company.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
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“Principal Subsidiary” means each Subsidiary, other than PECO and its Subsidiaries, any BGE Entity, any ComEd Entity and any Pepco Entity,  (i) the consolidated assets of which, as of the date of any determination thereof, are at least equal to 10% of the consolidated assets of the Borrower or (ii) the consolidated earnings before taxes of which are at least equal to 10% of the consolidated earnings before taxes of the Borrower for the most recently completed fiscal year.
“Proceeding” means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.
“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.
“Public-Sider” means a Lender whose representatives may trade in securities of the Borrower or its Controlling person or any of its Subsidiaries while in possession of the financial statements provided by the Borrower under the terms of this Agreement.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning assigned to it in Section 9.18.
“Rating Agency” means each of S&P, Moody’s and Fitch.
“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting, (2) if the RFR for such Benchmark is Daily Simple SOFR Rate, then four Business Days prior to such setting or (3) if such Benchmark is none of the Term SOFR Rate or Daily Simple SOFR Rate, the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning assigned to such term in Section 9.04(b).
“Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.
“Regulation T” means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.
“Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.
“Regulation X” means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates.
“Relevant Governmental Body” means, the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially 
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endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.
“Relevant Rate” means (i) with respect to any Term Benchmark Borrowing, the Adjusted Term SOFR Rate or (ii) with respect to any RFR Borrowing, the Adjusted Daily Simple SOFR Rate, as applicable.
“Replacement Lender” has the meaning assigned to such term in Section 2.21(c).
“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and regulations issued under such Section with respect to a Single Employer Plan, excluding such events as to which the requirement of Section 4043(a) of ERISA that the PBGC be notified within 30 days after the occurrence of such event is waived under PBGC Regulation Section 4043, provided that a failure to meet the minimum funding standard of Section 412 of the Code and Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waivers in accordance with either Section 4043(a) of ERISA or Section 412(c) of the Code.
“Required Lenders” means, subject to Section 2.20, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Section 7.01 or the Commitments terminating or expiring, Lenders having Revolving Credit Exposures and Unfunded Commitments representing at least 50% of the sum of the Total Revolving Credit Exposure and Unfunded Commitments at such time, provided that, solely for purposes of declaring the Loans to be due and payable pursuant to Section 7.01, the Unfunded Commitment of each Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments expire or terminate, Lenders having Revolving Credit Exposures representing at least 50% of the Total Revolving Credit Exposure at such time; provided that, for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Lender that is the Borrower or an Affiliate of the Borrower shall be disregarded
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Response Date” has the meaning assigned to such term in Section 2.21(a).
“Responsible Officer” means the president, Financial Officer or other executive officer of the Borrower.
“Reuters” means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.
“Revolving Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure at such time.
“Revolving Loan” means a Loan made pursuant to Section 2.03.
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“RF Holdco” shall mean RF HoldCo LLC, a Delaware limited liability company.
“RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing.
“RFR Loan” means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR Rate.
“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business.
“S&P Rating” means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating” and if the Borrower does not have such an indicative rating, but has an issuer rating from S&P, then such issuer rating shall be used for determining the “S&P Rating”).
“Sanctioned Country” means, at any time, a country, region or territory which is itself, or whose government is, the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.
“Sanctions” means all economic or financial sanctions or trade embargoes or restrictive measures imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.
“SEC” means the Securities and Exchange Commission of the United State of America.
“Securitization” shall mean any transaction or series of transactions entered into by the Borrower or any Subsidiary pursuant to which the Borrower or such Subsidiary, as the case may be, sells, conveys, assigns, grants an interest in or otherwise transfers, from time to time, to one or more Securitization Vehicles the Securitization Assets (and/or grants a security interest in such Securitization Assets transferred or purported to be transferred to such Securitization Vehicle), and which Securitization Vehicle finances the acquisition of such Securitization Assets (i) with proceeds from the issuance of Third Party Securities, (ii) with the issuance to the Borrower or such Subsidiary of Sellers’ Retained Interests or an increase in such Sellers’ Retained Interests, or (iii) with proceeds from the sale or collection of Securitization Assets.
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“Securitization Assets” shall mean any accounts receivable originated or expected to be originated by (and owed to) the Borrower or any Subsidiary (in each case whether now existing or arising or acquired in the future) and any ancillary assets (including contract rights) which are of the type customarily conveyed with, or in respect of which security interests are customarily granted in connection with, such accounts receivable in a securitization transaction and which are sold, transferred or otherwise conveyed by the Borrower or a Subsidiary to a Securitization Vehicle.
“Securitization Vehicle” shall mean a Person that is a direct wholly owned Subsidiary of the Borrower or of any Subsidiary (a) formed for the purpose of effecting a Securitization, (b) to which the Borrower and/or any Subsidiary transfers Securitization Assets and (c) which, in connection therewith, issues Third Party Securities; provided that (i) such Securitization Vehicle shall engage in no business other than the purchase of Securitization Assets pursuant to the Securitization, the issuance of Third Party Securities or other funding of such Securitization and any activities reasonably related thereto.
“Sellers’ Retained Interests” means the debt and/or Equity Interests (including any intercompany notes) held by the Borrower or any Subsidiary in a Securitization Vehicle to which Securitization Assets have been transferred in a Securitization, including any such debt or equity received as consideration for, or as a portion of, the purchase price for the Securitization Assets transferred, and any other instrument through which the Borrower or any Subsidiary has rights to or receives distributions in respect of any residual or excess interest in the Securitization Assets.
“Single Employer Plan” means a Plan other than a Multiemployer Plan maintained by the Borrower or any other member of the Controlled Group for employees of the Borrower or any other member of the Controlled Group.
“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Determination Date” has the meaning specified in the definition of “Daily Simple SOFR Rate”.
“SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR Rate”.
“Spin Transaction” means (i) the transfer of the membership interests of the Exelon Generation Company by Exelon to SpinCo and (ii) the pro rata distribution of the capital stock of SpinCo to the holders of Exelon’s common stock, at which point SpinCo will become a separate, independent publicly traded company.
“SpinCo” means the new company established by Exelon in connection with the Spin Transaction and that as of the effective date of the Spin Transaction, will own, directly, 100% of the issued and outstanding membership interests of Exelon Generation Company (or its successor in interest, as applicable).
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“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled by the parent and/or one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of the Borrower.
“Supported QFC” has the meaning assigned to it in Section 9.18.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.
“Term SOFR Determination Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.
“Term SOFR Rate” means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.
“Term SOFR Reference Rate”  means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.  If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities 
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Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.  
“Test Period” means, for any date of determination under this Agreement, the four (4) consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements have been delivered pursuant to Section 5.01(b).
“Third Party Securities” shall mean, with respect to any Securitization, notes, bonds or other debt instruments, beneficial interests in a trust, undivided ownership interests in receivables or other securities issued for cash consideration by the relevant Securitization Vehicle to banks, financing conduits, investors or other financing sources (other than the Borrower or any Subsidiary, except in respect of the Sellers’ Retained Interest) the proceeds of which are used to finance, in whole or in part, the purchase by such Securitization Vehicle of Securitization Assets in a Securitization. The amount of any Third Party Securities shall be deemed to equal the aggregate principal, stated or invested amount of such Third Party Securities which are outstanding at such time.
“Total Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans at such time and (b) the total LC Exposure at such time.
“Transactions” means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted Term SOFR Rate, the Alternate Base Rate or the Adjusted Daily Simple SOFR Rate.
“UK Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Unfunded Commitment” means, with respect to each Lender, the Commitment of such Lender less its Revolving Credit Exposure.
“Unfunded Liabilities” means, (i) in the case of any Single Employer Plan, the amount (if any) by which the present value of all vested nonforfeitable benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent evaluation date for such Plan, and (ii) in the case of any Multiemployer Plan, the withdrawal liability that would be incurred by the 
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Controlled Group if all members of the Controlled Group completely withdrew from such Multiemployer Plan.
“U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.18.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).
“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, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
1.02.Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Term Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g., a “Term Benchmark Revolving Loan” or an “RFR Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”).
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  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),  any reference herein to any Person shall be construed to include such Person’s successors and assigns,  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,  all references herein 
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to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,  any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time and  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.
1.04.Accounting Terms; GAAP.  (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to  any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and  any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.
(b)Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,” any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.
Section 1.05.Interest Rates; Benchmark Notification.  The interest rate on a Loan denominated in dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the occurrence of a Benchmark Transition Event, Section 2.14(b) provides a mechanism for determining an alternative rate of interest.  The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior 
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to its discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any  interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
Section 1.06.Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn during the remaining life thereof; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount available to be drawn under such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.
Section 1.07.Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws):  if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and  if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.
ARTICLE 2
THE CREDITS
2.01.Commitments.  Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans in Dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
2.02.Loans and Borrowings.  (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(b)Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Term Benchmark Loans, as the Borrower may request in accordance herewith.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that 
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any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c)At the commencement of each Interest Period for any Term Benchmark Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000.  At the time that each ABR Revolving Borrowing and/or RFR 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 Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten Term Benchmark Revolving Borrowings or RFR Borrowings outstanding.
(d)Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
2.03.Requests for Revolving Borrowings.  To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request (a)(i) in the case of a Term Benchmark Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an RFR Borrowing, not later than 12:00 noon, New York City time, five Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower.  Each such 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, a Term Benchmark Borrowing or an RFR Borrowing;
(iv)in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(v)the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Term Benchmark Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
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2.04.Optional Increases in Commitments.  The Borrower may, from time to time, by means of a letter delivered to the Administrative Agent substantially in the form of Exhibit G, request that the Commitments be increased by an aggregate amount (for all such increases) not exceeding $375,000,000.00 by (a) increasing the Commitments of one or more Lenders that have agreed to such increase (in their sole discretion) and/or (b) adding one or more commercial banks or other Persons as a party hereto (each an “Additional Lender”) with a Commitments in an amount agreed to by any such Additional Lender; provided that (i) any increase in the Commitments shall be in an aggregate amount of $25,000,000 or a higher integral multiple of $1,000,000; (ii) no Additional Lender shall be added as a party hereto without the written consent of the Administrative Agent and the Issuing Banks (which consents shall not be unreasonably withheld) or if a Default or Event of Default exists; (iii) subject to Section 9.04(b), no such increase shall be effective without the written consent of the Issuing Banks (which consent shall not be unreasonably withheld or delayed); and (iv) the Borrower may not request an increase in the Commitments unless the Borrower has delivered to the Administrative Agent (with a copy for each Lender) a certificate (A) stating that any applicable governmental authority has approved such increase, (B) attaching evidence, reasonably satisfactory to the Administrative Agent, of each such approval and (C) stating that the representations and warranties contained in Article III are correct on and as of the date of such certificate as though made on and as of such date and that no Default or Event of Default exists on such date.  Any increase in the Commitments pursuant to this Section 2.04 shall be effective three Business Days after the date on which the Administrative Agent has received and accepted the applicable increase letter in the form of Annex 1 to Exhibit G (in the case of an increase in the Commitments of an existing Lender) or assumption letter in the form of Annex 2 to Exhibit G (in the case of the addition of a commercial bank or other Person as a new Lender).  The Administrative Agent shall promptly notify the Borrower and the Lenders of any increase in the Commitments pursuant to this Section 2.04 and of the Commitments and Pro rata Commitment of each Lender after giving effect thereto.  The Borrower shall prepay any Loans outstanding on the effective date of such increase (and pay any additional amounts required pursuant to Section 9.03) to the extent necessary to keep the outstanding Loans ratable among the Lenders in accordance with any revised Pro rata Commitments arising from any non-ratable increase in the Commitments under this Section 2.04; provided that, notwithstanding any other provision of this Agreement, the Administrative Agent, the Borrower and each increasing Lender and Additional Lender, as applicable, may make arrangements satisfactory to such parties to cause an increasing Lender or an Additional Lender to temporarily hold risk participations in the outstanding Loans of the other Lenders (rather than fund its Pro rata Commitment of all outstanding Loans concurrently with the applicable increase) with a view toward minimizing breakage costs and transfers of funds in connection with any increase in the Commitments  To the extent that any increase pursuant to this Section 2.04 is not expressly authorized pursuant to resolutions or consents delivered pursuant to Section 4.01(c), the Borrower shall, prior to the effectiveness of such increase, deliver to the Administrative Agent a certificate signed by an authorized officer of the Borrower certifying and attaching the resolutions or consents that have been adopted to approve or consent to such increase.
2.05.[Reserved].  
2.06.Letters of Credit.
(a)General.  Subject to the terms and conditions set forth herein, the Borrower may request any Issuing Bank to issue Letters of Credit as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to such Issuing Bank, at any time and from time to time during the Availability Period.
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(b)Notice of Issuance, Amendment, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the respective Issuing Bank) to an Issuing Bank selected by it and to the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment 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 or extend such Letter of Credit.  In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the respective Issuing Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control.  A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension  (x) the aggregate undrawn amount of all outstanding Letters of Credit issued by any Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made by such Issuing Bank that have not yet been reimbursed by or on behalf of the Borrower at such time shall not exceed its Letter of Credit Commitment,  the LC Exposure shall not exceed the total Letter of Credit Commitments and  no Lender’s Revolving Credit Exposure shall exceed its Commitment.  The Borrower may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing Bank; provided that the Borrower shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (iii) above shall not be satisfied.
An Issuing Bank shall not be under any obligation to issue any Letter of Credit if:
(i)any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that such Issuing Bank in good faith deems material to it; or
(ii)the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally.
(c)Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of  the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date 
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thereof, one year after such extension) and  the date that is five Business Days prior to the 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 the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the respective Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Maturity Date.  Each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.
(e)Reimbursement.  If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, as applicable.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Bank the amounts so received by it from the Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
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(f)Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of  any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein,  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,  payment by the respective 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  any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.  Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of the respective Issuing Bank; provided that the foregoing shall not be construed to excuse an Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of 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.  The Issuing Bank for any Letter of Credit shall, within the time allowed by applicable law or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit.  Such Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment if such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement.
(h)Interim Interest.  If the Issuing Bank for any Letter of Credit shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due and payable at the rate per annum then 
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applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of such 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 for such LC Disbursement shall be for the account of such Lender to the extent of such payment.
(i)Replacement and Resignation of an Issuing Bank.   An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (x) 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 by it thereafter and (y) 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 or extend or otherwise amend any existing Letter of Credit.
(ii)Any Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such resigning  Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above.
(j)Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account or accounts with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “Collateral Account”), an amount in cash equal to 105% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 7.01(e).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement.  In addition, and without limiting the foregoing or paragraph (c) of this Section, if any LC Exposure remain outstanding after the expiration date specified in said paragraph (c), the Borrower shall immediately deposit into the Collateral Account an amount in cash equal to 105% of such LC Exposure as of such date plus any accrued and unpaid interest thereon.
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 the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall 
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accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for LC Disbursements for which it has not been reimbursed, together with related fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other Obligations.  If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.
(k)Letters of Credit Issued for Account of Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit.  The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.
2.07.Funding of Borrowings.  (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.
(b)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at  in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or  in the case of the Borrower, the interest rate applicable to ABR Loans.  
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If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
2.08.Interest Elections.  (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Term Benchmark Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  
(b)To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such Interest Election Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower.
(c)Each Interest Election Request shall specify the following information in compliance with Section 2.02:
(i)the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)whether the resulting Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing or an RFR Borrowing; and
(iv)if the resulting Borrowing is a Term Benchmark 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 Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
(d)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Revolving 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 deemed to have an Interest Period that is one month.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing  no 
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outstanding Revolving Borrowing may be converted to or continued as a Term Benchmark Borrowing and  unless repaid, (A) each Term Benchmark Borrowing and (B) each RFR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.
2.09.Termination and Reduction of Commitments.  (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(b)The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that  each reduction of the Commitments shall be in an amount that is an integral multiple of $10,000,000 and not less than $50,000,000 and  the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, any Lender’s Revolving Credit Exposure would exceed its Commitment.
(c)The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
2.10.Repayment of Loans; Evidence of Indebtedness.  (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date.
(b)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(c)The Administrative Agent shall maintain accounts in which it shall record  the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,  the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and  the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(d)The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(e)Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such 
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Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form.
2.11.Prepayment of Loans.  (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.
(b)The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder  in the case of prepayment of (1) a Term Benchmark Revolving Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of prepayment or (2) an RFR Revolving Borrowing, not later than 12:00 noon, New York City time, five Business Days before the date of prepayment, or  in the case of prepayment of an ABR Revolving Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving 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 and any break funding payments required by Section 2.16.
2.12.Fees.  (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure.  Facility fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth day following such last day and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand.  All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day and the last day of each period but excluding the date on which the Commitments terminate).
(b)The Borrower agrees to pay  to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in each outstanding Letter of Credit, which shall accrue on the daily maximum amount then available to be drawn under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans, during the period from and 
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including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and  to each Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued by such Issuing Bank, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and such Issuing Bank on the daily maximum amount then available to be drawn under such Letter of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure with respect to Letters of Credit issued by such Issuing Bank, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit and other processing fees, and other standard costs and charges, of such Issuing bank relating the Letters of Credit as from time to time in effect.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(c)The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.
(d)All fees payable hereunder shall be paid on the dates due, in dollars in immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.
2.13.Interest.  (a) The Loans comprising each ABR Borrowing  shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b)The Loans comprising each Term Benchmark Borrowing shall bear interest in the case of a Term Benchmark Revolving Loan, at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR Rate plus the Applicable Rate.
(d)Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to  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  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, in the case of Revolving Loans, upon termination of the Commitments; provided that  interest accrued pursuant to paragraph (d) of this Section shall be payable on demand,  in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the 
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Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and  in the event of any conversion of any Term Benchmark Revolving 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)Interest computed by reference to the Term SOFR Rate or Daily Simple SOFR Rate hereunder shall be computed on the basis of a year of 360 days.  Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination.  The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR Rate or Daily Simple SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
2.14.Alternate Rate of Interest.  (a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:
(i)the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR Rate, Daily Simple SOFR Rate; or
(ii)the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period or (B) at any time, Adjusted Daily Simple SOFR Rate will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (1) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR Rate is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple SOFR Rate also is the subject of Section 2.14(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a Borrowing Request, as applicable, for an ABR 
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Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted.  Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR Rate is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple SOFR Rate also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.
(b)Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of each affected Class. 
(c)Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(d)The Administrative Agent will promptly notify the Borrower and the Lenders of  any occurrence of a Benchmark Transition Event,  the implementation of any Benchmark Replacement,  the effectiveness of any Benchmark Replacement Conforming Changes,  the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and  the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take 
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or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14.
(e)Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement),  if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either  any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or  the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and  if a tenor that was removed pursuant to clause (i) above either  is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or  is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f)Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an RFR Borrowing so long as the Adjusted Daily Simple SOFR Rate is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple SOFR Rate is the subject of a Benchmark Transition Event.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.  Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.14, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR Rate is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR Rate is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.
2.15.Increased Costs.  (a) If any Change in Law shall:
(i)impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the 
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account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Term SOFR Rate) or Issuing Bank;
(ii)impose on any Lender or Issuing Bank or the applicable offshore interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)subject any Recipient to any Taxes (other than  Indemnified Taxes,  Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and  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;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b)If any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered.
(c)A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.
(d)Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law 
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giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.
2.16.Break Funding Payments.  (a) With respect to Loans that are not RFR Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark 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 (iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.    
(b)With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or prepay any RFR 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 (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
2.17.Withholding of Taxes; Gross-Up.
(a)Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
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(c)Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)Indemnification by the Borrower.  The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for  any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so),  any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and  any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to setoff 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 (e).
(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 Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (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.
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(ii)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,
(A)any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed copy 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 Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
(1)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, an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;
(3)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 the 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) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or
(4)to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, 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 
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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 Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(g)[Reserved].
(h)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 (including by the payment of additional amounts pursuant to this Section), 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).  Such indemnifying party, upon the request of such indemnified party, shall repay to such 
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indemnified party the amount paid over pursuant to this paragraph (h) (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 (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(i)Survival.  Each party’s obligations under this Section 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.
(j)Defined Terms.  For purposes of this Section, the term “Lender” includes any Issuing Bank and the term “applicable law” includes FATCA.
2.18.Payments Generally; Pro Rata Treatment; Sharing of Setoffs.  (a) The Borrower shall make each payment or prepayment 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) in Dollars prior to 12:00 noon, New York City time, on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices at 383 Madison Avenue, New York, New York, except payments to be made directly to Issuing Banks as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in Dollars.
(b)At any time that payments are not required to be applied in the manner required by Section 7.03, 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  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  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 Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender 
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receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving 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 Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided that  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  the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as 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 the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
(d)Unless the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment by notice from the Borrower to the Administrative Agent pursuant to Section 2.11(b)), notice from the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the NYFRB Rate.
2.19.Mitigation Obligations; Replacement of Lenders.  (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment  would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and  would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes Defaulting Lender, then the Borrower may, at its sole expense 
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and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that  the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld,  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, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and  in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  Each party hereto agrees that  an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and  the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided that any such documents shall be without recourse to or warranty by the parties thereto.
2.20.Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.12;
(b)any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third, to cash collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s 
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potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(c)the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;
(d)if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:
(i)all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment;
(ii)if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent  prepay, cash collateralize for the benefit of the Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 7.02(c) for so long as such LC Exposure is outstanding;
(iii)if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) 
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with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(e)so long as such Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.20(d), and LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Issuing Banks, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.
In the event that each of the Administrative Agent, the Borrower, and each Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
2.21.Extension of Maturity Date.  (a) The Borrower may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the Lenders), not less than 60 days in advance of the Maturity Date in effect at such time (the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity Date to the first anniversary of such Existing Maturity Date.  Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the Extension Request, or if such date is not a Business Day, the immediately following Business Day (the “Response Date”), advise the Administrative Agent in writing whether or not such Lender agrees to the requested extension.  Each Lender that advises the Administrative Agent that it will not extend the 
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Existing Maturity Date is referred to herein as a “Non-extending Lender”; provided, that any Lender that does not advise the Administrative Agent of its consent to such requested extension by the Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed to be a Non-extending Lender.  The Administrative Agent shall notify the Borrower, in writing, of the Lenders’ elections promptly following the Response Date.  The election of any Lender to agree to such an extension shall not obligate any other Lender to so agree.  The Maturity Date may be extended no more than two times pursuant to this Section 2.21.
(b)(i) If, by the Response Date, Lenders holding Commitments that aggregate 50% or more of the total Commitments shall constitute Non-extending Lenders, then the Existing Maturity Date shall not be extended and the outstanding principal balance of all Loans and other amounts payable hereunder shall be payable, and the Commitments shall terminate, on the Existing Maturity Date in effect prior to such extension.
(ii)If (and only if), by the Response Date, Lenders holding Commitments that aggregate more than 50% of the total Commitments shall have agreed to extend the Existing Maturity Date (each such consenting Lender, an “Extending Lender”), then effective as of the Existing Maturity Date, the Maturity Date for such Extending Lenders shall be extended to the first anniversary of the Existing Maturity Date (subject to satisfaction of the conditions set forth in Section 2.21(d)).  In the event of such extension, the Commitment of each Non-extending Lender shall terminate on the Existing Maturity Date in effect for such Non-extending Lender prior to such extension and the outstanding principal balance of all Loans and other amounts payable hereunder to such Non-extending Lender shall become due and payable on such Existing Maturity Date and, subject to Section 2.21(c) below, the total Commitments hereunder shall be reduced by the Commitments of the Non-extending Lenders so terminated on such Existing Maturity Date.
(c)In the event of any extension of the Existing Maturity Date pursuant to Section 2.21(b)(ii), the Borrower shall have the right on or before the Existing Maturity Date, at its own expense, to require any Non-extending Lender to transfer and assign without recourse (in accordance with and subject to the restrictions contained in Section 9.04) all its interests, rights (other than its rights to payments pursuant to Section 2.15, Section 2.16, Section 2.17 or Section 9.03 arising prior to the effectiveness of such assignment) and obligations under this Agreement to one or more banks or other financial institutions identified to the Non-extending Lender by the Borrower, which may include any existing Lender (each a “Replacement Lender”); provided that  such Replacement Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent and each Issuing Bank (such approvals to not be unreasonably withheld) to the extent the consent of the Administrative Agent or the Issuing Banks would be required to effect an assignment under Section 9.04(b),  such assignment shall become effective as of a date specified by the Borrower (which shall not be later than the Existing Maturity Date in effect for such Non-extending Lender prior to the effective date of the requested extension) and  the Replacement Lender shall pay to such Non-extending Lender in immediately available funds on the effective date of such assignment the principal of and interest accrued to the date of payment on the outstanding principal amount Loans made by it hereunder and all other amounts accrued and unpaid for its account or otherwise owed to it hereunder on such date.
(d)As a condition precedent to each such extension of the Existing Maturity Date pursuant to Section 2.21(b)(ii), the Borrower shall  deliver to the Administrative Agent a certificate of the Borrower dated as of the Existing Maturity Date signed by a 
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Responsible Officer of the Borrower certifying that, as of such date, both before and immediately after giving effect to such extension,  the representations and warranties of the Borrower set forth in this Agreement shall be true and correct and  no Default shall have occurred and be continuing and  first make such prepayments of the outstanding Loans and second provide such cash collateral (or make such other arrangements satisfactory to the applicable Issuing Bank) with respect to the outstanding Letters of Credit as shall be required such that, after giving effect to the termination of the Commitments of the Non-extending Lenders pursuant to Section 2.21(b) and any assignment pursuant to Section 2.21(c), the aggregate Revolving Credit Exposure less the face amount of any Letter of Credit supported by any such cash collateral (or other satisfactory arrangements) so provided does not exceed the aggregate amount of Commitments being extended.
(e)For the avoidance of doubt,  no consent of any Lender (other than the existing Lenders participating in the extension of the Existing Maturity Date) shall be required for any extension of the Maturity Date pursuant to this Section 2.21 and  the operation of this Section 2.21 in accordance with its terms is not an amendment subject to Section 9.02.
ARTICLE 3
REPRESENTATIONS WAND WARRANTIES
The Borrower represents and warrants to the Lenders that:
3.01.Organization; Powers.  The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania.
3.02.Authorization; Enforceability.  The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action.  This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable 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.
3.03.Governmental Approvals; No Conflicts.  The Transactions  do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect,  will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any order of any Governmental Authority,  will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower, and  will not result in the creation or imposition of, or the requirement to create, any Lien on any asset of the Borrower.
3.04.Financial Condition; No Material Adverse Effect.  
(a)(i) The consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2020 and the related consolidated statements of operations, changes in shareholders’ equity and cash flows of the Borrower and its Subsidiaries for the fiscal year then ended, certified by Pricewaterhouse Coopers LLP, copies of which have been furnished to each Lender, fairly present in all material respects the consolidated financial condition of the Borrower and its Subsidiaries as at such dates and the consolidated 
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results of the operations of the Borrower and its Subsidiaries for the periods ended on such dates in accordance with GAAP; and (ii) since December 31, 2020, there has been no Material Adverse Effect.
(b)Except as disclosed in the Borrower’s annual, quarterly or current Reports, each as delivered in connection with Section 5.01 and/or filed with the Securities and Exchange Commission and delivered to the Lenders prior to the Effective Date, there is no pending or threatened action, investigation or proceeding affecting the Borrower or any Subsidiary before any court, governmental agency or arbitrator that may reasonably be anticipated to have a Material Adverse Effect.  There is no pending or threatened action or proceeding against the Borrower or any Subsidiary that purports to affect the legality, validity, binding effect or enforceability against the Borrower of this Agreement. Since December 31, 2020, there has been no material adverse change in the business, assets, operations, prospects or condition, financial or otherwise, of the Borrower and its Subsidiaries, taken as a whole.
3.05.Reserved.  
3.06.Litigation and Environmental Matters.  (a) Except as disclosed in the Borrower’s annual, quarterly or current Reports, each as delivered in connection with Section 5.01 and/or filed with the Securities and Exchange Commission and delivered to the Lenders prior to the Effective Date, there is no pending or threatened action, investigation or proceeding affecting the Borrower or any Subsidiary before any court, governmental agency or arbitrator that may reasonably be anticipated to have a Material Adverse Effect.  There is no pending or threatened action or proceeding against the Borrower or any Subsidiary that purports to affect the legality, validity, binding effect or enforceability against the Borrower of this Agreement.  
(b)Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Borrower  has not failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law,  has not become subject to any Environmental Liability,  has not received notice of any claim with respect to any Environmental Liability or  has no knowledge of any basis for any Environmental Liability.
(c)Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.
3.07.Compliance with Laws and Agreements.  The Borrower is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing.
3.08.Investment Company Status.  The Borrower is not required to register as an “investment company” as defined in the Investment Company Act of 1940.
3.09.Taxes.  The Borrower has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except  Taxes that are being contested in good faith by 
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appropriate proceedings and for which the Borrower has set aside on its books adequate reserves or  to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.
3.10.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, could reasonably be expected to result in a Material Adverse Effect.
3.11.Beneficial Ownership.  As of the Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects.
3.12.Reserved.  
3.13.Anti-Corruption Laws and Sanctions.  None of (a) the Borrower, any Subsidiary, any of their respective directors or officers, or (b) to the knowledge of the Borrower, any affiliate, agent or employee of the Borrower or any Subsidiary have engaged in any activity or conduct which would violate any applicable Anti-Corruption Laws or any applicable Sanctions and the Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  None of (a) the Borrower, any Subsidiary, any of their respective directors or officers or employees, or (b) to the knowledge of the Borrower, any affiliate or agent of the Borrower or any Subsidiary is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.  
3.14.Affected Financial Institutions.  The Borrower is not an Affected Financial Institution.
3.15.Reserved.
3.16.Margin Regulations.  The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing and no Letter of Credit issued hereunder will be used to buy or carry any Margin Stock.  Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.
3.17.Reserved.
3.18.Exchange Act.  No proceeds of any Loan have been or will be used directly or indirectly in connection with the acquisition of in excess of 5% of any class of equity securities that is registered pursuant to Section 12 of the Exchange Act or any transaction subject to the requirements of Section 13 or 14 of the Exchange Act.
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ARTICLE 4
CONDITIONS
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 date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)The Administrative Agent (or its counsel) shall have received from each party hereto a counterpart of this Agreement signed on behalf of such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page).
(b)The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of  Ballard Spahr LLP, counsel for the Borrower, substantially in the form of Exhibit D, and covering such other matters relating to the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.
(c)The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.
(d)The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.
(e)The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrower hereunder.
(f)The Administrative Agent shall have received the audited financial statements and the unaudited quarterly financial statements of the Borrower referred to in Section 5.01.
(g) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least 10 days prior to the Effective Date and  to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).
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(h)The Administrative Agent shall have received such other documents as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request.
(i)The Administrative Agent shall have received evidence of consummation of the Spin Transaction in form and substance satisfactory to Administrative Agent.
(j)Administrative Agent shall have received evidence, that outstanding indebtedness under the (x) Credit Agreements among Administrative Agent, certain other parties thereto and  (i) Baltimore Gas & Electric Company, (ii) Commonwealth Edison Company, (iii) Exelon, (iv) Exelon Generation Company and (v) PECO Energy Company, in each case dated as of March 23, 2011 and (y) Second Amended and Restated Credit Agreement, dated as of August 1, 2011, among Potomac Electric Power Company, Delmarva Power & Light Company, Atlantic City Electric Company and Wells Fargo Bank, National Association shall be paid in full and the credit facilities extended in connection therewith shall be terminated.
4.02.Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a)The representations and warranties of the Borrower set forth in this Agreement (excluding the representations and warranties set forth in Section 3.04(a)(ii) and the first sentence of Section 3.06(a)) shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment or extension of such Letter of Credit, as applicable.
(b)At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
ARTICLE 5
AFFIRMATIVE COVENANTS
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been irrevocably paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower and, in the case of Sections 5.03, 5.04, 5.05, 5.06, 5.07 and 5.08  the Principal Subsidiaries, covenant(s) and agree(s) with the Lenders that:
5.01.Financial Statements; Ratings Change and Other Information.  The Borrower will furnish to the Administrative Agent and each Lender, including their Public-Siders:
(a)as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, a copy of the Borrower’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission with respect to such quarter (or, if the Borrower is not required to file a Quarterly Report on Form 10-Q, copies of an unaudited consolidated balance sheet of the Borrower as of the 
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end of such quarter and the related consolidated statement of operations of the Borrower for the portion of the Borrower’s fiscal year ending on the last day of such quarter, in each case prepared in accordance with GAAP, subject to the absence of footnotes and to year-end adjustments), together with a certificate of an authorized officer of the Borrower stating that no Default or Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action which the Borrower proposes to take with respect thereto;
(b)as soon as available and in any event within 105 days after the end of each fiscal year of the Borrower, a copy of the Borrower’s Annual Report on Form 10-K filed with the Securities and Exchange Commission with respect to such fiscal year (or, if the Borrower is not required to file an Annual Report on Form 10-K, the consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of such fiscal year and the related consolidated statements of operations, changes in shareholders’ equity (if applicable) and cash flows of the Borrower for such fiscal year, certified by PricewaterhouseCoopers LLP or other certified public accountants of recognized national standing), together with a certificate of an authorized officer of the Borrower stating that no Default or Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action which the Borrower proposes to take with respect thereto;
(c)concurrently with the delivery of the quarterly and annual reports referred to in subsections (a) and (b) above, a compliance certificate in substantially the form set forth in Exhibit E, duly completed and signed by the Chief Financial Officer, Treasurer or an Assistant Treasurer of the Borrower;
(d)except as otherwise provided in clause (a) or (b) above, promptly after the sending or filing thereof, copies of all reports that the Borrower sends to its security holders generally, and copies of all Reports on Form 10-K, 10-Q or 8-K, and registration statements and prospectuses that the Borrower or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange (except to the extent that any such registration statement or prospectus relates solely to the issuance of securities pursuant to employee purchase, benefit or dividend reinvestment plans of the Borrower or a Subsidiary);
(e)promptly upon becoming aware of the institution of any steps by the Borrower or any other Person to terminate any Plan, or the failure to make a required contribution to any Plan if such failure is sufficient to give rise to a lien under section 430(k) of the Code, or the taking of any action with respect to a Plan which could result in the requirement that the Borrower furnish a bond or other security to the PBGC or such Plan, or the occurrence of any event with respect to any Plan which could result in the incurrence by the Borrower or any other member of the Controlled Group of any material liability, fine or penalty, notice thereof and a statement as to the action the Borrower or such member of the Controlled Group proposes to take with respect thereto;
(f)promptly after any Rating Agency shall have announced a change in the rating established or deemed to have been established for the Index Debt, written notice of such rating change;
(g)promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Principal Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request and (y) information and documentation reasonably requested by the 
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Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation; and 
(h)such other information respecting the condition, operations or business, financial or otherwise, of the Borrower or any Subsidiary as any Lender, through the Administrative Agent, may from time to time reasonably request (including any information that any Lender reasonably requests in order to comply with its obligations under any “know your customer” or anti-money laundering laws or regulations, including the Patriot Act and the Beneficial Ownership Regulation).
Documents required to be delivered pursuant to Section 5.01(a), (b) or (e) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the 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 made available by the Administrative Agent); provided that:  (A) upon written request by the Administrative Agent (or any Lender through the Administrative Agent) to the Borrower, the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (B) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document to it and maintaining its copies of such documents.
5.02.Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:
(a)as soon as possible, and in any event within five Business Days after the occurrence of any Default or Event of Default with respect to the Borrower continuing on the date of such statement, a statement of an authorized officer of the Borrower setting forth details of such Default or Event of Default and the action which the Borrower proposes to take with respect thereto;
(b)any change in the credit ratings from a credit rating agency, or the placement by a credit rating agency of the Borrower or its parent on a “CreditWatch” or “WatchList” or any similar list, in each case with negative implications, or the cessation by a credit rating agency of, or its intent to cease, rating the Borrower’s debt; and
(c)any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification.
Each notice delivered under this Section (i) shall be in writing, (ii) shall contain a heading or a reference line that reads “Notice under Section 5.02 of Exelon Corporation Credit Agreement dated February 1, 2022” and (iii) shall be accompanied by a statement 
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of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
5.03.Existence; Conduct of Business.  The Borrower will 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; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.02.
5.04.Payment of Obligations.  The Borrower will pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where  the validity or amount thereof is being contested in good faith by appropriate proceedings,  the Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP and  the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.
5.05.Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Principal Subsidiaries to,  keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and  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.
5.06.Books and Records; Inspection Rights.  The Borrower will, at any reasonable time and from time to time, pursuant to prior notice delivered to the Borrower, permit any Lender, or any agent or representative of any thereof, to examine and, at such Lender’s expense, make copies of, and abstracts from the records and books of account of, and visit the properties of, the Borrower and any Principal Subsidiary and to discuss the affairs, finances and accounts of the Borrower and any Principal Subsidiary with any of their respective officers; provided that any non-public information (which has been identified as such by the Borrower or the applicable Principal Subsidiary) obtained by any Lender or any of its agents or representatives pursuant to this Section 5.06 shall be treated confidentially by such Person; provided, further, that such Person may disclose such information to (a) any other party to this Agreement, its examiners, Affiliates, outside auditors, counsel or other professional advisors in connection with this Agreement, (b) to any direct, indirect, actual or prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations under this Agreement, (c) to any credit insurance provider or (d) if otherwise required to do so by law or regulatory process (it being understood that, unless prevented from doing so by any applicable law or governmental authority, such Person shall use reasonable efforts to notify the Borrower of any demand or request for any such information promptly upon receipt thereof so that the Borrower may seek a protective order or take other appropriate action).
5.07.Compliance with Laws.  The Borrower will comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
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5.08.Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be used only for general limited liability company or corporate purposes (including the making of acquisitions), but in no event for any purpose that would be contrary to Section 3.13, 3.16 or 3.18.  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 Federal Reserve Board, including Regulations T, U and X.  The Borrower will not request any Borrowing or use any Letter of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, directly or indirectly, the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (c) in any manner that would result in the violation of  any Sanctions applicable to any party hereto (including any Person participating in the Loans hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise).
5.09.Accuracy of Information.  The Borrower will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder contains no 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 misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section.
ARTICLE 6
NEGATIVE COVENANTS
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees  payable hereunder have been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw,  and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
6.01.Liens.  The Borrower will not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:
(a)Liens imposed by law, such as carriers’, warehousemen’s, landlords’ repairmen’s, materialmen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of business;
(b)Liens on the capital stock of or any other Equity Interest in any Subsidiary to secure Nonrecourse Indebtedness;
(c)Liens for taxes, assessments or governmental charges, levies, or fines (including such amounts arising under environmental law) on property of the Borrower if the same shall not at the time be delinquent or thereafter can be paid without a material penalty, or are being contested in good faith and by appropriate proceedings; 
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(d)Liens upon or in any property acquired in the ordinary course of business to secure the purchase price of such property or to secure any obligation incurred solely for the purpose of financing the acquisition of such property;
(e)Liens existing on property at the time of the acquisition thereof (other than any such Lien created in contemplation of such acquisition unless permitted by the preceding clause (d));
(f)Liens granted in connection with any financing arrangement for the purchase of nuclear fuel or the financing of pollution control facilities, limited to the fuel or facilities so purchased or acquired;
(g)Liens arising in connection with sales or transfers of, or financing secured by, accounts receivable or related contracts, provided that any such sale, transfer or financing shall be on arms’ length terms;
(h)Liens securing Permitted Obligations;
(i)Permitted Encumbrances;
(j)Liens arising in connection with sale and leaseback transactions entered into by the Borrower, but only to the extent that the aggregate purchase price of all assets sold by the Borrower during the term of this Agreement pursuant to such sale and leaseback transactions does not exceed $1,000,000,000;
(k)Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, compensation arrangements, supplemental retirement plans arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, compensation arrangements, supplemental retirement plans or other social security or similar legislation;
(l)Liens constituting attachment, judgment and other similar Liens arising in connection with court proceedings to the extent not constituting an Event of Default under Section 7.01(f);
(m)Liens created in the ordinary course of business to secure liability to insurance carriers and Liens on insurance policies and the proceeds thereof (whether accrued or not), rights or claims against an insurer or other similar asset securing insurance premium financings;
(n)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;
(o)Liens in the nature of rights of setoff, bankers’ liens, revocation, refund, chargeback, counterclaim, netting of cash amounts or similar rights as to deposit accounts, commodity accounts or securities accounts or other funds maintained with a credit or depository institution;
(p)Liens consisting of pledges of industrial development, pollution control or similar revenue bonds in connection with the remarketing of such bonds;
(q)Liens created under Section 2.20 and similar cash collateralization obligations relating to defaulting lenders and remedies upon default;
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(r)Liens resulting from any restriction on any Equity Interest (or project interest, interests in any energy facility (including undivided interests)) of a Person providing for a breach, termination or default under any owners, participation, shared facility, joint venture, stockholder, membership, limited liability company or partnership agreement between such Person and one or more other holders of Equity Interests (or project interest, interests in any energy facility (including undivided interests)) of such Person, to the extent a security interest or other Lien is created on any such interest as a result thereof;;
(s)Liens granted on cash or cash equivalents to defease or repay Indebtedness of the Borrower no later than 60 days after the creation of such Lien; 
(t)Liens created in connection with sales, transfers, leases, assignment or other conveyances or Dispositions of assets, including (A) Liens on assets or securities granted or deemed to arise in connection with and as a result of the execution, delivery or performance of contracts to purchase or sell such assets or securities, and (B) rights of first refusal, options or other contractual rights or obligations to sell, assign or otherwise dispose of any interest therein; 
(u)Liens securing Permitted Obligations and reimbursement obligations in respect of letters of credit issued to support Permitted Obligations ; and
(v)Liens, other than those described above in this Section 6.01, provided that the aggregate amount of all Indebtedness secured by Liens permitted by this clause (v) shall not exceed in the aggregate at any one time outstanding $200,000,000.
6.02.Fundamental Changes; Mergers and Consolidations; Disposition of Assets.  Merge with or into or consolidate with or into, or sell, assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person or permit any Principal Subsidiary to do so, except that (i) any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Principal Subsidiary, (ii) any Principal Subsidiary may merge with or into or consolidate with or transfer assets to the Borrower, (iii) the Borrower may merge or consolidate with or into a Subsidiary thereof formed for the purpose of converting the Borrower into a corporation and (iv) the Borrower or any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Person; provided that, in each case, (A) immediately before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing (except in the case where any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Principal Subsidiary), (B) in the case of any such merger, consolidation or transfer of assets to which the Borrower is a party, either (x) the Borrower shall be the surviving entity or (y) the surviving entity shall be an Eligible Successor and shall have assumed all of the obligations of the Borrower under this Agreement and the Letters of Credit pursuant to a written instrument in form and substance satisfactory to the Administrative Agent and the Administrative Agent shall have received an opinion of counsel in form and substance satisfactory to it as to the enforceability of such obligations assumed, and (C) subject to clause (B) above, in the case of any such merger, consolidation or transfer of assets to which any Principal Subsidiary is a party, a Principal Subsidiary shall be the surviving entity or transferee (as applicable).
6.03.Continuation of Businesses.  Engage, or permit any Subsidiary to engage, in any line of business which is material to the Borrower and its Subsidiaries, taken as a 
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whole, other than businesses engaged in by the Borrower and its Subsidiaries as of the date hereof and reasonable extensions thereof.  
6.04.Restrictive Agreements.  The Borrower will not, and will not permit any of its Subsidiaries (other than any Excluded Subsidiary) to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon  the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or  the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that  the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement,  the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.04 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition),  the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale; provided that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder,  clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and  clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof.
6.05.Consolidated Capitalization Ratio.  The Borrower will not permit the Consolidated Capitalization Ratio as of the last day of any Test Period to exceed 0.65:1.00.
ARTICLE 7
EVENTS OF DEFAULT
7.01.Events of Default.  If any of the following events (“Events of Default”) shall occur:
(a)The Borrower shall fail to pay (i) any principal of any Loan when the same becomes due and payable, (ii) any reimbursement obligation in respect of any LC Disbursement within one Business Day after the same becomes due and payable or (iii) any interest on any Loan or any other amount payable by the Borrower hereunder within three Business Days after the same becomes due and payable; 
(b)Any representation or warranty made or deemed made by or on behalf of the Borrower herein or by the Borrower (or any of its officers) pursuant to the terms of this Agreement shall prove to have been incorrect or misleading in any material respect when made; 
(c)The Borrower shall fail to perform or observe (i) any term, covenant or agreement contained in Section 5.02, 5.03 (with respect to Borrower’s existence), 5.08 or Article 6 or (ii) any other term, covenant or agreement contained in this Agreement on its part to be performed or observed if the failure to perform or observe such other term, covenant or agreement shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Administrative Agent (which notice shall be given by the Administrative Agent at the written request of any Lender); 
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(d)The Borrower or any Principal Subsidiary shall fail to pay any principal of or premium or interest on any Indebtedness that is outstanding in a principal amount in excess of $100,000,000 in the aggregate (but excluding Indebtedness hereunder and Nonrecourse Indebtedness) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof, other than any acceleration of any Indebtedness secured by equipment leases or fuel leases of the Borrower or a Principal Subsidiary as a result of the occurrence of any event requiring a prepayment (whether or not characterized as such) thereunder, which prepayment will not result in a Material Adverse Effect; 
(e)The Borrower or any Principal Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any Principal Subsidiary seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any Principal Subsidiary shall take any corporate or limited liability company action to authorize or to consent to any of the actions set forth above in this Section 7.01(e); 
(f)One or more judgments or orders for the payment of money in an aggregate amount exceeding $100,000,000 (excluding any such judgments or orders to the extent covered by insurance, subject to any customary deductible, and under which the applicable insurance carrier has not denied coverage) shall be rendered against the Borrower or any Principal Subsidiary and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
(g)(i) Any Reportable Event that the Required Lenders determine in good faith is reasonably likely to result in the termination of any Single Employer Plan or in the appointment by the appropriate United States District Court of a trustee to administer a Single Employer Plan shall have occurred and be continuing 60 days after written notice to such effect shall have been given to the Borrower by the Administrative Agent; (ii) any Single Employer Plan shall be terminated; (iii) a Trustee shall be appointed by an appropriate United States District Court to administer any Single Employer Plan; (iv) the PBGC shall institute proceedings to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan; or (v) the Borrower or any other member of the Controlled Group withdraws from any Multiemployer Plan; provided that on the 
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date of any event described in clauses (i) through (v) above, the Unfunded Liabilities of the applicable Plan exceed $100,000,000; 
(h)[Reserved]; 
(i)any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the Borrower or any other Person contests in writing the validity or enforceability of any provision of any Loan Document; or the Borrower denies in writing that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document; or 
(j)a Change in Control shall have occurred.
7.02.Remedies Upon an Event of Default.  If an Event of Default occurs (other than an event with respect to the Borrower described in Section 7.01(e), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times:
(a)terminate the Commitments, and thereupon the Commitments shall terminate immediately;
(b)declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under any other Loan Document, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower;
(c)require that the Borrower provide cash collateral as required in Section 2.06(j); and
(d)exercise on behalf of itself, the Lenders and the Issuing Banks all rights and remedies available to it, the Lenders and the Issuing Banks under the Loan Documents and Applicable Law.
If an Event of Default described in Section 7.01(e) occurs with respect to the Borrower, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under any other Loan Document including any break funding payment or prepayment premium, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (c) above shall automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
7.03.Application of Payments.  Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders:
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(a)all payments received on account of the Obligations shall, subject to Section 2.20, be applied by the Administrative Agent as follows:
(i)first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts pursuant to Section 2.12(c) payable to the Administrative Agent in its capacity as such);
(ii)second, to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders and the Issuing Banks (including fees and disbursements and other charges of counsel to the Lenders and the Issuing Banks payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;
(iii)third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit fees and charges and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (iii) payable to them;
(iv)fourth,  to payment of that portion of the Obligations constituting unpaid principal of the Loans and unreimbursed LC Disbursements and  to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06 or 2.20, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the ratable account of the applicable Issuing Banks to cash collateralize Obligations in respect of Letters of Credit, (y) subject to Section 2.06 or 2.20, amounts used to cash collateralize the aggregate amount of Letters of Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro rata Commitment of cash collateral shall be distributed to the other Obligations, if any, in the order set forth in this Section 7.03;
(v)fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders and the Issuing Banks based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and
(vi)finally, the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law; and
(b)if any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.
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ARTICLE 8
THE ADMINISTRATIVE AGENT
8.01.Authorization and Action.  (a) Each Lender and each Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.
(b)As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action that  the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Banks with respect to such action or  is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided.  Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.  Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(c)In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature.  Without limiting the generality of the foregoing:
(i)the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, 
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fiduciary or trustee of or for any Lender, Issuing Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby;
(ii)[Reserved];
(iii)[Reserved]; and
(iv)nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account;
(d)The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
(e)No Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.
(f)In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any reimbursement obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(i)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and
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(ii)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the Issuing Banks, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03).  Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding.

(g)The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and, except solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions.
8.02.Administrative Agent’s Reliance, Limitation of Liability, Etc.  (a) Neither the Administrative Agent nor any of its Related Parties shall be  liable  for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the 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 to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or  responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of to perform its obligations hereunder or thereunder.
(b)The Administrative Agent shall be deemed not to have knowledge of any  notice of any of the events or circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower, or  notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank.  Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into  any statement, warranty or representation made in or in connection with any Loan Document,  the contents of any certificate, report or other document delivered thereunder or in connection therewith,  the performance or 
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observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default,  the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or  the satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any Liabilities, costs or expenses suffered by the Borrower, any Subsidiary, any Lender or any Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank.
(c)Without limiting the foregoing, the Administrative Agent  may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04,  may rely on the Register to the extent set forth in Section 9.04(b),  may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts,  makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document,  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 or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and  shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).
8.03.Posting of Communications.  (a) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
(b)Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any 
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Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution.  Each of the Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
(c)THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.  IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.
“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.
(d)Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each Lender and Issuing Bank agrees  to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and  that the foregoing notice may be sent to such email address.
(e)Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.
(f)Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
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8.04.The Administrative Agent Individually.  With respect to its Commitment, Loans, Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be.  The terms “Issuing Banks”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable.  The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Banks.
8.05.Successor Administrative Agent.  (a) The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks and the Borrower, whether or not a successor Administrative Agent has been appointed.  Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent.  If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank.  Such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing).  Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent.  Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents.  Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.
(b)Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice,  the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and  the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that  all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and  all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and each Issuing Bank.  Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification 
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provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.
8.06.Acknowledgements of Lenders and Issuing Banks.  (a) Each Lender and each Issuing Bank acknowledges that  the Loan Documents set forth the terms of a commercial lending facility,  it is engaged in making, acquiring or holding commercial loans  and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, in each case in the ordinary course of business and is making the Loans hereunder as commercial loans in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing),  it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and  it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.  Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
(b)Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.
(c)(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative 
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Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.
(ii)Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(iii)The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party.
(iv)Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.
8.07.[Reserved].  
8.08.[Reserved].  
8.09.Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
(i)such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,
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(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the 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, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the 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.
(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).
(c)The Administrative Agent and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof  may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents  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 or  may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting 
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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 9
MISCELLANEOUS
9.01.Notices.  (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:
(i)if to the Borrower, to it at 10 S. Dearborn, 54th Floor, Chicago, IL 60603, Attention: Chief Financial Officer, facsimile: 312-394-5443;
(ii)if to the Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, NCC5, Floor 1, Newark, DE 19713, Attention of Suzanna Gallagher, Wholesale Lending Services, Investment Bank (Fax No. (302) 634-3301);
(iii)if to JPMorgan Chase Bank, 1-800-634-1969 and gts.client.services@jpmchase.com; and
(iv)if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent 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).  Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)Notices and other communications to the Borrower, the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article 2 unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
(c)Unless the Administrative Agent otherwise prescribes,  notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and  notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal 
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business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(d)Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
9.02.Waivers; Amendments.  (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder 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 that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
(b)Subject to Section 2.14(b) and (c) and Section 9.02(c) below, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall  increase the Commitment of any Lender without the written consent of such Lender,  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,  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,  change Section 2.09(c) or 2.18(b) or (c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender,  change the payment waterfall provisions of Section 2.20(b) or 7.03 without the written consent of each Lender, or  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; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Banks without the prior written consent of the Administrative Agent or the Issuing Banks, as the case may be; and provided further that no such agreement shall amend or modify the provisions of Section 2.06 without the prior written consent of the Administrative Agent and the Issuing Banks.
(c)If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment 
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shall become effective without any further action or consent of any other party to this Agreement.
9.03.Expenses; Limitation of Liability; Indemnity, Etc.
(a)Expenses.  The Borrower shall pay  all reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),  all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and  all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(b)Limitation of Liability.  To the extent permitted by applicable law  the Borrower shall not assert, and the Borrower hereby waives, any claim against the Administrative Agent, any Arranger, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and  no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this Section 9.03(b) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(c)Indemnity.  The Borrower shall indemnify the Administrative Agent, each Arranger, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of  the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby,  the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby,  any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),  any actual or alleged presence or release of Hazardous Materials on or from any property 
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owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or  any actual or prospective  Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by the Borrower or its equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee.  This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
(d)Lender Reimbursement.  Each Lender severally agrees to pay any amount required to be paid by the Borrower under paragraphs (a), (b) or (c) of this Section 9.03 to the Administrative Agent, each Issuing Bank, and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), and agrees to indemnify and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Person’s gross negligence or willful misconduct.  The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
(e)Payments.  All amounts due under this Section 9.03 shall be payable promptly after written demand therefor.
9.04.Successors and Assigns.  (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that  the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and  no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of 
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the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:
(A)the Borrower; provided that, the Borrower shall be deemed to have consented to an assignment of all or a portion of the Revolving Loans and Commitments unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;
(B)the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment; and
(C)each Issuing Bank.
(ii)Assignments shall be subject to the following additional conditions:
(A)except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C)the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference 
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pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and
(D)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its related parties or its securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
For the purposes of this Section 9.04(b), the term “Approved Fund” and “Ineligible Institution” have the following meanings:
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its  Lender Parent, (c) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d)  the Borrower or any of its Affiliates; provided that, with respect to clause (c), such company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business; provided, further, that upon the occurrence and during the continuance of an Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving effect to any proposed assignment to such Person, such Person would hold more than 25% of the then outstanding Total Revolving Credit Exposure or Commitments, as the case may be.
(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender 
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of a participation in such rights and obligations in accordance with paragraph (c) of this Section.
(iv)The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(d), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)Any Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Banks, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, 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  such Lender’s obligations under this Agreement shall remain unchanged;  such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and  the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Section 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f) (it being understood that the 
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documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant  agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and  shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
9.05.Survival.  All covenants, agreements, representations and warranties made by the Borrower herein and in the other Loan Documents and in the certificates or other instruments  delivered in connection with or pursuant to this Agreement or any other Loan Documents 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 notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article 8 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 
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termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.
9.06.Counterparts; Integration; Effectiveness; Electronic Execution.  (a) 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 and  the reductions of the Letter of Credit Commitment of any Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
(b)Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing,  to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and  upon the request of the Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrower hereby  agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement,  any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original,  the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s 
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business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record),  waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and  waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.
9.07.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.
9.08.Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be 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 shall 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.  The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have.  Each Lender and Issuing Bank agrees to notify the Borrower 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.
9.09.Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York.
(b)Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any 
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applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.
(c)Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, 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 (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.
(d)Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (c) 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.
(e)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.
9.10.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT 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.
9.11.Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
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9.12.Confidentiality.  Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed  to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),  to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners),  to the extent required by applicable laws or regulations or by any subpoena or similar legal process,  to any other party to this Agreement,  in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or under any other Loan Document,  subject to an agreement containing provisions substantially the same as those of this Section, to  any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or  any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations,  on a confidential basis to  any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein,  the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities provided for herein or (iii) insurers, reinsurers and brokers to the Administrative Agent, the Issuing Banks or any Lender,  with the consent of the Borrower or  to the extent such Information  becomes publicly available other than as a result of a breach of this Section or  becomes available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower.  For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
9.13.Material Non-Public Information.  (a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN Section 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND  ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
(b)ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR ITS SECURITIES.  ACCORDINGLY, EACH 
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LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
9.14.Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.
9.15.No Fiduciary Duty, etc.  (a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person.  The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.
(b)The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower and other companies with which the Borrower may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.
(c)In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use 
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confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.  The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies.
9.16.USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act of 2001 (the “Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act.
9.17.Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down   and Conversion Powers of the applicable Resolution Authority.
9.18.Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
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In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
9.19.Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).
9.20.Payments Set Aside.  To the extent that the Borrower makes a payment or payments to the Administrative Agent or any Lender, or Administrative Agent or any Lender exercises its rights of set-off, and such payment or payments or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party in connection with any bankruptcy, insolvency or similar proceeding, or otherwise, then (a) to the extent of such recovery, the obligation hereunder or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its 
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ratable share of the total amount so recovered from or repaid by the Administrative Agent to the extent paid to such Lender.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
						
	EXELON CORPORATION,
	By:	
		Name:
		Title:

						
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, and a Lender,,

	By:	
		Name:
		Title:

						
	[LENDERS],
	By:	
		Name:
		Title:

SCHEDULE 2.01A
Commitments

						
	Lender	Commitment
	J.P. Morgan Chase Bank, N.A.	$51,750,000.00
	Bank of America, N.A.	$51,750,000.00
	Barclays Bank PLC	$51,750,000.00
	BNP Paribas	$51,750,000.00
	Citibank, N.A.	$51,750,000.00
	Goldman Sachs Bank USA	$51,750,000.00
	Morgan Stanley Bank, N.A.	$51,750,000.00
	The Bank of Nova Scotia	$51,750,000.00
	Credit Agricole Corporate & Investment Bank	$39,825,000.00
	Credit Suisse AG, New York Branch	$39,825,000.00
	Mizuho Bank, Ltd.	$39,825,000.00
	MUFG Bank, Ltd.	$39,825,000.00
	PNC Bank, National Association	$39,825,000.00
	Royal Bank of Canada	$39,825,000.00
	Sumitomo Mitsui Banking Corporation	$39,825,000.00
	U.S. Bank National Association	$39,825,000.00
	Wells Fargo Bank, National Association	$39,825,000.00
	Banco Santander, S.A., New York Branch	$21,262,500.00
	Bank of China, Chicago Branch	$21,262,500.00
	M&T Bank	$21,262,500.00
	The Bank of New York Mellon	$21,262,500.00
	The Huntington National Bank	$21,262,500.00
	The Northern Trust Company	$21,262,500.00
	TOTAL	$900,000,000.00

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SCHEDULE 2.01C
Letter of Credit Commitments

						
	Lender	Commitment
	J.P. Morgan Chase Bank, N.A.	$13,750,000.00
	Bank of America, N.A.	$13,750,000.00
	Barclays Bank PLC	$13,750,000.00
	BNP Paribas Securities Corp.	$13,750,000.00
	Citibank, N.A.	$13,750,000.00
	Goldman Sachs Bank USA	$13,750,000.00
	The Bank of Nova Scotia	$13,750,000.00
	Morgan Stanley Bank, N.A.	$13,750,000.00
	TOTAL	$110,000,000.00

SCHEDULE 3.06
Disclosed Matters
Nothing other than what has been previously disclosed in the Borrower’s Annual
Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form
10-Q for the periods ending March 31, 2021, June 30, 2021 and September 30, 2021, and
Periodic Reports on Form 8-K filed by the Borrower with the United States Securities and
Exchange Commission during the period between January 1, 2021 and the date hereof.

SCHEDULE 6.04
Existing Restrictions
None.

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