Document:

EX-10.2

 Exhibit 10.2 

PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (the “Agreement”) is made and entered into as of September 30, 2015, by
and between GREENBRIER LEASING COMPANY LLC, an Oregon limited liability company (“Purchaser”), and WL ROSS-GREENBRIER RAIL I LLC, a Delaware limited liability company (“Seller”) 

RECITALS 
 Seller owns certain
railcars (the “Cars”), as more particularly described in Exhibit A; and 
 The Cars have been leased to the
lessees identified in Exhibit A (each individually, a “Lessee”), pursuant to those certain riders and schedules evidencing the lease in respect of the Cars identified therein, incorporating the terms of the applicable
related master lease agreement identified in Exhibit A (each rider or schedule individually, a “Schedule” and, together with the applicable Master Lease Agreement as it pertains to such Schedule, a
“Lease,” and each Lease and the other operative documents related thereto (including any and all amendments, supplements and modifications) identified in Exhibit A as they pertain to the Cars, collectively, the
“Operative Documents”); and 
 Seller, as borrower, entered into a Senior Loan Agreement, dated as of April 27,
2010, among Australia and New Zealand Banking Group Limited as agent (“ANZ”), and each other of the senior lenders from time to time a party thereto (as amended, the “Senior Loan Agreement”) pursuant to which
certain accounts (as more completely described in Exhibit B to this Agreement, the “Accounts”) were established under the Security Agreement and Senior Loan Documents (as defined in the Senior Loan Agreement)
associated therewith; and 
 The Leases, the other Operative Documents, and the Cars and the Accounts are hereinafter collectively referred
to as the “Assets”; and 
 Purchaser desires to acquire from Seller and Seller desires to sell to Purchaser the Cars
and Purchaser is willing to assume certain of Seller’s rights and obligations under the Operative Documents and Accounts and Seller desires to assign certain of Seller’s rights and obligations under the Operative Documents and Accounts;
and 
 The consummation of the transactions contemplated by this Agreement will occur simultaneously with the release of liens of the Senior
Loan Parties as defined in, and in accordance with, that certain payoff agreement (the “Payoff Agreement”) dated as of September 30, 2015 among the Seller, ANZ, Landesbank Baden-Wuttemberg, and Wells Fargo Bank Northwest ,
National Association (“Wells Fargo”). 

  
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 NOW, THEREFORE, in consideration of the premises and subject to the terms and conditions
herein set forth, the parties hereto agree as follows: 
 1. Purchase and Sale of Cars and Assignment and Assumption of Rights and Obligations. 

1.1 Purchase and Sale of Cars. Subject to the terms and conditions of this Agreement and on the basis of the representations and
warranties and other facts contained herein, Purchaser shall purchase all of Seller’s rights, title and interest in and to the Cars from Seller free and clear of all liens and encumbrances of any nature in one Closing described in
Section 1.5 of this Agreement; provided, however, that the parties acknowledge that the Lessees under the Operative Documents have certain rights in the Cars and the Leases, and certain liens may be permitted under the Operative
Documents. 
 1.2 Assignment and Assumption of Lease Rights and Obligations. Subject to the terms and conditions of this Agreement and
the Assignment and Assumption Agreement dated as of the date hereof between Seller as Assignor and Purchaser as Assignee substantially in the form set forth on Exhibit C hereto (the “Assignment Agreement”), Seller shall
assign and transfer and Purchaser shall assume and acquire, as of, and subsequent to, the Closing Date, all of the rights, duties and obligations of Assignor under the Operative Documents, subject to the reserves and distributions contemplated under
the Termination Agreement by and between Purchaser and WLR-Greenbrier Rail Inc. providing for termination of certain agreements and the reserve and distribution of certain funds (the “Termination Agreement’) (the “Lease Rights and
Obligations”). 
 1.3 Assignment and Assumption of Account Rights and Obligations. Subject to the terms and conditions of
this Agreement, and further subject to execution of the Payoff Agreement and the Termination Agreement, Seller shall assign and Purchaser shall assume and acquire, as of, and subsequent to, the Closing Date, all of the rights, duties and obligations
of Assignor with respect to the Accounts (the “Account Rights and Obligations”) as contemplated in the Payoff Agreement, with the understanding Seller will assume expenses associated with the Accounts for periods on and after
December 15, 2015 (the Lease Rights and Obligations together with the Account Rights and Obligations shall be referred to herein collectively as the “Rights and Obligations”). 

1.4 Assignment Agreement, Assignment of Account Rights and Bill of Sale. Purchaser’s purchase of the Assets and assumption of the
Rights and Obligations shall be evidenced by the execution and delivery by Seller and Purchaser of this Agreement, the Assignment Agreement, assignment of Account rights as contemplated under the Payoff Agreement, and the execution and delivery by
Seller to Purchaser of a Bill of Sale for the Cars substantially in the form set forth in Exhibit D hereto (the “Bill of Sale”) reflecting a complete list of all of the Cars by mark and numbers. 

1.5 Closing. Upon the performance of all covenants and obligations and upon satisfaction or waiver of all conditions set forth in this
Agreement, the transactions contemplated by this Agreement shall be consummated in one closing (the “Closing”). The Closing will occur on September 30, 2015, or on such other date and at such time as the parties may
mutually agree (such date of Closing the “Closing Date”). In the event that any signature pages to this Agreement or any other document or agreement to be executed and delivered in connection herewith are executed and
delivered prior to the Closing Date, such signature pages shall be held in escrow pending the Closing and verbal instructions from the relevant party authorizing the 

  
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same at Closing. If the Closing has not occurred by October 6, 2015, (i) no Rights or Obligations of Seller in, to and under the applicable Assets shall be deemed to have been sold,
assigned, transferred or conveyed by Seller to Purchaser and Purchaser shall promptly return to Seller all documents delivered by Seller to Purchaser evidencing such sale, assignment, transfer and conveyance of such Assets, (ii) Seller shall
have no obligation to sell the applicable Assets to Purchaser and Purchaser shall have no obligation to Purchase the Assets from Seller, and (iii) no Rights and Obligations shall be deemed to have been assigned or transferred by Seller to
Purchaser. 
 1.6 Purchase Price. The purchase price for the Assets will be the Payoff Amount reflected in the Payoff Agreement (the
“Purchase Price”). Seller has directed Purchaser to remit the Purchase Price directly to the senior lenders as contemplated under the Payoff Agreement, by wire transfer of federal or other immediately available funds. 

1.7 Events of Loss. In the event any Car is lost due to theft or disappearance or non-existence, destruction, damage beyond repair, or
is rendered permanently unfit for normal use for any reason whatever, or such Car is damaged resulting in an insurance settlement with respect to such Car on the basis of a loss, the condemnation, confiscation, seizure or requisition of use or title
to such Car by any governmental authority under the power of eminent domain or otherwise, prior to the Closing Date, and Seller has not yet received compensation for such loss, ownership to such Car will transfer to Purchaser on the Closing Date and
Purchaser will be entitled to all casualty and loss payments relating to such Car. 
 1.8 Shared Rights and Obligations. With respect
to any indemnification or other provision of the Operative Documents that are and remain exercisable or otherwise for the benefit of each of Seller and Purchaser after giving effect to the sale of the Assets, or rights with respect to insurance
coverages provided by Lessee pursuant to the Operative Documents, Seller and Purchaser shall be entitled to the non-exclusive rights and benefits of the same to the extent such indemnification or other provisions, or insurance coverages, relate to
such party (that is, a claim against or harm suffered by either such party for which an indemnification or insurance coverage is available under the Operative Documents); provided, further, in no event shall Seller have any right to
declare a default, cancel, or terminate, any of the Operative Documents, or have any right to, or demand, any rent payments or other amounts due and owing thereunder with respect to the time period on and after the Closing Date, or any right to take
any action with respect to the Cars, or amend, waive or give any consent under any Operative Document as it relates to the Cars or Purchaser’s Rights and Obligations. 

1.9 As between Seller and Purchaser, Seller, Seller shall retain any liabilities relating to accidents or other events occurring prior to
Closing other than contract claims made by Lessees under the Leases against Seller and Operating Expenses as contemplated in Section 6.1 pertaining to the Cars and the Leases (the liabilities retained by Seller under this Section 1.9
constitute the “Retained Obligations”) 
 2. Representations and Warranties of Seller. Seller hereby represents and warrants to
Purchaser, as of the Closing Date: 
 2.1 Organization. Seller is a Delaware limited liability company, validly existing and in good
standing under the laws of the State of Delaware. 

  
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 2.2 Power and Authority. Seller has full power and authority to execute, deliver and
perform pursuant to this Agreement, the Assignment Agreement, any Account assignment Documents, a Memorandum of Assignment relating to the Leases in substantially the form of Exhibit E hereto, and Bill of Sale together with any schedules and
riders thereto and any additional documents executed in connection with the Closing (collectively, the “Transaction Documents”); to own or lease its properties; and to carry on its business as now conducted. 

2.3 Due Authorization. This Agreement has been duly authorized, executed and delivered by Seller and constitutes a legal, valid and
binding obligation of Seller, enforceable against it in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other laws of general applicability affecting creditors’ rights
generally or by general principles of equity. The Assignment Agreement, any Account assignment documents and the Bill of Sale together with such schedules and riders thereto and any additional documents executed in connection with the Closing have
each been duly authorized by Seller and, when executed and delivered, will constitute the legal, valid and binding obligations of Seller, enforceable against it in accordance with their terms, except as such enforcement may be limited by any
applicable bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally or by general principles of equity. 

2.4 No Consents or Filings. The execution, delivery and performance by Seller of this Agreement and the other Transaction Documents to
which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not, other than as may be required under one or more Operative Documents or as provided in the Payoff Agreement, require the consent,
notice or other action by any person under, conflict with, result in a violation or breach of, constitute a default under, or result in the acceleration of, any contract to which Seller is a party or by which it or the Assets are bound, or, in the
event consent, notice or other action is required such obligation will have been met. 
 2.5 Compliance with Instruments and Statutes.
Neither the execution, delivery or performance by Seller of the Transaction Documents, nor compliance with the terms and provisions hereof or thereof, conflicts or will conflict with or will result in a breach or violation of any of the terms,
conditions or provisions of any law, governmental rule or regulation then in effect or the articles of organization or operating agreement of Seller or any order, writ, injunction, or decree of any court or governmental authority against Seller or
by which it or any of its properties is bound, or constitutes, or will constitute a default thereunder or will result in the imposition of any lien upon the Assets. 

2.6 Assets Ownership. Seller is the sole owner of the Cars and, at Closing, Seller will convey to Purchaser absolute, good, marketable
and valid title (“Title”) in and to the Cars free and clear of all liens, encumbrances and claims, other than the applicable Lease and the other Operative Documents and those which the applicable Lessee is obligated to
discharge under the terms of the applicable Operative Documents. The Seller is the sole legal and beneficial owner of the rights, title and interests of “Lessor” under each Lease and the other applicable Operative Documents and, at
Closing, Seller will sell, assign and transfer to Purchaser all of Seller’s rights, title and interest in and to each Lease and the other applicable Operative Documents (with the exception of the Retained Obligations) free and clear of all
liens, encumbrances and claims. The Seller is the sole legal and beneficial owner under each Account and, at Closing, Seller will sell, assign and transfer to Purchaser all of Seller’s rights, title and interest in and to each Account free and
clear of all liens, 

  
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encumbrances and claims. All funds received in connection with the Cars and the Leases during Seller’s period of ownership have been and will be deposited in the Accounts. Seller is the sole
account holder for the Accounts, and has not commingled funds or other accounts of Seller or any affiliates of Seller with the Accounts. 

2.7 Concerning the Leases and Cars. Purchaser’s affiliate, Greenbrier Management Company LLC (“GMS”) currently provides
administrative services (the “Services”) to Seller in connection with the Cars and the Leases pursuant to a Railcar Remarketing and Management Agreement dated April 29, 2010 (the “Management Agreement”). Seller
authorizes GMS to release any and all records relating to the Assets to Purchaser and its agents. Purchaser has or will perform its own due diligence with respect to the status of the Cars, the Leases, and lessee insurance prior to Closing. Seller
has authorized the security trustee under the Lender Agreements to disclose to Purchaser information pertaining to the Accounts, and Purchaser will perform its own due diligence with respect to the status of the Accounts. 

2.8 Car Warranties. Seller hereby assigns and transfers to Purchaser all rights which Seller may have under any warranties, patent
indemnities or other instruments relating to the Cars and agrees to take such actions and assist Purchaser in good faith and as Purchaser may reasonably request to secure rights for Purchaser. 

2.9 Seller Activities and Fraudulent Conveyances. Seller is a special purpose entity that has at all times since its formation been
exclusively engaged in the business of owning the Assets and leasing the Cars, and it has not engaged in any other business activities. The transfer of the Assets to Purchaser as contemplated by this Agreement and the other Transaction Documents is
made in exchange for fair and equivalent consideration. At Closing Seller will have no material creditors other than Purchaser and its affiliated entities and other than for potential taxes incurred in connection with the transactions. The
transactions contemplated by this Agreement are entered into by Seller in good faith and are not intended, and shall not operate, to hinder, delay or defraud any creditor of Seller, or violate any applicable federal or state laws relating to
fraudulent or voidable conveyances or transfers, and the consummation of the transactions contemplated by this Agreement and the other Transaction Documents will not have any such effect, and are and shall be effective against Seller’s existing
or future creditors. In the event such laws are deemed applicable, or in the event Seller has failed to pay or provide for the payment of any of its pre-Closing creditors (except for any Operating Expenses or amounts owed by Seller under any
Operative Documents for which Purchaser has agreed to be responsible), Seller agrees to pay such creditor(s) promptly upon determination of Seller’s liability to the creditor(s), and agrees to indemnify and hold Purchaser harmless from, and
reimburse Purchaser for, any loss, cost, expense, liability or damage which Purchaser may suffer or incur by virtue of noncompliance by Seller or Purchaser with such applicable laws. 

2.10 Brokers. Seller has not dealt with any broker, finder or similar agent in connection with the negotiations relating to this
Agreement and the transactions contemplated herein. 
 2.11 Residual Sharing and Other Agreements. Except as may be specifically set
forth in the Operative Documents or the Termination Agreement, there are no option or residual sharing agreements, residual guarantees or residual insurance agreements, re-marketing agreements, deferred fee agreements, or other agreements, with
respect to any Car or any Operative Document as it pertains to any Car, or with respect to any Account, or which would be binding upon or enforceable against Purchaser, against the Cars any Operative Document as it pertains to any Car, or against
the proceeds of any sale, leasing or other disposition of the Cars or disposition of the Accounts. 

  
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 2.12 Rental Installments. [Not applicable] 

2.13 Litigation. There is no litigation or proceeding pending or, to the knowledge of Seller, threatened, (a) involving Seller
related to the Assets or (b) against Seller, which if adversely determined, would prohibit or materially interfere with the consummation by Seller of the transactions contemplated herein. 

2.14 [Reserved] 
 2.15
No Inconsistent Action. From and after the date of this Agreement, without the prior written consent of Purchaser, Seller shall not amend, nor consent to any amendment of any Operative Document or any Account or take any other action with
respect thereto that would affect in any way whatsoever or purport to affect, Purchaser’s rights hereunder or under any such Operative Document or under any Account, nor shall Seller take any action with respect thereto that is inconsistent
with the transactions contemplated hereby. From and after the Closing Date neither Seller nor any affiliate of Seller will claim any tax benefits, file any tax returns, or take any other action that would be inconsistent with the status of Purchaser
as the owner of the Assets for federal, state and local tax purposes, except for the period of Seller’s ownership prior to the Closing Date. 

2.16 Accuracy of Information. No representation or warranty made by Seller in this Agreement, or in any agreement, instrument, document,
certificate, statement or letter furnished or to be furnished to Purchaser at the Closing by or on behalf of Seller in connection with any of the transactions contemplated by this Agreement contains or will contain any untrue statement of material
fact. Except as expressly set forth herein, the representations and warranties contained in this Section 2 or elsewhere in this Agreement or any document delivered pursuant hereto will not be affected or deemed waived by reason of the fact that
the Purchaser or its representatives knew or should have known that any such representation or warranty is or might be inaccurate in any respect. 
 3.
Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Seller, as of each Closing Date with respect to the subject transaction: 

3.1 Organization. Purchaser is a limited liability company duly organized and validly existing under the laws of the State of Oregon.

 3.2 Power and Authority. Purchaser has full power and authority to execute, deliver and perform pursuant to the applicable
Transaction Documents; to own or lease its properties; and to carry on its business as now conducted. 
 3.3 Due Authorization. This
Agreement has been duly authorized, executed and delivered by Purchaser and constitutes a legal, valid and binding obligation of Purchaser, enforceable against it in accordance with its terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, or other laws of general applicability affecting creditors’ rights generally or by general principles of equity. The Assignment Agreement and any 

  
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Account assignment Documents together with such schedules and riders thereto and any additional documents executed in connection with the Closing have each been duly authorized by Purchaser, and,
when executed and delivered, will constitute the legal, valid and binding obligations of Purchaser, enforceable against it in accordance with their terms, except as such enforcement may be limited by any applicable bankruptcy, insolvency,
reorganization, or other laws affecting creditors’ rights generally or by general principles of equity. 
 3.4 No Consents or
Filings. The execution, delivery and performance by Purchaser of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not require the
consent, notice or other action by any person under, conflict with, result in a violation or breach of, constitute a default under or result in the acceleration of any contract to which Purchaser is a party or by which it or the Assets are bound,
or, in the event consent, notice or other action is required such obligation will have been met. 
 3.5 Compliance with Instruments and
Statutes. Neither the execution, delivery or performance by Purchaser pursuant to the Transaction Documents to which it is a party nor compliance with the terms and provisions thereof, conflicts or will conflict with or will result in a breach
or violation of any of the terms, conditions or provisions of any law, governmental rule, or regulation then in effect or the organizational documents of Purchaser or any order, writ, injunction, or decree of any court or governmental authority
against Purchaser or by which it or any of its properties may be bound, or any other agreement or instrument to which Purchaser is a party or by which it or any of its properties is bound, or constitutes or will constitute a default thereunder. 

3.6 Brokers. Purchaser has not dealt with any broker, finder or similar agent in connection with the negotiations relating to this
Agreement and the transactions contemplated herein. 
 3.7 Litigation. There is no litigation or proceeding pending or, to the
knowledge of Purchaser, threatened, against Purchaser, which, if adversely determined, would prohibit or materially interfere with the consummation by Purchaser of the transactions contemplated herein. 

3.8 No Inconsistent Action. From and after the date of this Agreement, without the prior written consent of Seller, Purchaser shall not
amend, nor consent to any amendment of any Operative Document or any Account, or take any action with respect thereto that would affect or purport to affect, Seller’s rights hereunder or under the Operative Document or Account nor shall
Purchaser take any action with respect thereto that is inconsistent with the transactions contemplated hereby. From and after the Closing Date neither Purchaser nor any affiliate of Purchaser will claim any tax benefits, file any tax returns, or
take any other action that would be inconsistent with the status of Seller as the owner of the Assets for federal, state and local tax purposes during the period prior to the Closing Date. 

3.9 Accuracy of Information. No representation or warranty made by Purchaser in this Agreement, or in any agreement, instrument,
document, certificate, statement or letter furnished or to be furnished to Seller at Closing by or on behalf of Purchaser in connection with any of the transactions contemplated by this Agreement contains or will contain any untrue statement of
material fact. The representations and warranties contained in this Section 3 or elsewhere in this Agreement or any document delivered pursuant hereto will not be affected or deemed waived by reason of the fact that the Seller or its
representatives knew or should have known that any such representation or warranty is or might be inaccurate in any respect. 

  
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 4. Conditions to Closing. 

4.1 Conditions to the Obligations of Purchaser. The obligations of Purchaser to consummate the transactions contemplated by this
Agreement are expressly conditioned upon satisfaction of the following conditions on or prior to the Closing Date with respect to the subject transaction, unless waived by Purchaser; provided, that any such condition precedent within the
direct control of Purchaser shall not be deemed a condition precedent with respect to Purchaser’s obligations to consummate the transactions contemplated by this Agreement: 

4.1.1 Due Execution and Delivery. Purchaser shall have received an executed original Bill of Sale and fully executed
counterparts of each of the other Transaction Documents, the Payoff Agreement and the Termination Agreement, or scanned true copies thereof with the originals to follow upon Closing. 

4.1.2 Operative Documents. Purchaser is in possession of true, correct and complete copies of each of the Operative
Documents. 
 4.1.3 Schedule. Purchaser shall have received an original of each Schedule identified in Exhibit
A, or a scanned true copy thereof with the original to follow upon Closing to the extent in the custody of Seller, any affiliate of Seller, senior lenders or the security trustee under the Senior Loan Documents. 

4.1.4 Notice of Assignment. [Not applicable] 

4.1.5 Insurance. [Not applicable] 

4.1.6 Incumbency Certificate. Purchaser shall have received a certificate of a responsible officer of Seller certifying
as to the authority and incumbency of the officers of Seller executing the documents contemplated hereby. 
 4.1.7
Representations and Warranties True. All representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though made on
and as of such date. 
 4.1.8 Performance. All obligations and agreements required by this Agreement to be performed
by Seller on or prior to the Closing Date shall have been performed. 
 4.1.9 Required Consents. Written consents
shall have been obtained with respect to any and all approvals, authorizations, consents, licenses, certificates and orders of, registrations, filings, and recordings with and notices to any federal, state, or other public or governmental office,
authority, agency, or court, and any person holding a direct or indirect interest (or for whose benefit any interest is held) in the Assets that are necessary (a) for the valid authorization, execution, delivery and performance of this
Agreement by Seller or (b) for the effectiveness and full enforceability of this Agreement and the rights intended to be created hereby and thereby in favor of Purchaser or against Seller. 

  
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 4.1.10 Lien Releases, Terminations and Assignments and Title Opinions.
Purchaser shall have received lien releases, terminations and assignments, and search results and opinions relating to the records of the Surface Transportation Board (“STB”), and the Office of the Registrar General of Canada
(“RG”) in the case of a Canadian Lessee, and any applicable Uniform Commercial Code filing offices, in form and substance satisfactory to Purchaser, that effective upon the Closing Date, it will receive good and marketable
title to the Assets, free and clear of all liens or interest of others, other than those which each Lessee is obligated to discharge under the terms of the applicable Lease. In the event Purchaser has not received the same on or before Closing and
agrees to close, the parties will cooperate in effecting any necessary terminations, releases or assignments, as contemplated in Section 6.4. 

4.1.11 Receipt of Documents. Purchaser shall have received from Seller all of the documents specified in this Agreement
with respect to the Closing, except as otherwise provided herein. 
 4.2 Conditions to the Obligations of Seller. The obligations of
Seller to consummate the transactions contemplated by this Agreement are expressly conditioned upon satisfaction of the following conditions on or prior to the Closing Date with respect to the subject transaction, unless waived by Seller;
provided, that any such condition precedent within the direct control Seller shall not be deemed a condition precedent with respect to Seller’s obligations to consummate the transactions: 

4.2.1 Due Execution and Delivery. Seller shall have received fully executed counterparts of the Transaction Documents,
with originals to follow upon closing. 
 4.2.2 Notice of Assignment. [Not applicable] 

4.2.3 Incumbency Certificate. Seller shall have received a certificate of a responsible officer of Purchaser certifying
as to the authority and incumbency of the officers of Purchaser executing the documents contemplated hereby. 
 4.2.4
Representations and Warranties True. All representations and warranties of Purchaser contained in this Agreement shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though made on
and as of such date. 
 4.2.5 Performance of Covenants. All obligations and agreements required by this Agreement to
be performed by Purchaser on or prior to the Closing Date shall have been performed. 
 4.2.6 Payment of Purchase
Price. Purchaser shall pay the Purchase Price for the Assets to the senior lenders. 
 4.2.7 Required Consents.
Written consents shall have been obtained with respect to any and all approvals, authorizations, consents, licenses, certificates and orders of, registrations, filings, and recordings with and notices to any federal, state, or other public or
governmental office, authority, agency, or court, and any person holding a direct or indirect 

  
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interest (or for whose benefit any interest is held) in the Assets that are necessary (a) for the valid authorization, execution, delivery and performance of this Agreement by Purchaser or
(b) for the effectiveness and full enforceability of this Agreement and the rights intended to be created hereby and thereby in favor of Seller or against Purchaser. 

5. Taxes. 
 5.1 Seller’s
Indemnity. Seller shall be responsible to pay, and shall indemnify Purchaser from and against (a) all duties, excise taxes, value added taxes, or other taxes, licenses, fees or other costs which were (or may be) required to be paid in
connection with events arising prior to the Closing, in each case, except as expressly provided in 6.1.1 and (b) all federal, state or local income or franchise taxes, and taxes related to forgiveness of debt, incurred by Seller or its
affiliates, whether attributable to periods before, on, or after the Closing.
 5.2 Purchaser’s Indemnity. Except as set forth in
Section 5.1, Purchaser shall be responsible to pay, and shall indemnify Seller from and against all sales, use, property taxes, duties, excise taxes, value added taxes, withholdings or other taxes, licenses, fees or other costs which were (or
may be) required to be paid in connection with events arising on or after the Closing, including but not limited to any applicable acquisition taxes. 
 6.
Post Closing Matters. 
 6.1 Allocation of Rents and Operating Expenses. In consideration of the assignment of Seller’s
rights and interest in the Accounts to Purchaser, and subject to the calculation and distribution of reserves and distributions as contemplated under the Termination Agreement: 

6.1.1(a) Purchaser shall be responsible for and shall pay all inspection, maintenance, ad valorem taxes, withholding taxes on
Lease rents, storage, transportation, re-marking, UMLER and Official Railway Equipment Register (ORER) costs and expenses and any costs associated with filing and reporting required by the AAR, FRA or other applicable authority relating to the Cars,
and the Operative Documents as they pertain to the Cars, which are incurred prior to the Closing Date and are unpaid as of the Closing Date (the “Operating Expenses”), and (b) Purchaser shall be responsible for and shall pay all
expenses relating to the Cars, and the Operative Documents as they pertain to the Cars, which are incurred on or after the Closing Date, and all expenses associated with the Accounts with respect to periods on and after December 15, 2015. 

6.1.2(a) Purchaser shall be entitled to all revenues relating to the Cars, and the Operative Documents as they pertain to the
Cars, and the Accounts, and earned prior to the Closing Date but not yet received at the time of Closing and (b) Purchaser shall be entitled to all revenues earned on or after the Closing Date. In the event Seller receives any revenues relating
to the Cars, the Operative Documents as they pertain to the Cars or the Accounts on or after Closing, Seller shall promptly remit such amounts to Purchaser. 

6.1.3 Upon Closing, the Management Agreement between Seller and GMS will terminate, along with the Purchaser’s guaranty of
GMS obligations thereunder, and Purchaser will be responsible for any Operating Expenses payable to GMS thereunder with respect to periods prior to the Closing. 

  
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 6.1.4 Without limiting any other rights or remedies of Purchaser, and other than
expenses incurred by GLC or its affiliates in maintaining the Lease Fleet as provided in Exhibit A to the Termination Agreement, Purchaser may offset any amount to which Purchaser, or any affiliate of Purchaser, may be entitled under this
Agreement (with respect to indemnity claims, Retained Obligations or otherwise) or any of the related agreements including but not limited to the Termination Agreement, against amounts otherwise payable to Seller by Purchaser under this Agreement or
otherwise payable to Seller or any of its affiliates by Purchaser or any of its affiliates under the Termination Agreement. The exercise of the right of offset by Purchaser in good faith, whether or not ultimately determined to be justified,
will not constitute a breach of this Agreement or any other agreement. In addition, neither the exercise of such right of offset, nor the failure to exercise, will limit the rights and remedies of Purchaser or any of their affiliates in any
manner against Seller. 
 6.2 Records. [Not applicable] 

6.3 Marks Management. [Not applicable] 

6.4 Further Assurances. Each party agrees that from time to time before, on or after the Closing Date, it shall, on its own initiative
taken in good faith and at the reasonable request of the other party, execute and deliver or cause to be executed and delivered such instruments of transfer, conveyance, assignment or assumption, and such other documents, papers and filings with the
STB, RG or other filing offices as may be required, and take all such further actions, in addition to those required under the express terms of this Agreement, as may be reasonably required to more effectively consummate the purposes of this
Agreement and implement the transactions contemplated hereby. Seller expressly covenants and agrees to cooperate with Purchaser in connection with any litigation arising with respect to the Assets if Seller’s cooperation is reasonably necessary
for the adjudication of issues raised in such litigation. 
 6.5 Confidentiality. Seller and Purchaser shall maintain the terms of
this Agreement in confidence, and shall take all reasonable precautions to preserve its confidentiality at all times; provided however that either party may disclose the terms of this Agreement to its employees, agents, auditors and legal advisors
who likewise have a confidentiality obligation, or as may otherwise be legally required, or in any filing required of such party or such party’s affiliate with any securities commission or other regulatory agency or as may be required by the
securities listing requirements applicable to such party or such party’s affiliates. 
 7. Miscellaneous. 

7.1 Amendments and Waivers. Any provisions of this Agreement may be amended and the observance of any provision of this Agreement may be
waived only by an instrument in writing specifically stating that such instrument is intended to amend, modify or supplement this Agreement or to waive such provision and duly signed by or on behalf of each of the parties hereto. 

  
 11 

 7.2 Notices. Any notice, request or other communication required or provided by this
Agreement shall be given in writing and be personally delivered, mailed by registered or certified mail, or given by telex, telegram or facsimile transmission confirmed by mail, addressed to: 

If to Purchaser: 
 Greenbrier
Leasing Company LLC 
 One Centerpointe Drive, Suite 200 

Lake Oswego, Oregon 97035 

Attention: General Counsel 

Telephone: (503) 684-7000 

Telecopy: (503)-684-7553 
 and if
to Seller: 
 WL Ross Greenbrier Rail I LLC 

1166 Avenue of the Americas 
 New
York, NY 10036 
 Attention: Wendy Teramoto 

Telephone: (212) 826-2041 

Telecopy: (212) 317-4892 
 Such notice shall
be deemed given upon receipt thereof at the address of the party above stated or at any other address specified by such party in a notice complying with this Section. 

7.3 Representations and Warranties. The representations, warranties and covenants of the parties hereto contained in or made pursuant to
this Agreement, except as they may be fully performed prior to or on the Closing Date, shall survive the execution and delivery of this Agreement and the Closing. 

7.4 General Indemnity. Except as otherwise provided in the Transaction Documents, Seller shall indemnify and hold Purchaser and any
affiliate, officer, director, shareholder, partner, contractor, indemnitee, settlor, employee, servant, agent, beneficiary, successor, transferee or assign of Purchaser (together with Purchaser, the “Purchaser’s Indemnified Parties”)
harmless from any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements, including legal fees and expenses of whatsoever kind and nature (including claims arising under any legal
theory including torts, contracts, tax or regulatory law) incurred by or asserted against one or more Purchaser’s Indemnified Parties with respect to the Assets, arising out of accident, injury or damage occurring prior to the Closing or any
breach of any Seller representation or obligation under this Agreement; and Purchaser shall indemnify and hold Seller and any affiliate, officer, director, shareholder, partner, contractor, indemnitee, settlor, employee, servant, agent, beneficiary,
successor, transferee or assign of Seller (together with Seller, the “Seller’s Indemnified Parties”) harmless from any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, expenses and
disbursements, including legal fees and expenses of whatsoever kind and nature (including claims arising under any legal theory including torts, contracts, tax or regulatory law) incurred by or asserted against one or more Seller’s Indemnified
Parties with respect to the Assets, arising out of accident, injury or damage occurring on or after the Closing or any breach of any Purchaser representation or obligation under this Agreement. 

7.5 Parties in Interest, Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that neither Purchaser nor Seller may assign any of their rights or obligations under the Transaction Documents without the prior written consent of the other party. 

  
 12 

 7.6 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE GENERAL OBLIGATIONS LAW). 

7.7 Interpretation. In this Agreement, the singular shall include the plural and the word “person” shall include corporations,
partnerships, joint ventures, associations, trusts, unincorporated organizations, governments and agencies, as well as natural persons. 

7.8 Integration. This Agreement and the other agreements, documents and instruments referred to herein or contemplated hereby,
constitute the entire agreement of the parties with respect to the transactions contemplated hereby and thereby and supersede any previous agreement or understanding among the parties with respect thereto. 

7.9 Headings. Titles or captions of Sections or Subsections contained in this Agreement are inserted only as a matter of convenience and
for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 
 7.10
Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, but all such counterparts together shall constitute one and the same instrument. 

[The remainder of this page is intentionally left blank.] 

  
 13 

 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be signed by
their respective duly authorized officers as of the date first above written. 
  

			
	SELLER:	  	 WL ROSS-GREENBRIER RAIL I LLC
  

By: /s/ Wendy Teramoto

Name: Wendy Teramoto

Title: Vice President

		
	PURCHASER:	  	 GREENBRIER LEASING COMPANY LLC
  

By: /s/ Larry Stanley

Name: Larry D. Stanley

Title: Vice President

 [Signature page to Purchase and Sale Agreement] 

 EXHIBIT A 

TO PURCHASE AND SALE AGREEMENT 

Railcars and Leases 

RAILCARS 
  

									
	 Lease ID
	  	Number
of Cars	 	  	 Description
	  	 Reporting Marks and Numbers

	B01-140	  	 	64	  	  	5,161 CF covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C114	  	AOK 65502 through AOK 65504, inclusive; AOK 65507; AOK 65510; AOK 65512; AOK 65516 through AOK 65518, inclusive; AOK 65522; AOK 65523; AOK 65527; AOK 65532; AOK 65539; AOK 65540; AOK 65542; AOK 65547; AOK 65549; AOK 65551; AOK
65553; AOK 65555; AOK 65558; AOK 65559; AOK 65563; AOK 65570 through AOK 65572, inclusive; AOK 65579; AOK 65581 through AOK 65583, inclusive; AOK 65586 through AOK 65588, inclusive; AOK 65591; AOK 65604; AOK 65613; AOK 65617; AOK 65618; AOK 65620;
AOK 65621; AOK 65628; AOK 65632; AOK 65633; AOK 65637 through AOK 65639, inclusive; AOK 65641; AOK 65643; AOK 65657; AOK 65663; AOK 65667; AOK 65670; AOK 65680; AOK 65683; AOK 65685; AOK 65689; AOK 65695 through AOK 65698, inclusive; AOK 65702; AOK
65703; and AOK 65707
				
	B01-159	  	 	200	  	  	3,267 CF gondolas with non-rotary couplers, 286,000 lbs. GRL, AAR Car Type Code E735	  	AOK 519200 through AOK 519399, inclusive
				
	B01-162	  	 	42	  	  	 4,480 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311; and

 
 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311
	  	BNBX 1007 to BNBX 503549, not inclusive; see Exhibit A.1
				
	B01-190	  	 	125	  	  	 4,480 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311; and

 
 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311
	  	BNBX 1006 to BNBX 120363, not inclusive; see Exhibit A.2
				
	B01-191	  	 	172	  	  	 3,985 CF open hoppers with 8 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341; and

 
 4,200 CF open hoppers with 5 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type
Code K341
	  	GBRX 20201 through GBRX 20220, inclusive; GBRX 20222 through GBRX 20238, inclusive; GBRX 20240 through GBRX 20244, inclusive; GBRX20246 through GBRX 20254, inclusive; GBRX 20256 through GBRX 20261, inclusive; GBRX 20263 through GBRX
20279, inclusive; GBRX 20281 through GBRX 20283, inclusive; GBRX 20285 through GBRX 20294, inclusive; GBRX 20296 through GBRX 20326, inclusive; GBRX 20328 through GBRX 20344, inclusive; GBRX 20346 through GBRX 20354, inclusive; GBRX 20356 through
GBRX 20371, inclusive; GBRX 20373 through GBRX 20381, inclusive; GBRX 26162; GBRX 26166; and GBRX 26180
				
	S66-001	  	 	20	  	  	3,281 CF covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C112	  	BNBX 120750 through BNBX 120769, inclusive
				
	A62-001	  	 	27	  	  	6,221 CF covered hoppers with pneumatic outlets, 286,000 lbs. GRL, AAR Car Type Code C214	  	TIMX 62031; AOKX 62013; AOKX 62014; AOKX 62020 through AOKX 62030, inclusive; and AOKX 62032 through AOKX 62044, inclusive
				
	A62-002	  	 	18	  	  	6,221 CF covered hoppers with pneumatic outlets, 286,000 lbs. GRL, AAR Car Type Code C214	  	TIMX 62000 through TIMX 62019, inclusive

									
	 Lease ID
	  	Number
of Cars	 	  	 Description
	  	 Reporting Marks and Numbers

				
	C07-038	  	 	17	  	  	4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 1009; BNBX 1082; BNBX 1087; BNBX 1089; BNBX 1092; BNBX 1097; BNBX 1108; BNBX 1130; BNBX 1164; BNBX 1166; BNBX 1241; BNBX 1321; BNBX 1346; BNBX 1358; BNBX 1373; BNBX 1451; and BNBX 503520
				
	C100-001	  	 	196	  	  	4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 1001 to BNBX 503550, not inclusive; see Exhibit A.3
				
	C02-044	  	 	190	  	  	4,480 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 6044 through BNBX 6064, inclusive; BNBX 6066 through BNBX 6081, inclusive; BNBX 6083 through BNBX 6096, inclusive; BNBX 6098 through BNBX 6105, inclusive; BNBX 6107 through BNBX 6110, inclusive; BNBX 6112 through BNBX 6159,
inclusive; and BNBX 6161 through BNBX 6239, inclusive
				
	C02-048	  	 	199	  	  	42-foot gondolas, 286,000 lbs. GRL, AAR Car Type Code E241	  	AOK 494500 through AOK 494647, inclusive; and AOK 494649 through AOK 494699, inclusive
				
	D07-007	  	 	96	  	  	73-foot centerbeam flatcars, 286,000 lbs. GRL, AAR Car Type Code F483	  	AOK 21531 to AOK 29348, not inclusive; see Exhibit A.4
				
	E03-004	  	 	141	  	  	 4,480 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311; and

 
 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311
	  	BNBX 1008 to BNBX 503545, not inclusive; see Exhibit A.5
				
	E33-002	  	 	145	  	  	4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 120110 to BNBX 120373, not inclusive; see Exhibit A.6
				
	G08-011	  	 	95	  	  	4,200 CF open hoppers with 5 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 26125 through GBRX 26135, inclusive; GBRX 26138 through GBRX 26145, inclusive; GBRX 26147 through GBRX 26150, inclusive; GBRX 26152; GBRX 26154; GBRX 26155; GBRX 26157 through GBRX 26160, inclusive; GBRX 26167 through GBRX
26169, inclusive; GBRX 26171; GBRX 26174; GBRX 26175; GBRX 26177 through GBRX 26179, inclusive; GBRX 26182 through GBRX 26185, inclusive; GBRX 26187; GBRX 26189 through GBRX 26195, inclusive; GBRX 26198 through GBRX 26223, inclusive; GBRX 26225
through GBRX 26229, inclusive; GBRX 26231; GBRX 26235; GBRX 26237 through GBRX 26239, inclusive; GBRX 26241 through GBRX 26243, inclusive; and GBRX 26246 through GBRX 26249, inclusive
				
	K08-002	  	 	25	  	  	3,281 CF covered hoppers with gravity gates, 286,000 lbs. GRL, AAR Car Type Code C112	  	GBRX 65425 through GBRX 65449, inclusive
				
	L04-003	  	 	76	  	  	3,281 CF covered hoppers with gravity gates, 286,000 lbs. GRL, AAR Car Type Code C112	  	ARUX 210; BCAX 200 through BCAX 209, inclusive; and BCAX 211 through BCAX 275, inclusive
				
	L10-022	  	 	99	  	  	3,250 CF covered hoppers with gravity gates, 286,000 lbs. GRL, AAR Car Type Code C112	  	CEFX 81080 to CEFX 81160, not inclusive; and GBRX 81074 to GBRX 81173, not inclusive; see Exhibit A.7
				
	L05-003	  	 	74	  	  	73-foot centerbeam flatcars, 286,000 lbs. GRL, AAR Car Type Code F483	  	AOK 21530 to AOK 29349, not inclusive; see Exhibit A.8
				
	M10-025	  	 	25	  	  	60-foot Plate E boxcars with double sliding doors, 286,000 lbs. GRL, AAR Car Type Code B617	  	AOK 120008 to AOK 120142, not inclusive; see Exhibit A.9

  
 2 

									
	 Lease ID
	  	Number
of Cars	 	  	 Description
	  	 Reporting Marks and Numbers

				
	M10-028	  	 	437	  	  	50-foot Plate G boxcars with single plug door, 286,000 lbs. GRL, AAR Car Type Code A406	  	IBT 18400 through IBT 18403, inclusive; IBT 18405 through IBT 18416, inclusive; IBT 18419 through IBT 18500, inclusive; IBT 18502 through IBT 18529, inclusive; IBT 18531 through IBT 18536, inclusive; IBT 18538 through IBT 18604,
inclusive; IBT 18606 through IBT 18627, inclusive; IBT 18629 through IBT 18749, inclusive; IBT 18751; IBT 18753 through IBT 18772, inclusive; IBT 18774 through IBT 18783, inclusive; IBT 18785 through IBT 18803, inclusive; and IBT 18805 through IBT
18849, inclusive
				
	O16-001	  	 	23	  	  	4,200 CF open hoppers with 5 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 26136; GBRX 26137; GBRX 26146; GBRX 26151; GBRX 26153; GBRX 26156; GBRX 26161; GBRX 26164; GBRX 26170; GBRX 26173; GBRX 26176; GBRX 26181; GBRX 26186; GBRX 26196; GBRX 26197; GBRX 26224; GBRX 26230; GBRX 26233; GBRX 26234; GBRX
26236; GBRX 26240; GBRX 26244; and GBRX 26245
				
	P28-009	  	 	26	  	  	3,230 CF pressure-differential covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C612	  	BNBX 95072 to BNBX 95716, not inclusive; see Exhibit A.10
				
	P06-007	  	 	50	  	  	60-foot Plate E boxcars with double sliding doors, 286,000 lbs. GRL, AAR Car Type Code B617	  	AOK 120000 to AOK 120149, not inclusive; see Exhibit A.11
				
	R09-001	  	 	19	  	  	3,230 CF pressure-differential covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C612	  	GBRX 65000 through GBRX 65013, inclusive; and GBRX 65015 through GBRX 65019, inclusive
				
	S68-002	  	 	141	  	  	 4,480 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311; and

 
 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311
	  	BNBX 1017 to BNBX 503539, not inclusive; see Exhibit A.12
				
	S65-001	  	 	120	  	  	4,074 CF open covered hoppers with 9 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 49001 to GBRX 49244, not inclusive; see Exhibit A.13
				
	S65-005	  	 	127	  	  	4,074 CF open covered hoppers with 9 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341; and 4,200 CF open covered hoppers with 9 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	BNBX 503554 to BNBX 503566, not inclusive; and GBRX 49002 to GBRX 49245, not inclusive; see Exhibit A.14
				
	S77-001	  	 	25	  	  	42-foot gondolas, 286,000 lbs. GRL, AAR Car Type Code E241	  	AOKX 34375 through AOKX 34399, inclusive
				
	T21-020	  	 	100	  	  	5,161 CF covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C114	  	AOKX 65505 to AOKX 65709, not inclusive; see Exhibit A.15
				
	T06-005	  	 	104	  	  	60-foot Plate F boxcars with 16-foot double plug doors, 286,000 lbs. GRL, AAR Car Type Code A606	  	TBOX 889269 through TBOX 889274, inclusive; and TBOX 889276 through TBOX 889373, inclusive
				
	U01-061	  	 	101	  	  	5,200 CF covered hoppers with gravity/pneumatic gates, 286,000 lbs. GRL, AAR Car Type Code C314	  	CMO 10010; CMO 10017; CMO 10069; CMO 100472; CMO 10075; CMO 10101; CMO 10108; CMO 10109; CMO 10119; CMO 10171; CMO 10174; CMO 10175; CMO 10199 through CMO 10222, inclusive; CMO 10224 through CMO 10248, inclusive; and CMO 10250
through CMO 10289, inclusive
				
	U01-073	  	 	20	  	  	5,161 CF covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C114	  	CMO 63034 through CMO 63053, inclusive

  
 3 

									
	 Lease ID
	  	Number
of Cars	 	  	 Description
	  	 Reporting Marks and Numbers

				
	W04-022	  	 	94	  	  	60-foot Plate F boxcars with 16-foot double plug doors, 286,000 lbs. GRL, AAR Car Type Code A606	  	AOK 354617 to AOK 354998, not inclusive; see Exhibit A.16
				
	W26-001	  	 	142	  	  	4,530 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	WEPX 2875 through WEPX 2901, inclusive; WEPX 2903 through WEPX 2929, inclusive; WEPX 2931 through WEPX 2940, inclusive; WEPX 2942 through WEPX 2977, inclusive; WEPX 2979 through WEPX 2990, inclusive; WEPX 2992 through WEPX 2995,
inclusive; WEPX 2997 through WEPX 3007, inclusive; WEPX 3009 through WEPX 3022, inclusive; and WEPX 3024
				
	Off-lease/stored Group 1	  	 	21	  	  	5,161 CF covered hoppers, 286,000 lbs. GRL, AAR Car Type Code C114	  	AOK 65501 to AOK 65681, not inclusive; see Exhibit A.17
				
	Off-lease/stored Group 2	  	 	147	  	  	3,197 CF gondolas with non-rotary couplers, 263,000 lbs. GRL, AAR Car Type Code E735	  	WCRC 3175 through WCRC 3195, inclusive; WCRC 3197 through WCRC 3220, inclusive; WCRC 3222; WCRC 3223; and WCRC 3225 through WCRC 3224, inclusive
				
	Off-lease/stored Group 3	  	 	16	  	  	12-foot 9-inch, 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 1401 through BNBX 1404, inclusive; BNBX 1417; BNBX 1419; BNBX 1421; BNBX 1426; BNBX 1429; BNBX 1430; BNBX 1432; BNBX 1434; and BNBX 1445 through BNBX 1448, inclusive
				
	Off-lease/stored Group 4	  	 	116	  	  	8-foot 8-inch, 4,520 CF gondolas with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code J311	  	BNBX 1003 to BNBX 503553, not inclusive; see Exhibit A.18
				
	Off-lease/stored Group 5	  	 	7	  	  	3,985 CF open hoppers with rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 20221, GBRX 20239, GBRX 20280, GBRX 20327, GBRX 20345, GBRX 20355, and GBRX 20372
				
	Off-lease/stored Group 6	  	 	1	  	  	4,074 CF open hopper with 9 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 49082
				
	Off-lease/stored Group 7	  	 	2	  	  	4,200 CF open hoppers with 5 outlets and rotary couplers, 286,000 lbs. GRL, AAR Car Type Code K341	  	GBRX 26163 and GBRX 26172
	Total	  	 	3,885	  	  		  	

  
 4 

 EXHIBIT A.1 (B01-162) 

 

							
	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1007	  	BNBX	  	1378
	BNBX	  	1034	  	BNBX	  	1380
	BNBX	  	1064	  	BNBX	  	1385
	BNBX	  	1065	  	BNBX	  	1407
	BNBX	  	1077	  	BNBX	  	1410
	BNBX	  	1093	  	BNBX	  	1416
	BNBX	  	1103	  	BNBX	  	1418
	BNBX	  	1145	  	BNBX	  	1423
	BNBX	  	1170	  	BNBX	  	1424
	BNBX	  	1179	  	BNBX	  	1428
	BNBX	  	1207	  	BNBX	  	1431
	BNBX	  	1273	  	BNBX	  	1433
	BNBX	  	1274	  	BNBX	  	1442
	BNBX	  	1291	  	BNBX	  	40380
	BNBX	  	1301	  	BNBX	  	40419
	BNBX	  	1314	  	BNBX	  	503483
	BNBX	  	1325	  	BNBX	  	503485
	BNBX	  	1327	  	BNBX	  	503532
	BNBX	  	1333	  	BNBX	  	503534
	BNBX	  	1350	  	BNBX	  	503548
	BNBX	  	1352	  	BNBX	  	503549

  
 5 

 EXHIBIT A.2 (B01-190) 

 

																			
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1006	  	BNBX	  	1116	  	BNBX	  	1224	  	BNBX	  	1339	  	BNBX	  	40535
	BNBX	  	1013	  	BNBX	  	1119	  	BNBX	  	1231	  	BNBX	  	1361	  	BNBX	  	40542
	BNBX	  	1018	  	BNBX	  	1120	  	BNBX	  	1233	  	BNBX	  	1364	  	BNBX	  	120144
	BNBX	  	1021	  	BNBX	  	1125	  	BNBX	  	1235	  	BNBX	  	1367	  	BNBX	  	120147
	BNBX	  	1024	  	BNBX	  	1132	  	BNBX	  	1242	  	BNBX	  	1369	  	BNBX	  	120158
	BNBX	  	1040	  	BNBX	  	1136	  	BNBX	  	1244	  	BNBX	  	1374	  	BNBX	  	120161
	BNBX	  	1043	  	BNBX	  	1147	  	BNBX	  	1251	  	BNBX	  	1384	  	BNBX	  	120162
	BNBX	  	1044	  	BNBX	  	1151	  	BNBX	  	1252	  	BNBX	  	1390	  	BNBX	  	120164
	BNBX	  	1054	  	BNBX	  	1161	  	BNBX	  	1262	  	BNBX	  	1394	  	BNBX	  	120175
	BNBX	  	1056	  	BNBX	  	1163	  	BNBX	  	1264	  	BNBX	  	1396	  	BNBX	  	120181
	BNBX	  	1063	  	BNBX	  	1167	  	BNBX	  	1265	  	BNBX	  	1398	  	BNBX	  	120189
	BNBX	  	1068	  	BNBX	  	1168	  	BNBX	  	1276	  	BNBX	  	1400	  	BNBX	  	120207
	BNBX	  	1074	  	BNBX	  	1171	  	BNBX	  	1278	  	BNBX	  	1411	  	BNBX	  	120226
	BNBX	  	1075	  	BNBX	  	1172	  	BNBX	  	1285	  	BNBX	  	1437	  	BNBX	  	120228
	BNBX	  	1079	  	BNBX	  	1173	  	BNBX	  	1292	  	BNBX	  	1441	  	BNBX	  	120237
	BNBX	  	1083	  	BNBX	  	1177	  	BNBX	  	1294	  	BNBX	  	1449	  	BNBX	  	120291
	BNBX	  	1084	  	BNBX	  	1187	  	BNBX	  	1295	  	BNBX	  	40138	  	BNBX	  	120296
	BNBX	  	1085	  	BNBX	  	1191	  	BNBX	  	1297	  	BNBX	  	40254	  	BNBX	  	120305
	BNBX	  	1088	  	BNBX	  	1195	  	BNBX	  	1299	  	BNBX	  	40261	  	BNBX	  	120316
	BNBX	  	1090	  	BNBX	  	1198	  	BNBX	  	1300	  	BNBX	  	40332	  	BNBX	  	120320
	BNBX	  	1099	  	BNBX	  	1200	  	BNBX	  	1307	  	BNBX	  	40360	  	BNBX	  	120326
	BNBX	  	1100	  	BNBX	  	1202	  	BNBX	  	1310	  	BNBX	  	40365	  	BNBX	  	120340
	BNBX	  	1105	  	BNBX	  	1205	  	BNBX	  	1312	  	BNBX	  	40376	  	BNBX	  	120346
	BNBX	  	1106	  	BNBX	  	1210	  	BNBX	  	1322	  	BNBX	  	40501	  	BNBX	  	120362
	BNBX	  	1110	  	BNBX	  	1217	  	BNBX	  	1331	  	BNBX	  	40518	  	BNBX	  	120363

  
 6 

 EXHIBIT A.3 (C100-001) 

 

																			
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1001	  	BNBX	  	1186	  	BNBX	  	1329	  	BNBX	  	120150	  	BNBX	  	120304
	BNBX	  	1002	  	BNBX	  	1188	  	BNBX	  	1337	  	BNBX	  	120154	  	BNBX	  	120307
	BNBX	  	1010	  	BNBX	  	1192	  	BNBX	  	1341	  	BNBX	  	120155	  	BNBX	  	120310
	BNBX	  	1014	  	BNBX	  	1193	  	BNBX	  	1345	  	BNBX	  	120156	  	BNBX	  	120318
	BNBX	  	1019	  	BNBX	  	1196	  	BNBX	  	1347	  	BNBX	  	120163	  	BNBX	  	120319
	BNBX	  	1028	  	BNBX	  	1199	  	BNBX	  	1349	  	BNBX	  	120165	  	BNBX	  	120322
	BNBX	  	1029	  	BNBX	  	1203	  	BNBX	  	1351	  	BNBX	  	120166	  	BNBX	  	120323
	BNBX	  	1033	  	BNBX	  	1214	  	BNBX	  	1363	  	BNBX	  	120169	  	BNBX	  	120324
	BNBX	  	1035	  	BNBX	  	1215	  	BNBX	  	1370	  	BNBX	  	120173	  	BNBX	  	120325
	BNBX	  	1038	  	BNBX	  	1221	  	BNBX	  	1372	  	BNBX	  	120179	  	BNBX	  	120331
	BNBX	  	1047	  	BNBX	  	1225	  	BNBX	  	1375	  	BNBX	  	120183	  	BNBX	  	120341
	BNBX	  	1049	  	BNBX	  	1226	  	BNBX	  	1376	  	BNBX	  	120185	  	BNBX	  	120344
	BNBX	  	1050	  	BNBX	  	1228	  	BNBX	  	1377	  	BNBX	  	120186	  	BNBX	  	120345
	BNBX	  	1051	  	BNBX	  	1229	  	BNBX	  	1382	  	BNBX	  	120200	  	BNBX	  	120347
	BNBX	  	1073	  	BNBX	  	1234	  	BNBX	  	1386	  	BNBX	  	120203	  	BNBX	  	120349
	BNBX	  	1076	  	BNBX	  	1237	  	BNBX	  	1392	  	BNBX	  	120204	  	BNBX	  	120356
	BNBX	  	1080	  	BNBX	  	1240	  	BNBX	  	1395	  	BNBX	  	120209	  	BNBX	  	120360
	BNBX	  	1081	  	BNBX	  	1246	  	BNBX	  	1399	  	BNBX	  	120218	  	BNBX	  	120368
	BNBX	  	1096	  	BNBX	  	1247	  	BNBX	  	1412	  	BNBX	  	120219	  	BNBX	  	120369
	BNBX	  	1098	  	BNBX	  	1249	  	BNBX	  	1413	  	BNBX	  	120220	  	BNBX	  	120372
	BNBX	  	1101	  	BNBX	  	1253	  	BNBX	  	1414	  	BNBX	  	120221	  	BNBX	  	120374
	BNBX	  	1111	  	BNBX	  	1254	  	BNBX	  	1420	  	BNBX	  	120222	  	BNBX	  	503492
	BNBX	  	1115	  	BNBX	  	1255	  	BNBX	  	1425	  	BNBX	  	120223	  	BNBX	  	503495
	BNBX	  	1117	  	BNBX	  	1256	  	BNBX	  	1435	  	BNBX	  	120225	  	BNBX	  	503496
	BNBX	  	1124	  	BNBX	  	1260	  	BNBX	  	1438	  	BNBX	  	120235	  	BNBX	  	503502
	BNBX	  	1127	  	BNBX	  	1263	  	BNBX	  	1444	  	BNBX	  	120241	  	BNBX	  	503509
	BNBX	  	1133	  	BNBX	  	1266	  	BNBX	  	1450	  	BNBX	  	120246	  	BNBX	  	503510
	BNBX	  	1135	  	BNBX	  	1271	  	BNBX	  	120111	  	BNBX	  	120249	  	BNBX	  	503512
	BNBX	  	1137	  	BNBX	  	1279	  	BNBX	  	120113	  	BNBX	  	120252	  	BNBX	  	503521
	BNBX	  	1140	  	BNBX	  	1284	  	BNBX	  	120115	  	BNBX	  	120253	  	BNBX	  	503522
	BNBX	  	1143	  	BNBX	  	1287	  	BNBX	  	120117	  	BNBX	  	120254	  	BNBX	  	503531
	BNBX	  	1144	  	BNBX	  	1296	  	BNBX	  	120118	  	BNBX	  	120256	  	BNBX	  	503535
	BNBX	  	1146	  	BNBX	  	1298	  	BNBX	  	120121	  	BNBX	  	120257	  	BNBX	  	503537
	BNBX	  	1150	  	BNBX	  	1308	  	BNBX	  	120126	  	BNBX	  	120258	  	BNBX	  	503538
	BNBX	  	1154	  	BNBX	  	1309	  	BNBX	  	120128	  	BNBX	  	120264	  	BNBX	  	503546
	BNBX	  	1165	  	BNBX	  	1316	  	BNBX	  	120131	  	BNBX	  	120265	  	BNBX	  	503550
	BNBX	  	1175	  	BNBX	  	1318	  	BNBX	  	120138	  	BNBX	  	120268	  		  	
	BNBX	  	1178	  	BNBX	  	1319	  	BNBX	  	120141	  	BNBX	  	120281	  		  	
	BNBX	  	1182	  	BNBX	  	1320	  	BNBX	  	120146	  	BNBX	  	120282	  		  	
	BNBX	  	1185	  	BNBX	  	1323	  	BNBX	  	120148	  	BNBX	  	120297	  		  	

  
 7 

 EXHIBIT A.4 (D07-007) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	AOK	  	21531	  	AOK	  	29175	  	AOK	  	29239	  	AOK	  	29304
	AOK	  	21540	  	AOK	  	29177	  	AOK	  	29240	  	AOK	  	29305
	AOK	  	21546	  	AOK	  	29180	  	AOK	  	29241	  	AOK	  	29307
	AOK	  	21552	  	AOK	  	29182	  	AOK	  	29242	  	AOK	  	29311
	AOK	  	21561	  	AOK	  	29184	  	AOK	  	29243	  	AOK	  	29312
	AOK	  	21564	  	AOK	  	29186	  	AOK	  	29245	  	AOK	  	29313
	AOK	  	21568	  	AOK	  	29189	  	AOK	  	29246	  	AOK	  	29315
	AOK	  	21569	  	AOK	  	29194	  	AOK	  	29251	  	AOK	  	29317
	AOK	  	21571	  	AOK	  	29195	  	AOK	  	29252	  	AOK	  	29319
	AOK	  	29150	  	AOK	  	29197	  	AOK	  	29253	  	AOK	  	29322
	AOK	  	29151	  	AOK	  	29199	  	AOK	  	29260	  	AOK	  	29325
	AOK	  	29152	  	AOK	  	29200	  	AOK	  	29263	  	AOK	  	29328
	AOK	  	29153	  	AOK	  	29201	  	AOK	  	29264	  	AOK	  	29329
	AOK	  	29154	  	AOK	  	29203	  	AOK	  	29268	  	AOK	  	29330
	AOK	  	29155	  	AOK	  	29208	  	AOK	  	29269	  	AOK	  	29336
	AOK	  	29157	  	AOK	  	29210	  	AOK	  	29270	  	AOK	  	29338
	AOK	  	29158	  	AOK	  	29212	  	AOK	  	29273	  	AOK	  	29341
	AOK	  	29160	  	AOK	  	29214	  	AOK	  	29285	  	AOK	  	29342
	AOK	  	29161	  	AOK	  	29219	  	AOK	  	29287	  	AOK	  	29343
	AOK	  	29162	  	AOK	  	29222	  	AOK	  	29288	  	AOK	  	29345
	AOK	  	29165	  	AOK	  	29223	  	AOK	  	29289	  	AOK	  	29348
	AOK	  	29167	  	AOK	  	29225	  	AOK	  	29296	  		  	
	AOK	  	29171	  	AOK	  	29231	  	AOK	  	29297	  		  	
	AOK	  	29172	  	AOK	  	29233	  	AOK	  	29301	  		  	
	AOK	  	29173	  	AOK	  	29238	  	AOK	  	29302	  		  	

  
 8 

 EXHIBIT A.5 (E03-004) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1008	  	BNBX	  	1379	  	BNBX	  	40283	  	BNBX	  	40413
	BNBX	  	1022	  	BNBX	  	1408	  	BNBX	  	40284	  	BNBX	  	40427
	BNBX	  	1025	  	BNBX	  	1422	  	BNBX	  	40286	  	BNBX	  	40429
	BNBX	  	1031	  	BNBX	  	1427	  	BNBX	  	40287	  	BNBX	  	40432
	BNBX	  	1042	  	BNBX	  	1436	  	BNBX	  	40293	  	BNBX	  	40437
	BNBX	  	1052	  	BNBX	  	1439	  	BNBX	  	40298	  	BNBX	  	40439
	BNBX	  	1059	  	BNBX	  	1440	  	BNBX	  	40299	  	BNBX	  	40441
	BNBX	  	1069	  	BNBX	  	1443	  	BNBX	  	40302	  	BNBX	  	40447
	BNBX	  	1071	  	BNBX	  	40132	  	BNBX	  	40308	  	BNBX	  	40459
	BNBX	  	1107	  	BNBX	  	40141	  	BNBX	  	40318	  	BNBX	  	40464
	BNBX	  	1121	  	BNBX	  	40143	  	BNBX	  	40320	  	BNBX	  	40493
	BNBX	  	1122	  	BNBX	  	40148	  	BNBX	  	40322	  	BNBX	  	40495
	BNBX	  	1142	  	BNBX	  	40155	  	BNBX	  	40327	  	BNBX	  	40506
	BNBX	  	1155	  	BNBX	  	40167	  	BNBX	  	40329	  	BNBX	  	40521
	BNBX	  	1156	  	BNBX	  	40186	  	BNBX	  	40333	  	BNBX	  	40524
	BNBX	  	1160	  	BNBX	  	40196	  	BNBX	  	40335	  	BNBX	  	40527
	BNBX	  	1183	  	BNBX	  	40199	  	BNBX	  	40337	  	BNBX	  	40530
	BNBX	  	1189	  	BNBX	  	40204	  	BNBX	  	40342	  	BNBX	  	40539
	BNBX	  	1194	  	BNBX	  	40206	  	BNBX	  	40347	  	BNBX	  	40543
	BNBX	  	1211	  	BNBX	  	40228	  	BNBX	  	40356	  	BNBX	  	40545
	BNBX	  	1212	  	BNBX	  	40229	  	BNBX	  	40364	  	BNBX	  	40546
	BNBX	  	1213	  	BNBX	  	40236	  	BNBX	  	40370	  	BNBX	  	40560
	BNBX	  	1218	  	BNBX	  	40238	  	BNBX	  	40371	  	BNBX	  	40563
	BNBX	  	1219	  	BNBX	  	40243	  	BNBX	  	40372	  	BNBX	  	40567
	BNBX	  	1248	  	BNBX	  	40248	  	BNBX	  	40373	  	BNBX	  	40573
	BNBX	  	1269	  	BNBX	  	40249	  	BNBX	  	40378	  	BNBX	  	40575
	BNBX	  	1281	  	BNBX	  	40253	  	BNBX	  	40387	  	BNBX	  	40580
	BNBX	  	1288	  	BNBX	  	40256	  	BNBX	  	40389	  	BNBX	  	40584
	BNBX	  	1293	  	BNBX	  	40257	  	BNBX	  	40392	  	BNBX	  	40590
	BNBX	  	1304	  	BNBX	  	40263	  	BNBX	  	40396	  	BNBX	  	40591
	BNBX	  	1340	  	BNBX	  	40264	  	BNBX	  	40399	  	BNBX	  	40592
	BNBX	  	1342	  	BNBX	  	40266	  	BNBX	  	40400	  	BNBX	  	503494
	BNBX	  	1343	  	BNBX	  	40278	  	BNBX	  	40404	  	BNBX	  	503516
	BNBX	  	1356	  	BNBX	  	40279	  	BNBX	  	40406	  	BNBX	  	503524
	BNBX	  	1366	  	BNBX	  	40282	  	BNBX	  	40410	  	BNBX	  	503543
		  		  		  		  		  		  	BNBX	  	503545

  
 9 

 EXHIBIT A.6 (E33-002) 

 

																			
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	120110	  	BNBX	  	120168	  	BNBX	  	120211	  	BNBX	  	120261	  	BNBX	  	120327
	BNBX	  	120112	  	BNBX	  	120170	  	BNBX	  	120212	  	BNBX	  	120262	  	BNBX	  	120332
	BNBX	  	120114	  	BNBX	  	120171	  	BNBX	  	120213	  	BNBX	  	120263	  	BNBX	  	120333
	BNBX	  	120116	  	BNBX	  	120172	  	BNBX	  	120214	  	BNBX	  	120267	  	BNBX	  	120334
	BNBX	  	120119	  	BNBX	  	120174	  	BNBX	  	120215	  	BNBX	  	120279	  	BNBX	  	120335
	BNBX	  	120120	  	BNBX	  	120176	  	BNBX	  	120216	  	BNBX	  	120280	  	BNBX	  	120336
	BNBX	  	120122	  	BNBX	  	120177	  	BNBX	  	120217	  	BNBX	  	120283	  	BNBX	  	120337
	BNBX	  	120123	  	BNBX	  	120178	  	BNBX	  	120224	  	BNBX	  	120287	  	BNBX	  	120338
	BNBX	  	120124	  	BNBX	  	120180	  	BNBX	  	120227	  	BNBX	  	120288	  	BNBX	  	120339
	BNBX	  	120125	  	BNBX	  	120182	  	BNBX	  	120229	  	BNBX	  	120289	  	BNBX	  	120342
	BNBX	  	120129	  	BNBX	  	120184	  	BNBX	  	120230	  	BNBX	  	120290	  	BNBX	  	120343
	BNBX	  	120130	  	BNBX	  	120187	  	BNBX	  	120231	  	BNBX	  	120292	  	BNBX	  	120348
	BNBX	  	120132	  	BNBX	  	120188	  	BNBX	  	120232	  	BNBX	  	120294	  	BNBX	  	120350
	BNBX	  	120135	  	BNBX	  	120190	  	BNBX	  	120233	  	BNBX	  	120295	  	BNBX	  	120351
	BNBX	  	120136	  	BNBX	  	120191	  	BNBX	  	120234	  	BNBX	  	120298	  	BNBX	  	120352
	BNBX	  	120137	  	BNBX	  	120192	  	BNBX	  	120236	  	BNBX	  	120299	  	BNBX	  	120353
	BNBX	  	120139	  	BNBX	  	120193	  	BNBX	  	120238	  	BNBX	  	120300	  	BNBX	  	120354
	BNBX	  	120140	  	BNBX	  	120194	  	BNBX	  	120239	  	BNBX	  	120301	  	BNBX	  	120355
	BNBX	  	120142	  	BNBX	  	120195	  	BNBX	  	120242	  	BNBX	  	120302	  	BNBX	  	120357
	BNBX	  	120143	  	BNBX	  	120196	  	BNBX	  	120243	  	BNBX	  	120303	  	BNBX	  	120358
	BNBX	  	120145	  	BNBX	  	120197	  	BNBX	  	120244	  	BNBX	  	120306	  	BNBX	  	120359
	BNBX	  	120149	  	BNBX	  	120198	  	BNBX	  	120245	  	BNBX	  	120308	  	BNBX	  	120361
	BNBX	  	120151	  	BNBX	  	120199	  	BNBX	  	120247	  	BNBX	  	120309	  	BNBX	  	120364
	BNBX	  	120152	  	BNBX	  	120201	  	BNBX	  	120248	  	BNBX	  	120311	  	BNBX	  	120365
	BNBX	  	120153	  	BNBX	  	120202	  	BNBX	  	120250	  	BNBX	  	120312	  	BNBX	  	120366
	BNBX	  	120157	  	BNBX	  	120205	  	BNBX	  	120251	  	BNBX	  	120313	  	BNBX	  	120367
	BNBX	  	120159	  	BNBX	  	120206	  	BNBX	  	120255	  	BNBX	  	120315	  	BNBX	  	120370
	BNBX	  	120160	  	BNBX	  	120208	  	BNBX	  	120259	  	BNBX	  	120317	  	BNBX	  	120371
	BNBX	  	120167	  	BNBX	  	120210	  	BNBX	  	120260	  	BNBX	  	120321	  	BNBX	  	120373

  
 10 

 EXHIBIT A.7 (L10-022) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	CEFX	  	81080	  	GBRX	  	81081	  	GBRX	  	81112	  	GBRX	  	81143
	CEFX	  	81092	  	GBRX	  	81082	  	GBRX	  	81113	  	GBRX	  	81145
	CEFX	  	81095	  	GBRX	  	81083	  	GBRX	  	81114	  	GBRX	  	81146
	CEFX	  	81103	  	GBRX	  	81084	  	GBRX	  	81115	  	GBRX	  	81147
	CEFX	  	81108	  	GBRX	  	81085	  	GBRX	  	81116	  	GBRX	  	81150
	CEFX	  	81109	  	GBRX	  	81086	  	GBRX	  	81118	  	GBRX	  	81151
	CEFX	  	81110	  	GBRX	  	81087	  	GBRX	  	81121	  	GBRX	  	81152
	CEFX	  	81117	  	GBRX	  	81088	  	GBRX	  	81122	  	GBRX	  	81153
	CEFX	  	81119	  	GBRX	  	81089	  	GBRX	  	81123	  	GBRX	  	81155
	CEFX	  	81120	  	GBRX	  	81090	  	GBRX	  	81124	  	GBRX	  	81156
	CEFX	  	81126	  	GBRX	  	81091	  	GBRX	  	81125	  	GBRX	  	81157
	CEFX	  	81130	  	GBRX	  	81093	  	GBRX	  	81127	  	GBRX	  	81161
	CEFX	  	81139	  	GBRX	  	81094	  	GBRX	  	81128	  	GBRX	  	81162
	CEFX	  	81144	  	GBRX	  	81096	  	GBRX	  	81129	  	GBRX	  	81163
	CEFX	  	81148	  	GBRX	  	81097	  	GBRX	  	81131	  	GBRX	  	81164
	CEFX	  	81149	  	GBRX	  	81098	  	GBRX	  	81132	  	GBRX	  	81165
	CEFX	  	81154	  	GBRX	  	81099	  	GBRX	  	81133	  	GBRX	  	81166
	CEFX	  	81158	  	GBRX	  	81100	  	GBRX	  	81134	  	GBRX	  	81167
	CEFX	  	81160	  	GBRX	  	81101	  	GBRX	  	81135	  	GBRX	  	81168
	GBRX	  	81074	  	GBRX	  	81102	  	GBRX	  	81136	  	GBRX	  	81169
	GBRX	  	81075	  	GBRX	  	81104	  	GBRX	  	81137	  	GBRX	  	81170
	GBRX	  	81076	  	GBRX	  	81105	  	GBRX	  	81138	  	GBRX	  	81171
	GBRX	  	81077	  	GBRX	  	81106	  	GBRX	  	81140	  	GBRX	  	81172
	GBRX	  	81078	  	GBRX	  	81107	  	GBRX	  	81141	  	GBRX	  	81173
	GBRX	  	81079	  	GBRX	  	81111	  	GBRX	  	81142	  		  	

  
 11 

 EXHIBIT A.8 (L05-003) 

 

											
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	AOK	  	21530	  	AOK	  	21560	  	AOK	  	29224
	AOK	  	21532	  	AOK	  	21562	  	AOK	  	29227
	AOK	  	21533	  	AOK	  	21563	  	AOK	  	29236
	AOK	  	21534	  	AOK	  	21565	  	AOK	  	29237
	AOK	  	21535	  	AOK	  	21566	  	AOK	  	29247
	AOK	  	21536	  	AOK	  	21567	  	AOK	  	29254
	AOK	  	21537	  	AOK	  	21570	  	AOK	  	29255
	AOK	  	21538	  	AOK	  	21572	  	AOK	  	29259
	AOK	  	21539	  	AOK	  	21573	  	AOK	  	29280
	AOK	  	21541	  	AOK	  	21574	  	AOK	  	29286
	AOK	  	21542	  	AOK	  	21575	  	AOK	  	29294
	AOK	  	21543	  	AOK	  	21576	  	AOK	  	29298
	AOK	  	21544	  	AOK	  	21577	  	AOK	  	29300
	AOK	  	21545	  	AOK	  	21579	  	AOK	  	29308
	AOK	  	21547	  	AOK	  	29164	  	AOK	  	29309
	AOK	  	21548	  	AOK	  	29176	  	AOK	  	29310
	AOK	  	21549	  	AOK	  	29181	  	AOK	  	29314
	AOK	  	21550	  	AOK	  	29185	  	AOK	  	29331
	AOK	  	21553	  	AOK	  	29190	  	AOK	  	29332
	AOK	  	21554	  	AOK	  	29193	  	AOK	  	29333
	AOK	  	21555	  	AOK	  	29202	  	AOK	  	29334
	AOK	  	21556	  	AOK	  	29205	  	AOK	  	29335
	AOK	  	21557	  	AOK	  	29206	  	AOK	  	29344
	AOK	  	21558	  	AOK	  	29213	  	AOK	  	29349
	AOK	  	21559	  	AOK	  	29215	  		  	

  
 12 

 EXHIBIT A.9 (M10-025) 

 

							
	 	 	 Mark
	  	 Number
	  	 
		 	AOK	  	120008	  	
		 	AOK	  	120009	  	
		 	AOK	  	120011	  	
		 	AOK	  	120016	  	
		 	AOK	  	120026	  	
		 	AOK	  	120027	  	
		 	AOK	  	120034	  	
		 	AOK	  	120037	  	
		 	AOK	  	120039	  	
		 	AOK	  	120054	  	
		 	AOK	  	120055	  	
		 	AOK	  	120060	  	
		 	AOK	  	120064	  	
		 	AOK	  	120077	  	
		 	AOK	  	120079	  	
		 	AOK	  	120095	  	
		 	AOK	  	120104	  	
		 	AOK	  	120115	  	
		 	AOK	  	120120	  	
		 	AOK	  	120122	  	
		 	AOK	  	120123	  	
		 	AOK	  	120126	  	
		 	AOK	  	120127	  	
		 	AOK	  	120130	  	
		 	AOK	  	120142	  	

  
 13 

 EXHIBIT A.10 (P28-009) 

 

							
	 	 	 Mark
	  	 Number
	  	 
		 	BNBX	  	95072	  	
		 	BNBX	  	95080	  	
		 	BNBX	  	95084	  	
		 	BNBX	  	95397	  	
		 	BNBX	  	95432	  	
		 	BNBX	  	95448	  	
		 	BNBX	  	95449	  	
		 	BNBX	  	95450	  	
		 	BNBX	  	95469	  	
		 	BNBX	  	95475	  	
		 	BNBX	  	95476	  	
		 	BNBX	  	95485	  	
		 	BNBX	  	95486	  	
		 	BNBX	  	95487	  	
		 	BNBX	  	95488	  	
		 	BNBX	  	95489	  	
		 	BNBX	  	95490	  	
		 	BNBX	  	95491	  	
		 	BNBX	  	95492	  	
		 	BNBX	  	95493	  	
		 	BNBX	  	95494	  	
		 	BNBX	  	95495	  	
		 	BNBX	  	95497	  	
		 	BNBX	  	95498	  	
		 	BNBX	  	95500	  	
		 	BNBX	  	95716	  	

  
 14 

 EXHIBIT A.11 (P06-007) 

 

							
	 Mark
	  	 Number
	  	 Mark
	  	 Number

	AOK	  	120000	  	AOK	  	120085
	AOK	  	120004	  	AOK	  	120087
	AOK	  	120013	  	AOK	  	120088
	AOK	  	120014	  	AOK	  	120090
	AOK	  	120015	  	AOK	  	120099
	AOK	  	120022	  	AOK	  	120100
	AOK	  	120028	  	AOK	  	120101
	AOK	  	120030	  	AOK	  	120107
	AOK	  	120032	  	AOK	  	120108
	AOK	  	120033	  	AOK	  	120117
	AOK	  	120047	  	AOK	  	120118
	AOK	  	120053	  	AOK	  	120121
	AOK	  	120058	  	AOK	  	120124
	AOK	  	120062	  	AOK	  	120129
	AOK	  	120066	  	AOK	  	120131
	AOK	  	120067	  	AOK	  	120132
	AOK	  	120068	  	AOK	  	120133
	AOK	  	120069	  	AOK	  	120134
	AOK	  	120070	  	AOK	  	120135
	AOK	  	120074	  	AOK	  	120140
	AOK	  	120075	  	AOK	  	120145
	AOK	  	120078	  	AOK	  	120146
	AOK	  	120080	  	AOK	  	120147
	AOK	  	120082	  	AOK	  	120148
	AOK	  	120084	  	AOK	  	120149

  
 15 

 EXHIBIT A.12 (S68-002) 

 

																			
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1017	  	BNBX	  	40150	  	BNBX	  	40268	  	BNBX	  	40397	  	BNBX	  	40515
	BNBX	  	1030	  	BNBX	  	40153	  	BNBX	  	40273	  	BNBX	  	40402	  	BNBX	  	40519
	BNBX	  	1041	  	BNBX	  	40156	  	BNBX	  	40276	  	BNBX	  	40405	  	BNBX	  	40525
	BNBX	  	1048	  	BNBX	  	40157	  	BNBX	  	40295	  	BNBX	  	40407	  	BNBX	  	40528
	BNBX	  	1057	  	BNBX	  	40164	  	BNBX	  	40306	  	BNBX	  	40415	  	BNBX	  	40533
	BNBX	  	1067	  	BNBX	  	40165	  	BNBX	  	40307	  	BNBX	  	40418	  	BNBX	  	40534
	BNBX	  	1072	  	BNBX	  	40181	  	BNBX	  	40311	  	BNBX	  	40421	  	BNBX	  	40541
	BNBX	  	1094	  	BNBX	  	40182	  	BNBX	  	40317	  	BNBX	  	40428	  	BNBX	  	40548
	BNBX	  	1095	  	BNBX	  	40183	  	BNBX	  	40321	  	BNBX	  	40440	  	BNBX	  	40549
	BNBX	  	1118	  	BNBX	  	40187	  	BNBX	  	40323	  	BNBX	  	40445	  	BNBX	  	40550
	BNBX	  	1190	  	BNBX	  	40188	  	BNBX	  	40324	  	BNBX	  	40446	  	BNBX	  	40553
	BNBX	  	1216	  	BNBX	  	40190	  	BNBX	  	40331	  	BNBX	  	40449	  	BNBX	  	40559
	BNBX	  	1220	  	BNBX	  	40191	  	BNBX	  	40338	  	BNBX	  	40454	  	BNBX	  	40564
	BNBX	  	1259	  	BNBX	  	40192	  	BNBX	  	40339	  	BNBX	  	40460	  	BNBX	  	40565
	BNBX	  	1282	  	BNBX	  	40193	  	BNBX	  	40341	  	BNBX	  	40466	  	BNBX	  	40568
	BNBX	  	1290	  	BNBX	  	40201	  	BNBX	  	40348	  	BNBX	  	40467	  	BNBX	  	40576
	BNBX	  	1303	  	BNBX	  	40205	  	BNBX	  	40352	  	BNBX	  	40468	  	BNBX	  	40579
	BNBX	  	1334	  	BNBX	  	40208	  	BNBX	  	40353	  	BNBX	  	40471	  	BNBX	  	40588
	BNBX	  	1338	  	BNBX	  	40219	  	BNBX	  	40355	  	BNBX	  	40472	  	BNBX	  	40589
	BNBX	  	1357	  	BNBX	  	40223	  	BNBX	  	40357	  	BNBX	  	40483	  	BNBX	  	503487
	BNBX	  	1409	  	BNBX	  	40224	  	BNBX	  	40361	  	BNBX	  	40484	  	BNBX	  	503497
	BNBX	  	1415	  	BNBX	  	40234	  	BNBX	  	40366	  	BNBX	  	40490	  	BNBX	  	503500
	BNBX	  	40115	  	BNBX	  	40239	  	BNBX	  	40368	  	BNBX	  	40491	  	BNBX	  	503508
	BNBX	  	40122	  	BNBX	  	40245	  	BNBX	  	40369	  	BNBX	  	40502	  	BNBX	  	503511
	BNBX	  	40126	  	BNBX	  	40246	  	BNBX	  	40381	  	BNBX	  	40509	  	BNBX	  	503539
	BNBX	  	40127	  	BNBX	  	40255	  	BNBX	  	40386	  	BNBX	  	40510	  		  	
	BNBX	  	40146	  	BNBX	  	40259	  	BNBX	  	40388	  	BNBX	  	40511	  		  	
	BNBX	  	40147	  	BNBX	  	40260	  	BNBX	  	40393	  	BNBX	  	40513	  		  	
	BNBX	  	40149	  	BNBX	  	40262	  	BNBX	  	40395	  	BNBX	  	40514	  		  	

  
 16 

 EXHIBIT A.13 (S65-001) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	GBRX	  	49001	  	GBRX	  	49063	  	GBRX	  	49114	  	GBRX	  	49187
	GBRX	  	49005	  	GBRX	  	49064	  	GBRX	  	49115	  	GBRX	  	49189
	GBRX	  	49008	  	GBRX	  	49065	  	GBRX	  	49121	  	GBRX	  	49190
	GBRX	  	49009	  	GBRX	  	49066	  	GBRX	  	49122	  	GBRX	  	49192
	GBRX	  	49011	  	GBRX	  	49067	  	GBRX	  	49123	  	GBRX	  	49193
	GBRX	  	49012	  	GBRX	  	49068	  	GBRX	  	49125	  	GBRX	  	49194
	GBRX	  	49017	  	GBRX	  	49072	  	GBRX	  	49126	  	GBRX	  	49196
	GBRX	  	49019	  	GBRX	  	49073	  	GBRX	  	49127	  	GBRX	  	49197
	GBRX	  	49021	  	GBRX	  	49074	  	GBRX	  	49129	  	GBRX	  	49200
	GBRX	  	49024	  	GBRX	  	49077	  	GBRX	  	49136	  	GBRX	  	49201
	GBRX	  	49025	  	GBRX	  	49079	  	GBRX	  	49137	  	GBRX	  	49202
	GBRX	  	49027	  	GBRX	  	49080	  	GBRX	  	49138	  	GBRX	  	49203
	GBRX	  	49028	  	GBRX	  	49081	  	GBRX	  	49142	  	GBRX	  	49205
	GBRX	  	49029	  	GBRX	  	49083	  	GBRX	  	49145	  	GBRX	  	49206
	GBRX	  	49030	  	GBRX	  	49084	  	GBRX	  	49146	  	GBRX	  	49207
	GBRX	  	49032	  	GBRX	  	49087	  	GBRX	  	49149	  	GBRX	  	49212
	GBRX	  	49033	  	GBRX	  	49088	  	GBRX	  	49151	  	GBRX	  	49214
	GBRX	  	49034	  	GBRX	  	49089	  	GBRX	  	49152	  	GBRX	  	49215
	GBRX	  	49036	  	GBRX	  	49091	  	GBRX	  	49161	  	GBRX	  	49216
	GBRX	  	49037	  	GBRX	  	49092	  	GBRX	  	49162	  	GBRX	  	49218
	GBRX	  	49038	  	GBRX	  	49093	  	GBRX	  	49164	  	GBRX	  	49219
	GBRX	  	49043	  	GBRX	  	49094	  	GBRX	  	49166	  	GBRX	  	49220
	GBRX	  	49049	  	GBRX	  	49096	  	GBRX	  	49170	  	GBRX	  	49226
	GBRX	  	49050	  	GBRX	  	49098	  	GBRX	  	49171	  	GBRX	  	49227
	GBRX	  	49051	  	GBRX	  	49103	  	GBRX	  	49172	  	GBRX	  	49232
	GBRX	  	49053	  	GBRX	  	49104	  	GBRX	  	49173	  	GBRX	  	49233
	GBRX	  	49055	  	GBRX	  	49105	  	GBRX	  	49175	  	GBRX	  	49236
	GBRX	  	49056	  	GBRX	  	49106	  	GBRX	  	49177	  	GBRX	  	49237
	GBRX	  	49059	  	GBRX	  	49109	  	GBRX	  	49183	  	GBRX	  	49242
	GBRX	  	49061	  	GBRX	  	49112	  	GBRX	  	49185	  	GBRX	  	49244

  
 17 

 EXHIBIT A.14 (S65-005) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	503554	  	GBRX	  	49041	  	GBRX	  	49120	  	GBRX	  	49179
	BNBX	  	503555	  	GBRX	  	49042	  	GBRX	  	49124	  	GBRX	  	49180
	BNBX	  	503556	  	GBRX	  	49044	  	GBRX	  	49128	  	GBRX	  	49181
	BNBX	  	503557	  	GBRX	  	49045	  	GBRX	  	49130	  	GBRX	  	49182
	BNBX	  	503558	  	GBRX	  	49046	  	GBRX	  	49131	  	GBRX	  	49184
	BNBX	  	503559	  	GBRX	  	49047	  	GBRX	  	49132	  	GBRX	  	49186
	BNBX	  	503560	  	GBRX	  	49048	  	GBRX	  	49133	  	GBRX	  	49188
	BNBX	  	503561	  	GBRX	  	49052	  	GBRX	  	49134	  	GBRX	  	49195
	BNBX	  	503562	  	GBRX	  	49054	  	GBRX	  	49135	  	GBRX	  	49198
	BNBX	  	503563	  	GBRX	  	49057	  	GBRX	  	49139	  	GBRX	  	49204
	BNBX	  	503564	  	GBRX	  	49058	  	GBRX	  	49140	  	GBRX	  	49208
	BNBX	  	503565	  	GBRX	  	49060	  	GBRX	  	49141	  	GBRX	  	49210
	BNBX	  	503566	  	GBRX	  	49069	  	GBRX	  	49144	  	GBRX	  	49211
	GBRX	  	49002	  	GBRX	  	49070	  	GBRX	  	49147	  	GBRX	  	49213
	GBRX	  	49003	  	GBRX	  	49071	  	GBRX	  	49148	  	GBRX	  	49217
	GBRX	  	49004	  	GBRX	  	49075	  	GBRX	  	49150	  	GBRX	  	49221
	GBRX	  	49006	  	GBRX	  	49076	  	GBRX	  	49153	  	GBRX	  	49223
	GBRX	  	49007	  	GBRX	  	49078	  	GBRX	  	49154	  	GBRX	  	49224
	GBRX	  	49010	  	GBRX	  	49085	  	GBRX	  	49155	  	GBRX	  	49225
	GBRX	  	49013	  	GBRX	  	49086	  	GBRX	  	49156	  	GBRX	  	49228
	GBRX	  	49014	  	GBRX	  	49097	  	GBRX	  	49157	  	GBRX	  	49229
	GBRX	  	49015	  	GBRX	  	49099	  	GBRX	  	49158	  	GBRX	  	49230
	GBRX	  	49016	  	GBRX	  	49100	  	GBRX	  	49159	  	GBRX	  	49231
	GBRX	  	49018	  	GBRX	  	49101	  	GBRX	  	49160	  	GBRX	  	49234
	GBRX	  	49020	  	GBRX	  	49102	  	GBRX	  	49163	  	GBRX	  	49235
	GBRX	  	49022	  	GBRX	  	49110	  	GBRX	  	49165	  	GBRX	  	49238
	GBRX	  	49023	  	GBRX	  	49111	  	GBRX	  	49167	  	GBRX	  	49239
	GBRX	  	49026	  	GBRX	  	49113	  	GBRX	  	49168	  	GBRX	  	49240
	GBRX	  	49031	  	GBRX	  	49116	  	GBRX	  	49169	  	GBRX	  	49241
	GBRX	  	49035	  	GBRX	  	49117	  	GBRX	  	49174	  	GBRX	  	49243
	GBRX	  	49039	  	GBRX	  	49118	  	GBRX	  	49176	  	GBRX	  	49245
	GBRX	  	49040	  	GBRX	  	49119	  	GBRX	  	49178	  		  	

  
 18 

 EXHIBIT A.15 (T21-020) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	AOKX	  	65505	  	AOKX	  	65567	  	AOKX	  	65610	  	AOKX	  	65662
	AOKX	  	65509	  	AOKX	  	65569	  	AOKX	  	65614	  	AOKX	  	65664
	AOKX	  	65511	  	AOKX	  	65573	  	AOKX	  	65615	  	AOKX	  	65665
	AOKX	  	65514	  	AOKX	  	65574	  	AOKX	  	65616	  	AOKX	  	65668
	AOKX	  	65515	  	AOKX	  	65575	  	AOKX	  	65623	  	AOKX	  	65669
	AOKX	  	65519	  	AOKX	  	65576	  	AOKX	  	65626	  	AOKX	  	65671
	AOKX	  	65520	  	AOKX	  	65578	  	AOKX	  	65627	  	AOKX	  	65673
	AOKX	  	65524	  	AOKX	  	65580	  	AOKX	  	65630	  	AOKX	  	65675
	AOKX	  	65528	  	AOKX	  	65584	  	AOKX	  	65634	  	AOKX	  	65676
	AOKX	  	65529	  	AOKX	  	65585	  	AOKX	  	65635	  	AOKX	  	65677
	AOKX	  	65530	  	AOKX	  	65589	  	AOKX	  	65636	  	AOKX	  	65678
	AOKX	  	65533	  	AOKX	  	65592	  	AOKX	  	65640	  	AOKX	  	65682
	AOKX	  	65535	  	AOKX	  	65593	  	AOKX	  	65642	  	AOKX	  	65684
	AOKX	  	65536	  	AOKX	  	65596	  	AOKX	  	65644	  	AOKX	  	65688
	AOKX	  	65537	  	AOKX	  	65597	  	AOKX	  	65645	  	AOKX	  	65690
	AOKX	  	65538	  	AOKX	  	65598	  	AOKX	  	65646	  	AOKX	  	65693
	AOKX	  	65546	  	AOKX	  	65599	  	AOKX	  	65648	  	AOKX	  	65694
	AOKX	  	65550	  	AOKX	  	65600	  	AOKX	  	65650	  	AOKX	  	65699
	AOKX	  	65556	  	AOKX	  	65601	  	AOKX	  	65652	  	AOKX	  	65700
	AOKX	  	65557	  	AOKX	  	65602	  	AOKX	  	65655	  	AOKX	  	65701
	AOKX	  	65560	  	AOKX	  	65603	  	AOKX	  	65656	  	AOKX	  	65704
	AOKX	  	65561	  	AOKX	  	65606	  	AOKX	  	65658	  	AOKX	  	65705
	AOKX	  	65562	  	AOKX	  	65607	  	AOKX	  	65659	  	AOKX	  	65706
	AOKX	  	65565	  	AOKX	  	65608	  	AOKX	  	65660	  	AOKX	  	65708
	AOKX	  	65566	  	AOKX	  	65609	  	AOKX	  	65661	  	AOKX	  	65709

  
 19 

 EXHIBIT A.16 (W04-022) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	AOK	  	354617	  	AOK	  	354711	  	AOK	  	354788	  	AOK	  	354877
	AOK	  	354618	  	AOK	  	354712	  	AOK	  	354789	  	AOK	  	354881
	AOK	  	354620	  	AOK	  	354714	  	AOK	  	354796	  	AOK	  	354887
	AOK	  	354622	  	AOK	  	354717	  	AOK	  	354801	  	AOK	  	354888
	AOK	  	354634	  	AOK	  	354725	  	AOK	  	354803	  	AOK	  	354898
	AOK	  	354642	  	AOK	  	354728	  	AOK	  	354807	  	AOK	  	354906
	AOK	  	354644	  	AOK	  	354729	  	AOK	  	354808	  	AOK	  	354912
	AOK	  	354645	  	AOK	  	354730	  	AOK	  	354813	  	AOK	  	354919
	AOK	  	354647	  	AOK	  	354733	  	AOK	  	354815	  	AOK	  	354930
	AOK	  	354650	  	AOK	  	354735	  	AOK	  	354822	  	AOK	  	354931
	AOK	  	354654	  	AOK	  	354737	  	AOK	  	354823	  	AOK	  	354937
	AOK	  	354656	  	AOK	  	354741	  	AOK	  	354824	  	AOK	  	354940
	AOK	  	354658	  	AOK	  	354742	  	AOK	  	354826	  	AOK	  	354948
	AOK	  	354659	  	AOK	  	354746	  	AOK	  	354829	  	AOK	  	354960
	AOK	  	354672	  	AOK	  	354747	  	AOK	  	354839	  	AOK	  	354962
	AOK	  	354677	  	AOK	  	354749	  	AOK	  	354846	  	AOK	  	354963
	AOK	  	354683	  	AOK	  	354759	  	AOK	  	354847	  	AOK	  	354968
	AOK	  	354690	  	AOK	  	354770	  	AOK	  	354854	  	AOK	  	354971
	AOK	  	354694	  	AOK	  	354771	  	AOK	  	354860	  	AOK	  	354982
	AOK	  	354695	  	AOK	  	354773	  	AOK	  	354865	  	AOK	  	354991
	AOK	  	354697	  	AOK	  	354776	  	AOK	  	354867	  	AOK	  	354992
	AOK	  	354698	  	AOK	  	354777	  	AOK	  	354868	  	AOK	  	354998
	AOK	  	354700	  	AOK	  	354780	  	AOK	  	354871	  		  	
	AOK	  	354706	  	AOK	  	354781	  	AOK	  	354872	  		  	

  
 20 

 EXHIBIT A.17 (Off-Lease Group 1) 

 

							
	 	 	 Mark
	  	 Number
	  	 
		 	AOK	  	65501	  	
		 	AOK	  	65508	  	
		 	AOK	  	65525	  	
		 	AOK	  	65526	  	
		 	AOK	  	65534	  	
		 	AOK	  	65541	  	
		 	AOK	  	65543	  	
		 	AOK	  	65568	  	
		 	AOK	  	65594	  	
		 	AOK	  	65595	  	
		 	AOK	  	65611	  	
		 	AOK	  	65612	  	
		 	AOK	  	65619	  	
		 	AOK	  	65622	  	
		 	AOK	  	65624	  	
		 	AOK	  	65625	  	
		 	AOK	  	65631	  	
		 	AOK	  	65654	  	
		 	AOK	  	65666	  	
		 	AOK	  	65674	  	
		 	AOK	  	65681	  	

  
 21 

 EXHIBIT A.18 (Off-Lease Group 4) 

 

															
	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number
	  	 Mark
	  	 Number

	BNBX	  	1003	  	BNBX	  	1128	  	BNBX	  	1238	  	BNBX	  	1383
	BNBX	  	1005	  	BNBX	  	1129	  	BNBX	  	1239	  	BNBX	  	1387
	BNBX	  	1011	  	BNBX	  	1131	  	BNBX	  	1243	  	BNBX	  	1388
	BNBX	  	1012	  	BNBX	  	1138	  	BNBX	  	1257	  	BNBX	  	1389
	BNBX	  	1015	  	BNBX	  	1139	  	BNBX	  	1258	  	BNBX	  	1391
	BNBX	  	1016	  	BNBX	  	1141	  	BNBX	  	1267	  	BNBX	  	1393
	BNBX	  	1026	  	BNBX	  	1148	  	BNBX	  	1270	  	BNBX	  	1397
	BNBX	  	1027	  	BNBX	  	1149	  	BNBX	  	1272	  	BNBX	  	503484
	BNBX	  	1032	  	BNBX	  	1152	  	BNBX	  	1275	  	BNBX	  	503486
	BNBX	  	1036	  	BNBX	  	1153	  	BNBX	  	1280	  	BNBX	  	503488
	BNBX	  	1037	  	BNBX	  	1157	  	BNBX	  	1283	  	BNBX	  	503490
	BNBX	  	1039	  	BNBX	  	1158	  	BNBX	  	1302	  	BNBX	  	503493
	BNBX	  	1045	  	BNBX	  	1159	  	BNBX	  	1305	  	BNBX	  	503498
	BNBX	  	1046	  	BNBX	  	1174	  	BNBX	  	1306	  	BNBX	  	503501
	BNBX	  	1055	  	BNBX	  	1176	  	BNBX	  	1313	  	BNBX	  	503503
	BNBX	  	1058	  	BNBX	  	1180	  	BNBX	  	1315	  	BNBX	  	503505
	BNBX	  	1060	  	BNBX	  	1184	  	BNBX	  	1326	  	BNBX	  	503506
	BNBX	  	1061	  	BNBX	  	1197	  	BNBX	  	1336	  	BNBX	  	503514
	BNBX	  	1062	  	BNBX	  	1201	  	BNBX	  	1344	  	BNBX	  	503525
	BNBX	  	1066	  	BNBX	  	1204	  	BNBX	  	1348	  	BNBX	  	503530
	BNBX	  	1070	  	BNBX	  	1206	  	BNBX	  	1353	  	BNBX	  	503533
	BNBX	  	1078	  	BNBX	  	1208	  	BNBX	  	1354	  	BNBX	  	503536
	BNBX	  	1086	  	BNBX	  	1209	  	BNBX	  	1355	  	BNBX	  	503540
	BNBX	  	1091	  	BNBX	  	1222	  	BNBX	  	1359	  	BNBX	  	503541
	BNBX	  	1104	  	BNBX	  	1223	  	BNBX	  	1360	  	BNBX	  	503542
	BNBX	  	1112	  	BNBX	  	1227	  	BNBX	  	1365	  	BNBX	  	503544
	BNBX	  	1113	  	BNBX	  	1230	  	BNBX	  	1368	  	BNBX	  	503551
	BNBX	  	1123	  	BNBX	  	1232	  	BNBX	  	1371	  	BNBX	  	503552
	BNBX	  	1126	  	BNBX	  	1236	  	BNBX	  	1381	  	BNBX	  	503553

  
 22 

 LEASES 
  

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

	B01-140	  	 Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and
BNSF Railway Company.
  
 Schedule No. 6 dated November 16, 2011 and effective
October 1, 2010, to that certain Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and BNSF Railway Company.

 
 Amendment No. 1 to Schedule No. 6, dated January 31, 2013 and effective
October 1, 2013, by and between WL Ross-Greenbrier Rail I LLC and BNSF Railway Company.
  

Extension Letter effective October 1, 2014, by and between WL Ross-Greenbrier Rail I LLC and BNSF Railway Company, extending lease to September 30,
2015.
	  	29797-E
			
	B01-159	  	 Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and
BNSF Rail Company.
  
 Schedule No. 1 dated March 16, 2011 and effective June 1,
2010, to that certain Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and BNSF Rail Company.

 
 Amendment No. 1 to Schedule No. 1, effective as of June 18, 2011, by and between WL
Ross-Greenbrier Rail I LLC and BNSF Rail Company.
  
 Amendment No. 2 to Schedule No. 1,
dated July 17, 2014 and effective June 17, 2014, by and between WL Ross-Greenbrier Rail I LLC and BNSF Rail Company.
	  	29797
			
	B01-162	  	 Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC to
BNSF Rail Company.
  
 Schedule No. 5 dated June 27, 2011 and effective
October 1, 2010, to that certain Master Full Service Railcar Lease dated March 16, 2011 and effective June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.

 
 Amendment No. 1 to Schedule No. 5, dated November 11, 2011 and effective
October 14, 2011, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.
  

Amendment No. 2 to Schedule No. 5, dated November 08, 2013 and effective October 14, 2012, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail
Company.
  
 Amendment No. 3 to Schedule No. 5, dated January 31, 2014 and effective
October 14, 2013, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.
  

Amendment No. 4 to Schedule No. 5, dated December 4, 2014 and effective October 14, 2014, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail
Company.
	  	29797-F
			
	B01-190	  	 Master Full Service Lease Agreement dated March 16, 2011 and effective as of June 1, 2010, by and between WL Ross-Greenbrier Rail I
LLC to BNSF Rail Company.
  
 Schedule No. 7 dated November 8, 2013, and effective
June 1, 2010, to that certain Master Full Service Lease Agreement dated March 16, 2011 and effective as of June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.

 
 Amendment No. 1 to Schedule No. 7, dated November 8, 2013, and effective June 1,
2010, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.
	  	30995

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	B01-191	  	 Master Full Service Lease Agreement dated March 16, 2011 and effective as of June 1, 2010, by and between WL Ross-Greenbrier Rail I
LLC to BNSF Rail Company.
  
 Schedule No. 8 dated November 8, 2013 to that certain
Master Full Service Lease Agreement dated March 16, 2011 and effective as of June 1, 2010, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.
  

Amendment No. 1 to Schedule No. 8, effective July 19, 2014, by and between WL Ross-Greenbrier Rail I LLC to BNSF Rail Company.
	  	30996-A
			
	S66-001	  	 Master Net Railcar Lease dated April 24, 2006, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and C&J
Energy Services (formerly Nabors Completion & Production Services, successor to Superior Well Services).
  

Schedule No. 4 dated December 14, 2006 to Master Net Railcar Lease dated April 24, 2006, by and between WL Ross-Greenbrier Rail I LLC (as assignee of
BBRX Five LLC) and C&J Energy Services (formerly Nabors Completion & Production Services, successor to Superior Well Services).
  

Amendment No. 2 to Schedule No. 4, effective December 31, 2013, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and C&J
Energy Services (formerly Nabors Completion & Production Services, successor to Superior Well Services).
	  	26766-A
			
	A62-001	  	 Lease Agreement dated as of July 15, 2014 by and between WL Ross-Greenbrier Rail I LLC and Celanese Ltd. (formerly AT Plastics,
Inc.).
  
 Schedule No. 1 entered into as of July 15, 2014, effective retroactive to
August 23, 2013, to that certain Lease Agreement dated as of July 15, 2014 by and between WL Ross-Greenbrier Rail I LLC and Celanese Ltd. (formerly AT Plastics, Inc.).
	  	31428
			
	A62-002	  	 Railcar Net Lease Agreement dated March 31, 1998, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Trinity
Industries Leasing Company) and Celanese Ltd (formerly AT Plastics, Inc.).
  
 Rider No. 1
dated July 9, 1999 to that certain Railcar Net Lease Agreement dated March 31, 1998, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Trinity Industries Leasing Company) and Celanese Ltd (formerly AT Plastics,
Inc.).
  
 Amendment No. 1 to Rider No. 1, dated July 9, 1999, by and between WL
Ross-Greenbrier Rail I LLC (as ultimate assignee of Trinity Industries Leasing Company) and Celanese Ltd (formerly AT Plastics, Inc.).
  

Amendment No. 2 to Rider No. 1, dated September 1, 2014, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Trinity Industries Leasing
Company) and Celanese Ltd (formerly AT Plastics, Inc.).
	  	23199
			
	C07-038	  	 Master Lease Agreement dated June 15, 2012, by and between WL Ross-Greenbrier Rail I LLC and Canadian National Railway Company.

 
 Rider No. 1 dated June 15, 2012 to that certain Master Lease Agreement dated
June 15, 2012, by and between WL Ross-Greenbrier Rail I LLC and Canadian National Railway Company.
	  	None
			
	C100-001	  	 Lease Agreement dated June 15, 2014, by and between WL Ross-Greenbrier Rail I LLC and the City of San Antonio, acting by and through its
City Public Service Board.
  
 Schedule No. 1 dated June 15, 2014 to that certain
Lease Agreement dated June 15, 2014, by and between WL Ross-Greenbrier Rail I LLC and the City of San Antonio, acting by and through its City Public Service Board.
	  	31653

  
 2 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	C02-044	  	 Master Full Service Railcar Lease dated December 14, 2012 and effective April 29, 2010, by and between WL Ross-Greenbrier Rail I
LLC and CSX Transportation, Inc.
  
 Schedule No. 1 dated as of January 1, 2013 and
effective April 29, 2010, to that certain Master Full Service Railcar Lease dated December 14, 2012 and effective April 29, 2010, by and between WL Ross-Greenbrier Rail I LLC and CSX Transportation, Inc.

 
 Storage/utilization amendment to Schedule No. 1, effective July 1, 2015, by and
between WL Ross-Greenbrier Rail I LLC and CSX Transportation, Inc.
	  	30756
			
	C02-048	  	 Master Lease dated December 14, 2012 and effective April 29, 2010, by and between WL Ross-Greenbrier Railcar I LLC and CSX
Transportation Inc.
  
 Schedule No. 2 effective May 1, 2011, to that certain Master
Lease dated December 14, 2012 and effective April 29, 2010, by and between WL Ross-Greenbrier Railcar I LLC and CSX Transportation Inc.
  

Proposal letter agreement effective April 30, 2014, to renew and amend Schedule No. 2, by and between WL Ross-Greenbrier Railcar I LLC and CSX
Transportation Inc.
	  	30757-A
			
	D07-007	  	 Lease Agreement dated February 1, 2012 and effective November 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and De Queen
and Eastern Railroad LLC.
  
 Rider No. 1 dated February 1, 2012 and effective
November 1, 2010, to that certain Lease Agreement dated February 1, 2012 and effective November 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and De Queen and Eastern Railroad LLC.
	  	31509
			
	E03-004	  	 Master Full Service Railcar Lease dated October 1, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and
Entergy Gulf States Louisiana, LLC.
  
 Schedule No. 2 dated April 24, 2015 to that
certain Master Full Service Railcar Lease dated October 1, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Entergy Gulf States Louisiana, LLC.
	  	31841
			
	E33-002	  	 Master Full Service Railcar Lease dated as of September 1, 2014, by and between WL Ross-Greenbrier Rail I LLC and Entergy Arkansas,
Inc.
  
 Schedule No. 1 dated as of September 26, 2014, to that certain Master Full
Service Railcar Lease dated as of September 1, 2014, by and between WL Ross-Greenbrier Rail I LLC and Entergy Arkansas, Inc.
	  	31675
			
	G08-011	  	 Master Full Service Railcar Lease dated July 1, 2011, by and between WL Ross-Greenbrier Rail I LLC and Georgia Power Company.

 
 Schedule No. 2 dated August 1, 2014 to that certain Master Full Service Railcar Lease
dated July 1, 2011, by and between WL Ross-Greenbrier Rail I LLC and Georgia Power Company.
	  	31678

  
 3 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	K08-002	  	 Master Full Service Railcar Lease Agreement dated May 1, 2005 by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of
Greenbrier Leasing Company LLC) and Knauf Insulation GmbH.
  
 Schedule No. 02 dated
December 1, 2006 to the Master Full Service Railcar Lease Agreement dated May 1, 2005 by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Greenbrier Leasing Company LLC) and Knauf Insulation GmbH.

 
 Amendment No. 1 to Schedule No. 02, entered into on January 17, 2007, effective
December 1, 2006, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Greenbrier Leasing Company LLC) and Knauf Insulation GmbH.
  

Amendment No. 2 to Schedule No. 02, dated January 31, 2012 and effective as of February 1, 2012, by and between WL Ross-Greenbrier Rail I LLC (as
ultimate assignee of Greenbrier Leasing Company LLC) and Knauf Insulation GmbH.
	  	25702-A
			
	L04-003	  	 Master Net Railcar Lease dated September 9, 2005, and effective August 1, 2005, between WL Ross-Greenbrier Rail I LLC (as assignee
of BBRX Five LLC) and Lafarge North American Inc. (as assignee of Blue Circle North America, Inc.).
  

Schedule No. 01 dated September 9, 2005, and effective August 1, 2005, to that certain Master Net Railcar Lease dated September 9, 2005, and
effective August 1, 2005, between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Lafarge North American Inc. (as assignee of Blue Circle North America, Inc.).

 
 Proposal letter agreement signed May 12, 2015 and effective August 1, 2015
amending Schedule No. 01, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Lafarge North American Inc. (as assignee of Blue Circle North America, Inc.).
	  	23004
			
	L10-022	  	 Master Net Railcar Lease dated as of July 9, 2001, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT
Group/Equipment Financing, Inc.) and Lafarge North America Inc. (formerly Lafarge Corporation).
  

Schedule No. 01 dated as of July 18, 2001, to that certain Master Net Railcar Lease dated as of July 9, 2001, by and between WL Ross-Greenbrier Rail
I LLC (as ultimate assignee of The CIT Group/Equipment Financing, Inc.) and Lafarge North America Inc. (formerly Lafarge Corporation).
  

Amendment No. 1 to Schedule No. 1, effective as of June 1, 2011, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT
Group/Equipment Financing, Inc.) and Lafarge North America Inc. (formerly Lafarge Corporation).
  

Amendment No. 2 to Schedule No. 1, effective as of December 31, 2014, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT
Group/Equipment Financing, Inc.) and Lafarge North America Inc. (formerly Lafarge Corporation).
	  	23780
			
	L05-003	  	 Lease Agreement dated as of August 23, 2010, by and between WL Ross-Greenbrier Rail I LLC and Louisiana-Pacific Corporation.

 
 Rider No. 1 entered into as of August 23, 2010, to that certain Lease Agreement dated
as of August 23, 2010, by and between WL Ross-Greenbrier Rail I LLC and Louisiana-Pacific Corporation.
  

Amendment No. 1 to Rider No. 1, entered into as of March 30, 2014, by and between WL Ross-Greenbrier Rail I LLC and Louisiana-Pacific
Corporation.
	  	29923

  
 4 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	M10-025	  	 Master Lease Agreement dated as of March 1, 2013 and effective August 1, 2010, by and between WL Ross-Greenbrier Rail Holdings I
LLC and Minnesota, Dakota & Western Railway Company.
  
 Rider No. 1 effective
August 1, 2010, to that certain Master Lease Agreement dated as of March 1, 2013 and effective August 1, 2010, by and between WL Ross-Greenbrier Rail Holdings I LLC and Minnesota, Dakota & Western Railway Company.

 
 Amendment No. 1 to Rider No. 1, effective December 31, 2012, by and between WL
Ross-Greenbrier Rail Holdings I LLC and Minnesota, Dakota & Western Railway Company.
	  	30843
			
	M10-028	  	 Master Lease Agreement dated March 1, 2013 and effective August 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and
Minnesota, Dakota & Western Railway Company.
  
 Rider No. 2 dated August 1,
2015, to that certain Master Lease Agreement dated March 1, 2013 and effective August 1, 2010, by and between WL Ross-Greenbrier Rail I LLC and Minnesota, Dakota & Western Railway Company.
	  	31854
			
	O16-001	  	 Lease Agreement dated as of February 10, 2014, by and between WL Ross-Greenbrier Rail I LLC and Otter Tail Power Company.

 
 Schedule No. 1 dated as of February 10, 2014 to that certain Lease Agreement dated as
of February 10, 2014, by and between WL Ross-Greenbrier Rail I LLC and Otter Tail Power Company.
	  	31093
			
	P28-009	  	 Master Railcar Lease dated as of June 8, 2000, by and between WL Ross-Greenbrier Rail I LLC and Phoenix Cement Company, a division of
the Salt River Pima-Maricopa Indian Community.
  
 Schedule No. 7 dated May 30, 2001,
to that certain Master Railcar Lease dated as of June 8, 2000, by and between WL Ross-Greenbrier Rail I LLC and Phoenix Cement Company, a division of the Salt River Pima-Maricopa Indian Community.

 
 Amendment No. 1 to Schedule No. 7, dated February 8, 2005, by and between WL
Ross-Greenbrier Rail I LLC and Phoenix Cement Company, a division of the Salt River Pima-Maricopa Indian Community.
  

Amendment No. 2 to Schedule No. 7, dated July 1, 2011, by and between WL Ross-Greenbrier Rail I LLC and Phoenix Cement Company, a division of the Salt
River Pima-Maricopa Indian Community.
  
 Amendment No. 3 to Schedule No. 7, effective
June 30, 2014, by and between WL Ross-Greenbrier Rail I LLC and Phoenix Cement Company, a division of the Salt River Pima-Maricopa Indian Community.
	  	22965-U

  
 5 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	P06-007	  	 Master Lease Agreement dated April 19, 2007 and effective March 30, 2007, by and between WL Ross-Greenbrier Rail I LLC (as assignee
of BBRX Five LLC) and Potlatch Land & Lumber LLC.
  
 Guaranty Agreement dated
October 24, 2012 by Potlatch Corporation in favor of WL Ross-Greenbrier Rail I LLC.
  

Schedule No. 1 dated April 19, 2007 and effective March 30, 2007, to that certain Master Lease Agreement dated April 19, 2007 and effective
March 30, 2007, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Potlatch Land & Lumber LLC.
  

Amendment No. 1 to Schedule No. 1, effective October 31, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Potlatch
Land & Lumber LLC.
  
 Amendment No. 2 to Schedule No. 1, effective October 31,
2012, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Potlatch Land & Lumber LLC.
  

Amendment No. 3 to Schedule No. 1, effective October 31, 2012, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Potlatch
Land & Lumber LLC.
	  	27282
			
	R09-001	  	 Master Full Service Railcar Lease dated February 16, 2007 and effective June 1, 2006, by and between WL Ross-Greenbrier Rail I LLC
(as ultimate assignee of Greenbrier Leasing Company LLC) and Riverside Cement Company.
  

Amendment and Guaranty of Master Full Service Railcar Lease dated as of December 18, 2007, by and between Babcock & Brown Rail Funding LLC (as
assignee of Greenbrier Leasing Company LLC) and Riverside Cement Company.
  
 Schedule No.
1 dated February 16, 2007 and effective June 1, 2006 to that certain Master Full Service Railcar Lease dated February 16, 2007 and effective June 1, 2006, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of
Greenbrier Leasing Company LLC) and Riverside Cement Company.
  
 Amendment No. 1 to
Schedule No. 1, effective July 1, 2011, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Greenbrier Leasing Company LLC) and Riverside Cement Company.
  

Amendment No. 2 to Schedule No. 1, effective June 30, 2014, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of Greenbrier Leasing
Company LLC) and Riverside Cement Company.
	  	26814

  
 6 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	S68-002	  	 Master Full Service Railcar Lease dated as of November 2, 2011, effective as of June 1, 2011, by and between WL Ross-Greenbrier
Rail I LLC and Sandy Creek Energy Associates LP, Lower Colorado River Authority, and Brazos Sandy Creek Electric Cooperative, collectively and severally as their interests appear.

 
 Schedule No. 2 dated as of August 17, 2012, to that certain Master Full Service
Railcar Lease dated as of November 2, 2011, effective as of June 1, 2011, by and between WL Ross-Greenbrier Rail I LLC and Sandy Creek Energy Associates LP, and Lower Colorado River Authority, and Brazos Sandy Creek Electric Cooperative,
collectively and severally as their interests appear.
  
 Amendment No. 1 to Schedule No.
2, entered into on June 10, 2015, effective as of October 31, 2014, by and between WL Ross-Greenbrier Rail I LLC and Sandy Creek Energy Associates LP, and Lower Colorado River Authority, and Brazos Sandy Creek Electric Cooperative,
collectively and severally as their interests appear.
  
 Amendment No. 2 to Schedule No.
2, dated as of June 15, 2015, by and between WL Ross-Greenbrier Rail I LLC and Sandy Creek Energy Associates LP, and Lower Colorado River Authority, and Brazos Sandy Creek Electric Cooperative, collectively and severally as their interests
appear.
	  	30538-A
			
	S65-001	  	 Master Lease Agreement dated April 20, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Savatran
LLC.
  
 Schedule No. 1 dated April 20, 2010 to that certain Master Lease Agreement
dated April 20, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Savatran LLC.
  

Proposal letter agreement to amend Schedule No. 1, signed May 28, 2014 and effective August 1, 2014, by and between WL Ross-Greenbrier Rail I LLC (as
assignee of BBRX Five LLC) and Savatran LLC.
	  	29473
			
	S65-005	  	 Master Lease Agreement dated April 20, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Savatran
LLC.
  
 Letter agreement signed May 28, 2014 by and between WL Ross-Greenbrier Rail
I LLC and Savatran LLC, for a lease to be documented as a new Schedule No. 2 to that certain Master Lease Agreement dated April 20, 2010, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Savatran LLC.
	  	None
			
	S77-001	  	Letter agreement signed March 30, 2015 and effective June 1, 2015, by and between WL Ross Greenbrier Rail I LLC and Steelscape, Inc.	  	31575
			
	T21-020	  	 Lease Agreement dated as of September 10, 2013, by and between WL Ross-Greenbrier Rail I LLC and Tate & Lyle Ingredients Americas
LLC.
  
 Schedule No. 1 dated as of September 10, 2013 to that certain Lease
Agreement dated as of September 10, 2013, by and between WL Ross-Greenbrier Rail I LLC and Tate & Lyle Ingredients Americas LLC.
	  	31592
			
	T06-005	  	 Master Net Railcar Lease dated March 26, 2012, by and between WL Ross-Greenbrier Rail I LLC and TTX Company.

 
 Schedule No. 1 dated March 26, 2012 to that certain Master Net Railcar Lease dated
March 26, 2012, by and between WL Ross-Greenbrier Rail I LLC and TTX Company.
  

Amendment No. 1 to Schedule No. 1, dated January 13, 2014, by and between WL Ross-Greenbrier Rail I LLC and TTX Company.
	  	31087

  
 7 

					
	 Lease ID
	  	 Description
	  	 STB
Recordation #

			
	U01-061	  	 Master Lease Agreement dated August 6, 2004, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Union
Pacific Railroad Company.
  
 Amended and Restated Rider No. 04 dated December 15,
2004 and effective November 11, 2004, to that certain Master Lease Agreement dated August 6, 2004, by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Union Pacific Railroad Company.

 
 Amendment No. 1 to Amended and Restated Rider No. 04, dated as of October 30, 2009,
by and between WL Ross-Greenbrier Rail I LLC (as assignee of BBRX Five LLC) and Union Pacific Railroad Company.
  

Amendment No. 2 to Amended and Restated Rider No. 04, entered into April 28, 2015 and effective March 1, 2015, by and between WL Ross-Greenbrier Rail
I LLC (as assignee of BBRX Five LLC) and Union Pacific Railroad Company.
	  	25136-Q
			
	U01-073	  	 Master Lease Agreement dated as of August 6, 2004, by and between WL Ross-Greenbrier Rail I LLC and Union Pacific Railroad Company.

 
 Rider No. 1 dated January 15, 2014, to that certain Master Lease Agreement dated as
of August 6, 2004, by and between WL Ross-Greenbrier Rail I LLC and Union Pacific Railroad Company.
	  	31307
			
	W04-022	  	 Lease Agreement dated April 29, 2010, by and between WL Ross-Greenbrier Rail I LLC and Wisconsin Central Ltd.

 
 Rider No. 1 dated as of April 29, 2010, to that certain Lease Agreement dated
April 29, 2010, by and between WL Ross-Greenbrier Rail I LLC and Wisconsin Central Ltd.
  

Amendment No. 1 to Rider No. 1, effective as of January 31, 2015, by and between WL Ross-Greenbrier Rail I LLC and Wisconsin Central Ltd.
	  	29874
			
	W26-001	  	 Master Net Railcar Lease made as of July 24, 1997, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT
Group/Equipment Financing Inc.) and Wisconsin Electric Power Company.
  
 Schedule No. 01
dated July 24, 1997, to Master Net Railcar Lease made as of July 24, 1997, by and between WL Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT Group/Equipment Financing Inc.) and Wisconsin Electric Power Company.

 
 Lease Extension to Schedule No. 01, dated June 13, 2006, by and between WL
Ross-Greenbrier Rail I LLC (as ultimate assignee of The CIT Group/Equipment Financing Inc.) and Wisconsin Electric Power Company.
	  	20796-A

  
 8 

 EXHIBIT C to 

Purchase and Sale Agreement 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

This ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment”) is made and entered into as of [Date], by WL
ROSS-GREENBRIER RAIL I LLC a Delaware limited liability company LLC (“Assignor”) and GREENBRIER LEASING COMPANY LLC, an Oregon limited liability company (“Assignee”). 

WHEREAS, Assignor owns certain railcars described in that certain Purchase and Sale Agreement of even date herewith between Assignor
and Assignee (the “Purchase Agreement”, and such railcars, the “Cars”); and 

WHEREAS, the Cars have been leased to the lessees identified in Exhibit 1 of this Assignment (the
“Lessee”), pursuant to riders or schedules (the “Schedules”) which incorporate the terms of the related master lease agreements (the “Master Lease Agreements”, and each Schedule
together with the corresponding Master Lease Agreement as it pertains to the Schedule, a “Lease”, and the Leases and the other operative documents related thereto (including any and all amendments, supplements and
modifications) identified in Exhibit 1, collectively, the “Operative Documents”); and 
 WHEREAS,
pursuant to the Purchase Agreement, Assignor has agreed to sell, transfer and assign and Assignee has agreed to purchase and assume certain Assets, including but not limited to all of Assignor’s rights, title and interest in the Leases, the
other Operative Documents to the extent relating to the Cars; and 
 WHEREAS, with respect to periods on and after the date of
execution and delivery of this Assignment, Assignee desires to acquire from Assignor and Assignor desires to sell to Assignee all of its rights, title and interest in the assets, and Assignee is willing to assume all of Assignor’s Rights and
Obligations with the exception of Retained Obligations (as such terms are defined in the Purchase Agreement) relating thereto; 
 NOW,
THEREFORE, in consideration of the premises and subject to the terms and conditions herein set forth, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined herein shall have the meanings specified in the Purchase Agreement. 

2. Assignment. Effective as of the date of this Assignment (the “Closing Date”), Assignor sells, assigns,
transfers and conveys to Assignee all of its rights, title, and interest in and to the Leases and the other Operative Documents set forth on Exhibit 1 to this Assignment to the extent relating to the Cars. 

  
 9 

 3. Assumption. Effective as of the Closing Date, Assignee hereby agrees to accept the
foregoing assignment pursuant to Section 2 hereof, and agrees to assume, discharge and perform all the duties and obligations of Assignor under the Operative Documents with respect to the Cars and agrees to be liable for and discharge all
such obligations under the Leases including any obligations and liabilities which were expressly to be undertaken by Assignor prior to the Closing Date and which remain unfulfilled on the Closing Date. 

4. Concerning the Cars. Effective on the Closing Date, Assignor hereby assigns and transfers to Assignee all rights which Assignor may
have under any warranties, patent indemnities or other instruments relating to the Cars with respect to periods on and after the Closing Date, and agrees, at Assignee’s expense, to take such actions and assist Assignee in good faith and as
Assignee may reasonably request to secure such rights for Assignee. 
 5. Records. [Not applicable] 

6. Manufacturer’s Warranty. [Not applicable] 

7. Counterparts. This Assignment may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 8. Successors and Assigns. The terms of this Assignment shall be
binding upon, and shall inure to the benefit of, the parties hereto, and their respective successors and assigns. 
 9. Governing Law.
THIS ASSIGNMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN TITLE 14 OF ARTICLE
5 OF THE GENERAL OBLIGATIONS LAW). 
 10. Further Assurances. Each party agrees that from time to time after the date hereof it shall
execute and deliver, or cause to be executed and delivered, such instruments, documents and papers, and take all such further action, as may be reasonably required in order to consummate more effectively the purposes of this Assignment and to
implement the transactions contemplated hereby. Assignor covenants and agrees to cooperate with Assignee in connection with any litigation arising with respect to the Assets if Seller’s cooperation is reasonably necessary for the adjudication
of issues raised in such litigation. 
 [The remainder of this page is intentionally left blank.] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed and
delivered on the day and year first above written. 
  

							
	ASSIGNOR:	 		 	WL ROSS-GREENBRIER RAIL I LLC
				
		 		 	By:	 	EXHIBIT ONLY – DO NOT SIGN
		 		 	Name:	 	 
		 		 	Title:	 	 
			
	ASSIGNEE:	 		 	GREENBRIER LEASING COMPANY LLC
				
		 		 	By:	 	EXHIBIT ONLY – DO NOT SIGN
		 		 	Name:	 	 
		 		 	Title:	 	 

  
 [Assignment and Assumption
Agreement – WLR Fleet] 

 EXHIBIT 1 to 

Assignment Agreement 

LEASES 
 [Insert Leases]

 EXHIBIT D to 

Purchase and 
 Sale
Agreement 
 BILL OF SALE 

KNOW ALL PEOPLE BY THESE PRESENTS: that WL ROSS-GREENBRIER RAIL I LLC, a Delaware limited liability company (“Seller”), in
consideration of the sum of One Dollar ($1.00) and other good and valuable consideration more fully described in that certain Purchase and Sale Agreement dated [Date] (the “Purchase Agreement”), the receipt of which is hereby
acknowledged, does hereby grant, bargain, sell and assign to GREENBRIER LEASING COMPANY LLC, an Oregon limited liability company (“Purchaser”), the following equipment (the “Cars”): All rights,
title and interest in and to the railcars described in Exhibit A hereto which have been leased pursuant to the terms of those certain Leases and other Operative Documents identified in Exhibit A to the Purchase Agreement. Capitalized
terms used and not otherwise defined herein shall have the meanings attributed thereto in the Purchase Agreement. 
 TO HAVE AND TO HOLD the
Cars unto Purchaser, its successors and assigns, forever, free and clear of all liens or other encumbrances of any nature arising prior to the Closing Date (as defined in the Purchase Agreement), with the exception of those permitted under the
Operative Documents, and it being recognized that each Lessee under the applicable Operative Documents has certain rights in the Cars. 

Seller, on its own behalf, and on behalf of its successors and assigns, does hereby covenant, warrant, represent to, and agree with Purchaser
(i) that it is the lawful owner of the Cars; (ii) that the Cars are free and clear of all claims, liens, charges, encumbrances and security interests arising prior to Closing other than a Lessee’s rights in the Cars and those
permitted under the applicable Operative Documents; (iii) that it has the full right and authority to sell and transfer the Cars to Purchaser; (iv) that the within sale and transfer of the Cars to Purchaser, separately and on a combined
basis, does not violate any contract, agreement or other instrument to which Seller is party or by which Seller or the Cars are bound, nor any provision of applicable law, and that all preconditions thereto have been fully complied with and
performed by or on behalf of Seller. Seller hereby further covenants and binds itself, its successors and assigns, against every person or entity claiming or laying claim to the Cars or any right therein and to defend, hold harmless and indemnify
Purchaser, its successors and assigns, from and against any and all losses, damages, and expenses (including reasonable attorney fees for defense thereof, or for enforcement of this covenant) resulting or arising from the assertion of any such claim
or cause of action to the contrary against Purchaser, its successors and assigns, or against the Cars or any item or part thereof, except as so subject. EXCEPT FOR THE WARRANTY OF TITLE SET FORTH IN THIS BILL OF SALE AND THE REPRESENTATIONS AND
WARRANTIES SET FORTH IN THE PURCHASE AGREEMENT, the Cars are being sold to Purchaser by the Seller “AS IS, WHERE IS,” without any other representations and warranties, whether written, oral or implied, and the SELLER SHALL NOT BY VIRTUE OF
HAVING SOLD THE CARS HEREWITH BE DEEMED TO HAVE MADE ANY REPRESENTATION OR WARRANTY AS TO THE MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OPERABILITY, DESIGN OR CONDITION OF, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP IN THE CARS.

 Seller agrees that at any time and from time to time, upon the written request of Purchaser,
Seller will promptly and duly execute and deliver or cause to be executed and delivered on its behalf any and all such further instruments and documents and take such further action as Purchaser may reasonably request in order to obtain the full
benefits of this Bill of Sale and of the rights and powers herein granted. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, Seller has executed and delivered this Bill of Sale as of the
         day of                     , 2015. 

 

			
	WL ROSS-GREENBRIER RAIL I LLC
		
	By:	 	EXHIBIT ONLY – DO NOT SIGN
	Name:	 	 
	Title:	 	 

  
 3 

 EXHIBIT 1 to 

Bill of Sale 

DESCRIPTION OF CARS 

 EXHIBIT E to 

Purchase and 
 Sale
Agreement 
 MEMORANDUM OF ASSIGNMENT 

MEMORANDUM OF ASSIGNMENT 

THIS MEMORANDUM OF ASSIGNMENT dated as of [Date], is between WL ROSS-GREENBRIER RAIL I LLC, a Delaware limited liability company,
(“Assignor”), and GREENBRIER LEASING COMPANY LLC, an Oregon limited liability company (“Assignee”). 
 The parties to
this Memorandum hereby acknowledge and confirm the following: 
 A. Assignor is the owner of the railcars more particularly described in
Exhibit A hereto (the “Cars”), and certain of the Cars have been leased to lessees pursuant to those certain lease agreements and lease schedules or riders thereto more particularly described in Exhibit B attached hereto (such lease
agreements and lease schedules or riders as amended, modified, extended, supplemented, restated and/or replaced from time to time, the “Leases”). 

B. The Cars have been identified by Lease ID in Exhibit A, notwithstanding the fact that the actual number of Cars originally subject to each
Lease may originally have been greater, and the number of Cars currently subject to each Lease may now be lower, than the number of Cars identified for such Lease in Exhibit A. 

C. Memoranda of Lease have been filed with respect to most of the Leases with the U.S. Surface Transportation Board and/or the Registrar
General of Canada. 
 D. Assignor and Assignee are parties to that certain Assignment Agreement dated [Date], pursuant to which Assignor has
assigned all of its right, title and interest under the Leases as they pertain to periods on and after [Date], to Assignee. 
 E. The parties
hereto wish to show for public record this Memorandum reflecting the sale of the Cars and assignment of the Leases by Assignor to Assignee, and accordingly have caused this Memorandum to be executed by their duly authorized officers, as of the date
first above written. This Memorandum may be executed in counterparts, each such counterpart shall be binding on both parties hereto, notwithstanding that both parties are not signatories to the same counterpart. 

[The remainder of this page has been intentionally left blank.] 

  
 Memo of Assignment WLR
Fleet 

 IN WITNESS WHEREOF, each of the undersigned parties have caused this Memorandum to be executed by
a duly authorized officer as of the day and year first above written. 
  

			
	GREENBRIER LEASING COMPANY LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	WL ROSS-GREENBRIER RAIL I LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 EXHIBIT A 

RAILCARS 

  
 Memo of Assignment WLR
Fleet 

 EXHIBIT B 

LEASES 

  
 Memo of Assignment WLR
Fleet 

 STATE OF
OREGON                             ) 

                          
                                       ) ss. 

COUNTY OF CLACKAMAS                ) 

On this          day of
                    , 2015, before me personally appeared
                                         
   , to me personally known, who being by me duly sworn, says that s/he is the
                                         
        of Greenbrier Leasing Company LLC and that the foregoing instrument was signed on behalf of said company, and s/he acknowledged that the execution of the said instrument was her or his free act and deed.

  

			
	   

	NOTARY PUBLIC	 	
	My commission expires:	 	 

 STATE OF
                                         
     ) 

                          
                                        ) ss. 

COUNTY OF
                                         
 ) 
 On this          day of
                    , 2015, before me personally appeared
                                         
   , to me personally known, who being by me duly sworn, says that s/he is the
                                         
        of WL Ross-Greenbrier Rail I LLC and that the foregoing instrument was signed on behalf of said company, and s/he acknowledged that the execution of the said instrument was her or his free act and deed.

  

			
	   

	NOTARY PUBLIC	 	
	My commission expires:	 	 

  
 Memo of Assignment WLR
FleetExhibit

EXECUTION VERSION

    
NEW JERSEY RESOURCES CORPORATION 
 
 
 
 
$50,000,000 3.20% Senior Notes, Series 2016A, due August 18, 2023
$100,000,000 3.54% Senior Notes, Series 2016B, due August 18, 2026 
 
 
 
 
NOTE PURCHASE AGREEMENT 
 
 
 
 
 
 
 
 
 
Dated as of March 22, 2016
    

TABLE OF CONTENTS

Page

	
					
	SECTION 1.
	AUTHORIZATION OF NOTES
	1

	 
	Section 1.1.
	Authorization of Notes
	1

	 
	 
	 
	 
	 

	SECTION 2.
	SALE AND PURCHASE OF NOTES; GUARANTY
	1

	 
	Section 2.1.
	Sale and Purchase of Notes
	1

	 
	Section 2.2.
	Guaranty Agreement
	2

	 
	 
	 
	 
	 

	SECTION 3.
	CLOSING
	2

	 
	 
	 
	 
	 

	SECTION 4.
	CONDITIONS TO CLOSING
	2

	 
	Section 4.1.
	Representations and Warranties
	2

	 
	Section 4.2.
	Performance; No Default
	3

	 
	Section 4.3.
	Compliance Certificates
	3

	 
	Section 4.4.
	Guaranty Agreement
	3

	 
	Section 4.5.
	Opinions of Counsel
	3

	 
	Section 4.6.
	Purchase Permitted by Applicable Law, Etc.
	4

	 
	Section 4.7.
	Sale of Other Notes
	4

	 
	Section 4.8.
	Payment of Special Counsel Fees
	4

	 
	Section 4.9.
	Private Placement Number
	4

	 
	Section 4.10.
	Changes in Corporate Structure
	4

	 
	Section 4.11.
	Funding Instructions
	4

	 
	Section 4.12.
	Proceedings and Documents
	4

	 
	 
	 
	 
	 

	SECTION 5.
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	5

	 
	Section 5.1.
	Organization; Power and Authority
	5

	 
	Section 5.2.
	Authorization, Etc.
	5

	 
	Section 5.3.
	Disclosure
	5

	 
	Section 5.4.
	Organization and Ownership of Shares of Subsidiaries
	6

	 
	Section 5.5.
	Financial Statements
	6

	 
	Section 5.6.
	Compliance with Laws, Other Instruments, Etc.
	6

	 
	Section 5.7.
	Governmental Authorizations, Etc.
	7

	 
	Section 5.8.
	Litigation; Observance of Statutes and Orders
	7

	 
	Section 5.9.
	Taxes
	7

	 
	Section 5.10.
	Title to Property; Leases
	8

	 
	Section 5.11.
	Licenses, Permits, Etc.
	8

	 
	Section 5.12.
	Compliance with ERISA
	8

	 
	Section 5.13.
	Private Offering by the Company
	9

	 
	Section 5.14.
	Use of Proceeds; Margin Regulations
	9

	 
	Section 5.15.
	Existing Debt
	9

	 
	Section 5.16.
	Foreign Assets Control Regulations, Etc.
	10

	 
	Section 5.17.
	Status under Certain Statutes
	11

	
			
	 
	i
	 

TABLE OF CONTENTS
(continued)
Page

	
					
	 
	Section 5.18.
	Environmental Matters
	11

	 
	Section 5.19.
	Notes Rank Pari Passu
	11

	 
	 
	 
	 
	 

	SECTION 6.
	REPRESENTATIONS OF THE PURCHASERS
	12

	 
	Section 6.1.
	Purchase for Investment
	12

	 
	Section 6.2.
	Source of Funds
	12

	 
	 
	 
	 
	 

	SECTION 7.
	INFORMATION AS TO COMPANY
	14

	 
	Section 7.1.
	Financial and Business Information
	14

	 
	Section 7.2.
	Officer’s Certificate
	17

	 
	Section 7.3.
	Inspection
	17

	 
	 
	 
	 
	 

	SECTION 8.
	PREPAYMENT OF THE NOTES
	18

	 
	Section 8.1.
	Maturity; Required Prepayments
	18

	 
	Section 8.2.
	Optional Prepayments with Make-Whole Amount
	18

	 
	Section 8.3.
	Allocation of Partial Prepayments
	18

	 
	Section 8.4.
	Maturity; Surrender, Etc.
	19

	 
	Section 8.5.
	Purchase of Notes
	19

	 
	Section 8.6.
	Make-Whole Amount for Notes
	19

	 
	 
	 
	 
	 

	SECTION 9.
	AFFIRMATIVE COVENANTS
	21

	 
	Section 9.1.
	Compliance with Law
	21

	 
	Section 9.2.
	Insurance
	21

	 
	Section 9.3.
	Maintenance of Properties
	21

	 
	Section 9.4.
	Payment of Taxes and Claims
	22

	 
	Section 9.5.
	Corporate Existence, Etc.
	22

	 
	Section 9.6.
	Ownership of Subsidiaries
	22

	 
	Section 9.7.
	Guaranty Agreement
	22

	 
	Section 9.8.
	New Jersey Natural Gas Regulated Nature
	24

	 
	Section 9.9.
	Notes to Rank Pari Passu
	24

	 
	 
	 
	 
	 

	SECTION 10.
	NEGATIVE COVENANTS
	25

	 
	Section 10.1.
	Leverage Ratio
	25

	 
	Section 10.2.
	Limitation on Priority Debt
	25

	 
	Section 10.3.
	Liens
	25

	 
	Section 10.4.
	Restricted Payments
	27

	 
	Section 10.5.
	Restrictions on Dividends of Subsidiaries, Etc.
	28

	 
	Section 10.6.
	Sale of Assets, Etc.
	28

	
			
	 
	ii
	 

TABLE OF CONTENTS
(continued)
Page

	
					
	 
	Section 10.7.
	Merger, Consolidation, Etc.
	28

	 
	Section 10.8.
	Disposal of Ownership of a Restricted Subsidiary
	29

	 
	Section 10.9.
	Limitations on Subsidiaries, Partnerships and Joint Ventures
	30

	 
	Section 10.10.
	[Reserved]
	30

	 
	Section 10.11.
	Nature of Business
	30

	 
	Section 10.12.
	Transactions with Affiliates
	30

	 
	Section 10.13.
	Designation of Restricted and Unrestricted Subsidiaries
	30

	 
	Section 10.14.
	Terrorism Sanctions Regulations
	31

	 
	 
	 
	 
	 

	SECTION 11.
	EVENTS OF DEFAULT
	32

	 
	 
	 
	 
	 

	SECTION 12.
	REMEDIES ON DEFAULT, ETC.
	34

	 
	Section 12.1.
	Acceleration
	34

	 
	Section 12.2.
	Other Remedies
	35

	 
	Section 12.3.
	Rescission
	35

	 
	Section 12.4.
	No Waivers or Election of Remedies, Expenses, Etc.
	35

	 
	 
	 
	 
	 

	SECTION 13.
	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	36

	 
	Section 13.1.
	Registration of Notes
	36

	 
	Section 13.2.
	Transfer and Exchange of Notes
	36

	 
	Section 13.3.
	Replacement of Notes
	36

	 
	 
	 
	 
	 

	SECTION 14.
	PAYMENTS ON NOTES
	37

	 
	Section 14.1.
	Place of Payment
	37

	 
	Section 14.2.
	Home Office Payment
	37

	 
	 
	 
	 
	 

	SECTION 15.
	EXPENSES, ETC.
	37

	 
	Section 15.1.
	Transaction Expenses
	37

	 
	Section 15.2.
	Survival
	38

	 
	 
	 
	 
	 

	SECTION 16.
	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	38

	 
	 
	 
	 
	 

	SECTION 17.
	AMENDMENT AND WAIVER
	38

	 
	Section 17.1.
	Requirements
	38

	 
	Section 17.2.
	Solicitation of Purchasers and Holders of Notes
	39

	 
	Section 17.3.
	Binding Effect, Etc.
	39

	 
	Section 17.4.
	Notes Held by Company, Etc.
	40

	 
	 
	 
	 
	 

	
			
	 
	iii
	 

TABLE OF CONTENTS
(continued)
Page

	
					
	SECTION 18.
	NOTICES
	40

	 
	 
	 
	 
	 

	SECTION 19.
	REPRODUCTION OF DOCUMENTS
	40

	 
	 
	 
	 
	 

	SECTION 20.
	CONFIDENTIAL INFORMATION
	41

	 
	 
	 
	 
	 

	SECTION 21.
	SUBSTITUTION OF PURCHASER
	42

	 
	 
	 
	 
	 

	SECTION 22.
	MISCELLANEOUS
	42

	 
	Section 22.1.
	Successors and Assigns
	42

	 
	Section 22.2.
	Submission to Jurisdiction; Waiver of Jury Trial
	43

	 
	Section 22.3.
	Payments Due on Non-Business Days
	43

	 
	Section 22.4.
	Accounting Terms
	43

	 
	Section 22.5.
	Severability
	44

	 
	Section 22.6.
	Construction
	44

	 
	Section 22.7.
	Counterparts
	44

	 
	Section 22.8.
	Governing Law
	44

	
			
	 
	iv
	 

Attachments to Note Purchase Agreement: 
 
	
			
	Schedule A
	—
	Information Relating to Purchasers 

	Schedule B
	—
	Defined Terms 

	Schedule 4.11
	—
	Changes in Corporate Structure 

	Schedule 5.3
	—
	Disclosure Materials 

	Schedule 5.4
	—
	Subsidiaries of the Company and Ownership of Subsidiary Stock 

	Schedule 5.5
	—
	Financial Statements 

	Schedule 5.8
	—
	Certain Litigation 

	Schedule 5.11
	—
	Patents, Etc. 

	Schedule 5.15
	—
	Existing Debt 

	 
	 
	 

	Exhibit 1(a)
	—
	Form of 3.20% Senior Note, Series 2016A, due August 18, 2023 

	Exhibit 1(b)
	—
	Form of 3.54% Senior Note, Series 2016B, due August 18, 2026 

	Exhibit 2
	—
	Form of Subsidiary Guaranty Agreement 

	Exhibit 4.5(a)
	—
	Form of Opinion of Special Counsel for the Company and the Guarantors 

	Exhibit 4.5(b)
	—
	Form of Opinion of Special Counsel for the Purchasers 

	
			
	 
	v
	 

New Jersey Resources Corporation 
1415 Wyckoff Road 
Wall, New Jersey 07719
$50,000,000 3.20% Senior Notes, Series 2016A, due August 18, 2023
$100,000,000 3.54% Senior Notes, Series 2016B, due August 18, 2026

Dated as of March 22, 2016
TO EACH OF THE PURCHASERS LISTED IN
SCHEDULE A HERETO:

Ladies and Gentlemen:
New Jersey Resources Corporation, a New Jersey corporation (the “Company”), agrees with each of you as follows:
SECTION 1.    AUTHORIZATION OF NOTES.
Section 1.1.    Authorization of Notes.  The Company will authorize the issue and sale of $150,000,000 of its senior notes consisting of (a) $50,000,000 aggregate principal amount of its 3.20% Senior Notes, Series 2016A, due August 18, 2023 (as amended, restated or otherwise modified from time to time pursuant to Section 17, the “Series A Notes”) and (b) $100,000,000 aggregate principal amount of its 3.54% Senior Notes, Series 2016B, due August 18, 2026 (as amended, restated or otherwise modified from time to time pursuant to Section 17, the “Series B Notes”).  The Series A Notes and the Series B Notes are herein collectively referred to as the “Notes” (such term to include any such notes issued in substitution therefor pursuant to Section 13).  The Series A Notes and the Series B Notes shall be substantially in the forms set out in Exhibit 1(a) and Exhibit 1(b), respectively.  Certain capitalized and other terms used in this Agreement are defined in Schedule B.  References to a “Schedule” or an “Exhibit” are references to a Schedule or Exhibit, as applicable, attached to this Agreement unless otherwise specified.  References to a “Section” are references to a Section of this Agreement unless otherwise specified.
SECTION 2.    SALE AND PURCHASE OF NOTES; GUARANTY.
Section 2.1.    Sale and Purchase of Notes.  Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes of the series and in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of 

the principal amount thereof.  The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.
Section 2.2.    Guaranty Agreement.  The obligations of the Company hereunder and under the Notes are absolutely, unconditionally and irrevocably guaranteed by each Restricted Subsidiary existing on the Execution Date and each other Subsidiary from time to time required to guaranty the Notes pursuant to Section 9.7 (each a “Guarantor” and, collectively, the “Guarantors”), pursuant to that certain Subsidiary Guaranty Agreement dated as of the date hereof (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”) substantially in the form of Exhibit 2.
SECTION 3.    CLOSING.
The execution and delivery of this Agreement shall occur on March 22, 2016 (the “Execution Date”).  The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New York, New York 10103, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on August 18, 2016.  At the Closing the Company will deliver to each Purchaser the Notes of each series to be purchased by such Purchaser in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with the funding instructions provided pursuant to Section 4.11.  If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.
SECTION 4.    CONDITIONS TO CLOSING.
Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:
Section 4.1.    Representations and Warranties.  (a) The representations and warranties of the Company in this Agreement shall be correct on the Execution Date and at the time of the Closing, except for such representations and warranties as of a specified date (which representations and warranties shall be correct in all material respects as of such specified date).
(b)    The representations and warranties of each Guarantor in the Guaranty Agreement shall be correct when made and at the time of the Closing, except for such representations and warranties as of a specified date (which representations and warranties shall be correct in all material respects as of such specified date).

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Section 4.2.    Performance; No Default.  The Company and each Guarantor shall have performed and complied with all agreements and conditions contained in this Agreement or in the Guaranty Agreement, as applicable, required to be performed or complied with by it prior to or at the Closing and from the date of this Agreement to the Closing assuming that Sections 9 and 10 are applicable from the date of this Agreement.  From the date of this Agreement until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing.
Section 4.3.    Compliance Certificates.
(a)    Officer’s Certificate.  (1) The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.10 have been fulfilled.
(2)    Each Guarantor shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Section 4.1(b) and 4.2 have been fulfilled.
(3)    A duly authorized Senior Financial Officer shall execute and deliver to each such Purchaser an Officer’s Certificate dated the date of Closing stating that such officer has reviewed the provisions of this Agreement and setting forth the information and computations (in sufficient detail) required to establish whether after giving effect to the issuance of the Notes and after giving effect to the application of the proceeds thereof, the Company is in compliance with the requirements of Section 10.1 on such date.
(b)    Secretary’s Certificate.  (1) The Company shall have delivered to such Purchaser a certificate of its Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents then in effect.
(2)    Each Guarantor shall have delivered to such Purchaser a certificate of its Secretary, dated the date of Closing, certifying as to (i) the resolutions attached thereto and other corporate or similar proceedings relating to the authorization, execution and delivery of the Guaranty Agreement and (ii) such Guarantor’s organizational documents then in effect.
Section 4.4.    Guaranty Agreement.  The Guaranty Agreement shall have been duly authorized, executed and delivered by each Guarantor and shall be in full force and effect and such Purchaser shall have received a duly executed copy thereof.  
Section 4.5.    Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Richard Reich, Esq., Assistant General Counsel of NJR Service Corporation, and of Troutman Sanders LLP, special counsel for the Company and the Guarantors, covering the matters set forth in Exhibit 4.5(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or 

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special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to such Purchaser) and (b) from Schiff Hardin LLP, special counsel to the Purchasers of the Notes, in connection with such transactions, substantially in the form set forth in Exhibit 4.5(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.
Section 4.6.    Purchase Permitted by Applicable Law, Etc.  On the date of the Closing, such  Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation which law or regulation was not in effect on the Execution Date.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable it to determine whether such purchase is so permitted.
Section 4.7.    Sale of Other Notes.  Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A.
Section 4.8.    Payment of Special Counsel Fees.  Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of special counsel to the Purchasers referred to in Section 4.5(b) to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.
Section 4.9.    Private Placement Number.  A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of the Notes.
Section 4.10.    Changes in Corporate Structure .  The Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation and shall not have succeeded to all or any substantial part of the liabilities of any other entity at any time following the date of the most recent financial statements referred to in Schedule 5.5.
Section 4.11.    Funding Instructions.  At least three Business Days prior to the date of the Closing, such Purchaser shall have received written instructions executed by an authorized financial officer of the Company on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number, (c) the account name and number into which the purchase price for the Notes is to be deposited and (d) the name and telephone number of the account representative responsible for verifying receipt of such funds.

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Section 4.12.    Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or special counsel to the Purchasers may reasonably request.
SECTION 5.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
The Company represents and warrants to each Purchaser that:
Section 5.1.    Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and authority to own or lease the properties it purports to own or lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.
Section 5.2.    Authorization, Etc.  (a) This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(b)    The Guaranty Agreement has been duly authorized by all necessary corporate or other action on the part of each Guarantor, and the Guaranty Agreement constitutes a legal, valid and binding obligation of each Guarantor enforceable against each Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
Section 5.3.    Disclosure.  The Company, through its agent, U.S. Bancorp. Investments, Inc., has delivered to each Purchaser a copy of a Private Placement Memorandum, dated February 8, 2016 (the “Memorandum”), relating to the transactions contemplated hereby.  Except as disclosed in Schedule 5.3, this Agreement, the Memorandum, the documents, certificates or other writings identified in Schedule 5.3 and the financial statements listed in Schedule 5.5 (collectively, the “Disclosure Documents”), taken as a whole, when read in conjunction with the information with respect to the Company and its Subsidiaries that may be available on the website of the Securities and Exchange Commission (presently www.sec.gov) since December 31, 2015, do not 

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contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Except as disclosed in the Disclosure Documents, since September 30, 2015 there has been no change in the financial condition, operations, business or properties of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
Section 5.4.    Organization and Ownership of Shares of Subsidiaries.  (a) Schedule 5.4 is (except as noted therein) a complete and correct lists of (i) the Company’s Subsidiaries as of the date of the Closing, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether or not such Subsidiary is a Restricted Subsidiary, an Inactive Subsidiary and/or a Regulated Entity and (ii) the Company’s directors and executive officers.
(b)    All of the outstanding shares of capital stock or similar equity interests of each Restricted Subsidiary and New Jersey Natural Gas shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).
(c)    Each Restricted Subsidiary identified in Schedule 5.4 and New Jersey Natural Gas is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Restricted Subsidiary and New Jersey Natural Gas has the corporate or other power and authority to own or lease the properties it purports to own or lease, to transact the business it transacts and proposes to transact and, in the case of each Restricted Subsidiary that is a Guarantor, to execute and deliver the Guaranty Agreement and to perform the provisions thereof.
Section 5.5.    Financial Statements.  The Company has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed on Schedule 5.5.  All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries did not have, on the date of such financial statements, any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.
Section 5.6.    Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by the Company of this Agreement and the Notes and the execution and delivery by 

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each Guarantor of the Guaranty Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which the Company, any Restricted Subsidiary or New Jersey Natural Gas is bound or by which the Company, any Restricted Subsidiary or New Jersey Natural Gas or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company, any Restricted Subsidiary or New Jersey Natural Gas or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company, any Restricted Subsidiary or New Jersey Natural Gas.
Section 5.7.    Governmental Authorizations, Etc.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required to be done or made, as the case may be, by the Company or any Guarantor in connection with the execution, delivery or performance by (a) the Company of this Agreement or the Notes or (b) any Guarantor of the Guaranty Agreement, in each case, other than such consents, approvals, authorizations, registrations, filings or declarations that have been obtained or made prior to the date of the Closing.
Section 5.8.    Litigation; Observance of Statutes and Orders.  (a) Except as disclosed in Schedule 5.8, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company, any Restricted Subsidiary or New Jersey Natural Gas or any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(b)    None of the Company, any Restricted Subsidiary or New Jersey Natural Gas is in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
Section 5.9.    Taxes.  The Company and its Subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate.  The Federal income tax liabilities of the Company and its 

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Subsidiaries have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2010. 
Section 5.10.    Title to Property; Leases.  The Company, its Restricted Subsidiaries and New Jersey Natural Gas have good and sufficient title related to the ownership of their respective Material properties, including all such Material properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company, any Restricted Subsidiary or New Jersey Natural Gas after said date (except as sold or otherwise disposed of in the ordinary course of business or otherwise to the extent not prohibited hereunder), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases are valid and subsisting and are in full force and effect in all material respects.
Section 5.11.    Licenses, Permits, Etc.  Except as disclosed in Schedule 5.11, the Company, its Restricted Subsidiaries and New Jersey Natural Gas own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.
Section 5.12.    Compliance with ERISA.  (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by the Company or any ERISA Affiliate, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA on any of the rights, properties or assets of the Company or any ERISA Affiliate,  other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.
(b)    The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than $25,000,000.  The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA.
(c)    The Company and its ERISA Affiliates have not incurred withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.

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(d)    The accumulated post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company, its Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.
(e)    The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Company in the first sentence of this Section 5.12(e) with respect to each Purchaser is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.
Section 5.13.    Private Offering by the Company.  Neither the Company nor anyone authorized to act on its behalf has offered the Notes or the Guaranty Agreement or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than not more than 25 Institutional Investors (including the Purchasers) of the type described in clause (c) of the definition thereof, each of which has been offered the Notes and the Guaranty Agreement at a private sale for investment.  Neither the Company nor anyone authorized to act on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes or the execution and performance of the Guaranty Agreement to the registration requirements of Section 5 of the Securities Act.
Section 5.14.    Use of Proceeds; Margin Regulations.  The Company will apply the proceeds of the sale of the Notes for general corporate purposes.  No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.
Section 5.15.    Existing Debt.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as of December 31, 2015, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company, its Restricted Subsidiaries or New Jersey Natural Gas.  None of the Company, any Restricted Subsidiary or New Jersey Natural Gas is in default in the payment of any principal or interest on any Debt of the Company, such Restricted Subsidiary or New Jersey Natural Gas and 

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no event or condition exists with respect to any Debt of the Company, any Restricted Subsidiary or New Jersey Natural Gas the outstanding principal amount of which exceeds $5,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.
(b)    Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company or any Guarantor, except as specifically indicated in Schedule 5.15.
Section 5.16.    Foreign Assets Control Regulations, Etc.  
(a)    Neither the Company nor any Controlled Entity is (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.
(b)    Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws.
(c)    No part of the proceeds from the sale of the Notes hereunder:
(i)    constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;
(ii)    will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or
(iii)    will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.
(d)    The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each 

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Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.
Section 5.17.    Status under Certain Statutes.  Neither the Company nor any Subsidiary is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or an “affiliated person” of an “investment company” or an “affiliated person” of such “affiliated person” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an “investment company” or such an “affiliated person” or under such “control.”  Neither the Company nor any Subsidiary is a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 2005, as amended.  Based upon the immediately preceding sentence, neither the Company nor the issue and sale of the Notes is subject to regulation under the Public Utility Holding Company Act of 2005, as amended.  Neither the Company nor any Subsidiary is subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.  Neither the Company nor any Subsidiary (other than New Jersey Natural Gas) is subject to any Federal or state statute or regulation limiting its ability to incur Debt.
Section 5.18.    Environmental Matters.  None of the Company, any Restricted Subsidiary or New Jersey Natural Gas has actual knowledge of any claim or has received any written notice of any claim, and no proceeding has been instituted raising any claim against the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  Except as otherwise disclosed on Schedule 5.8:
(a)    none of the Company, any Restricted Subsidiary or New Jersey Natural Gas has actual knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;
(b)    none of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and
(c)    all buildings on all real properties now owned or operated by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

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Section 5.19.    Notes Rank Pari Passu.  The obligations of the Company under this Agreement and the Notes rank at least pari passu in right of payment with all other unsecured Senior Debt (actual or contingent) of the Company, including, without limitation, all unsecured Senior Debt of the Company described in Schedule 5.15 hereto.
SECTION 6.    REPRESENTATIONS OF THE PURCHASERS.
Section 6.1.    Purchase for Investment.  Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust fund’s property shall at all times be within such Purchaser’s or such pension or trust fund’s control.  Each Purchaser represents that it is an “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.  Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes.  Each Purchaser also represents that the Company has made available to it, a reasonable time prior to the consummation of the transactions contemplated hereby, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Notes that it is purchasing or shall purchase and to obtain any additional information which the Company possesses or could acquire without unreasonable effort or expense; provided that the foregoing shall not be construed as limiting the ability of any Purchaser to rely on the representations and warranties contained herein and in the Guaranty Agreement.
Section 6.2.    Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:
(a)    the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or
(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate 

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account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or
(c)    the Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or
(d)    the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or
(e)    the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or
(f)    the Source is a governmental plan; or
(g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or

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(h)    the Source does not include assets of (i) any employee benefit plan, other than a plan exempt from the coverage of ERISA, or (ii) any “plan” as defined in Section 4975(e)(1) of the Code.
As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in Section 3 of ERISA.
SECTION 7.    INFORMATION AS TO COMPANY.
Section 7.1.    Financial and Business Information.  The Company shall deliver to each Purchaser and each holder of Notes that is an Institutional Investor:
(a)    Quarterly Statements — within 60 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of:
(1)    a consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries as at the end of such quarter, and
(2)    consolidated and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,
setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from normal year-end adjustments, provided that delivery within the time period specified above of copies of the Company’s Quarterly Report on Form 10‐Q prepared in compliance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 7.1(a), and provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐Q if it shall have timely made such Form 10‐Q available on “EDGAR” and on its home page on the worldwide web (at the Execution Date located at: http//www.njresources.com under “Shareowner Information”) and shall have given such holder prompt notice of such availability on EDGAR and on its home page in connection with each delivery (such availability and notice thereof being referred to as “Electronic Delivery”);
(b)    Annual Statements — within 120 days after the end of each fiscal year of the Company, duplicate copies of:

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(1)    a consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries as at the end of such year, and
(2)    consolidated and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries, for such year,
setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, with such consolidated financial statements accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent certified public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Annual Report on Form 10‐K for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 7.1(b), and provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐K if it shall have timely made Electronic Delivery thereof;
(c)    SEC and Other Reports — with reasonable promptness, upon their becoming available, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company, any Restricted Subsidiary or New Jersey Natural Gas to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company, any Restricted Subsidiary or New Jersey Natural Gas with the Securities and Exchange Commission, excluding in any event confidential correspondence delivered by any of the foregoing Persons to the Securities and Exchange Commission; provided that the Company shall be deemed to have made such delivery of such reports, registration statements, prospectuses and amendments if it shall have timely made Electronic Delivery thereof. 
(d)    Notice of Default or Event of Default — with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of the existence of 

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any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;
(e)    ERISA Matters — with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:
(1)    with respect to any Plan, the occurrence of any reportable event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the Execution Date; or
(2)    the taking by the PBGC of steps to institute, or the threatening in writing by the PBGC of the institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or
(3)    the occurrence of any event or transaction that results in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans with respect to any Plan, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA, or any successor thereto, on any of the rights, properties or assets of the Company or any ERISA Affiliate, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;
(f)    Unrestricted Subsidiaries — at such time as either (1) the aggregate amount of the total assets of all Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) exceeds 10% of the consolidated total assets of the Company and its Subsidiaries determined in accordance with GAAP or (2) one or more Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) account for more than 10% of the consolidated gross revenues of the Company and its Subsidiaries determined in accordance with GAAP, and within the respective periods provided in paragraphs (a) and (b) above, financial statements of the character and for the dates and periods as in said paragraphs (a) and (b) covering each Unrestricted Subsidiary (or groups of Unrestricted Subsidiaries on a consolidated basis, excluding New Jersey Natural Gas) together with consolidating statements reflecting eliminations or adjustments required in order to reconcile such financial statements to the corresponding consolidated financial statements of the Company and its Subsidiaries delivered pursuant to paragraphs (a) and (b) above; provided, that to the extent that the financial statements required by paragraphs (a) and (b) above shall already provide such consolidating financial information for such Unrestricted Subsidiaries or group of Unrestricted Subsidiaries (or such Unrestricted Subsidiary or group of Unrestricted Subsidiaries represent one or more reportable segments, and the footnotes to 

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the financial statements required by paragraphs (a) and (b) include consolidating information with respect to such segment or segments in a manner substantially consistent with Note 14 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2015 and Note 13 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015), then this paragraph (f) shall not be applicable; and
(g)    Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas (including, but without limitation, actual copies of the Company’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such Purchaser or holder of Notes.
Section 7.2.    Officer’s Certificate.  Each set of financial statements delivered to a Purchaser or a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes):
(a)    Covenant Compliance — the information (including reasonably detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Section 10.1 and Section 10.2 during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence).  In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.4) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and
(b)    Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default that is continuing as at the end of such quarterly or annual period, as the case may be, and, if any such condition or event then exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.

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Section 7.3.    Inspection.  The Company shall permit the representatives of each Purchaser and each holder of Notes that is an Institutional Investor:
(a)    No Default — if no Default under Section 11.1(b) or Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable prior written notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company, its Restricted Subsidiaries and New Jersey Natural Gas with the Company’s officers, and, with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company, each Restricted Subsidiary and New Jersey Natural Gas, all at such reasonable times during normal business hours and as often as may be reasonably requested in writing; and
(b)    Default — if a Default under Section 11.1(b) or an Event of Default then exists, at the expense of the Company, upon prior notice to the Company, to visit and inspect any of the offices or properties of the Company, any Restricted Subsidiary or New Jersey Natural Gas, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company, its Restricted Subsidiaries and New Jersey Natural Gas), all at such times during normal business hours and as often as may be requested.
SECTION 8.    PREPAYMENT OF THE NOTES.
Section 8.1.    Maturity; Required Prepayments.  As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.  The Notes shall not be subject to required prepayments. 
Section 8.2.    Optional Prepayments with Make-Whole Amount.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes of any series, in an amount not less than $1,000,000 in aggregate principal amount of the Notes of such series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount.  Notwithstanding the foregoing, the Company may not prepay any series of Notes pursuant to this Section 8.2 if a Default or Event of Default shall exist or would result from such optional prepayment unless all Notes at the time outstanding are prepaid on a pro rata basis.  The Company will give each holder of Notes of any series to be prepaid pursuant to this Section 8.2 written notice of such optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date 

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of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes of any series to be prepaid pursuant to this Section 8.2 a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.
Section 8.3.    Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes of any series pursuant to Section 8.2 hereof, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as reasonably practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  All partial prepayments made pursuant to Section 8.5(b) shall be applied only to the Notes of the holders who have elected to participate in such prepayment.
Section 8.4.    Maturity; Surrender, Etc.  In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any.  From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue.  Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.
Section 8.5.    Purchase of Notes.  The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any series except (a) upon the payment or prepayment of the Notes of such series in accordance with the terms of this Agreement and such Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes of such series at the time outstanding upon the same terms and conditions.  Any such offer shall provide each holder of the Notes of the series being offered for purchase with sufficient information which, in the opinion of the Company, when taken together with information with respect to the Company and its Subsidiaries that may be available on the website of the Securities and Exchange Commission (presently www.sec.gov), would enable such holder to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days.  If the holders of more than 50% of the principal amount of the Notes of any series being offered to be purchased then outstanding accept such offer, the Company shall promptly notify the remaining holders of the Notes of such series of such fact and the expiration date for the acceptance by holders of Notes of such series of such offer shall be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.  Notwithstanding the foregoing, neither the Company nor any Affiliate may offer to purchase any series of Notes if a Default or Event of Default shall exist or would result therefrom unless such Person shall offer to purchase all outstanding Notes on a pro rata basis upon the same terms and conditions but taking into account the different maturity dates and interest rates for each series of Notes.

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Section 8.6.    Make-Whole Amount for Notes.  The term “Make-Whole Amount” shall mean, with respect to any Note of a series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Called Principal” shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
“Discounted Value” shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the ask-side yield(s) reported as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1”  (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.  
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and 

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greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.
“Remaining Average Life” shall mean, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.
“Settlement Date” shall mean, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
SECTION 9.    AFFIRMATIVE COVENANTS.
From the Execution Date until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that: 
Section 9.1.    Compliance with Law.  The Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA (with respect to any Plan), Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 9.2.    Insurance.  The Company will, and will cause each of its Restricted Subsidiaries and New Jersey Natural Gas to, maintain, with financially sound and reputable insurers, 

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insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and in the same industry and similarly situated.
Section 9.3.    Maintenance of Properties.  The Company will, and will cause each of its Restricted Subsidiaries and New Jersey Natural Gas to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Company, any Restricted Subsidiary or New Jersey Natural Gas from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 9.4.    Payment of Taxes and Claims.  The Company will, and will cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, governmental charge or levy if (1) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (2) the nonpayment of all such taxes, assessments, governmental charges and levies would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 9.5.    Corporate Existence, Etc.  Subject to Sections 10.6 through 10.8, inclusive, (a) the Company will at all times preserve and keep in full force and effect its corporate existence, and (b) the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Restricted Subsidiaries and New Jersey Natural Gas (unless merged into the Company or a Wholly‐Owned Restricted Subsidiary) and all rights and franchises of the Company, its Restricted Subsidiaries and New Jersey Natural Gas unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 9.6.    Ownership of Subsidiaries.  The Company shall at all times own (a) 100% of the issued and outstanding common stock of New Jersey Natural Gas and 51% or more of the issued and outstanding Voting Stock of New Jersey Natural Gas and (b) subject to Sections 10.6, 10.7 and 10.8, 51% or more of the issued and outstanding Voting Stock of each Guarantor.
Section 9.7.    Guaranty Agreement.  (a) The Company shall promptly, and in any event within fifteen Business Days after (1) the formation or acquisition of a new Restricted Subsidiary 

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(other than a Regulated Entity), (2) the occurrence of any other event creating a new Restricted Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary or a Regulated Entity becoming or being a guarantor or co‐obligor in respect of the Bank Credit Agreement, cause such Subsidiary to execute and deliver a supplement to the Guaranty Agreement (a “Guaranty Supplement”) in the form of Exhibit A to the Guaranty Agreement. 
(b)    Within 15 days of the delivery by any Subsidiary of a Guaranty Supplement pursuant to Section 9.7(a), the Company shall cause such Subsidiary to deliver to each Purchaser and each holder of Notes:
(1)    such documents and evidence with respect to such Subsidiary as any Purchaser or holder may reasonably request in order to establish the existence and good standing of such Subsidiary and evidence that the Board of Directors of such Subsidiary has adopted resolutions authorizing the execution and delivery of such Guaranty Supplement and the guaranty of the Notes;
(2)    evidence of compliance with such Subsidiary’s outstanding Debt instruments in the form of (i) a compliance certificate from such Subsidiary to the effect that such Subsidiary is in compliance with all terms and conditions of its outstanding Debt instruments, (ii) consents or approvals of the holder or holders of any evidence of Debt or security, and/or (iii) amendments of agreements pursuant to which any evidence of Debt or security may have been issued, all as may be reasonably deemed necessary by the Purchasers or the holders of Notes to permit the execution and delivery of such Guaranty Supplement by such Subsidiary;
(3)    an opinion of counsel to the effect that (i) such Subsidiary is a corporation or other business entity, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has the corporate or other power and the authority to execute and deliver such Guaranty Supplement and to perform the Guaranty Agreement, (ii) the execution and delivery of such Guaranty Supplement and performance of the Guaranty Agreement has been duly authorized by all necessary action on the part of such Subsidiary, such Guaranty Supplement has been duly executed and delivered by such Subsidiary and the Guaranty Agreement constitutes the legal, valid and binding contract of such Subsidiary enforceable against such Subsidiary in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law), (iii) the execution and delivery of such Guaranty Supplement and the performance by such Subsidiary of the Guaranty Agreement do not conflict with or result in any breach of any of the provisions of or constitute a default under or result in the creation of a Lien upon any of the property of such Subsidiary pursuant to the provisions of any law, order, rule or regulation, its charter documents or any agreement or other instrument known to such counsel to which such Subsidiary is a party to or by which such Subsidiary may be bound, and (iv) no approval, consent or withholding of objection on the part of, or filing, registration or qualification with, any Governmental 

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Authority, Federal or state, is necessary in connection with the lawful execution and delivery of such Guaranty Supplement by such Subsidiary or the performance of the Guaranty Agreement by such Subsidiary, which opinion may contain such assumptions and qualifications as are reasonably acceptable to the Required Holders; and
(4)    all other documents and showings reasonably requested by the Purchasers or the holders of Notes in connection with the execution and delivery of such Guaranty Supplement, which documents shall be reasonably satisfactory in form and substance to such Purchasers and holders and their special counsel, and each Purchaser and holder of Notes shall have received a copy (executed or certified as may be appropriate) of all of the foregoing legal documents.
(c)    If at any time pursuant to the terms and conditions of the Bank Credit Agreement  any Guarantor is discharged and released from its Guaranty of Debt under such Bank Credit Agreement and if (i) such Guarantor is not a co-obligor under such Bank Credit Agreement, (ii) immediately preceding the release of such Guarantor from its Guaranty of the Debt under this Agreement and the Notes and after giving effect thereto, no Default or Event of Default will have existed or would exist, (iii) any fees or other consideration are given to the lenders under the Bank Credit Agreement to obtain such discharge and release, each holder of a Note shall have received such fees or other consideration on a pro rata basis in proportion to the respective outstanding principal amount of such Debt under the Bank Credit Agreement and the outstanding principal amount of such holder’s Notes or, prior to the Closing, the principal amount of Notes to be purchased by such Purchaser pursuant to Schedule A hereto (it being understood that any fees or other consideration paid to any lender under the Bank Credit Agreement (including, without limitation, any new Bank Credit Agreement) in order to obtain an extension to the term or an increase in the amount of the commitments to lend under the Bank Credit Agreement, or as a part of establishing such new Bank Credit Agreement, shall not be included as part of any fees or other consideration covered by this sentence, notwithstanding that such extension, increase or Bank Credit Agreement, including such new Bank Credit Agreement, may contain a discharge or release of a Guarantor), and (iv) the Company shall have delivered to each Purchaser and each holder of Notes an Officer’s Certificate certifying that the conditions specified in clauses (i) and (ii) above have been satisfied, then, upon receipt by the Purchasers and holders of Notes of such Officer’s Certificate, such Guarantor will be discharged and released, automatically and without the need for any further action, from its obligations under its Guaranty of the Debt under this Agreement and the Notes.  Without limiting the foregoing, for purposes of further assurance, each of the Purchasers and each of the holders of the Notes agrees to provide to the Company and such Guarantor, if reasonably requested by the Company or such Guarantor and at the Company’s expense, written evidence of such discharge and release signed by such Purchaser and holder.
Section 9.8.    New Jersey Natural Gas Regulated Nature.  The Company will at all times cause New Jersey Natural Gas to be and remain a Person that is subject under law to regulation by a public utility commission or other governmental regulatory body with oversight responsibilities for utilities.

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Section 9.9.    Notes to Rank Pari Passu.  The Company will ensure that its payment obligations under this Agreement and the Notes will at all times rank at least pari passu in right of payment with all other unsecured Senior Debt (actual or contingent) of the Company.
Although it will not be a Default or an Event of Default if the Company fails to comply with any provision of Section 9 on or after the Execution Date and prior to the Closing, if such a failure occurs, then any of the Purchasers may elect not to purchase the Notes on the date of Closing that is specified in Section 3.
SECTION 10.    NEGATIVE COVENANTS.
From the Execution Date until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:
Section 10.1.    Leverage Ratio.  The Company will not permit, as of the end of any fiscal quarter of the Company, the ratio of Consolidated Total Debt to Consolidated Total Capitalization to exceed 0.65 to 1.00.
Section 10.2.    Limitation on Priority Debt.  The Company will not permit, as of the end of any fiscal quarter of the Company, Priority Debt to exceed an amount equal to 20% of Consolidated Total Capitalization.
Section 10.3.    Liens.  The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any such Restricted Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:
(a)    Liens for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not at the time required by Section 9.4;
(b)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens, in each case, incurred in the ordinary course of business for sums not yet due and payable or the payment of which is not at the time required by Section 9.4;
(c)    Liens (other than any Lien imposed by Section 430 of the Code or Section 4068 of ERISA or any successor thereto) incurred or deposits made in the ordinary course of business (1) in connection with workers’ compensation, unemployment insurance and other types of social security or retirement benefits, (2) to secure (or to obtain letters of credit that secure) the performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases (other than Capital Leases), performance bonds, purchase, construction or sales contracts, and other similar obligations, in each case not incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment 

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of the deferred purchase price of property, or (3) in connection with required margin collateral account deposits made in the ordinary course in connection with Hedging Contracts permitted by this Agreement;
(d)    subject to Section 11(j), any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of any such stay;
(e)    leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances or minor survey exceptions, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries, provided that such Liens do not, in the aggregate, materially detract from the value of such property;
(f)    Liens on property or assets of any Restricted Subsidiary securing Debt owing to the Company or to a Wholly-Owned Restricted Subsidiary;
(g)    Liens existing on the Execution Date and described on Schedule 5.15;
(h)    Liens on accounts receivable owned by Securitization Subsidiaries that are Restricted Subsidiaries and incurred pursuant to Receivables Securitization Transactions;
(i)    any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company or a Restricted Subsidiary after the Execution Date, provided that:
(1)    any such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement thereon);
(2)    the principal amount of the Debt secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the cost to the Company or such Restricted Subsidiary of the property (or improvement thereon) so acquired or constructed and (ii) the Fair Market Value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction has been delegated by the board of directors of the Company) of such property (or improvement thereon) at the time of such acquisition or construction;
(3)    any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property; and

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(4)    the aggregate principal amount of all Debt secured by such Liens shall be permitted by the limitation set forth in Section 10.1 if tested on the date such Lien is created and not as of the end of the immediately preceding fiscal quarter of the Company;
(j)    any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company or a Restricted Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Restricted Subsidiary at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed), provided that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person becoming a Subsidiary or such acquisition of property, (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien (i) other property which is an improvement to or is acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property or assets of the Company or any of its Restricted Subsidiaries and (3) the aggregate amount of all Debt secured by such Liens shall be permitted by the limitation set forth in Section 10.1 if tested on the date of such event and not as of the end of the immediately preceding fiscal quarter of the Company;
(k)    any Lien renewing, extending or refunding any Lien permitted by paragraphs (g), (i) or (j) of this Section 10.3, provided that (1) the principal amount of Debt secured by such Lien immediately prior to such extension, renewal or refunding is not increased or the maturity thereof reduced, (2) such Lien is not extended to any other property and (3) immediately after such extension, renewal or refunding no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.3(k) and not as of the end of the immediately preceding fiscal quarter of the Company; and
(l)    other Liens not otherwise permitted by paragraphs (a) through (k), inclusive, of this Section 10.3 securing Debt, provided that the Debt secured by such Liens shall be permitted by the limitations set forth in Sections 10.1 and 10.2 if tested on the date such Lien is created and not as of the end of the immediately preceding fiscal quarter of the Company.
Notwithstanding the foregoing, the Company will not, and will not permit any Subsidiary to, grant or incur (upon the happening of a contingency or otherwise) (i) any Lien securing any Debt incurred by the Company or any Subsidiary under the Bank Credit Agreement (other than cash collateral for letter of credit obligations upon the termination of the Bank Credit Agreement with respect to letters of credit issued under the Bank Credit Agreement that remain outstanding after such termination, and customary Liens and set-off rights and similar types of Liens incurred in the ordinary course of business pursuant to deposit or custody agreements and hedging transactions (whether as currency or interest rate swaps, caps, floors, collars or other interest rate or currency exchange management devices, or otherwise)), in each case whether arising under the Bank Credit Agreement, by operation of law, or otherwise, but not any other Debt of the Company, 

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unless the Notes shall also be secured by such Lien on a pari passu basis pursuant to documentation, including an intercreditor agreement, in form and substance satisfactory to the Required Holders, with all parties entitled to the benefit of such Liens, or with the agent for such parties if such agent is the secured party of record with regard to such granted or created Lien and (ii) any Lien on or with respect to the Voting Stock of New Jersey Natural Gas owned by the Company or any Subsidiary.
Section 10.4.    Restricted Payments.  (a)  The Company will not, and will not permit any Restricted Subsidiary to, declare or make or incur any liability to declare or make any Restricted Payment unless immediately after giving effect to such action no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.4 and not as of the end of the immediately preceding fiscal quarter of the Company).
(b)    The Company will not, and will not permit any Restricted Subsidiary to, declare a Restricted Payment that is not payable within 60 days of such declaration.
Section 10.5.    Restrictions on Dividends of Subsidiaries, Etc.  The Company will not, and will not permit any Restricted Subsidiary to, enter into any agreement which would restrict any Restricted Subsidiary’s ability or right to pay dividends to, or make advances to or investments in, the Company or, if such Restricted Subsidiary is not directly owned by the Company, the “parent” Restricted Subsidiary of such Restricted Subsidiary; provided that the foregoing shall not apply to restrictions and conditions imposed by law, this Agreement, the Bank Credit Agreement or any other document or instrument governing Debt not prohibited by this Agreement so long as such restrictions and conditions in such other document or instrument are no more restrictive with respect to such Restrictive Subsidiary than the restrictions in the Bank Credit Agreement as in effect on the Execution Date.
Section 10.6.    Sale of Assets, Etc.  (a) Except as permitted under Section 10.7 and Section 10.8, the Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:
(1)    in the good faith opinion of the Company, the Asset Disposition is in the best interest of the Company or such Restricted Subsidiary;
(2)    immediately after giving effect to the Asset Disposition, no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.6 and not as of the end of the immediately preceding fiscal quarter of the Company); and
(3)    immediately after giving effect to the Asset Disposition the Disposition Value of all property that was the subject of any Asset Disposition occurring in the immediately preceding 12 consecutive month period would not exceed 10% of Consolidated Tangible Assets as of the end of the then most recently ended fiscal year of the Company. 
Section 10.7.    Merger, Consolidation, Etc.  The Company will not, and will not permit any Restricted Subsidiary to, consolidate with or merge with any other Person or convey, transfer or 

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lease all or substantially all of its assets in a single transaction or series of transactions to any Person (except that a Restricted Subsidiary may (x) consolidate with or merge with, or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to, the Company or another Restricted Subsidiary or any other Person so long as such Restricted Subsidiary is the surviving Person and (y) convey, transfer or lease all of its assets in compliance with the provisions of Section 10.6 or Section 10.8), provided that the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or lease of all or substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:
(a)    the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Corporation”), shall be a solvent Person organized and existing under the laws of the United States or any State thereof (including the District of Columbia);
(b)    if the Company is not the Successor Corporation, (1) such Person shall have executed and delivered to each Purchaser and holder of the Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements or instruments as shall be reasonably satisfactory to the Required Holders), (2) such Person shall have caused to be delivered to each Purchaser and each holder of the Notes an opinion of inside counsel to the Company, Troutman Sanders LLP or another nationally recognized counsel, or other counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof (subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law) and subject to such other customary qualifications and exceptions for legal opinions of this type or as may be reasonably acceptable to the Required Holders) and (3) each Guarantor shall have reaffirmed, in writing, its obligations under the Guaranty Agreement; and
(c)    immediately after giving effect to such transaction, no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.7 and not as of the end of the immediately preceding fiscal quarter of the Company).
No such conveyance, transfer or lease of all or substantially all of the assets of the Company shall have the effect of releasing the Company or any Successor Corporation that shall theretofore have become such in the manner prescribed in this Section 10.7 from its liability under this Agreement or the Notes.
Section 10.8.    Disposal of Ownership of a Restricted Subsidiary.  Subject to Section 10.7, the Company will not, and will not permit any Restricted Subsidiary to, sell or otherwise dispose of any shares of Restricted Subsidiary Stock, nor will the Company permit any such Restricted 

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Subsidiary to issue, sell or otherwise dispose of any shares of its own Restricted Subsidiary Stock, provided that the foregoing restrictions do not apply to:
(a)    the issue of directors’ qualifying shares by any such Restricted Subsidiary;
(b)    any such Transfer of Restricted Subsidiary Stock constituting a Transfer described in clause (a) of the definition of “Asset Disposition”; and
(c)    the Transfer of the Restricted Subsidiary Stock of a Restricted Subsidiary owned by the Company and its other Subsidiaries; provided that such Transfer satisfies the requirements of Section 9.6 and Section 10.6.
Section 10.9.    Limitations on Subsidiaries, Partnerships and Joint Ventures.  The Company will not, and will not permit any of its Restricted Subsidiaries to, own or create directly or indirectly any Restricted Subsidiaries other than (a) any Restricted Subsidiary which is a Regulated Entity, (b) any Restricted Subsidiary which is a Guarantor on the Execution Date and (c) any Restricted Subsidiary formed after the Execution Date that becomes a Guarantor under the Guaranty Agreement pursuant to Section 9.7.  The Company shall not, and shall not permit any Restricted Subsidiary to, become or agree to become (1) a general or limited partner in any general or limited partnership, except that the Company may be a general or limited partner in any Subsidiary and any Restricted Subsidiary may be a general or limited partner in any other Subsidiary and except that the Company and its Restricted Subsidiaries may be a limited partner in a Permitted Related Business Opportunity, (2) a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Company may be a member or manager of, or hold limited liability company interests in, its Subsidiaries and Restricted Subsidiaries may be members or managers of, or hold limited liability company interests in, other Subsidiaries and except that the Company and its Restricted Subsidiaries may be members or managers of, or hold limited liability company interests in a Permitted Related Business Opportunity or (3) a joint venturer or hold a joint venture interest in any joint venture, except that the Company and its Restricted Subsidiaries may become a joint venturer in or hold a joint venture interest in any joint venture that is a Permitted Related Business Opportunity.
Section 10.10.    [Reserved].  
Section 10.11.    Nature of Business.  The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business if, as a result, the general nature of the business in which the Company and its Restricted Subsidiaries, taken as a whole, would then be engaged would be substantially and materially changed from the general nature of the business in which the Company and its Restricted Subsidiaries are engaged on the Execution Date.
Section 10.12.    Transactions with Affiliates.  Except in the case of a Permitted Related Business Opportunity, the Company will not, and will not permit any Restricted Subsidiary to, enter into, directly or indirectly, any Material transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company, a Restricted Subsidiary or New Jersey Natural Gas), except in the ordinary course and pursuant to the reasonable requirements of the 

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Company’s or such Restricted Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.
Section 10.13.    Designation of Restricted and Unrestricted Subsidiaries.  (a) Subject to Section 10.13(b), the Company may designate any Subsidiary to be a Restricted Subsidiary and may designate any Restricted Subsidiary to be an Unrestricted Subsidiary by giving written notice to each holder of Notes that the Board of Directors of the Company has made such designation, provided, however, that no Subsidiary may be designated a Restricted Subsidiary and no Restricted Subsidiary may be designated an Unrestricted Subsidiary unless, at the time of such action and after giving effect thereto, (1) solely in the case of a Restricted Subsidiary being designated an Unrestricted Subsidiary, such Restricted Subsidiary being designated an Unrestricted Subsidiary shall not have any continuing Investment in the Company or any other Restricted Subsidiary and (2) no Default or Event of Default shall have occurred and be continuing (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.13 and not as of the end of the immediately preceding fiscal quarter of the Company).  Any Restricted Subsidiary which has been designated an Unrestricted Subsidiary and which has then been redesignated a Restricted Subsidiary, in each case in accordance with the provisions of the first sentence of this Section 10.13, shall not at any time thereafter be redesignated an Unrestricted Subsidiary without the prior written consent of the Required Holders.  Any Unrestricted Subsidiary which has been designated a Restricted Subsidiary and which has then been redesignated an Unrestricted Subsidiary, in each case in accordance with the provisions of the first sentence of this Section 10.13, shall not at any time thereafter be redesignated a Restricted Subsidiary without the prior written consent of the Required Holders.  If the Company enters into any credit facility or note purchase agreement (or any amendment thereof) after the Execution Date and New Jersey Natural Gas shall be designated as a “restricted subsidiary” thereunder, then the Company shall, within 10 Business Days of its entering into such credit facility or note purchase agreement (or any amendment thereof), designate New Jersey Natural Gas as a Restricted Subsidiary under this Agreement.  If the Company enters into any credit facility or note purchase agreement (or any amendment thereof) after the date of Closing and New Jersey Natural Gas shall be subjected to any negative covenants of the type included in this Section 10 of such credit facility or note purchase agreement, then and in any such event the Company shall give written notice thereof to each holder not later than 30 days following the date of execution of any such agreement or amendment.  Effective on the date of execution of any such agreement or amendment, such additional covenant that is included in such agreement or amendment and any related definitions shall be deemed to have been incorporated herein.  The Company further covenants to promptly execute and deliver at its expense (including, without limitation, the fees and expenses of counsel for the holders) an amendment to this Agreement in form and substance satisfactory to the Required Holders evidencing the amendment of this Agreement to include such additional covenant.
(b)    The Company will cause each Subsidiary that is designated as a Restricted Subsidiary on Schedule 5.4 on the Execution Date to at all times remain a Restricted Subsidiary.
Section 10.14.    Terrorism Sanctions Regulations.  The Company covenants that it will not, and will not permit any Controlled Entity to, (a) become (including by virtue of being owned or 

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controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target  of sanctions imposed by the United Nations or by the European Union, or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of any of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder of a Note to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws, or (c) engage, or permit any Affiliate of either to engage, in any activity that could subject such Person or any holder of a Note to sanctions under CISADA or any similar (federal or state) law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions Laws.
Although it will not be a Default or an Event of Default if the Company fails to comply with any provision of Section 10 on or after the Execution Date and prior to the Closing before or after giving effect to the issuance of the Notes on a pro forma basis, if such a failure occurs, then any of the Purchasers may elect not to purchase the Notes on the date of Closing that is specified in Section 3.
SECTION 11.    EVENTS OF DEFAULT.
An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing:
(a)    the Company defaults in the payment of any principal or Make-Whole Amount on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or
(b)    the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or
(c)    the Company defaults in the performance of or compliance with any term contained in any of Section 9.6 through Section 9.8, inclusive, Section 10.1 through Section 10.10, inclusive, or Section 10.14; or
(d)    the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or
(e)    any representation or warranty made in writing by or on behalf of the Company or any Guarantor or by any officer of the Company or any Guarantor in this Agreement, the Guaranty Agreement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or

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(f)    (1) the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Debt that is outstanding in an aggregate principal amount of at least $15,000,000 beyond any period of grace provided with respect thereto or (2) the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Debt in an aggregate outstanding principal amount of at least $15,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its stated maturity or before its regularly scheduled dates of payment or (3) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Debt to convert such Debt into equity interests), (i) the Company or any Significant Subsidiary has become obligated to purchase or repay Debt before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $15,000,000 or (ii) one or more Persons have the right to require the Company or any Significant Subsidiary so to purchase or repay such Debt; or
(g)    the Company or any Significant Subsidiary is in default under the terms of any agreement involving any off‐balance sheet transaction (including any asset securitization, sale/leaseback transaction or Synthetic Lease) with obligations in the aggregate thereunder for which the Company or any Significant Subsidiary may be obligated in an amount in excess of $15,000,000, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto) any obligation when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any obligation or the termination of such agreement; or
(h)    the Company or any Significant Subsidiary (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or
(i)    a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any of its Significant 

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Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 60 days; or
(j)    a final judgment or judgments for the payment of money aggregating in excess of $15,000,000 (exclusive of amounts fully covered by valid and collectible insurance in respect thereof subject to customary deductibles) are rendered against one or more of the Company and its Significant Subsidiaries and which judgments are not, within 45 days after entry thereof (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments), bonded, discharged or stayed pending appeal, or are not discharged within 45 days after the expiration of such stay (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments); or
(k)    (1) default shall occur under the Guaranty Agreement to which a Significant Subsidiary described in clause (b) of the definition thereof is a party, and such default shall continue beyond the period of grace, if any, allowed with respect thereto, or (2) the Guaranty Agreement shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by any Governmental Authority or court that such agreement is invalid, void or unenforceable or any Guarantor shall contest or deny in writing the validity or enforceability of the Guaranty Agreement; or
(l)    if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (2) a notice of intent to terminate any Plan on other than a standard basis shall have been filed with the PBGC by the Company or any ERISA Affiliate or the PBGC shall have notified the Company or any ERISA Affiliate of the institution of proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or  that a Plan is the subject of any such proceedings, (3) the present value of the aggregate “amount of unfunded benefit liabilities” within the meaning of Section 4001(a)(18) of ERISA under all Plans (determined in accordance with Title IV of ERISA, as of the end of the most recent Plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation), shall exceed the aggregate actuarial value of their assets by more than $25,000,000, (4) the Company or any ERISA Affiliate shall have incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, (5) the Company or any ERISA Affiliate incurs withdrawal liability with respect to any Multiemployer Plan or (6) the Company or any ERISA Affiliate establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any ERISA Affiliate thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.

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As used in Section 11(l), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in Section 3 of ERISA.
SECTION 12.    REMEDIES ON DEFAULT, ETC.
Section 12.1.    Acceleration.  (a) If an Event of Default with respect to the Company described in paragraph (h) or (i) of Section 11 (other than an Event of Default described in clause (1) of paragraph (h) or described in clause (6) of paragraph (h) by virtue of the fact that such clause encompasses clause (1) of paragraph (h)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.
(b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.
(c)    If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable.
Upon any Note becoming due and payable under this Section 12.1, whether automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (2) the Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law) shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for), and that the provision for payment of the Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.
Section 12.2.    Other Remedies.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, in any Note or in the Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.
Section 12.3.    Rescission.  At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such 

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overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17 and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.
Section 12.4.    No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement, the Guaranty Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.
SECTION 13.    REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.
Section 13.1.    Registration of Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement.  Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.
Section 13.2.    Transfer and Exchange of Notes.  Upon surrender of any Note of any series at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of such series (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder 

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may request and shall be substantially in the form of Exhibit 1(a) or Exhibit 1(b), as applicable.  Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2.
Section 13.3.    Replacement of Notes.  Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note of any series (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and
(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or
(b)    in the case of mutilation, upon surrender and cancellation thereof,
within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.
SECTION 14.    PAYMENTS ON NOTES.
Section 14.1.    Place of Payment.  Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of JPMorgan Chase Bank, N.A. in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.
Section 14.2.    Home Office Payment.  So long as any Purchaser of the Notes of any series or its nominee shall be the holder of any Note of such series, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A with respect to the Notes of such series, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full 

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of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1.  Prior to any sale or other disposition of any Note held by any Purchaser or its nominee such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2.  The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in this Section 14.2.
SECTION 15.    EXPENSES, ETC.
Section 15.1.    Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay the reasonable out-of-pocket costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related thereto, with the SVO, (which costs and expenses shall not exceed $3,500 without the prior written consent of the Company) all out-of-pocket  costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required, local or other counsel) incurred by the Purchasers or any other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or the Guaranty Agreement (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the out-of-pocket  costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or the Guaranty Agreement or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or the Guaranty Agreement, or by reason of being a holder of any Note and (b) the out-of-pocket costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes.  The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii) any and all wire transfer fees that any bank deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note.
Section 15.2.    Survival.  The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, the Notes or the Guaranty Agreement, and the termination of this Agreement or the Guaranty Agreement.
SECTION 16.    SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion 

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thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of a Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, this Agreement, the Guaranty Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.
SECTION 17.    AMENDMENT AND WAIVER.
Section 17.1.    Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser or holder of a Note unless consented to by such Purchaser or holder in writing and (b) no such amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding affected thereby, (1) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon satisfaction of the conditions to Closing that appear in Section 4 or (3) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20.
Section 17.2.    Solicitation of Purchasers and Holders of Notes.
(a)    Solicitation.  The Company will provide each Purchaser and each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or the Guaranty Agreement.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 or the Guaranty Agreement to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.
(b)    Payment.  The Company will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide any other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof or of the Guaranty Agreement unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.

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(c)    Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 17 or the Guaranty Agreement by a holder of Notes that has transferred a portion or has agreed to transfer all or a portion of its Notes to the Company, any Subsidiary or any Affiliate of the Company and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and the consents of all other holders of the Notes that were acquired under the same or similar conditions) shall be void and of no force and effect except solely as to such holder.
Section 17.3.    Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 17 or the Guaranty Agreement applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any Note or the Guaranty Agreement shall operate as a waiver of any rights of any Purchaser or holder of such Note.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.
Section 17.4.    Notes Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in the Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.
SECTION 18.    NOTICES.
Except to the extent otherwise provided in Section 7 with respect to Electronic Delivery, all notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid).  Any such notice must be sent:
(1)    if to any Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or its nominee shall have specified to the Company in writing,
(2)    if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or

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(3)    if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer of the Company, or at such other address as the Company shall have specified to the holder of each Note in writing.
Notices under this Section 18 will be deemed given only when actually received.
SECTION 19.    REPRODUCTION OF DOCUMENTS.
This Agreement and all documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by the Purchasers on the Execution Date or the holders of the Notes at the Closing (except the Notes themselves) and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser or holder of the Notes, may be reproduced by such Purchaser or such holder by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser or such holder may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by any Purchaser or holder of the Notes in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 19 shall not prohibit the Company or any other Purchaser or holder of a Note from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.
SECTION 20.    CONFIDENTIAL INFORMATION.
For the purposes of this Section 20, “Confidential Information” shall mean information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company or its Subsidiaries relating to such information), (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company or its Subsidiaries relating to such information) or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.  Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (1) its directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure 

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reasonably relates to the administration of the investment represented by its Notes and such individuals are bound by the terms of this Section 20 or agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20), (2) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (5) any Person from which such Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (6) any Federal or state regulatory authority having jurisdiction over such Purchaser, (7) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or the Guaranty Agreement.  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20.
In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking.
SECTION 21.    SUBSTITUTION OF PURCHASER.
Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes of any series that such Purchaser has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall be deemed to refer to such Affiliate in lieu of such Purchaser with respect to the Notes of the series so purchased by such Affiliate.  In the event that such Affiliate is 

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so substituted as a purchaser hereunder and such Affiliate thereafter transfers to such Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original holder of the Notes under this Agreement.
SECTION 22.    MISCELLANEOUS.
Section 22.1.    Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.
Section 22.2.    Submission to Jurisdiction; Waiver of Jury Trial.  (a) The Company hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Agreement, and consents to the service of all writs, process and summonses by registered or certified mail out of any such court or by service of process on the Company at its address to which notices are to be given pursuant to Section 18 hereof and hereby waives any requirement to have an agent for service of process in the State of New York.  Nothing contained herein shall affect the right of any holder of the Notes to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where the Company may be amenable to suit.  The Company hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
(b)    The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document executed in connection herewith or therewith.
Section 22.3.    Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.
Section 22.4.    Accounting Terms.  All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP; provided, that, if the Company notifies the holders of Notes 

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that the Company 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, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (or if the Required Holder(s) notify the Company that the Required Holder(s) request an amendment to any provision herefor for such purposes), then (i) 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 and (ii) the Company shall provide to the holders financial statements and other documents required by this Agreement or requested by any holder setting forth reconciliations between the computations relating to the compliance with the provisions hereof and financial statements provided hereunder made before and after giving effect to such changes in GAAP or the application thereof.  For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the definition of “Debt”), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.
Section 22.5.    Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
Section 22.6.    Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.
For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.
Section 22.7.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
Section 22.8.    Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

- 44 -

(Remainder of Page Left Intentionally Blank)

The execution hereof by the Purchasers shall constitute a contract between the Company and the Purchasers for the uses and purposes and on the terms hereinabove set forth.

Very truly yours,
 
NEW JERSEY RESOURCES CORPORATION 
 
 
 
By:    /s/ Patrick J. Migliaccio     
Name:      Patrick J. Migliaccio 
Title:      Senior Vice President and Chief Financial Officer

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 
By:   Northwestern Mutual Investment Management Company, LLC,
its investment adviser
By  /s/ Timothy S. Collins     
Name:  Timothy S. Collins 
Title:  Managing Director
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY FOR ITS GROUP ANNUITY SEPARATE ACCOUNT
By  /s/ Timothy S. Collins     
Name:  Timothy S. Collins 
Title:  Authorized Representative

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY 
By:  PGIM, Inc., as investment manager 
By  /s/ Brian E. Lemons     
Name:  Brian E. Lemons 
Title:  Vice President
THE GIBRALTAR LIFE INSURANCE CO., LTD. 
By:  Prudential Investment Management Japan 
   Co., Ltd., as Investment Manager 
By:  PGIM, Inc., as Sub-Adviser
By  /s/ Brian E. Lemons     
Name:  Brian E. Lemons 
Title:  Vice President

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
VOYA INSURANCE AND ANNUITY COMPANY 
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY 
RELIASTAR LIFE INSURANCE COMPANY 
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK 
SECURITY LIFE OF DENVER INSURANCE COMPANY 
By:  Voya Investment Management LLC, as Agent

By  /s/ Paul Aronson     
Name:  Paul Aronson
Title:  Senior Vice President

AETNA 401(K) MASTER TRUST
LEO 2013-1 LLC
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN MASTER TRUST
VOYA PENSION COMMITTEE ON BEHALF OF THE VOYA RETIREMENT PLAN
By:  Voya Investment Management Co. LLC, as Agent

By  /s/ Paul Aronson     
Name:  Paul Aronson 
Title:  Senior Vice President

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
AXA EQUITABLE LIFE INSURANCE COMPANY

By  /s/ Amy Judd     
Name:  Amy Judd 
Title:  Investment Officer

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY
By:  AllianceBernstein LP, its Investment Adviser

By  /s/ Amy Judd     
Name:  Amy Judd 
Title:  Senior Vice President

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
GERBER LIFE INSURANCE COMPANY
By:  AllianceBernstein LP, its Investment Adviser

By  /s/ Amy Judd     
Name:  Amy Judd 
Title:  Senior Vice President

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
GENWORTH MORTGAGE INSURANCE CORPORATION

By  /s/ Eric M. Boyd     
Name:  Eric M. Boyd 
Title:  Investment Officer

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

By  /s/ Gwendolyn S. Foster     
Name:  Gwendolyn S. Foster 
Title:  Senior Director

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
AMERICAN UNITED LIFE INSURANCE COMPANY

By  /s/ David M. Weisenburger     
Name:  David M. Weisenburger 
Title:  V.P., Fixed Income Securities

THE STATE LIFE INSURANCE COMPANY
By:  American United Life Insurance Company
Its:  Agent

By  /s/ David M. Weisenburger     
Name:  David M. Weisenburger
Title:  V.P., Fixed Income Securities

UNITED FARM FAMILY LIFE INSURANCE COMPANY
By:  American United Life Insurance Company
Its:  Agent

By  /s/ David M. Weisenburger     
Name:  David M. Weisenburger 
Title:  V.P., Fixed Income Securities

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY

By  /s/ Kevin Croft     
Name:  Kevin Croft 
Title:  Authorized Signatory

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
MONY LIFE INSURANCE COMPANY (MNYOPN)

By  /s/ Philip E. Passafiume     
Name:  Philip E. Passafiume 
Title:  Director, Fixed Income

[Signature Page to Note Purchase Agreement]

The foregoing is hereby agreed 
to as of the date hereof.
AMERICAN FAMILY LIFE INSURANCE COMPANY

By  /s/ David L. Voge     
Name:  David L. Voge 
Title:  Fixed Income Portfolio Manager

[Signature Page to Note Purchase Agreement]

INFORMATION RELATING TO PURCHASERS
	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	THE NORTHWESTERN MUTUAL LIFE INSURANCE  
   COMPANY
720 East Wisconsin Avenue
Milwaukee, WI 53202

	2016A
2016B
	$22,000,000
$8,380,000

	(1)   All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

Provided to Company under separate cover.

	(2)   All notices with respect to confirmation of payments on account of the Notes shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
E-mail: payments@northwesternmutual.com
Phone: (414) 665-1679

	(3)   All other communications shall be delivered or mailed to:
The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
E-mail: privateinvest@northwesternmutual.com

If posted to IntraLinks or another document repository/hosted website to:

Email: preautodownload@northwesternmutual.com

	(4)   Name of Nominee: None

	(5)   Address for Delivery of Notes:

Provided to Company under separate cover.

	(6)    Tax Identification No.: Provided to Company under separate cover.

SCHEDULE A
(to Note Purchase Agreement)

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	THE NORTHWESTERN MUTUAL LIFE INSURANCE 
   COMPANY FOR ITS GROUP ANNUITY SEPARATE
   ACCOUNT
720 East Wisconsin Avenue
Milwaukee, WI 53202

	2016B
	$620,000

	(1)   All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

Provided to Company under separate cover.

	(2)   All notices with respect to confirmation of payments on account of the Notes shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
for its Group Annuity Separate Account
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
E-mail: payments@northwesternmutual.com
Phone: (414) 665-1679

	(3)   All other communications shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
for its Group Annuity Separate Account
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
E-mail: privateinvest@northwesternmutual.com

If posted to IntraLinks or another document repository/hosted website to:

Email: preautodownload@northwesternmutual.com

	(4)    Name of Nominee: None

	(5)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(6)    Tax Identification No.: Provided to Company under separate cover

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	PRUDENTIAL RETIREMENT INSURANCE AND
   ANNUITY COMPANY 
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201

	2016B
	$16,000,000

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

Provided to Company under separate cover

	(2)   Address for all communications and notices:

Prudential Retirement Insurance and Annuity Company
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201

Attention:  Managing Director, Energy Finance Group - Oil & Gas

and for all notices relating solely to scheduled principal and interest payments to:

Prudential Retirement Insurance and Annuity Company
c/o PGIM, Inc.
Prudential Tower
655 Broad Street
14th Floor - South Tower
Newark, NJ 07102
Attention:  PIM Private Accounting Processing Team
Email: Pim.Private.Accounting.Processing.Team@prudential.com

	(3)   Address for Delivery of Notes:

Provided to Company under separate cover.

	(4)    Name of Nominee: None

	(5)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	THE GIBRALTAR LIFE INSURANCE CO., LTD. 
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201

	2016B
	$15,000,000

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

Provided to Company under separate cover.

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

Provided to Company under separate cover.

	(3)   Address for all communications and notices:

Prudential Private Placement Investors, L.P.
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201

Attention:  Managing Director, Energy Finance Group - Oil & Gas

and for all notices relating solely to scheduled principal and interest payments to:

The Gibraltar Life Insurance Co., Ltd.
2-13-10, Nagata-cho
Chiyoda-ku, Tokyo 100-8953, Japan

Attention:  Osamu Egi, Team Leader of Investment
         Administration Team
E-mail:      osamu.egi@gib-life.co.jp

and e-mail copy to:

Attention:  Tetsuya Sawazaki, Manager of Investment
         Administration Team
E-mail:      tetsuya.sawazaki@gib-life.co.jp

	(4)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	VOYA INSURANCE AND 
   ANNUITY COMPANY
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A
2016B
	$2,100,000
$4,600,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
Email:  Private.Placements@Voya.com

	(4)    Address for Delivery of Notes: 

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	VOYA INSURANCE AND ANNUITY 
   COMPANY
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A
2016B
	$1,300,000
$3,000,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

With a copy to:
   
   The Bank of New York
   Insurance Trust Dept.
   101 Barclay 8 West
   New York, NY 10286
   Attn.: Bailey Eng
   Baileyeng@bankofny.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
Email: Private.Placements@Voya.com

	(4)    Address for Delivery of Notes: 

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	RELIASTAR LIFE INSURANCE COMPANY
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A 2016B
	$800,000
$1,900,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
Email:  Private.Placements@Voya.com

	(4) Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	VOYA RETIREMENT INSURANCE 
   AND ANNUITY COMPANY 
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A 2016B
	$3,300,000
$7,500,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
   Private.Placements@Voya.com

	(4)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	SECURITY LIFE OF DENVER
   INSURANCE COMPANY  
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A
2016B
	$400,000
$900,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
   Private.Placements@Voya.com

	(4) Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

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

	2016A
2016B
	$100,000
$100,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   VoyaIMCashOperations@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-4887
   Private.Placements@Voya.com

	(4)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)   Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AETNA 401(K) MASTER TRUST
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A
	$1,000,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   BNYM Mellon Asset Servicing
   11486 Corporate Blvd., Suite 200
   Orlando, FL 32817-8371
   Attn:  Operations/Settlements
   E-mail: VoyaTradeSupport@bnymellon.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
E-mail: private.placements@voya.com
Fax:  (770) 690-5342

	(4)   Address for Delivery of Notes:
   
Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	LEO 2013-1 LLC 
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016B
	$2,000,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   Voya Investment Management LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Operations/Settlements
   Fax:  (770) 690-4886

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5057

	(4)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	MELLON TRUST COMPANY, AS MASTER
   TRUSTEE FOR THE VOYA RETIREMENT 
   PLAN
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016B
	$1,000,000

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

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

   BNYM Mellon Asset Servicing
   11486 Corporate Blvd., Suite 200
   Orlando, FL 32817-8371
   Attn:  Operations/Settlements
   E-mail: VoyaTradeSupport@bnymellon.com

	(3)   Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342

	(4)    Address for Delivery of Notes:
   
Provided to Company under separate cover.

	(5)    Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	STATE STREET BANK AND TRUST COMPANY
   AS TRUSTEE OF THE UNITED TECHNOLOGIES
   CORPORATION EMPLOYEE SAVINGS PLAN
   MASTER TRUST
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347

	2016A
	$1,000,000

	(1)   All payments related to scheduled and unscheduled principal and interest, premiums and fees on account of Note held by such purchaser should be made by wire transfer of immediately available funds for credit to:

Provided to Company under separate cover.

	(2)   Address for all notices relating to payments:

State Street Bank and Trust Company
   1200 Crown Colony Drive—Mailstop CC1 5N
   Quincy, MA  02169
      Attention:  Glenn Charbonneau
   Phone:  (617) 537-0180
   Email: gccharbonneau@statestreet.com

   With a copy to: 

Voya Investment Management Co. LLC
   5780 Powers Ferry Road NW, Suite 300
   Atlanta, GA  30327-4347
   Attn:  Private Placements
   Fax:  (770) 690-5342
   Email: Private.Placements@Voya.com

	(3)   Address for all other communications and notices:

Voya Investment Management Co. LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342
E-Mail: Private.Placements@Voya.com

	(4)   Address for Delivery of Notes:
   
Provided to Company under separate cover.

	(5)   Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	GERBER LIFE INSURANCE COMPANY 
1345 Avenue of the Americas – 38th Floor 
New York, NY 10105

	2016B
	$1,000,000

	(1)   All payments should be made by wire transfer of immediately available funds to:

Provided to Company under separate cover.

	(2)   Notices of Payment and Written Confirmations:

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

U.S. Bank Institutional Trust & Custody
Attn: Angela Upchurch & Daniel Lee V.P. & Account Mgr.
50 South 16th Street Suite 2000
Philadelphia, PA 19102
Phone: 267-858-3041
Fax: 866-739-0809

Second Copy of Payments and Written Confirmations:

Gerber Life Insurance Company 
c/o AllianceBernstein LP 
1345 Avenue of the Americas, 37th floor
New York, NY 10105
Attention: Mei Wong/Mike Maher/Cosmo Valente
Telephone: 212-969-2112/ 212-823-2873/ 212-969-6384
Fax: 212-969-6298

	(3)   Address for all other Communications:

AllianceBernstein LP
1345 Avenue of the Americas – 38th Floor 
New York, NY 10105
Attention: Amy Judd
Phone: 212-969-1145
Fax: 212-969-6089

	(4)    Name of Nominee: Band & Co.

	(5)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	HORIZON BLUE CROSS BLUE SHIELD 
   OF NEW JERSEY
1345 Avenue of the Americas – 38th Floor
New York, NY 10105

	2016B
	$1,000,000

	(1)   All payments should be made by wire transfer of immediately available funds to:

Provided to Company under separate cover.

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

JP Morgan Chase Manhattan Bank
14201 N. Dallas Parkway
13th Floor
Dallas, Texas 75254-2917
Fax: 469-477-1904
Face Amount of $1,000,000

Second copy of Payments and Written Confirmations: 

Horizon Blue Cross Blue Shield of New Jersey
c/o Alliance Capital Management Corporation
1345 Avenue of the Americas
New York, NY 10105
Attention: Mei Wong/Mike Maher
Telephone: 212-969-2112/212-823-2873
Fax: 212-969-6298

Third Copy of Payments and Written Confirmations:

Horizon Blue Cross Blue Shield of New Jersey
Three Penn Plaza 
PP-15K
Newark, NJ 07105-2200
Attention: Rongbiao Fu, CFA
Phone: 973-466-5261
Fax: 973-466-7110

	(3)   Address for all Other Communications:

Alliance Capital Management
1345 Avenue of the Americas – 38th Floor
New York, NY 10105
Attention: Amy Judd Sr. VP
Phone: 212-823-2775
Fax: 212-969-6089

	
			
	(4)    Name of Nominee: CUDD & Co.

	(5)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AXA EQUITABLE LIFE INSURANCE COMPANY
C/O AllianceBernstein LP
525 Washington Blvd., 34th Floor
Jersey City, New Jersey 07310

	2016B
	$9,000,000

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

Provided to Company under separate cover.

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

   AXA Equitable Life Insurance Company
   C/O AllianceBernstein LP
   1345 Avenue of the America
   37th Floor
   New York, New York 10105
   Attention:  Cosmo Valente / Mike Maher / Mei Wong
   Telephone: 212/969-6384 / 212-823-2873 / 212-969-2112
   Email: cosmo.valente@abglobal.com
   michael.maher@abglobal.com
   mei.wong@abglobal.com

	(3)   All other communications:

   AXA Equitable Life Insurance Company
   C/O AllianceBernstein LP 
   1345 Avenue of the Americas, 37th Floor
   New York, NY 10105
   Attention: Terry McCarthy                                      
   Telephone #:  212-969-1350
            Email: terry.mccarthy@abglobal.com

	(4)    Name of Nominee: None

	(5)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	GENWORTH MORTGAGE INSURANCE CORPORATION

	2016A
	$9,000,000

	(1)   All payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds to:

Provided to Company under separate cover.

	(2)   All notices and communications including original note agreement, conformed copy of the note agreement, financial statements and other general information to be addressed as follows: 

Genworth Financial, Inc.
Account: Genworth Mortgage Insurance Corporation
3001 Summer Street,4thFloor
Stamford, CT  06905
Attn:  Private Placements
Telephone No: (203)708-3300
Fax No:  (203)708-3308

If available, an electronic copy is additionally requested. Please send to the following e-mail address : GNW.privateplacements@genworth.com

	(3)   All corporate actions, including payments and prepayments, should be sent to:

Provided to Company under separate cover.

	(4)   Physical Delivery of the Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: HARE & CO., LLC

	(6)    Tax Identification No. Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

	2016B
	$2,000,000

	(1)   All payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds to:

Provided to Company under separate cover.

	(2)   All notices and communications including original note agreement, conformed copy of the note agreement, financial statements and other general information to be addressed as follows: 

Genworth Financial, Inc.
Account: Genworth Life and Annuity Insurance Company
3001 Summer Street,4thFloor
Stamford, CT  06905
Attn:  Private Placements
Telephone No: (203)708-3300
Fax No:  (203)708-3308

   If available, an electronic copy is additionally requested. Please send to the following e-   mail address : GNW.privateplacements@genworth.com

	(3)   All corporate actions, including payments and prepayments, should be sent to:

Provided to Company under separate cover.

	(4)    Physical Delivery of the Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: HARE & CO., LLC

	(6)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	THE GUARDIAN LIFE INSURANCE COMPANY OF 
   AMERICA
7 Hanover Square
New York, NY 10004-2616

	2016B
	$10,000,000

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

Provided to Company under separate cover.

	(2)    Address for all communications and notices:

The Guardian Life Insurance Company of America
7 Hanover Square
New York, NY 10004-2616
Attn: Gwen Foster
Investment Department  9-A
FAX #  (212) 919-2658
Email address: gwen.foster@glic.com

	(3)   Address for Delivery of Notes: 

Provided to Company under separate cover.

	(4)    Name of Nominee: None

	(5)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AMERICAN UNITED LIFE INSURANCE COMPANY 
One American Square, Suite 305W
Post Office Box 368
Indianapolis, IN 46206

	2016A
	$4,500,000

	(1)   New Jersey Resources Corporation shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:

Provided to Company under separate cover. 

	(2)   Address for all communications:
   American United Life Insurance Company
   Attn:  Mike Bullock, Securities Department
   One American Square, Suite 305W
   Post Office Box 368
   Indianapolis, IN 46206

	(3)   Address for Delivery of Notes: 
Provided to Company under separate cover.

	(4)   Name of Nominee: None

	(5)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	UNITED FARM FAMILY LIFE INSURANCE COMPANY
c/o American United Life Insurance Company
One American Square, Suite 305W
Post Office Box 368
Indianapolis, IN 46206

	2016A
	$1,500,000

	(1)   New Jersey Resources Corporation shall make payment of principal and interest on the notes in immediately available funds by wire transfer to the following bank account:

Provided to Company under separate cover.

	(2)    All notices of payment on or in respect to the note and written confirmation of each such payment to be sent to:

   Soft copy to:
   Roger.mccarty@infarmbureau.com

   Or paper copy to:

   Indiana Farm Bureau Insurance
   Investment Accounting Department
   P.O. Box 1250
   Indianapolis, IN 46206-1250

	(3)   Address for all other communications:
   American United Life Insurance Company
   Attn:  Mike Bullock, Securities Department
   One American Square, Suite 1017
   Post Office Box 368
   Indianapolis, IN 46206
   mike.bullock@oneamerica.com

	(4)   Address for Delivery of Notes: 
Provided to Company under separate cover.

	(5)   Name of Nominee: None

	(6)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	THE STATE LIFE INSURANCE COMPANY
c/o American United Life Insurance Company
One American Square, Suite 305W
Post Office Box 368
Indianapolis, IN 46206

	2016B
	$4,000,000

	(1)   New Jersey Resources Corporation shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:

Provided to Company under separate cover.

	(2)    Please send all notices and communications to:
   American United Life Insurance Company
   Attn:  Mike Bullock, Securities Department
   One American Square, Suite 305W
   Post Office Box 368
   Indianapolis, IN 46206
   mike.bullock@oneamerica.com

	(3)   Address for Delivery of Notes: 
Provided to Company under separate cover.

	(4)   Name of Nominee: None

	(5)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AMERICAN EQUITY INVESTMENT LIFE INSURANCE
    COMPANY 
6000 Westown Parkway
West Des Moines, IA  50266

	2016B
	$7,000,000

	(1)   All payments on or in respect of the Notes shall be made in immediately available funds to:

Provided to Company under separate cover.

	(2)   All notices and communications relating to payments should be addressed to:

American Equity Investment Life Insurance Co.
Attn:  Asset Administration
6000 Westown Parkway
West Des Moines, IA  50266
515-221-0329 fax

	(3)   Address for all other communications:

American Equity Investment Life Insurance Company
6000 Westown Parkway
West Des Moines, IA  50266
Attention:  Investment Department - Private Placements 
888-221-1234
515-221-0329 (fax)
PrivatePlacements@american-equity.com
 

	(4)   Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)    Name of Nominee: CHIMEFISH & CO

	(6)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	MONY LIFE INSURANCE COMPANY (MNYOPN)
2801 Hwy. 280 South
Birmingham,  AL  35223

	2016B
	$5,000,000

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

Provided to Company under separate cover.

	(2)   All notices of payments and written confirmations of such wire transfers:

middleoffice@protective.com
jared.wingard@protective.com
MONY Life Insurance Co. ( MNYOPN)
Attn: Investment Department – Jamie Broadhead
Attn: Investment Department – Jared Wingard
2801 Hwy. 280 South
Birmingham, AL 35223

	(3)   All other communications:

middleoffice@protective.com
jared.wingard@protective.com
MONY Life Insurance Co. ( MNYOPN)
Attn: Investment Department – Jamie Broadhead
Attn: Investment Department – Jared Wingard
2801 Hwy. 280 South
Birmingham, AL 35223

	(4)   Address for Delivery of Notes:

Provided to Company under separate cover.

	(5)   Name of Nominee: HARE & CO.

	(6)    Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements

	2016A
	$2,250,000

	(1)   All payments on or in respect of the Notes to be by Federal Funds Wire Transfer to:

Provided to Company under separate cover.

	(2)   Notices Related to Payments:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(3)   All Other Notices:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(4)   Notices Regarding Audit Confirmations:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Private Placements
dvoge@amfam.com
 

	
			
	(5)   Address for Delivery of Notes:

Provided to Company under separate cover.

	(6)   Name of Nominee: BAND & CO.

	(7)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements

	2016A
	$150,000

	(1)   All payments on or in respect of the Notes to be by Federal Funds Wire Transfer to:

Provided to Company under separate cover.

	(2)   Notices Related to Payments:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(3)   All Other Notices:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(4)    Notices Regarding Audit Confirmations:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Private Placements
dvoge@amfam.com

	(5)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(6)   Name of Nominee: BAND & CO.

	(7)   Tax Identification No.: Provided to Company under separate cover.

	
			
	

NAME AND ADDRESS OF PURCHASER
	

SERIES
	PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED

	AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements

	2016A
	$600,000

	(1)   All payments on or in respect of the Notes to be by Federal Funds Wire Transfer to:

Provided to Company under separate cover.

	(2)   Notices Related to Payments:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(3)   All Other Notices:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Investment Division-Private Placements
dvoge@amfam.com

	(4)    Notices Regarding Audit Confirmations:

American Family Life Insurance Company
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention:  Private Placements
dvoge@amfam.com

	(5)    Address for Delivery of Notes:

Provided to Company under separate cover.

	(6)   Name of Nominee: BAND & CO.

	(7)   Tax Identification No.: Provided to Company under separate cover.

Schedule A
(to Note Purchase Agreement)

DEFINED TERMS
As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:
“Affiliate” shall mean, (a) at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of equity or Voting Stock of the Company or any Subsidiary or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of equity or Voting Stock.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise.  Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company.
“Agreement” is defined in Section 17.3.
“Anti-Corruption Laws” shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.
“Anti-Money Laundering Laws” shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.
“Asset Disposition” shall mean any Transfer except:
(a)    any
(1)    Transfer from a Restricted Subsidiary to the Company or a Wholly-Owned Restricted Subsidiary; and
(2)    Transfer from the Company to a Wholly-Owned Restricted Subsidiary;
so long as immediately before and immediately after the consummation of any such Transfer and after giving effect thereto, no Default or Event of Default shall exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of any date of determination hereof and not as of the end of the immediately preceding fiscal quarter of the Company); and
(b)    any Transfer made in the ordinary course of business and involving only property that is either (1) inventory held for sale or (2) equipment, fixtures, supplies or materials no longer required in the operation of the business of the Company or any of its Restricted Subsidiaries or that is obsolete.

Schedule B
(to Note Purchase Agreement)

“Bank Credit Agreement” shall mean that certain Amended and Restated Revolving Credit Facility by and among New Jersey Resources Corporation, each of the guarantors party thereto, PNC Bank, National Association, as Administrative Agent, the banks party thereto, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as Documentation Agents and PNC Capital Markets, LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers, dated as of September 28, 2015, or any other primary credit facility for the Company, in each case as the same may be amended, restated, increased, refinanced, replaced or otherwise modified or any successor thereto.
“Blocked Person” shall mean (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (ii) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (iii) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (i) or (ii).
“Business Day” shall mean (a) for purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in Wall, New Jersey or New York, New York are required or authorized to be closed.
“Capital Lease” shall mean, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.
“CISADA” shall mean the Comprehensive Iran Sanctions Accountability and Divestment Act.
“Closing” is defined in Section 3.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
“Company” shall mean New Jersey Resources Corporation, a New Jersey corporation, or any Successor Corporation.
“Confidential Information” is defined in Section 20.
“Consolidated Shareholders’ Equity” shall mean, as of any date of determination, the sum of the amounts under the headings “Common Shareholders’ Equity” and “Preferred Shareholders’ Equity” on the balance sheet, prepared in accordance with GAAP, for the Company, its Restricted Subsidiaries and New Jersey Natural Gas on a consolidated basis.

B-2

“Consolidated Tangible Assets” shall mean, as of any date of determination, the total assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas that would be shown as assets on a consolidated balance sheet of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as of such time determined on a consolidated basis in accordance with GAAP after subtracting therefrom the aggregate amount of all intangible assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, including, without limitation, all goodwill, franchises, licenses, patents, trademarks, trade name, copyrights, service marks and brand names.
“Consolidated Tangible Net Worth” shall mean, as of any date of determination, (a) Consolidated Shareholders’ Equity minus (b) the net book amount of all assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas (after deducting reserves applicable thereto) that would be shown as intangible assets on a balance sheet, prepared in accordance with GAAP, for the Company, its Restricted Subsidiaries and New Jersey Natural Gas on a consolidated basis as of such date of determination.
“Consolidated Total Capitalization” shall mean, as of any date of determination, the sum of (a) Consolidated Total Debt and (b) Consolidated Shareholders’ Equity.
“Consolidated Total Debt” shall mean, as of any date of determination, without duplication, the total of all Debt of the Company, its Restricted Subsidiaries and New Jersey Natural Gas determined on a consolidated basis in accordance with GAAP.
For purposes of determining “Consolidated Total Debt,” there shall be excluded from any such determination Debt of Securitization Subsidiaries that are Restricted Subsidiaries (but not Debt of the Company, any other Restricted Subsidiary or New Jersey Natural Gas) incurred pursuant to Receivables Securitization Transactions in an amount for principal and accrued and unpaid interest not to exceed $100,000,000 in the aggregate.
“Control” is defined in the definition of “Affiliate”.  “Controlling” and “Controlled” shall have the meanings correlative thereto.
“Controlled Entity” shall mean (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates.
“Debt” as to any Person at any time, shall mean, without duplication, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate or currency exchange rate management device, (d) any other transaction (including forward sale or purchase agreements, Capital Leases, Synthetic Leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of 

B-3

indebtedness and which are not more than 30 days past due), (e) the net indebtedness, obligations and liabilities of such Person under any Hedging Contract to the extent constituting “indebtedness,” as determined in accordance with GAAP, adjusted downward dollar for dollar for any related margin collateral account balances maintained by such Person, (f) any Guaranty of any Hedging Contract described in the immediately preceding clause (e), (g) any Guaranty of Debt for borrowed money, (h) any Hybrid Security described in clause (a) of the definition of Hybrid Security or (i) the mandatory repayment obligation of the issuer of any Hybrid Security described in clause (b) of the definition of Hybrid Security.
“Default” shall mean an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.
“Default Rate” as of any date shall mean, with respect to the Notes of any series, that rate of interest that is the greater of (a) 2.00% per annum over the rate of interest specified in the first paragraph of such Note of such series, or (b) 2.00% per annum over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its “base” or “prime” rate.
“Disclosure Documents” is defined in Section 5.3. 
“Disposition Value” shall mean, at any time, with respect to any property:
(a)    in the case of property that does not constitute Subsidiary Stock, the book value thereof, valued at the time of such disposition in good faith by the Company, and
(b)    in the case of property that constitutes Subsidiary Stock, an amount equal to that percentage of book value of the assets of the Subsidiary that issued such stock as is equal to the percentage that the book value of such Subsidiary Stock represents of the book value of all of the outstanding capital stock of such Subsidiary (assuming, in making such calculations, that all securities convertible into such capital stock are so converted and giving full effect to all transactions that would occur or be required in connection with such conversion) determined at the time of the disposition thereof, in good faith by the Company.
“Distribution” shall mean, in respect of any corporation, association or other business entity: (a) dividends or other distributions or payments on capital stock or other equity interests of such corporation, association or other business entity (except distributions in such stock or other equity interests); and (b) the redemption or acquisition of such stock or other equity interests (except when solely in exchange for such stock or other equity interests) unless made, contemporaneously, from the net proceeds of a sale of such stock or other equity interests.
“Electronic Delivery” is defined in Section 7.1(a).
“Environmental Laws” shall mean any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.

B-4

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.
“Event of Default” is defined in Section 11.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
“Execution Date” is defined in Section 3.
“Fair Market Value” shall mean, at any time and with respect to any property, the sale value of such property that would be realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell).
“GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States of America.
“Governmental Authority” shall mean
(a)    the government of
(1)    the United States of America or any State or other political subdivision thereof, or
(2)    any jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or
(b)    any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.
“Governmental Official” shall mean any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.
“Guarantor” is defined in Section 2.2.
“Guaranty” shall mean, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person:

B-5

(a)    to purchase such Debt or obligation or any property constituting security therefor;
(b)    to advance or supply funds (1) for the purchase or payment of such Debt or obligation or (2) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Debt or obligation;
(c)    to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of the Debt or obligation; or
(d)    otherwise to assure the owner of such Debt or obligation against loss in respect thereof.
In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor.
“Guaranty Agreement” is defined in Section 2.2.
“Guaranty Supplement” is defined in Section 9.7(a).
“Hazardous Materials” shall mean any and all pollutants, toxic or hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law (including, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls), petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.
“Hedging Contract” shall mean any transaction entered into by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas with respect to hedging or trading of gas contracts or other commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Company, its Restricted Subsidiaries and New Jersey Natural Gas.
“holder” shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register.
“Hybrid Security” shall mean any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of the Company or any Guarantor substantially all of the assets of which trust are unsecured Debt of the Company or any Guarantor or any Subsidiary of the Company or any Guarantor or proceeds thereof, and all payments of such Debt are required to be, and are, 

B-6

distributed to the holders of beneficial interests in such trust promptly after receipt by such trust or (b) any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.
“Inactive Subsidiary” shall mean, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.
“INHAM Exemption” is defined in Section 6.2(e).
“Institutional Investor” shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form and (d) any Related Fund of any holder of any Note.
“Investment” shall mean any investment, made in cash or by delivery of property, by any Person (a) in any other Person, whether by acquisition of stock, Debt or other obligation or security, or by loan, Guaranty, advance, capital contribution or otherwise or (b) in any property.
“Lien” shall mean, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease or Synthetic Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).
“Make-Whole Amount” is defined in Section 8.6.
“Material” shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, taken as a whole.
“Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or (c) the ability of any Guarantor which is a Significant Subsidiary described in clause (b) of the definition thereof to perform its obligations under the Guaranty Agreement or (d) the validity or enforceability of this Agreement, the Notes or the Guaranty Agreement.
“Maturity Date” is defined in the first paragraph of each Note.

B-7

“Memorandum” is defined in Section 5.3.
“Multiemployer Plan” shall mean any Plan that is a “multiemployer plan” (as such term is defined in Section 4001(a)(3) of ERISA) with respect to which the Company or any ERISA Affiliate has any liability.
“NAIC” shall mean the National Association of Insurance Commissioners or any successor thereto.
“NAIC Annual Statement” is defined in Section 6.2(a).
“New Jersey Natural Gas” shall mean New Jersey Natural Gas Company, a corporation organized and existing under the laws of the State of New Jersey, which corporation is a wholly‐owned Subsidiary of the Company.
“Notes” is defined in Section 1.1.
“OFAC” shall mean Office of Foreign Assets Control, United States Department of the Treasury.
“OFAC Sanctions Program” shall mean any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.
“Officer’s Certificate” shall mean a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.
“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.
“Permitted Related Business Opportunity” shall mean any transaction with another Person (other than any Inactive Subsidiary of the Company) involving business activities or assets reasonably related or complementary to the business of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as conducted on the date of the Closing or as may be conducted pursuant to Section 10.11, including, without limitation, the management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of energy, or the access to gas and energy transmission lines, and business initiatives for the conservation and efficiency of gas and energy. 
“Person” shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization or a government or agency or political subdivision thereof.
“Plan” shall mean an “employee benefit plan” (as defined in Section 3(3) of ERISA), other than a Multiemployer Plan, subject to Title I of ERISA that is maintained, or to which contributions are required to be made, by the Company or any ERISA Affiliate, or any prior “employee benefit plan” as to which the Company or any ERISA Affiliate has any liability.

B-8

“Priority Debt” shall mean (without duplication) the sum of (a) unsecured Debt of Restricted Subsidiaries and indebtedness, obligations and liabilities of Restricted Subsidiaries constituting Debt pursuant to clause (e) of the definition of Debt in this Agreement other than (1) Debt owed to the Company or a Wholly-Owned Restricted Subsidiary, (2) Debt outstanding at the time such Person became a Subsidiary provided that such Debt shall not have been incurred in contemplation of such Person becoming a Subsidiary and (3) unsecured Debt of a Guarantor under (i) the Guaranty Agreement and (ii) other Guaranties of Debt of the Company permitted to exist pursuant to Section 10.1 and (b) Debt of the Company secured by a Lien and Debt of any of its Restricted Subsidiaries secured by a Lien, in each case, other than Liens permitted by paragraphs (a) through (k) of Section 10.3.
“property” or “properties” shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.
“Purchaser” or “Purchasers” shall mean each of the purchasers whose signatures appear at the end of this Agreement and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2); provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.
“PTE” is defined in Section 6.2(a).
“QPAM Exemption” is defined in Section 6.2(d).
“Receivables Securitization Transaction” shall mean any transaction pursuant to which the Company or any Restricted Subsidiary Transfers accounts receivable to a Securitization Subsidiary and such Securitization Subsidiary incurs Debt in connection with the purchase of such accounts receivable and grants a security interest in such accounts receivable as collateral security for such Debt; provided that such Debt is non-recourse to the Company and the other Restricted Subsidiaries other than with respect to representations, warranties and indemnities entered into by the Company or the applicable Restricted Subsidiary in connection with such transaction that are customary in non-recourse securitization of receivables transactions.
“Regulated Entity” shall mean any Person that is subject under law to any of the laws, rules or regulations respecting the financial, organizational or rate regulation of electric companies, public utilities or public utility holding companies.
“Related Fund” shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) is advised or managed by such holder, the same investment advisor as such holder or by an Affiliate of such holder or such investment advisor.
“Required Holders” shall mean, at any time, (i) prior to the Closing, the Purchasers and (ii) on or after the Closing, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).

B-9

“Responsible Officer” shall mean any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.
“Restricted Payment” shall mean any Distribution in respect of the Company or any Restricted Subsidiary (other than on account of capital stock or other equity interests of a Restricted Subsidiary owned legally and beneficially by the Company or another Restricted Subsidiary), including, without limitation, any Distribution resulting in the acquisition by the Company or any Restricted Subsidiary of securities that would constitute treasury stock.  For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of (a) the Fair Market Value of such property (determined in good faith by the Board of Directors (or equivalent governing body) of the Person making such Restricted Payment) and (b) the net book value thereof on the books of such Person, in each case determined as of the date on which such Restricted Payment is made.
“Restricted Subsidiary” shall mean each Subsidiary that is either (a) designated as a Restricted Subsidiary on Schedule 5.4 or (b) designated as a Restricted Subsidiary by the Board of Directors of the Company in accordance with Section 10.13.
“Restricted Subsidiary Stock” shall mean Subsidiary Stock of any Restricted Subsidiary.
“Securities Act” shall mean the Securities Act of 1933, as amended from time to time and the rules and regulations promulgated thereunder from time to time in effect.
“Securitization Subsidiary” shall mean any Restricted Subsidiary that (a) has been created for the sole purpose and business of purchasing and owning the accounts receivable of the Company or any other Restricted Subsidiary, (b) has no Debt outstanding other than Debt incurred in connection with the purchase of such accounts receivable and (c) does not, and by the terms of its organizational documents or contractual obligations to which it or its property is then bound can not, own or hold any other assets or participate in any other business or incur any other Debt.
“Senior Debt” shall mean any Debt of the Company other than Debt that is in any manner subordinated in right of payment or security in any respect to the Debt evidenced by the Notes.
“Series A Notes” is defined in Section 1.
“Series B Notes” is defined in Section 1.
“Senior Financial Officer” shall mean the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.
“Significant Subsidiary” shall mean at any time, without duplication, (a) each Guarantor, (b) each Restricted Subsidiary (including any Guarantor) that would at such time constitute a “significant subsidiary” (as such term is defined in Regulation S-X of the Securities and Exchange Commission as in effect on the date of the Closing) of the Company and (c) New Jersey Natural Gas.
“Source” is defined in Section 6.2.

B-10

“State Sanctions List” shall mean a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.
“Subsidiary” shall mean, as to any Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient Voting Stock to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).  Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.
“Subsidiary Stock” shall mean, with respect to any Person, the stock (or any options or warrants to purchase stock or other securities exchangeable for or convertible into stock) of any Subsidiary of such Person.
“SVO” shall mean the Securities Valuation Office of the NAIC or any successor to such Office.
“Synthetic Lease” shall mean any lease transaction under which the parties intend that (a) the lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended, or appropriate successor thereto, and (b) the lessee will be entitled to various tax benefits ordinarily available to owners (as opposed to lessees) of like property.
“Transfer” shall mean, with respect to any Person, any transaction in which such Person sells, conveys, transfers or leases (as lessor) any of its property, including, without limitation, Subsidiary Stock.  
“Unrestricted Subsidiary” shall mean each Subsidiary that is either (a) designated as an Unrestricted Subsidiary on Schedule 5.4 or (b) designated an Unrestricted Subsidiary by the Board of Directors of the Company in accordance with Section 10.13.  For the avoidance of doubt, any Subsidiary which has not been designated as either a Restricted Subsidiary or Unrestricted Subsidiary shall be deemed to be an Unrestricted Subsidiary.
“USA PATRIOT Act” shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“U.S. Economic Sanctions Laws” shall mean those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which 

B-11

economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.
“Voting Stock” shall mean any securities of any class of a Person whose holders are entitled under ordinary circumstances to vote for the election of directors of such Person (or Persons performing similar functions) irrespective of whether at the time securities of any other class shall have or might have voting power by reason of the happening of any contingency.
“Wholly-Owned Restricted Subsidiary” shall mean, at any time, any Restricted Subsidiary 100% of all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Restricted Subsidiaries at such time.

B-12

CHANGES IN CORPORATE STRUCTURE
None.

SCHEDULE 4.11
(to Note Purchase Agreement)

DISCLOSURE MATERIALS
None.

SCHEDULE 5.3
(to Note Purchase Agreement)

SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK

	
						
	Subsidiary
	Jurisdiction of Incorporation/ 
Formation
	Percentage Ownership %
	Shareholder
	Status
	Regulated

	New Jersey Natural Gas Company
	New Jersey
	100
	New Jersey Resources Corporation
	Unrestricted
	Yes

	NJR Energy Services Company
	New Jersey
	100
	New Jersey Resources Corporation
	Restricted
	No

	NJR Retail Holdings Corporation
	New Jersey
	100
	New Jersey Resources Corporation
	Restricted
	No

	NJR Home Services Company
	New Jersey
	100
	NJR Retail Holdings Corporation
	Restricted
	No

	NJR Plumbing Services, Inc.
	New Jersey
	90
	NJR Home Services Company
	Restricted
	No

	NJR Energy Investments Corporation
	New Jersey
	100
	New Jersey Resources Corporation
	Restricted
	No

	NJR Storage Holdings Company
	Delaware
	100
	NJR Midstream Holdings Corporation
	Unrestricted
	No

	NJR Steckman Ridge Storage Company
	Delaware
	100
	NJR Storage Holdings Company
	Unrestricted
	No

	Commercial Realty and Resources Corp.
	New Jersey
	100
	NJR Retail Holdings Corporation
	Restricted
	No

	NJR Midstream Holdings Corporation
	New Jersey
	100
	NJR Energy Investments Corporation
	Unrestricted
	No

	NJR Energy Corporation
	New Jersey
	100
	Commercial Realty and Resources Corporation
	Unrestricted
	No

	NJR Clean Energy Ventures Corporation
	New Jersey
	100
	New Jersey Resources Corporation
	Unrestricted
	No

	NJR Clean Energy Ventures II Corporation
	New Jersey
	100
	NJR Clean Energy Ventures Corporation
	Unrestricted
	No

	Two Dot Wind Farm, LLC
	Delaware
	100
	NJR Clean Energy Ventures II Corporation
	Unrestricted
	No

	Carroll Area Wind Farm, LLC
	Iowa
	100
	NJR Clean Energy Ventures II Corporation
	Unrestricted
	No

	Alexander Wind Farm, LLC
	Delaware
	100
	NJR Clean Energy Ventures II Corporation
	Unrestricted
	No

SCHEDULE 5.4
(to Note Purchase Agreement)

	
						
	Subsidiary
	Jurisdiction of Incorporation/ 
Formation
	Percentage Ownership %
	Shareholder
	Status
	Regulated

	Ringer Hill Wind, LLC
	Delaware
	100
	NJR Clean Energy Ventures II Corporation
	Unrestricted
	No

	Bernards Solar, LLC
	New Jersey
	100
	NJR Clean Energy Ventures II Corporation
	Unrestricted
	No

	NJR Pipeline Company
	New Jersey
	100
	NJR Midstream Holdings Corporation
	Inactive
Unrestricted
	No

	NJNR Pipeline Company
	New Jersey
	100
	NJR Midstream Holdings Corporation
	Unrestricted
	No

	NJR Service Corporation
	New Jersey
	100
	New Jersey Resources Corporation
	Inactive Restricted
	No

S-5.4-2

Directors and Officers of the Company

	
			
	BBoard of Directors
	

Officers
	 

	Lawrence R. Codey (5-9-00)
	Laurence M. Downes
	President and Chief Executive Officer

	Donald L. Correll (5-14-08)
	Mariellen Dugan
	Senior Vice President and General Counsel (2-1-08)

	Laurence M. Downes, Chairman 
(7-12-95)
	Kathleen T. Ellis
	Senior Vice President, Corporate Affairs (2-01-08)

	Robert B. Evans (9-15-09)
	Richard Reich
	Corporate Secretary and Assistant General Counsel (1-20-16)

	M. William Howard (9-13-05)
	Linda B. Kellner
	Chief of Staff

	Jane M. Kenny (9-13-06)
	Glenn C. Lockwood
	Executive Vice President

	Alfred C. Koeppe  (10-20-03)
	Patrick J. Migliaccio
	Senior Vice President and Chief Financial Officer (1-1-16)

	J. Terry Strange (1-15-03)
	Amanda Mullan
	Vice President and Chief Human Resources Officer (11-11-15)

	Sharon C. Taylor (11-14-12)
	James W. Kent
	Treasurer (5-13-15)

	David A. Trice (3-10-04)
	Rhonda M. Figueroa
	Corporate Diversity Officer (1-20-16)

	George R. Zoffinger (5-9-96)
	 
	 

S-5.4-3

FINANCIALS

Consolidated financial statements contained in the Annual Report on Form 10-K of New Jersey Resources Corporation for the fiscal year ended September 30, 2015.

Consolidated financial statements contained in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2015.

SCHEDULE 5.5
(to Note Purchase Agreement)

CERTAIN LITIGATION

Actions, suits and proceedings described under the heading “Manufactured Gas Plant Remediation” in Note 12 to New Jersey Resources Corporation’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015.

SCHEDULE 5.8
(to Note Purchase Agreement)

PATENTS, ETC.
None.

SCHEDULE 5.11
(to Note Purchase Agreement)

EXISTING DEBT 

I.     The following is a list of all outstanding Indebtedness of NJR, its Restricted Subsidiaries and New Jersey Natural Gas Company as of December 31, 2015 (unless otherwise indicated).

		
	A.
	 NEW JERSEY RESOURCES CORPORATION (“NJR”)

1.    Senior Notes
	
								
	 
	Rate
	 
	Maturity Date
	 
	Principal Amt.

	   Unsecured Senior Notes
	6.05%
	 
	9/24/17
	 
	$
	50,000,000
	

	   Unsecured Senior Notes
	2.51%
	 
	9/17/18
	 
	25,000,000
	

	   Unsecured Senior Notes
	3.25%
	 
	9/17/22
	 
	50,000,000
	

	   Unsecured Senior Notes
	3.48%
	 
	11/7/24
	 
	100,000,000
	

	   
TOTAL
	 
	 
	 
	 
	

$225,000,000
	

The following Subsidiaries are guarantors of the Senior Notes: Commercial Realty and Resources Corporation, NJR Clean Energy Ventures Corporation, NJR Clean Energy Ventures II Corporation, Two Dot Wind Farm, LLC, Carroll Area Wind Farm, LLC, Alexander Wind Farm, LLC, Ringer Hill Wind, LLC, NJR Energy Investments Corporation, NJR Energy Services Company, NJR Home Services Company, NJR Investment Company, NJR Plumbing Services, Inc., NJR Retail Holdings Corporation and NJR Service Corporation.

2.    Shelf Notes.  NJR is a party to the shelf note purchase agreement listed below.  As of December 31, 2015, there was no outstanding Indebtedness under the shelf note purchase agreement.

		
	a.
	$100,000,000 Shelf Note Purchase Agreement, dated as of September 26, 2013, by and between NJR and Metropolitan Life Insurance Company (“MetLife Facility”).

		
	b.
	The following Subsidiaries are guarantors under the Shelf Agreement: Commercial Realty and Resources Corporation, NJR Energy Holdings Corporation, New Jersey Clean Energy Ventures Corporation, NJR Clean Energy Ventures II Corporation, Two Dot Wind Farm, LLC, Carroll Area Wind Farm, LLC, Alexander Wind Farm, LLC, Ringer Hill Wind, LLC, NJR Energy Investments Corporation, NJR Energy Services Company, NJR Home Services Company, NJR Investment Company, NJR Plumbing Services, Inc., NJR Retail Holdings Corporation; NJR Storage Holdings Company and NJR Service Corporation.

3.    Bank Credit Agreement:  As of December 31, 2015, NJR had $135,000,000 in Indebtedness under the Bank Credit Agreement and the “Loan Documents” as defined in the Bank Credit Agreement.

SCHEDULE 5.15
(to Note Purchase Agreement)

4.    Letters of Credit:  NJR has outstanding letters of credit issued pursuant to the Bank Credit Agreement in an aggregate amount of $22.9 million.
	
						
	 
	 
	 
	 
	 
	 

B.    NEW JERSEY NATURAL GAS COMPANY
On August 29, 2011, New Jersey Natural Gas Company (“NJNG”) completed a refunding of its auction rate securities, whereby NJNG refunded $97 million of bonds and the associated First Mortgage Bonds (Series AA, BB, DD, EE, FF and GG).  As part of the transaction, the New Jersey Economic Development Authority (“NJEDA”) issued a total of $97 million of Natural Gas Facilities Refunding Revenue Bonds (New Jersey Natural Gas Company Project) comprised of three series of bonds: the $9.5 million principal amount Series 2011A Bonds (Non-AMT) due September 1, 2027, the $41 million principal amount Series 2011B Bonds (AMT) due August 1, 2035 and the $46.5 million principal amount Series 2011C Bonds due August 1, 2041 (collectively, the “EDA Bonds”).  The EDA Bonds are special, limited obligations of the NJEDA payable solely from payments made by NJNG pursuant to a Loan Agreement between the NJEDA and the NJNG, and are initially secured by the pledge of $97 million principal amount First Mortgage Bonds issued by NJNG (Series MM, NN and OO).  

	
								
	As of 12/31/15
($000)
	 
	 
	 
	 
	 

	

Secured First Mortgage Bonds
	

Rate

	 
	

Maturity Date
	 
	Principal Amt.

	Series II
	4.5%
	 
	8/1/23
	 
	10,300
	

	Series JJ
	4.6%
	 
	8/1/24
	 
	10,500
	

	Series KK
	4.9%
	 
	10/1/40
	 
	15,000
	

	Series LL
	5.6%
	 
	5/15/18
	 
	125,000
	

	Series MM
	Var.
	 
	9/1/27
	 
	9,545
	

	Series NN
	Var.
	 
	8/1/35
	 
	41,000
	

	Series OO
	Var.
	 
	8/1/41
	 
	46,500
	

	Series PP
	3.15%
	 
	4/15/28
	 
	50,000
	

	Series QQ
	3.58%
	 
	3/13/24
	 
	70,000
	

	Series RR
	4.61%
	 
	3/13/44
	 
	55,000
	

	Series SS
	2.82%
	 
	4/15/25
	 
	50,000
	

	Series TT
	3.66%
	 
	4/15/45
	 
	100,000
	

	 
	 
	 
	 
	 
	 

	Sub-total First Mortgage Bonds
	 
	 
	 
	 
	582,845
	

	 
	 
	 
	 
	 
	 

	Capital Lease Obligations
	 
	 
	Various
	 
	40,361
	

	 
	 
	 
	 
	 
	 

	Commercial Paper (Unsecured)
	 
	 
	 
	 
	76,000
	

	 
	 
	 
	 
	 
	 

	Total
	 
	 
	 
	 
	

	$699,206
	

S-5.15-2

		
	C.
	DERIVATIVE INSTRUMENTS

NJR is subject to commodity price risk due to fluctuations in the market price of natural gas, Solar Renewable Energy Credits (SRECs) and electricity. To manage this risk, NJR enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, NJR may utilize foreign currency derivatives as cash flow hedges of Canadian dollar denominated gas purchases and/or sales. These contracts, with a few exceptions as described below, are accounted for as derivatives. Accordingly, all of the financial and certain of NJR’s physical derivative instruments are recorded at fair value on NJR’s Unaudited Condensed Consolidated Balance Sheets.   

NJRES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the US dollar. NJRES may utilize foreign currency derivatives to lock in the currency translation rate associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives may be used to hedge future forecasted cash payments associated with transportation and storage contracts along with purchases of natural gas.

As a result of NJRES entering into transactions to borrow gas, commonly referred to as “park and loans,” an embedded derivative is created related to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Changes in fair value of NJNG's financial derivative instruments are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. NJNG has received regulatory approval to defer and to recover these amounts through future BGSS rates as an increase or decrease to the cost of natural gas in NJNG's tariff for gas service.

NJRCEV hedges certain of its expected production of SRECs through forward and futures contracts. The contracts require NJR to physically deliver the SRECs upon settlement. 

In an April 2014 BPU Order, NJNG received regulatory approval to enter into interest rate risk management transactions related to long-term debt securities. On June 1, 2015, NJNG entered into a treasury lock transaction to fix a benchmark interest rate of 3.26 percent associated with the forecasted $125 million debt issuance expected in May 2018. This forecasted debt issuance coincides with the maturity of NJNG's existing $125 million, 5.6 percent notes due May 15, 2018. The change in fair value of NJNG's treasury lock agreement is recorded as a component of regulatory assets or liabilities on NJR’s Unaudited Condensed Consolidated Balance Sheets since NJR believes that the market value upon settlement will be recovered in future rates. Upon settlement, any gain or loss will be amortized in earnings over the life of the future debt issuance.
 
The following table reflects the fair value of NJR's derivative assets and liabilities recognized in its Unaudited Condensed Consolidated Balance Sheets that are designated as hedging instruments as of December 31, 2015:

S-5.15-3

	
																						
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	

Fair Value

	 
	 
	 
	December 31, 2015
	 
	September 30, 2015

	(Thousands)
	Balance Sheet Location
	Asset
Derivatives
	Liability
Derivatives
	Asset
Derivatives
	Liability
Derivatives

	Derivatives designated as hedging instruments:
	 
	 
	 
	 
	 
	 
	 
	 

	NJRES:
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Foreign currency contracts
	Derivatives - current
	 
	$
	—
	

	 
	 
	$
	52
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	Derivatives not designated as hedging instruments:
	 
	 
	 
	 
	 
	 
	 
	 

	NJNG:
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Financial commodity contracts
	Derivatives - current
	 
	$
	820
	

	 
	 
	$
	13,819
	

	 
	 
	$
	207
	

	 
	 
	$
	10,163
	

	 

	 
	Derivatives - noncurrent
	 
	—
	 
	 
	 
	—
	 
	 
	 
	—
	 
	 
	 
	925
	 
	 

	Interest rate contracts
	Derivatives - noncurrent
	 
	$
	—
	

	 
	 
	$
	1,861
	

	 
	 
	$
	—
	

	 
	 
	$
	4,228
	

	 

	NJRES:
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Physical forward commodity contracts
	Derivatives - current
	 
	9,844
	 
	 
	 
	22,333
	 
	 
	 
	4,854
	 
	 
	 
	9,281
	 
	 

	 
	Derivatives - noncurrent
	 
	3,054
	 
	 
	 
	650
	 
	 
	 
	1,718
	 
	 
	 
	—
	 
	 

	Financial commodity contracts
	Derivatives - current
	 
	48,314
	 
	 
	 
	15,675
	 
	 
	 
	35,682
	 
	 
	 
	13,347
	 
	 

	 
	Derivatives - noncurrent
	 
	696
	 
	 
	 
	95
	 
	 
	 
	2,626
	 
	 
	 
	386
	 
	 

	Fair value of derivatives not designated as hedging instruments
	 
	$
	62,719
	

	 
	 
	$
	54,433
	

	 
	 
	$
	45,087
	

	 
	 
	$
	38,330
	

	 

	Total fair value of derivatives
	 
	 
	$
	62,719
	

	 
	 
	$
	54,485
	

	 
	 
	$
	45,087
	

	 
	 
	$
	38,330
	

	 

S-5.15-4

[FORM OF SERIES A NOTE]
NEW JERSEY RESOURCES CORPORATION 
 
3.20% Senior Note, Series 2016A, due August 18, 2023
No. RA-_______    __________ ___, 20___ 
$____________    PPN 646025 B#2
FOR VALUE RECEIVED, the undersigned, NEW JERSEY RESOURCES CORPORATION (herein called the “Company”), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ DOLLARS (or so much thereof as shall not have been prepaid) on ________________ (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 3.20% per annum from the date hereof, payable semi-annually, on the 15th day of February and August in each year, commencing with the February 15 or August 15 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.20% or (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal offices of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to that certain Note Purchase Agreement dated as of March 22, 2016 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving 

EXHIBIT 1(a)
(to Note Purchase Agreement)

payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.
NEW JERSEY RESOURCES CORPORATION 
 
 
 
By __________________________________     
      Name: 
      Its:

E1(a)-2

[FORM OF SERIES B NOTE]
NEW JERSEY RESOURCES CORPORATION 
 
3.54% Senior Note, Series 2016B, due August 18, 2026
No. RB-_______    __________ ___, 20___ $____________    PPN 646025 C*5
FOR VALUE RECEIVED, the undersigned, NEW JERSEY RESOURCES CORPORATION (herein called the “Company”), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ DOLLARS (or so much thereof as shall not have been prepaid) on ________________ (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 3.54% per annum from the date hereof, payable semi-annually, on the 15th day of February and August in each year, commencing with the February 15 or August 15 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.54% or (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal offices of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to that certain Note Purchase Agreement dated as of March 22, 2016 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving 

EXHIBIT 1(b)
(to Note Purchase Agreement)

payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.
NEW JERSEY RESOURCES CORPORATION 
 
 
 
By    ___________________________________     
    Name: 
    Its:

E1(b)-2

FORM OF SUBSIDIARY GUARANTY AGREEMENT
Re:    Senior Notes 
of 
New Jersey Resources Corporation
This Subsidiary Guaranty Agreement dated as of March 22, 2016 (this “Guaranty”) is entered into on a joint and several basis by each of the undersigned, together with any entity which may become a party hereto by execution and delivery of a Subsidiary Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a “Guaranty Supplement”) (which parties are hereinafter referred to individually as a “Guarantor” and collectively as the “Guarantors”).
RECITALS
A.    Each Guarantor is a direct or indirect subsidiary of New Jersey Resources Corporation, a corporation organized under the laws of the State of New Jersey (the “Company”).
B.    The Company is concurrently herewith entering into that certain Note Purchase Agreement dated as of March 22, 2016 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Note Purchase Agreement”) between the Company and the respective Purchasers named therein, providing for, among other things, the issue and sale by the Company to the Purchasers (as defined therein) of $150,000,000 of its senior promissory notes consisting of (a) $50,000,000 aggregate principal amount of its 3.20% Senior Notes, Series 2016A, due August 18, 2023 (the “Series A Notes”) and (b) $100,000,000 aggregate principal amount of its 3.54% Senior Notes, Series 2016B, due August 18, 2026 (the “Series B Notes” and, together with the Series A Notes, collectively, the “Notes”).  The Purchasers together with their respective successors and assigns are collectively referred to herein as the “Holders.”
C.    The Purchasers have required as a condition of their purchase of the Notes that the Company cause each of the undersigned to enter into this Guaranty and, upon (1) the formation or acquisition of a new Restricted Subsidiary (other than a Regulated Entity), (2) the occurrence of any other event creating a new Restricted Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary becoming or being a guarantor or co‐obligor in respect of the Bank Credit Agreement, to cause each such Subsidiary to execute a Guaranty Supplement, in each case in order to induce the Purchasers to purchase the Notes and thereby benefit the Company and its Subsidiaries by providing funds to the Company for the repayment of existing debt and for its general corporate purposes.
Now, therefore, as required by Section 4.4 of the Note Purchase Agreement and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows:

EXHIBIT 2
(to Note Purchase Agreement)

SECTION 1.    DEFINITIONS.
Capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement unless otherwise defined herein.
SECTION 2.    GUARANTY OF NOTES AND NOTE PURCHASE AGREEMENT.
(a)    Each Guarantor jointly and severally does hereby irrevocably, absolutely and unconditionally guarantee unto the Holders:  (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest on the Notes from time to time outstanding, as and when such payments shall become due and payable whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including, to the extent permitted by applicable law, interest due on overdue payments of principal, Make-Whole Amount, if any, or interest at the rate set forth in the Notes) in Federal or other immediately available funds of the United States of America which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Company of each and all of the obligations, covenants and agreements required to be performed or owed by the Company under the terms of the Notes and the Note Purchase Agreement and (3) the full and prompt payment, upon demand by any Holder of all costs and expenses, legal or otherwise (including reasonable attorneys’ fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes and the Note Purchase Agreement, or under this Guaranty or in any consultation or action in connection therewith or herewith.
(b)    To the extent that any Guarantor shall make a payment hereunder (a “Payment”) which, taking into account all other Payments previously or concurrently made by any of the other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had paid the aggregate obligations satisfied by such Payment in the same proportion as such Guarantor’s “Allocable Amount” (as hereinafter defined) in effect immediately prior to such Payment bore to the Aggregate Allocable Amount (as hereinafter defined) of all of the Guarantors in effect immediately prior to the making of such Payment, then such Guarantor shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Guarantors for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Payment.
As of any date of determination, (1) the “Allocable Amount” of any Guarantor shall be equal to the maximum amount which could then be claimed by the Holders under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the United States Bankruptcy Code (11 U.S.C. Sec. 101 et. seq.) or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law; and (2) the “Aggregate Allocable Amount” shall be equal to the sum of each Guarantor’s Allocable Amount.
This clause (b) is intended only to define the relative rights of the Guarantors, and nothing set forth in this clause (b) is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts to the Holders as and when the same shall become due and payable in accordance herewith.

E2-2

Each Guarantor acknowledges that the rights of contribution and indemnification hereunder shall constitute an asset in favor of any Guarantor to which such contribution and indemnification is owing.
SECTION 3.    GUARANTY OF PAYMENT AND PERFORMANCE.
This is an irrevocable, absolute and unconditional guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect of any Note or the Note Purchase Agreement be brought against the Company or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other remedy.  Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against the Company or any other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy.  The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct or indirect security for, or other guaranties of, any Debt, liability or obligation of the Company or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, Debt, liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.
The covenants and agreements on the part of the Guarantors herein contained shall take effect as joint and several covenants and agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of this Guaranty ceasing to be binding as a continuing security on any other of them.
SECTION 4.    GENERAL PROVISIONS RELATING TO THIS GUARANTY.
(a)    Each Guarantor hereby consents and agrees that any Holder or Holders from time to time, with or without any further notice to or assent from any other Guarantor may, without in any manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable:
(1)    extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance or payment of any Debt, liability or obligation of the Company or of any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any provision of the Note Purchase Agreement or any other agreement or waive this Guaranty; or
(2)    sell, release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Debt, liability or obligation of the Company or of any other Person (including, without limitation, 

E2-3

any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes; or
(3)    settle, adjust or compromise any claim of the Company against any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes.
Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder.
(b)    Each Guarantor hereby waives, to the fullest extent permitted by law:
(1)    notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of the Company, present or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Debt, liability and obligation described in Section 2 hereof shall conclusively be presumed to have been created, contracted or incurred in reliance upon the execution of this Guaranty);
(2)    demand of payment by any Holder from the Company or any other Person (including, without limitation, any other Guarantor) indebted in any manner on or for any of the Debt, liabilities or obligations hereby guaranteed; and
(3)    presentment for the payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor.
The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination whatsoever.
(c)    The obligations of the Guarantors hereunder shall be binding upon the Guarantors and their successors and assigns, and shall remain in full force and effect irrespective of:
(1)    the genuineness, validity, regularity or enforceability of the Notes and the Note Purchase Agreement or any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company or any other Person on or in respect of the Notes or under the Note Purchase Agreement or any other agreement or the power or authority or the lack of power or authority of the Company to issue the Notes or the Company to execute and deliver the Note Purchase Agreement or any other agreement or of any Guarantor to execute and deliver this Guaranty or to perform any of its obligations 

E2-4

hereunder or the existence or continuance of the Company or any other Person as a legal entity; or
(2)    any default, failure or delay, willful or otherwise, in the performance by the Company, any Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or
(3)    any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of the Company, any Guarantor or any other Person or in respect of the property of the Company, any Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or substantially all of the assets of or winding up of the Company, any Guarantor or any other Person; or
(4)    impossibility or illegality of performance on the part of the Company, any Guarantor or any other Person of its obligations under the Notes, the Note Purchase Agreement, this Guaranty or any other agreements; or
(5)    in respect of the Company or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Company or any other Person and whether or not of the kind hereinbefore specified; or
(6)    any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Debt, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against the Company, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by the Company, any Guarantor or any other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or
(7)    any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by the Company, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or

E2-5

(8)    the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty; or
(9)    any failure or lack of diligence in collection or protection, failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of the Company, any Guarantor or any other Person to keep and perform any obligation, covenant or agreement under the terms of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or failure to resort for payment to the Company, any Guarantor or to any other Person or to any other guaranty or to any property, security, Liens or other rights or remedies; or
(10)    the acceptance of any additional security or other guaranty, the advance of additional money to the Company or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreement, or any other agreement, or the sale, release, substitution or exchange of any security for the Notes; or
(11)    any merger or consolidation of the Company, any Guarantor or any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of the Company, any Guarantor or any other Person to any other Person, or any change in the ownership of any shares or other equity interests of the Company, any Guarantor or any other Person; or
(12)    any defense whatsoever that:  (i) the Company or any other Person might have to the payment of the Notes (including, principal, Make-Whole Amount, if any, or interest), other than payment thereof in Federal or other immediately available funds or (ii) the Company or any other Person might have to the performance or observance of any of the provisions of the Notes, the Note Purchase Agreement, or any other agreement, whether through the satisfaction or purported satisfaction by the Company or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise; or
(13)    any act or failure to act with regard to the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or
(14)    any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement;
provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except by the payment of the principal of, Make-Whole Amount, if any, and interest on the Notes in 

E2-6

accordance with their respective terms whenever the same shall become due and payable as in the Notes provided, at the place specified in and all in the manner and with the effect provided in the Notes and the Note Purchase Agreement, as each may be amended or modified from time to time.  Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time to time, the Company shall default under or in respect of the terms of the Notes or the Note Purchase Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company under the Notes or the Note Purchase Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default.
(d)    All rights of any Holder under this Guaranty shall be considered to be transferred or assigned at any time or from time to time upon the transfer of any Note held by such Holder whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Company.
(e)    To the extent of any payments made under this Guaranty, the Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants and agrees that such right of subrogation and any and all claims of such Guarantor against the Company, any endorser or other Guarantor or against any of their respective properties shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of the Notes and satisfaction by the Company of its obligations under the Note Purchase Agreement and by the Guarantors of their obligations under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of such right of subrogation, until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Company under the Note Purchase Agreement and of the Guarantors under this Guaranty have been satisfied.  Notwithstanding any right of any Guarantor to ask, demand, sue for, take or receive any payment from the Company, all rights, Liens and security interests of each Guarantor, whether now or hereafter arising and howsoever existing, in any assets of the Company shall be and hereby are subordinated to the rights, if any, of the Holders in those assets.  No Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Notes and the obligations of the Company under the Note Purchase Agreement shall have been paid in cash in full and satisfied.
(f)    Each Guarantor agrees that to the extent the Company or any other Person makes any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Guarantors’ obligations hereunder, as if said payment had not been made.  The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach 

E2-7

of contract, breach of warranty, preference, illegality, invalidity or fraud asserted by any account debtor or by any other Person.
(g)    No Holder shall be under any obligation:  (1) to marshall any assets in favor of the Guarantors or in payment of any or all of the liabilities of the Company under or in respect of the Notes, the Note Purchase Agreement or the obligations of the Guarantors hereunder or (2) to pursue any other remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives.
SECTION 5.    REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS.
Each Guarantor represents and warrants to each Holder that:
(a)    Such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    Each subsidiary of such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each subsidiary of such Guarantor has the power and authority to own or lease the properties it purports to own or lease and to transact the business it transacts and proposes to transact.
(c)    This Guaranty has been duly authorized by all necessary action on the part of such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(d)    The execution, delivery and performance by such Guarantor of this Guaranty will not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor or any of its subsidiaries which are Restricted Subsidiaries under any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational document or any other agreement or instrument to which such Guarantor or any of its subsidiaries which are Restricted Subsidiaries is bound or by which such Guarantor or any of its subsidiaries or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor or any of 

E2-8

its subsidiaries which are Restricted Subsidiaries or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor or any of its subsidiaries which are Restricted Subsidiaries.
(e)    No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty other than such consents, approvals, authorizations, registrations, filings or declarations that have been obtained or made prior to the date of the Closing.
(f)    (1) Except as disclosed in Schedule 5.8 to the Note Purchase Agreement, there are no actions, suits or proceedings pending or, to the knowledge of such Guarantor, threatened against or affecting such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or any property of such Guarantor or any of its subsidiaries which are Restricted Subsidiaries in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(2)    Neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(g)    Such Guarantor and its subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (1) the amount of which is not, individually or in the aggregate, material to the business, operations, affairs, financial condition, assets or properties of such Guarantor and its subsidiaries taken as a whole (herein in this Section 5, “Material”) or (2) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which such Guarantor or one of its subsidiaries, as the case may be, has established adequate reserves in accordance with GAAP.  The charges, accruals and reserves on the books of such Guarantor and its subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate in accordance with GAAP.  The Federal income tax liabilities of such Guarantor and its subsidiaries have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2010. 
(h)    Such Guarantor and its subsidiaries which are Restricted Subsidiaries have good and sufficient title related to the ownership of their respective Material properties, including all such properties reflected in the most recent audited consolidated balance sheet referred to in Section 5.5 of the Note Purchase Agreement or purported to have been acquired by such Guarantor after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by the Note Purchase Agreement, except for those defects in title and 

E2-9

Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases to which such Guarantor is a party are valid and subsisting and are in full force and effect in all material respects.
(i)    Except as disclosed in Schedule 5.11 to the Note Purchase Agreement, such Guarantor and those of its subsidiaries which are Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.
(j)    (1)    Such Guarantor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.  Neither such Guarantor nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by such Guarantor or any ERISA Affiliate, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA on any of the rights, properties or assets of such Guarantor or any ERISA Affiliate,  other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.
(2)    The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than $25,000,000.  The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA.
(3)    Such Guarantor and its ERISA Affiliates have not incurred withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.
(4)    The accumulated post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of such Guarantor, the Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.

E2-10

(5)    The execution and delivery of this Guaranty will not involve any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code.  The representation by such Guarantor in the first sentence of this Section 5(j)(5) is made in reliance upon and subject to the accuracy of each Holder’s representation in Section 6.2 of the Note Purchase Agreement as to the source of the funds to be used to pay the purchase price of the Notes to be purchased by such Holder.
(k)    Neither such Guarantor nor any of its subsidiaries is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or an “affiliated person” of an “investment company” or an “affiliated person” of such “affiliated person” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an “investment company” or such an “affiliated person” or under such “control.”  Neither such Guarantor nor any of its subsidiaries is a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 2005, as amended.  Based upon the immediately preceding sentence, such Guarantor is not subject to regulation under the Public Utility Holding Company Act of 2005, as amended.  Neither such Guarantor nor any of its subsidiaries is subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.  Neither such Guarantor nor any of its subsidiaries is subject to any Federal or state statute or regulation limiting its ability to incur Debt.
(l)    Neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has actual knowledge of any claim or has received any written notice of any claim, and no proceeding has been instituted raising any claim against such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  Except as otherwise disclosed to the Holders in writing:
(1)    neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;
(2)    neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and
(3)    all buildings on all real properties now owned or operated by the Guarantor or any of its subsidiaries are in compliance with applicable Environmental Laws, except 

E2-11

where failure to comply would not reasonably be expected to result in a Material Adverse Effect.
(m)    Such Guarantor is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts as they become absolute and matured.  Such Guarantor does not intend to incur, or believe or should have believed that it will incur, debts beyond its ability to pay such debts as they become due.  Such Guarantor will not be rendered insolvent by the execution and delivery of, and performance of its obligations under, this Guaranty.  Such Guarantor does not intend to hinder, delay or defraud its creditors by or through the execution and delivery of, or performance of its obligations under, this Guaranty.
(n)    The obligations of such Guarantor under this Guaranty rank at least pari passu in right of payment with all other unsecured Senior Debt of such Guarantor, including without limitation, all unsecured Senior Debt of such Guarantor described in Schedule 5.15 to the Note Purchase Agreement.
SECTION 6.    AMENDMENTS, WAIVERS AND CONSENTS.
(a)    This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders, except that (1) no amendment or waiver of any of the provisions of Sections 3, 4 or 5, or any defined term (as it is used therein), will be effective as to any Holder unless consented to by such Holder in writing, and (2) no such amendment or waiver may, without the written consent of each Holder, (i) change the percentage of the principal amount of the Notes the Holders of which are required to consent to any such amendment or waiver or (ii) amend Section 2 or this Section 6.
(b)    The Guarantors will provide each Holder (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof.  The Guarantors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 6 to each Holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders.
(c)    No Guarantor will directly or indirectly pay or cause to be paid any remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement to the entering into by such Holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment.

E2-12

(d)    Any consent made pursuant to this Section 6 by a Holder that has transferred a portion or has agreed to transfer all or a portion of its Notes to such Guarantor, any subsidiary or any affiliate of such Guarantor and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and effect except solely as to such Holder, and any amendment effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and the consents of all other Holders that were acquired under the same or similar conditions) shall be void and of no force and effect except solely as to such Holder.
(e)    Any amendment or waiver consented to as provided in this Section 6 applies equally to all Holders of Notes affected thereby and is binding upon them and upon each future holder and upon the Guarantors.  No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Guarantors and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of any Holder.  As used herein, the term “this Guaranty” and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented.
(f)    Solely for the purpose of determining whether the Holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty, Notes directly or indirectly owned by any Guarantor or any subsidiaries or Affiliates of any Guarantor shall be deemed not to be outstanding.
SECTION 7.    NOTICES.
All notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid).  Any such notice must be sent:
(1)    if to a Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in Schedule A to the Note Purchase Agreement to which such Purchaser is a party, or at such other address as such Purchaser or its nominee shall have specified to any Guarantor in writing,
(2)    if to any other Holder, to such Holder at such address as such Holder shall have specified to any Guarantor in writing, or
(3)    if to any Guarantor, to such Guarantor c/o the Company at its address set forth at the beginning of the Note Purchase Agreement to the attention of the Chief Financial Officer of the Company, or at such other address as such Guarantor shall have specified to the Holders in writing.
Notices under this Section 7 will be deemed given only when actually received.

E2-13

SECTION 8.    MISCELLANEOUS.
(a)    No remedy herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at law or in equity.  No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be exercised from time to time and as often as may be deemed expedient.  In order to entitle any Holder to exercise any remedy reserved to it under this Guaranty, it shall not be necessary for such Holder to physically produce its Note in any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required.
(b)    The Guarantors will pay all sums becoming due under this Guaranty by the method and at the address specified for such purpose for such Holder, in the case of a Holder that is a Purchaser, on Schedule A to the Note Purchase Agreement to which such Purchaser is a party or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors or the Company on behalf of the Guarantors in writing for such purpose, without the presentation or surrender of this Guaranty or any Note.
(c)    Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
(d)    If the whole or any part of this Guaranty shall be now or hereafter become unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding upon and enforceable against each other Guarantor as if it had been made and delivered only by such other Guarantors.
(e)    This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid.
(f)    This Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
(g)    This Guaranty shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

E2-14

(h)    Each Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Guaranty, and consents to the service of all writs, process and summonses by registered or certified mail out of any such court or by service of process on such Guarantor at its address to which notices are to be given pursuant to Section 7 hereof and hereby waives any requirement to have an agent for service of process in the State of New York.  Nothing contained herein shall affect the right of any Holder to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where such Guarantor may be amenable to suit.  Each Guarantor hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
(i)    Each Guarantor hereby waives trial by jury in any action brought on or with respect to this Guaranty or any other document executed in connection herewith.

E2-15

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed by an authorized representative as of the date first written above.
NJR Retail Holdings Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President, Chief Financial Officer and Treasurer
NJR Home Services Company 
 
 
By:          ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President, Chief Financial Officer and Treasurer
NJR Plumbing Services, Inc. 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President, Chief Financial Officer and Treasurer
NJR Service Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
NJR Energy Services Company 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 

E2-16

Title:    Senior Vice President and 
    Chief Financial Officer
NJR Energy Investments Corporation 
 
 
By:    ___________________________________ 
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
NJR Clean Energy Ventures Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
Commercial Realty and Resources Corp. 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President, Chief Financial Officer 
and Treasurer
NJR Midstream Holdings Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
NJR Energy Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer

E2-17

NJR Storage Holdings Company 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
Two Dot Wind Farm, LLC 
 
By:    NJR Clean Energy Ventures II Corporation, 
    its Sole Member 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
NJR Clean Energy Ventures II Corporation 
 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
Carroll Area Wind Farm, LLC 
 
By:    NJR Clean Energy Ventures II Corporation, 
    its Sole Member 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer

E2-18

Alexander Wind Farm, LLC 
 
By:    NJR Clean Energy Ventures II Corporation, 
    its Sole Member 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
Ringer Hill Wind, LLC 
 
By:    NJR Clean Energy Ventures II Corporation, 
    its Sole Member 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer
Bernards Solar, LLC 
 
By:    NJR Clean Energy Ventures II Corporation, 
    its Sole Member 
 
By:    ___________________________________     
Name:    Patrick J. Migliaccio 
Title:    Senior Vice President and 
    Chief Financial Officer

E2-19

GUARANTY SUPPLEMENT
To the Holders (as defined in the hereinafter 
defined Guaranty Agreement)
Ladies and Gentlemen:
Whereas, New Jersey Resources Corporation, a corporation organized under the laws of the State of New Jersey (the “Company”), in order to repay existing debt and for general corporate purposes, the Company has issued to the Purchasers $150,000,000 of its senior promissory notes consisting of (a) $50,000,000 aggregate principal amount of its 3.20% Senior Notes, Series 2016A, due August 18, 2023 (the “Series A Notes”) and (b) $100,000,000 aggregate principal amount of its 3.54% Senior Notes, Series 2016B, due August 18, 2026 (the “Series B Notes” and, together with the Series A Notes, collectively, the “Notes”) pursuant to a Note Purchase Agreement dated as of March 22, 2016 (“Note Purchase Agreement”) between the Company and the respective Purchasers named therein.  Capitalized terms used herein shall have the meanings set forth in the hereinafter defined Guaranty Agreement unless herein defined or the context shall otherwise require.
Whereas, as a condition precedent to their purchase of the Notes, the Purchasers required that from time to time certain Subsidiaries of the Company enter into that certain Subsidiary Guaranty Agreement dated as of March 22, 2016 attached hereto as Exhibit 1 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”) as security for the Notes.
Pursuant to Section 9.7(a) of the Note Purchase Agreement, the Company has agreed to cause the undersigned, ____________, a [corporation] organized under the laws of ______________ (the “Additional Guarantor”), to join in the Guaranty Agreement.  In accordance with the requirements of the Guaranty Agreement, the Additional Guarantor desires to amend the definition of Guarantor (as the same may have been heretofore amended) set forth in the Guaranty Agreement attached hereto so that at all times from and after the date hereof, the Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty Agreement for the obligations of the Company under the Notes and the Note Purchase Agreement to the extent and in the manner set forth in the Guaranty Agreement.
The undersigned is the duly elected ____________ of the Additional Guarantor, a Subsidiary of the Company, and is duly authorized to execute and deliver this Guaranty Supplement to each of you.  The execution by the undersigned of this Guaranty Supplement shall evidence such Additional Guarantor’s consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty Agreement and its agreement to be bound by the covenants, terms and provisions of the Guaranty Agreement as a Guarantor thereunder and by such execution the Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty Agreement.
Upon execution of this Guaranty Supplement, the Guaranty Agreement shall be deemed to be amended as set forth above.  Except as amended herein, the terms and provisions of the Guaranty Agreement are hereby ratified, confirmed and approved in all respects.

E2-20

Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty Agreement without making specific reference to this Guaranty Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require.
Dated:  _________________, 20  .
[NAME OF ADDITIONAL GUARANTOR] 
 
 
 
By:    ___________________________________     
Its:    ___________________________________    

E2-21

FORM OF OPINION OF SPECIAL COUNSEL 
TO THE COMPANY AND THE GUARANTORS
The closing opinions of Richard Reich, Esq. and Troutman Sanders LLP, special counsels for the Company and the Guarantors, which is called for by Section 4.5(a) of the Agreement, shall be dated the date of the Closing and addressed to each Purchaser (subject to customary qualifications and exceptions reasonably acceptable to the Purchasers), and shall be reasonably satisfactory in scope and form to each Purchaser and shall be to the effect that:
1.    Each of the Company and the Guarantors being duly incorporated, validly existing and in good standing and having requisite corporate power and authority to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement.
2.    New Jersey Natural Gas is a corporation or other business entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.  All of the issued and outstanding shares of capital stock or other equity interests of each such Guarantor and New Jersey Natural Gas have been duly issued, are fully paid and non-assessable, other than as shown on Schedule 5.4 to the Agreement, and are owned by the Company, by one or more Restricted Subsidiaries, or by the Company and one or more Restricted Subsidiaries.
3.    Due authorization, execution and delivery of the Agreement, the Notes and the Guaranty Agreement and such documents being legal, valid, binding and enforceable in accordance with their terms.
4.    No conflicts with charter documents, laws, judgments, orders, decrees or other agreements; no creation of Liens.
5.    All consents, approvals, authorizations or filings required to be obtained by the Company or any Guarantor to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement having been obtained.
6.    No litigation questioning validity of documents.
7.    The Notes not requiring registration under the Securities Act of 1933, as amended; no need to qualify an indenture under the Trust Indenture Act of 1939, as amended.
8.    No violation of Regulations T, U or X of the Federal Reserve Board.
9.    Company not an “investment company”, or a company “controlled” by an “investment company”, under the Investment Company Act of 1940, as amended.
The opinions of Richard Reich, Esq. and Troutman Sanders LLP shall cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request.  With respect to matters of fact on which such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials, and officers of the Company and of the Guarantors and upon representations of the Company, the Guarantors and the Purchasers delivered in connection with the issuance and sale of the Notes and the execution and delivery of the Guaranty Agreement and 

EXHIBIT 4.5(a)
(to Note Purchase Agreement)

such opinion and shall provide that (i) subsequent holders of the Notes may rely upon such opinion as though delivered to such subsequent holders on the Closing Date and (ii) such opinion may be provided to Governmental Authorities, including, without limitation, the NAIC, provided that such opinion may indicate that any such Governmental Authority may not rely on such opinion.

E4.5(a)-2

FORM OF OPINION OF SPECIAL COUNSEL 
TO THE PURCHASERS
The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.5(b) of the Agreement, shall be dated the date of the Closing and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:
1.    The Company is a corporation validly existing and in good standing under the laws of the State of New Jersey.
2.    The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the Company, enforceable against the Company in accordance with their respective terms.
3.    The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by this Agreement do not, under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.
The opinion of Schiff Hardin LLP shall also state that the opinions of Richard Reich, Esq. and of Troutman Sanders LLP are satisfactory in scope and form to Schiff Hardin LLP and that, in their opinion, the Purchasers are justified in relying thereon.
In rendering the opinion set forth in paragraph 1 above, Schiff Hardin LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Certificate of Incorporation certified by, and a certificate of good standing of the Company from, the Secretary of State of the State of New Jersey.  The opinion of Schiff Hardin LLP is limited to the laws of the State of New York and the Federal laws of the United States.
With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers of the Company and upon representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.

EXHIBIT 4.5(b)
(to Note Purchase Agreement)

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