Document:

Exhibit

Exhibit 4.31

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

The following is a summary of the material terms of our securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of February 1, 2020. The following description of the terms of our common stock is not meant to be complete and is qualified by reference to our restated certificate of incorporation (“certificate of incorporation”) and our amended and restated bylaws (“bylaws”), each of which is incorporated by reference as an exhibit to our Annual Report on Form 10‐K, of which this exhibit is a part. We encourage you to read our certificate of incorporation, our bylaws and the applicable provisions of the Delaware General Corporation Law for additional information.
Description of OUR COMMON Stock
Authorized Capital Stock
Under our certificate of incorporation, our authorized capital stock consists of 1,000 million shares of common stock with $0.50 par value and 10 million shares of preferred stock with $1.00 par value. Neither class of capital stock has preemptive or preferential rights of subscription for any shares of our common stock or other securities.
On February 1, 2020, there were approximately 277 million outstanding shares of our common stock and no outstanding shares of our preferred stock. On February 1, 2020, there were employee stock options and restricted stock awards outstanding to issue approximately 14 million shares of our common stock.
Common Stock
The outstanding shares of common stock are, and any shares of common stock issued will be, duly authorized, validly issued, fully paid and nonassessable. There are no restrictions on the alienability of shares of our common stock, and there are no sinking fund provisions for the redemption or purchase of shares of our common stock. The rights of holders of shares of our common stock may be modified by the rights of holders of preferred stock, amendments to our certificate of incorporation and Delaware corporate law.
Our common stock is listed on the New York Stock Exchange under the symbol “LB.”
Voting Rights
Each holder of common stock is entitled to one vote for each share of common stock held of record on the applicable record date on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights.
Dividend Rights
Subject to the rights of any shares of preferred stock which may at the time be outstanding, holders of common stock are entitled to receive dividends as may be declared from time to time by our Board of Directors out of funds legally available therefor.
Rights upon Liquidation or Dissolution
In the event of liquidation or dissolution, each share of common stock is entitled to share pro rata in any distribution of our assets after payment or providing for the payment of liabilities and the liquidation preference of any outstanding preferred stock. Holders of our common stock have no preferential, preemptive, conversion or redemption rights.
Preferred Stock
Serial Preferred Stock
Under our certificate of incorporation, without further stockholder action, our Board of Directors is authorized to provide for the issuance of up to 10,000,000 shares of preferred stock without any further approval from our shareholders. Preferred stock may be issued in one or more series, with such designations of titles, number of shares to comprise each series, dividend 

rates, any redemption provisions, special or relative rights in the event of liquidation, dissolution, distribution or winding-up of L Brands, Inc., any sinking fund provisions, any conversion provisions, any voting rights and any other preferences, privileges, powers, rights, qualifications, limitations and restrictions as shall be set forth as and when established by our Board of Directors.
The shares of any series of serial preferred stock will be, when issued, fully paid and nonassessable and the holders will have no preemptive rights in connection with the preferred stock.
Blank Check Preferred Stock
Under our certificate of incorporation, our Board of Directors has the authority, without stockholder approval, to create one or more classes or series within a class of preferred stock, to issue shares of preferred stock in such class or series up to the maximum number of shares of the relevant class or series of preferred stock authorized, and to determine the preferences, rights, privileges and restrictions of any such class or series, including the dividend rights, voting rights, the rights and terms of redemption, the rights and terms of conversion, liquidation preferences, the number of shares constituting any such class or series and the designation of such class or series. Acting under this authority, our Board of Directors could create and issue a class or series of preferred stock with rights, privileges or restrictions, and adopt a stockholder rights plan having the effect of, discriminating against an existing or prospective holder of securities as a result of such stockholder beneficially owning or commencing a tender offer for a substantial amount of our common stock. One of the effects of authorized but unissued and unreserved shares of capital stock may be to render more difficult or discourage an attempt by a potential acquirer to obtain control of L Brands, Inc. by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management. The issuance of such shares of capital stock may have the effect of delaying, deferring or preventing a change in control of L Brands, Inc. without any further action by our stockholders. We have no present intention to adopt a stockholder rights plan, but could do so without stockholder approval at any future time.
Certain Anti-Takeover Effects
Classified Board
Our certificate of incorporation provides that our Board of Directors are divided into three classes of directors, with the classes to be as nearly equal in number as possible. As a result, approximately one-third of our Board of Directors are elected each year. The holders of preferred stock may be granted the right to elect a specified number of directors without any vote of the holders of shares of our common stock. The classification of directors has the effect of making it more difficult for stockholders to change the composition of our Board of Directors. Our certificate of incorporation and bylaws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by a majority of the board but must consist of not less than six or more than fifteen directors.
Nominations for the election of directors may be made by the Board of Directors or by any shareholder entitled to vote for the election of directors. Any such nomination, if not made by the Board of Directors, must be made by notice in writing to our Secretary and must set forth (i) the name, age, business address and, if known, residence address of each nominee proposed in such notice, (ii) the principal occupation or employment of each nominee, and (iii) the number of shares of our stock that are beneficially owned by each such nominee. Such notice must be delivered or mailed by first class U.S. mail, postage prepaid, not less than 14 days nor more than 50 days prior to any meeting of the shareholders called for the election of directors unless less than 21 days’ notice of the meeting is given to shareholders, in which case the notice must be so delivered or mailed not later than the seventh day following the day on which notice of the meeting was mailed to shareholders.
Removal of Directors
Under the Delaware General Corporation Law (the “DGCL”), unless otherwise provided in our certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause and only by the holders of a majority of the shares entitled to vote thereon, unless the certificate of incorporation provides otherwise. Subject to certain exceptions with respect to directors who may, in certain circumstances, be elected by holders of shares of preferred stock, voting as a class, our certificate of incorporation and bylaws provide that directors may be removed only (i) for cause, (ii) at an annual meeting or special meeting of shareholders called for that purpose and upon the affirmative vote of the holders of at least 75% of the votes of the outstanding shares of our common stock entitled to be cast in the election of directors. In addition, our certificate of incorporation provides that any vacancies on our Board of Directors will be filled only by the affirmative vote of a majority of the remaining directors, even if the number of directors voting would not constitute a quorum.

Supermajority Provisions
The DGCL provides that a certificate of incorporation may be amended by a majority of shares entitled to vote thereon, unless the certificate of incorporation otherwise provides or the amendment relates to a provision requiring a greater vote. generally that the affirmative vote of the holders of a majority of the outstanding shares of a company’s common stock entitled to vote is required to amend a company’s certificate of incorporation or bylaws, unless the certificate of incorporation requires a greater percentage. Our certificate of incorporation provides that the following provisions in the certificate of incorporation may be amended only by a vote of 75% or more of the votes of the outstanding shares of our common stock entitled to vote thereon:
		
	•
	amendment of bylaws by shareholders;

		
	•
	classified board;

		
	•
	the requirement that shareholder action be taken at annual or special meetings;

		
	•
	the requirement for a 75% vote in certain mergers and other corporate reorganizations and dissolution;

		
	•
	certain matters to be considered by the Board of Directors in evaluating certain offers by third parties; and

		
	•
	restrictions on removal of directors.

Our certificate of incorporation grants our Board of Directors the authority to amend our bylaws without a stockholder vote in any manner that is consistent with the laws of the State of Delaware and our certificate of incorporation.
Certain Business Combinations and Transactions
Our certificate of incorporation provides that the affirmative vote of 75% or more of the outstanding shares of our common stock entitled to vote thereon is required for the approval of any proposal of certain business transactions with related corporations. A “related corporation” is any corporation that, along with its affiliates, singly or in the aggregate, directly or indirectly the beneficial owners of more than 5% of the outstanding shares of any class of stock entitled to vote in the election of directors (the “Voting Shares”).
This provision does not apply to a reorganization approved by the Board of Directors prior to acquisition of the beneficial ownership of 5% of the outstanding shares by the other corporation or its affiliates, nor would it apply to a reorganization with one of our subsidiaries having substantially identical charter provisions or a reorganization with a party (or an affiliate of a party) who is a 10% beneficial owner at the time of the merger.
Our certificate of incorporation provides that certain business combinations with any entity that beneficially owns 20% or more of the Voting Shares (an “Interested Person”) will require for its approval the affirmative vote of 75% or more of the Voting Shares held by stockholders other than the Interested Person.
This provision does not apply if two-thirds of the disinterested directors approved either the business combination or the acquisition of the Voting Shares which caused the Interested Person to own 20% or more of the Voting Shares. This provision also does not apply to any business combination where two-thirds of the disinterested directors determine the consideration per share to be received by holders of the Voting Shares in connection with the business combination to be not less than the highest price per share paid by the Interested Person in acquiring the Voting Shares.
Delaware Business Combination Statute
Section 203 of the DGCL is applicable to us and restricts certain transactions and “business combinations” between a corporation and a 15% stockholder for a period of three years after the date of the transaction in which the stockholder acquires 15% or more of the company’s outstanding stock unless the business combination is approved in a prescribed manner. A “business combination” includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder.
Registrar and Transfer Agent
A register of holders of our shares of common stock is maintained by American Stock Transfer, who serves as registrar and transfer agent.Execution Version

 

Published CUSIP Number: 65584GAG6

Revolving Credit CUSIP Number: 65584GAH4

 

 

$800,000,000

 

CREDIT AGREEMENT

dated as of

March 27, 2020

among

Norfolk Southern Corporation,

The Lenders From Time to Time Parties
Hereto,

Wells Fargo Bank, N.A.,

as Administrative Agent and

Swingline Lender

and

Citibank, N.A.

and

Bank of America, N.A.,

as Syndication Agents

and

Goldman Sachs Bank USA,

Morgan Stanley Senior Funding, Inc.,

and

U.S. Bank National Association,

as Documentation Agents

__________________________

Wells Fargo Securities, LLC,

Citigroup Global Markets Inc.,

and

BofA Securities, Inc.,

as Joint Lead Arrangers and Joint Bookrunners

 

    	 

     

    

TABLE OF CONTENTS

 

Page

	Article 1  DEFINITIONS	1
	 	Section 1.1	Definitions	1
	 	Section 1.2	Accounting Terms and Determinations	17
	 	Section 1.3	Types of Loans and Borrowings	18
	 	Section 1.4	Times of Day	18
	 	Section 1.5	Terms Generally	18
	 	Section 1.6	Rates	18
	Article 2  THE CREDIT	19
	 	Section 2.1	Commitments to Lend	19
	 	Section 2.2	Notice of Borrowings	19
	 	Section 2.3	[Reserved]	19
	 	Section 2.4	Notice to Lenders; Funding of Loans	19
	 	Section 2.5	Maturity of Loans	20
	 	Section 2.6	Interest Rates	20
	 	Section 2.7	Regulation D Compensation	21
	 	Section 2.8	Facility Fees	22
	 	Section 2.9	Optional Termination, Reduction or Extension of Commitments	22
	 	Section 2.10	Method of Electing Interest Rates	23
	 	Section 2.11	Optional Prepayments	25
	 	Section 2.12	Scheduled Termination of Commitments	25
	 	Section 2.13	General Provisions as to Payments	25
	 	Section 2.14	Funding Losses	26
	 	Section 2.15	Computation of Interest and Fees	26
	 	Section 2.16	Registry	26
	 	Section 2.17	Increase in Loans	27
	 	Section 2.18	Swingline Loans	28
	Article 3  CONDITIONS	30
	 	Section 3.1	Closing Date	30
	 	Section 3.2	Borrowings	31
	 	Section 3.3	Waiver by Lenders	32
	Article 4  REPRESENTATIONS AND WARRANTIES	32
	 	Section 4.1	Corporate Existence and Power	32
	 	Section 4.2	Corporate and Governmental Authorization; No Contravention	33
	 	Section 4.3	Binding Effect	33
	 	Section 4.4	Financial Information	33
	 	Section 4.5	Litigation	34
	 	Section 4.6	Compliance with Laws	34
	 	Section 4.7	Environmental Matters	34

 

    	 

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	 	Section 4.8	Taxes	34
	 	Section 4.9	Significant Subsidiaries	35
	 	Section 4.10	Not an Investment Company	35
	 	Section 4.11	Full Disclosure	35
	 	Section 4.12	No Default	35
	 	Section 4.13	Anti-Corruption Laws and Sanctions	35
	 	Section 4.14	Not an Affected Financial Institution	35
	Article 5  COVENANTS	36
	 	Section 5.1	Information	36
	 	Section 5.2	Maintenance of Property; Insurance	38
	 	Section 5.3	Conduct of Business and Maintenance of Existence	38
	 	Section 5.4	Compliance with Laws	39
	 	Section 5.5	Payment of Obligations	39
	 	Section 5.6	Inspection of Property, Books and Records	39
	 	Section 5.7	Leverage Ratio	39
	 	Section 5.8	Negative Pledge	39
	 	Section 5.9	Consolidations, Mergers and Sales of Assets	41
	 	Section 5.10	Use of Proceeds	42
	 	Section 5.11	Limitation on Subsidiary Debt	43
	 	Section 5.12	Transactions with Affiliates	44
	Article 6  DEFAULT	44
	 	Section 6.1	Events of Default	44
	 	Section 6.2	Notice of Default	46
	Article 7  ADMINISTRATIVE AGENT	46
	 	Section 7.1	Appointment and Authorization	46
	 	Section 7.2	Agents and Affiliates	46
	 	Section 7.3	Exculpatory Provisions	47
	 	Section 7.4	Reliance by Administrative Agent	48
	 	Section 7.5	Delegation of Duties	48
	 	Section 7.6	Indemnification	48
	 	Section 7.7	Credit Decision	49
	 	Section 7.8	Successor Administrative Agent	49
	 	Section 7.9	Administrative Agent’s Fees	49
	 	Section 7.10	Syndication Agents, Arrangers and Documentation Agents	49
	 	Section 7.11	Certain ERISA Matters	49
	Article 8  CHANGE IN CIRCUMSTANCE	50
	 	Section 8.1	Changed Circumstances	50
	 	Section 8.2	Illegality	52
	 	Section 8.3	Increased Cost and Reduced Return	53
	 	Section 8.4	Taxes	54

 

    	 

    	iii

    

 

	 	Section 8.5	Base Rate Loans Substituted for Affected Euro-Dollar	58
	 	Section 8.6	Substitution of Lenders	58
	 	Section 8.7	Defaulting Lenders	59
	Article 9  MISCELLANEOUS	61
	 	Section 9.1	Notices	61
	 	Section 9.2	No Waivers	62
	 	Section 9.3	Expenses; Indemnification	62
	 	Section 9.4	Sharing of Payments by Lenders; Right of Set-Off	63
	 	Section 9.5	Amendments and Waivers	64
	 	Section 9.6	Successors and Assigns	65
	 	Section 9.7	Governing Law; Submission to Jurisdiction, WAIVER OF JURY TRIAL	67
	 	Section 9.8	Counterparts; Integration; Effectiveness	68
	 	Section 9.9	Confidentiality	68
	 	Section 9.10	Termination	69
	 	Section 9.11	Collateral	69
	 	Section 9.12	Representations of Lenders	69
	 	Section 9.13	USA PATRIOT Act	69
	 	Section 9.14	No Fiduciary Duty	70
	 	Section 9.15	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	70
	 	Section 9.16	Severability of Provisions	71
	 	Section 9.17	Titles and Captions	71
	 	Section 9.18	Acknowledgement Regarding Any Supported QFCs	71

 

	Schedules	 	 
	Schedule 1	–	Commitment Schedule
	Schedule 2	–	Pricing Grid
	 	 	 
	Exhibits	 	 
	Exhibit A-1	–	Form of Revolving Note
	Exhibit A-2  	–	Form of Swingline Note
	Exhibit B	–	Assignment and Assumption Agreement
	Exhibit C	–	Closing Certificate
	Exhibit D	–	U.S. Tax Compliance Certificates

 

    	 

    	 

    

CREDIT AGREEMENT

CREDIT AGREEMENT
(“Agreement”) dated as of March 27, 2020, among NORFOLK SOUTHERN CORPORATION, the LENDERS from time to time
parties hereto, and WELLS FARGO BANK, N.A., as Administrative Agent and Swingline Lender.

The parties hereto agree as follows:

Article
1

DEFINITIONS

Section 1.1                     
Definitions. The following terms, as used herein, have the following meanings:

“Administrative
Agent” means Wells Fargo in its capacity as Administrative Agent for the Lenders hereunder, and its successors in such
capacity.

“Administrative
Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative
Agent and submitted to the Administrative Agent (with a copy to the Borrower) duly completed by such Lender.

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Affiliate”
means, with respect to any Person (i) each Person (a “Controlling Person”) (other than the Borrower or a Subsidiary)
that directly, or indirectly through one or more intermediaries, controls such Person or (ii) each Person (other than the Borrower
or a Subsidiary) which is controlled by or is under common control with a Controlling Person. As used herein, the term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise.

“Agents”
means the collective reference to the Administrative Agent, the Syndication Agents and the Documentation Agents.

“Amendment”
has the meaning set forth in Section 9.5.

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder.

“Applicable
Lending Office” means, with respect to any Lender, (i) in the case of its Base Rate Loans, its Base Rate Lending Office
and (ii) in the case of its Euro-Dollar Loans, its Euro-Dollar Lending Office.

    	 

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“Applicable
Margin” means, at any time, the applicable percentage rate per annum set forth in the Pricing Grid which is applicable
at such time in accordance with the Pricing Grid.

“Arrangers”
means Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and BofA Securities, Inc., each in its capacity as joint lead
arranger and joint bookrunner in respect of this Agreement.

“Assignee”
has the meaning set forth in Section 9.6(c).

“Assuming
Lender” has the meaning set forth in Section 2.17(a).

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA
Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings).

“Bankruptcy
Event” means, with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent (or, in the case of the Lender serving as the Administrative Agent, in the good faith determination of the Required Lenders),
has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment.

“Base Rate”
means, for any day, a rate per annum equal to the highest of (i) the Prime Rate for such day, (ii) the Euro-Dollar Rate that would
be calculated as of such day (or, if such day is not a Euro-Dollar Business Day, as of the next preceding Euro-Dollar Business
Day) in respect of a proposed Euro-Dollar Loan with a one-month Interest Period plus 1%, (iii) the sum of 1/2 of 1% plus
the Federal Funds Rate for such day and (iv) 0%, provided that clause (ii) shall not be applicable during any period in
which the Euro-Dollar Rate is unavailable or unascertainable. Any change in the Base Rate due to a change in the Prime Rate, the
Federal Funds Rate or the Euro-Dollar Rate shall be effective as of the opening of business on the day of such change in the Prime
Rate, the Federal Funds Rate or the Euro-Dollar Rate, respectively.

“Base Rate
Lending Office” means, as to each Lender, its office located at its address set forth in its Administrative Questionnaire
(or identified in its Administrative Questionnaire as its Base Rate Lending Office) or such other office as such Lender may hereafter
designate as its Base Rate Lending Office by notice to the Borrower and the Administrative Agent.

    	 

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“Base Rate
Loan” means a Loan which bears interest at a rate per annum based upon the Base Rate pursuant to the applicable Notice
of Borrowing or Notice of Interest Rate Election or the provisions of Article 8.

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate
or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the London Interbank Offered Rate for U.S. dollar-denominated syndicated
credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined
would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the London Interbank Offered Rate with an Unadjusted
Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such
spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the London Interbank Offered Rate with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of the London Interbank Offered Rate with
the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing
and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the London Interbank Offered Rate:

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the London Interbank
Offered Rate permanently or indefinitely ceases to provide the London Interbank Offered Rate; or

    	 

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(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the London Interbank Offered
Rate:

(1)       a
public statement or publication of information by or on behalf of the administrator of the London Interbank Offered Rate announcing
that such administrator has ceased or will cease to provide the London Interbank Offered Rate, permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the London
Interbank Offered Rate;

(2)       a
public statement or publication of information by the regulatory supervisor for the administrator of the London Interbank Offered
Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the London Interbank
Offered Rate, a resolution authority with jurisdiction over the administrator for the London Interbank Offered Rate or a court
or an entity with similar insolvency or resolution authority over the administrator for the London Interbank Offered Rate, which
states that the administrator of the London Interbank Offered Rate has ceased or will cease to provide the London Interbank Offered
Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the London Interbank Offered Rate; or

(3)       a
public statement or publication of information by the regulatory supervisor for the administrator of the London Interbank Offered
Rate announcing that the London Interbank Offered Rate is no longer representative.

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders,
as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the
Lenders.

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the London Interbank Offered Rate and solely to the extent that the London Interbank Offered Rate has not been
replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if,
at such time, no Benchmark Replacement has replaced the London Interbank Offered Rate for all purposes hereunder in accordance
with Section 8.1(b) and (y) ending at the time that a Benchmark Replacement has replaced the London Interbank Offered Rate
for all purposes hereunder pursuant to Section 8.1(b).

    	 

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“Benefit
Arrangement” means, at any time, an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a
Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by the Borrower.

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”.

“Borrower”
means Norfolk Southern Corporation, a Virginia corporation, its successors, and any Person with which the Borrower merges or consolidates,
or to which it sells substantially all of its assets, in accordance with Section 5.9.

“Borrower’s
2019 Form 10-K” means the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed
with the SEC pursuant to the Securities Exchange Act of 1934, as amended.

“Borrowing”
has the meaning set forth in Section 1.3.

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect
of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

“Closing
Date” means the date on or after the Effective Date on which all of the conditions set forth in Section 3.1 shall
have been satisfied.

“Commitment”
means: (i) with respect to each Lender listed on the signature pages hereof, the amount set forth opposite the name of such Lender
in the Commitment Schedule, or (ii) with respect to each Assignee which becomes a Lender pursuant to Section 9.6(c), the
amount of the Commitment thereby assumed by it, in each case as such amount may be reduced from time to time pursuant to Section
2.9 or increased or reduced in accordance with Section 2.17 or Section 9.6(c).

“Commitment
Increase” has the meaning set forth in Section 2.17(a).

“Commitment
Increase Date” has the meaning set forth in Section 2.17(a).

    	 

    	6

    

“Commitment
Schedule” means the schedule attached hereto as Schedule 1 and identified as such.

“Communications”
has the meaning set forth in Section 9.1(f).

“Conduit
Lender” means any special purpose corporation organized and administered by any Lender for the purpose of making Loans
otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that such
Lender has consulted the Borrower with respect to such designation; provided, further that the designation by any
Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement
if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall
have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect
to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater
amount pursuant to Sections 2.14, 8.3, 8.4, or 9.3 than the designating Lender would have been entitled
to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment.

“Consolidated
Net Income” means, for any fiscal period, the net income of the Borrower and its Consolidated Subsidiaries, determined
on a consolidated basis for such period.

“Consolidated
Net Tangible Assets” means, as of any date of determination, the total assets of the Borrower and its Consolidated Subsidiaries
(less applicable reserves and other properly deducted items) after deducting therefrom (a) all current liabilities (excluding any
thereof that are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after
the time as of which the amount thereof is being computed) and (b) all goodwill, trade names, trademarks, patents, purchased technology,
unamortized debt discount and other intangible assets of the Borrower or any of its Consolidated Subsidiaries, all as set forth
on the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries most recently delivered under Section 5.1(a)
or 5.1(b).

“Consolidated
Net Worth” means, at any date, the consolidated stockholders’ equity of the Borrower and its Consolidated Subsidiaries
as of such date.

“Consolidated
Subsidiary” means, at any date, with respect to any Person, any Subsidiary or other entity the accounts of which would
be consolidated with those of such Person in its consolidated financial statements if such statements were prepared as of such
date. Unless otherwise specified, a “Consolidated Subsidiary” shall be a Consolidated Subsidiary of the Borrower.

“Consolidated
Total Capital” means, at any date, the sum of (i) Consolidated Net Worth and (ii) Consolidated Total Debt, in each case
at such date.

“Consolidated
Total Debt” means, at any date, without duplication, the aggregate amount of Debt of the Borrower and its Consolidated
Subsidiaries, determined on a consolidated basis using generally accepted accounting principles of consolidation as of such date.

“Continuing
Director” has the meaning set forth in Section 6.1(l).

    	 

    	7

    

“Debt”
of any Person means, at any date, without duplication, (i) all indebtedness of such Person for borrowed money, (ii) all indebtedness
of such Person evidenced by bonds, debentures, notes, equipment trust certificates or other similar instruments, (iii) all obligations
of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary
course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with generally accepted accounting
principles, (v) any obligation (whether fixed or contingent) to reimburse any bank or other Person in respect of amounts paid or
payable under a standby letter of credit, (vi) all Debt of others secured by a Lien on any asset of such Person, whether or not
such Debt is assumed by such Person, and (vii) all Debt of others Guaranteed by such Person.

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief laws of the United States or other applicable jurisdictions from time to time in effect.

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

“Defaulting
Lender” means any Lender that (a) has failed, within two Domestic Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans or (ii) pay over to any Lender any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result
of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified the Borrower or any Lender in writing, or has made a publicly
available, written statement to the effect, that it does not intend or expect to comply with any of its funding obligations under
this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan
under this Agreement cannot be satisfied), (c) has failed, within three Domestic Business Days after request by a Lender, acting
in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations
(and is financially able to meet such obligations) to fund prospective Loans under this Agreement, provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Lender’s receipt of such certification in form
and substance satisfactory to it and the Administrative Agent (or, in the case of the Lender serving as the Administrative Agent,
such certification in form and substance satisfactory to it and the Required Lenders), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a Bankruptcy Event, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting
in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting
Lender (subject to Section 8.7(b)) upon delivery of written notice of such determination to the Borrower and each Lender.

    	 

    	8

    

“Derivatives
Obligations” of any Person means all obligations of such Person in respect of any rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any
of the foregoing transactions) or any combination of the foregoing transactions.

“Disclosed
Matters” means the Borrower’s most recent filing on Form 10-K for the year ended December 31, 2019, and any subsequent
filing made on Form 10-Q or Form 8-K on or three (3) Domestic Business Days prior to the Closing Date, or any posting on the Borrower’s
website at http://www.nscorp.com/content/nscorp/en/investor-relations/financial-reports/sec-filings.html, posted since December
31 2019, on or prior to the Closing Date.

“Documentation
Agents” means the collective reference to Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., and U.S. Bank
National Association.

“Domestic
Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized
by law to close.

“Early
Opt-in Election” means the occurrence of:

(1)       (i)
a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a
copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in Section 8.1(b) are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the London Interbank Offered Rate, and

(2)       (i)
the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election
has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and
the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

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

    	 

    	9

    

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

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

“Effective
Date” means the date this Agreement becomes effective in accordance with Section 9.8(b).

“Environmental
Laws” means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, injunctions or binding agreements relating to the environment, preservation or reclamation of natural resources
or the management or release of or exposure to any Hazardous Materials.

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Consolidated Subsidiary directly or indirectly resulting
from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.

“ERISA
Group” means the Borrower, any Consolidated Subsidiary and all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control, which, together with the Borrower or any Consolidated
Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code.

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

“Euro-Dollar
Business Day” means any Domestic Business Day on which banks are open for dealings in dollar deposits in the London interbank
market.

“Euro-Dollar
Lending Office” means, as to each Lender, its office, branch or Affiliate located at its address set forth in its Administrative
Questionnaire (or identified in its Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch
or Affiliate of such Lender as it may hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower and the Administrative
Agent.

    	 

    	10

    

“Euro-Dollar
Loan” means a Loan which bears interest at a Euro-Dollar Rate pursuant to the applicable Notice of Borrowing or Notice
of Interest Rate Election.

“Euro-Dollar
Market Index Rate” shall mean, with respect to any day, the floating rate per annum for euro-dollar deposits for a period
equal to one month as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor
quoting service approved by the Administrative Agent as of 11:00 A.M. (London time) on such day.

“Euro-Dollar
Rate” means a rate of interest determined pursuant to Section 2.6(b) on the basis of a London Interbank Offered
Rate.

“Euro-Dollar
Reserve Percentage” has the meaning set forth in Section 2.7.

“Event
of Default” has the meaning set forth in Section 6.1.

“Excluded
Taxes” has the meaning set forth in Section 8.4(a).

“Existing
Credit Agreement” means the Credit Agreement dated as of May 26, 2016, among the Borrower, the banks parties thereto,
and Wells Fargo Bank, N.A., as administrative agent for such banks.

“Extension
Date” has the meaning set forth in Section 2.9(b).

“Extension
Effective Date” has the meaning set forth in Section 2.9(b).

“Facility
Fee Rate” means, at any time, the applicable percentage rate per annum set forth in the Pricing Grid which is applicable
at such time in accordance with the Pricing Grid.

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof, any intergovernmental agreement entered into with respect thereto and any agreement entered into pursuant
to Section 1471(b)(1) of the Internal Revenue Code.

“Federal
Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day, provided that (i) if such
day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Domestic Business Day as so published on the next succeeding Domestic Business Day, and (ii) if no such rate is so published on
such next succeeding Domestic Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Wells Fargo
on such day on such transactions as determined by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds
Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

    	 

    	11

    

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

“Fronting
Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s pro rata share of the outstanding
Swingline Loans made by the Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders.

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

“Group
of Loans” means, at any time, a group of Revolving Credit Loans consisting of (i) all Revolving Credit Loans which are
Base Rate Loans at such time or (ii) all Revolving Credit Loans which are Euro-Dollar Loans having the same Interest Period at
such time, provided that, if a Revolving Credit Loan of any particular Lender is converted to or made as a Base Rate Loan
pursuant to Article 8, such Loan shall be included in the same Group or Groups of Loans from time to time as it would have
been in if it had not been so converted or made.

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by
virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other manner
the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),
provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
The term “Guarantee” used as a verb has a corresponding meaning.

“Hazardous
Materials” means all explosive or radioactive substances or wastes, all hazardous or toxic substances, wastes or other
pollutants, including, without limitation, all petroleum or petroleum products, asbestos or asbestos-containing materials, polychlorinated
biphenyls, and any other hazardous substances regulated pursuant to any Environmental Laws.

“Increasing
Lender” has the meaning set forth in Section 2.17(a).

“Indemnified
Taxes” has the meaning set forth in Section 8.4(a).

“Indemnitee”
has the meaning set forth in Section 9.3(b).

“Interest
Period” means: with respect to each Euro-Dollar Loan, the period commencing on the date of borrowing specified in the
applicable Notice of Borrowing or on the date specified in the applicable Notice of Interest Rate Election and ending one, two,
three or six months (or twelve months, or a period shorter than one month, in each case, if available to all Lenders) thereafter,
as the Borrower may elect in the applicable notice; provided that:

    	 

    	12

    

(a)       any
Interest Period which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next succeeding
Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period
shall end on the next preceding Euro-Dollar Business Day;

(b)       any
Interest Period which begins on the last Euro-Dollar Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c) below, end on the last
Euro-Dollar Business Day of a calendar month; and

(c)       no
Interest Period shall extend beyond the Termination Date.

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

“Investment”
means any investment in any Person, whether by means of share purchase, capital contribution, loan, time deposit or otherwise.

“Lender”
means each financial institution listed on the signature pages hereof, each Assignee that becomes a Lender pursuant to Section
9.6(c), and their respective successors; provided, that unless the context otherwise requires, each reference herein
to a Lender shall be deemed to include any Conduit Lender. Unless the context requires otherwise, the term “Lender”
includes the Swingline Lender.

“Lender
Affiliate” means (a) any Affiliate of any Lender, and (b) any Person that is administered or managed by any Lender or
any Affiliate of any Lender or an entity or an Affiliate of an entity that administers or manages a Lender and that is engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course
of its business.

“Leverage
Ratio” means, at any date, the ratio (expressed as a percentage) of Consolidated Total Debt to Consolidated Total Capital,
in each case at such date.

“Lien”
means, with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothecation, charge, security interest or encumbrance
of any kind in respect of such asset. For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to own
subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional
sale agreement, capital lease or other title retention agreement relating to such asset.

“Loan”
means a Revolving Credit Loan or a Swingline Loan; provided that Swingline Loans shall be subject to only those provisions
of Article 2 which are specifically made applicable to Swingline Loans.

“Loan Documents”
means this Agreement and any Notes delivered pursuant hereto.

    	 

    	13

    

“London
Interbank Offered Rate” has the meaning set forth in Section 2.6(b).

“Margin
Regulations” means Regulations T, U and X of the Board of Governors of the Federal Reserve System, as amended and in
effect from time to time.

“Material
Adverse Change” has the meaning specified in Section 4.4(b).

“Material
Debt” means Debt (other than under the Loan Documents) of the Borrower and/or one or more of its Subsidiaries, arising
in one or more related or unrelated transactions, in an aggregate principal amount exceeding $200,000,000.

“Material
Plan” means, at any time, any Plan, with respect to which the Unfunded Liabilities exceed $10,000,000.

“Multiemployer
Plan” means, at any time, an employee pension benefit plan which meets the definition of “Multiemployer Plan”
within the meaning of Section 4001(a)(3) of ERISA and either (i) to which any member of the ERISA Group is making or accruing an
obligation to make contributions or (ii) has within the preceding five plan years been contributed to by any Person which at the
time of such contribution was a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA
Group.

“Non-Approving
Lender” has the meaning set forth in Section 2.9(b).

“Non-Consenting
Lender” has the meaning set forth in Section 9.5.

“Non-U.S.
Lender” has the meaning set forth in Section 8.4(f).

“Note”
has the meaning set forth in Section 2.16(b).

“Notice
of Borrowing” has the meaning set forth in Section 2.2.

“Notice
of Interest Rate Election” has the meaning set forth in Section 2.10(a).

“NSRC”
has the meaning set forth in Section 5.9(c).

“Other
Connection Taxes” has the meaning set forth in Section 8.4(a).

“Other
Taxes” has the meaning set forth in Section 8.4(a).

“Parent”
means, with respect to any Lender, any Person controlling such Lender.

“Participant”
has the meaning set forth in Section 9.6(b).

“Participant
Register” has the meaning set forth in Section 9.6(b).

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

    	 

    	14

    

“Permitted
Additional Amount” means, with respect to any Debt the subject of an extension, renewal or refinancing, an amount equal
to all unpaid accrued or capitalized interest therein, any make-whole payments or premium applicable thereto or paid in connection
therewith, any swap breakage costs or other termination costs related to hedge agreements, plus upfront fees and original issue
discount, of such extension, renewal or refinancing on such refinancing indebtedness, plus other customary fees and expenses in
connection with such extension, renewal or refinancing.

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a business trust, a joint stock
company, a trust, an unincorporated association, a joint venture or any other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

“Plan”
means, at any time, an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA and
either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a
member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.

“Platform”
means IntraLinks, Syndtrak or a substantially similar electronic transmission system.

“Pricing
Grid” means the grid attached hereto as Schedule 2 and identified as such.

“Prime
Rate” means the rate of interest publicly announced by Wells Fargo from time to time as its Prime Rate.

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

“Quarterly
Date” means each of March 31, June 30, September 30 and December 31.

“Recipient”
has the meaning set forth in Section 8.4(a).

“Related
Indemnified Person” has the meaning set forth in Section 9.3(b).

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

“Required
Lenders” means, at any time, Lenders having more than 50% of the aggregate amount of the Commitments at such time (or,
if the Commitments shall have terminated, Lenders having more than 50% of the aggregate principal amount of Revolving Credit Loans
outstanding at such time).

    	 

    	15

    

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Credit Loans and such Lender’s participation in Swingline Loans at such time.

“Revolving
Credit Loan” means a loan made or to be made by a Lender to the Borrower pursuant to Section 2.1(a).

“Revolving
Credit Period” means the period from and including the Closing Date to but not including the Termination Date.

“Sanctioned
Country” means, at any time, a country, region or territory, which is the subject or target of any comprehensive Sanctions.

“Sanctioned
Person” means, at any time, (a) any Person listed on any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security
Council, the European Union, Her Majesty’s Treasury, in each case to the extent relevant, (b) any Person located, organized
or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in
the foregoing clauses (a) and (b).

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State.

“SEC”
means the Securities and Exchange Commission or any successor thereto.

“Significant
Subsidiary” means, at any time, (i) NSRC and (ii) each other Subsidiary (x) whose assets (or, in the case of a Subsidiary
which has subsidiaries, consolidated assets) as shown on the latest financial statements delivered by the Borrower pursuant to
Section 5.1(a) or 5.1(b), as the case may be, are (A) at least 10% of the consolidated assets of the Borrower and
its Consolidated Subsidiaries at such time and (B) at least $1,500,000,000 or (y) whose operating income (or, in the case of a
Subsidiary which has subsidiaries, consolidated operating income) as shown on the latest financial statements delivered by the
Borrower pursuant to Section 5.1(a) or 5.1(b), as the case may be, is (A) at least 10% of the consolidated operating
income of the Borrower and its Consolidated Subsidiaries at such time and (B) at least $150,000,000.

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

    	 

    	16

    

“Subsidiary”
means, with respect to any Person, any corporation or other entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly
or indirectly owned by such Person; unless otherwise specified, a “Subsidiary” means a Subsidiary of the Borrower.

“Swingline
Lender” means Wells Fargo in its capacity as lender of Swingline Loans hereunder or any successor thereto.

“Swingline
Loan” means a loan made or to be made by the Swingline Lender to the Borrower pursuant to Section 2.18.

“Swingline
Termination Date” means the 10th Domestic Business Day prior to the Termination Date.

“Syndication
Agents” means the collective reference to Citibank, N.A. and Bank of America, N.A.

“Taxes”
has the meaning specified in Section 8.4(a).

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

“Termination
Date” means March 27, 2025 (or, if such date is not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business
Day) or such date(s) as may become applicable pursuant to Section 2.9(b).

“Type”
has the meaning set forth in Section 1.3.

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

“Unfunded
Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit
liabilities under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such benefit liabilities (excluding
any accrued but unpaid contributions), but only to the extent that such excess represents a potential liability of a member of
the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

    	 

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“United
States” means the United States of America, including the States and the District of Columbia, but excluding its territories
and possessions.

“Wells
Fargo” means Wells Fargo Bank, National Association, a national banking association.

“Withholding
Agent” means each of the Borrower and the Administrative Agent.

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.2                     
Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder
shall be prepared in accordance with generally accepted accounting principles in the United States (provided that all terms
of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein
shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred
to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any Debt or other liabilities of the Borrower or any Subsidiary at “fair
value”, as defined therein and (ii) without giving effect to any treatment of Debt in respect of convertible debt instruments
under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such
Debt shall at all times be valued at the full stated principal amount thereof), as in effect from time to time, applied on a basis
consistent (except for changes concurred in by the Borrower’s independent public accountants) with the then most recent audited
consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Lenders; provided that,
if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change in generally accepted accounting principles or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in generally accepted accounting principles
or in the application thereof, then such provision shall be interpreted on the basis of generally accepted accounting principles
as in effect and applied immediately before the relevant change in generally accepted accounting principles became effective, until
either such notice is withdrawn or such provision is amended in a manner satisfactory to the Borrower and the Required Lenders.
Notwithstanding anything herein to the contrary, and without limiting the foregoing, all leases of the Borrower and its subsidiaries
shall be construed without giving effect to any change as a result of the adoption of any of the provisions set forth in the Accounting
Standards Update 2016-02, Leases (Topic 842), issued by the Financial Accounting Standards Board in February 2016, or any other
amendments to the Accounting Standards Codifications issued by the Financial Accounting Standards Board in connection therewith,
in each case if such change would require the recognition of right-of-use assets and lease liabilities for leases or similar agreements
that would not be classified as capital leases under GAAP as in effect prior to January 1, 2019.

    	 

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Section 1.3                     
Types of Loans and Borrowings. The term “Borrowing” denotes the aggregation of Loans of one or
more Lenders to be made to the Borrower pursuant to Article 2 on the same date, all of which Loans are of the same Type
(subject to Article 8) and, except in the case of Base Rate Loans or Swingline Loans, have the same initial Interest Period.
The “Type” of a Revolving Credit Loan refers to the determination whether such Loan is a Euro-Dollar Loan or
a Base Rate Loan, each of which constitutes a “Type”. The “Type” of a Swingline Loan refers to the
determination whether such Loan is made bearing interest at the Euro-Dollar Market Index Rate or the Based Rate, each of which
constitutes a “Type”.

Section 1.4                     
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).

Section 1.5                     
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation
herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time,
and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.6                     
Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to the rates in the definition of “London Interbank
Offered Rate” or with respect to any rate that is an alternative or replacement for or successor to any such rate (including,
without limitation, any Benchmark Replacement) or the effect of any of the foregoing, or of any “Benchmark Replacement Conforming
Changes.”

    	 

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Article
2

THE CREDIT

Section 2.1                     
Commitments to Lend.

(a)               
Revolving Credit Loans. During the Revolving Credit Period, each Lender severally agrees, on the terms and conditions
set forth in this Agreement, to make Revolving Credit Loans in U.S. dollars to the Borrower from time to time in an aggregate amount
at any time outstanding that will not result in such Lender’s Revolving Credit Exposure exceeding the amount of its Commitment.
Within the limits specified in this Agreement, the Borrower may borrow under this Section 2.1, prepay Revolving Credit Loans
to the extent permitted by Section 2.11 and reborrow at any time during the Revolving Credit Period pursuant to this Section
2.1. Each Borrowing under this Section 2.1 shall be in the aggregate principal amount of $10,000,000 or any larger multiple
of $1,000,000 (except that any such Borrowing may be in the aggregate amount of the unused Commitments) and shall be made from
the several Lenders ratably in proportion to their respective Commitments.

Section 2.2                     
Notice of Borrowings. In the case of a Borrowing of Revolving Credit Loans, the Borrower shall give the Administrative
Agent notice (a “Notice of Borrowing”) not later than 11:00 A.M. on (x) the date of each Base Rate Borrowing
and (y) the third Euro-Dollar Business Day before each Euro-Dollar Borrowing, specifying:

(a)               
the date of such Borrowing, which shall be a Domestic Business Day in the case of a Base Rate Borrowing or a Euro-Dollar
Business Day in the case of a Euro-Dollar Borrowing;

(b)              
the aggregate amount of such Borrowing;

(c)               
the initial Type of Loans comprising such Borrowing; and

(d)              
in the case of a Euro-Dollar Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions
of the definition of Interest Period.

Section 2.3                     
[Reserved]

Section 2.4                     
Notice to Lenders; Funding of Loans.

(a)               
Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender participating therein
of the contents thereof and of such Lender’s share (if any) of such Borrowing and such Notice of Borrowing shall not thereafter
be revocable by the Borrower.

(b)              
Not later than 1:00 P.M. on the date of each Borrowing, each Lender participating therein shall make available its share
of such Borrowing, in Federal or other funds immediately available in New York City, to the Administrative Agent at its address
specified in or pursuant to Section 9.1. Unless the Administrative Agent determines that any applicable condition specified
in Article 3 has not been satisfied, the Administrative Agent will make the funds so received from the Lenders available
to the Borrower not later than 2:00 P.M. on the date of each Borrowing at the Administrative Agent’s aforesaid address.

    	 

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(c)               
Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available to the Administrative Agent on the date of such Borrowing in accordance with subsection
(b) of this Section 2.4 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower
on such date a corresponding amount. If and to the extent that such Lender shall not have made such share available to the Administrative
Agent, such Lender and the Borrower severally agree to repay the Administrative Agent forthwith on demand such corresponding amount
together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount
is repaid to the Administrative Agent, at (i) in the case of the Borrower, a rate per annum equal to the higher of the Federal
Funds Rate and the interest rate applicable thereto pursuant to Section 2.6 and (ii) in the case of such Lender, the greater
of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection
with the foregoing. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall
constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement.

Section 2.5                     
Maturity of Loans. Each Revolving Credit Loan shall mature, and the principal amount thereof shall be payable in
full together with accrued interest thereon, on the Termination Date.

Section 2.6                     
Interest Rates.

(a)               
Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the day such Loan
is made to but excluding the day it becomes due, at a rate per annum equal to the sum of the Applicable Margin for such day plus
the Base Rate for such day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity
and, with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on the date such Loan is so converted.
Any overdue principal of or interest on any Base Rate Loan, or any overdue fees or other amounts payable by the Borrower hereunder,
shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate
then applicable to Base Rate Loans.

(b)              
Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest
Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin for such day plus the London Interbank
Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof
and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. The “London
Interbank Offered Rate” applicable to any Interest Period means the rate per annum determined on the basis of the rate
for deposits in U.S. dollars for a period equal to such Interest Period commencing on the first day of such Interest Period as
published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved
by the Administrative Agent in consultation with the Borrower, as of 11:00 A.M. (London time) two Euro-Dollar Business Days prior
to the beginning of such Interest Period. Subject to Section 8.1, in the event that such rate is not so published, the London
Interbank Offered Rate shall be determined by reference to the arithmetic average of the rates per annum at which deposits in Dollars
would be offered by first class banks in the London interbank market to the Administrative Agent (rounded upward, if necessary,
to the next higher 1/100 of 1%) at approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the first day of
such Interest Period for a period of time comparable to such Interest Period. Notwithstanding the foregoing, if the London Interbank
Offered Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

    	 

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(c)               
Any overdue principal of or interest on any Euro-Dollar Loan shall bear interest, payable on demand, for each day until
paid at a rate per annum equal to the sum of 2% plus the Applicable Margin for such day plus the London Interbank
Offered Rate applicable to such Loan on the day before such payment was due (or, if the circumstances described in clause (a) or
of Section 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate then applicable to Base Rate
Loans).

(d)              
In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or
collected pursuant to the terms of this Agreement exceed the highest rate permissible under any applicable law which a court of
competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that
the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder
shall automatically be reduced to the maximum rate permitted by applicable law and the Lenders shall at the Administrative Agent’s
option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply
such excess to the principal balance of the obligations owed hereunder. It is the intent hereof that the Borrower not pay or contract
to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any
manner whatsoever, interest in excess of that which may be paid by the Borrower under applicable law.

(e)               
The Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent
shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination
thereof shall be conclusive in the absence of manifest error.

Section 2.7                     
Regulation D Compensation. Each Lender may require the Borrower to pay, contemporaneously with each payment of interest
on any Euro-Dollar Loan, additional interest on the related Euro-Dollar Loan of such Lender at a rate per annum determined by such
Lender up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus
the Euro-Dollar Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Lender wishing to require payment
of such additional interest (x) shall so notify the Borrower and the Administrative Agent, in which case such additional interest
on the Euro-Dollar Loans of such Lender shall be payable to such Lender at the place indicated in such notice with respect to each
Interest Period commencing at least three Euro-Dollar Business Days after the giving of such notice and (y) shall notify the Borrower
at least five Euro-Dollar Business Days prior to each date on which interest is payable on the Euro-Dollar Loans of the amount
then due it under this Section.

    	 

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“Euro-Dollar
Reserve Percentage” means for any day that percentage (expressed as a decimal) which is in effect on such day, as prescribed
by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for
a member bank of the Federal Reserve System in New York City with deposits exceeding five billion dollars in respect of “Eurocurrency
liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the interest
rate on Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United
States office of any Lender to United States residents). The compensation payable pursuant to this Section 2.7 shall be
adjusted automatically on and as of the effective date of any change in the Euro-Dollar Reserve Percentage.

Section 2.8                     
Facility Fees. The Borrower shall pay to the Administrative Agent a facility fee calculated for each day at the Facility
Fee Rate for such day (determined in accordance with the Pricing Grid). Such facility fee shall accrue for each day (i) from, and
including the Effective Date to, but excluding the date on which the Commitments terminate in their entirety, on the aggregate
amount of the Commitments (whether used or unused) then in effect and (ii) from and including such date of termination to but excluding
the date on which no Loans are outstanding, on the aggregate outstanding principal amount of the Loans on such day. Such facility
fee shall be allocated among the Lenders ratably in proportion to their Commitments; provided that any facility fee accruing
after the Commitments terminate in their entirety shall be allocated among the Lenders ratably in proportion to the unpaid principal
amounts of their respective Loans. Accrued fees under this Section shall be payable quarterly in arrears on each Quarterly Date
and on the Termination Date; provided that fees accruing after the Termination Date shall be payable on demand.

Section 2.9                     
Optional Termination, Reduction or Extension of Commitments.

(a)               
The Borrower may, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i) terminate the
Commitments at any time, if no Loans are outstanding at such time (after giving effect to any optional prepayments to be made at
such time) or (ii) ratably reduce from time to time by an aggregate amount of $10,000,000 or a larger multiple of $1,000,000, the
aggregate amount of the Commitments in excess of the aggregate outstanding Revolving Credit Exposure.

    	 

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(b)              
On any anniversary of the Closing Date (each, an “Extension Date”), but on no more than two occasions,
the Borrower shall have the right, with the consent of the Required Lenders and subject to the terms and conditions of this Section
2.9(b), to extend the Termination Date then in effect (each, an “Extension Effective Date”) by one additional
year (which date shall become the Termination Date for the consenting Lender(s)); provided, that (i) the representations
and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (or, if qualified
as to materiality, in all respects) on such Extension Date (except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties shall be accurate in all material respects (or, if
qualified as to materiality, in all respects) as of such earlier date) both before and immediately after giving effect to the proposed
Termination Date extension, (ii) no Default shall have occurred and be continuing on such Extension Date both before and immediately
after giving effect to the proposed Termination Date extension, and (iii) the Termination Date shall not be extended with respect
to any Lender without the consent of such Lender (such consent to be given by the Lender acting in its sole and individual discretion).
At least 30 days prior to the relevant Extension Date (or such shorter period as agreed to by the Administrative Agent and the
Borrower), the Borrower shall provide written notice to the Administrative Agent of the proposed Termination Date extension. Upon
receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof. Any Lender that shall not have
provided its written consent to the proposed Termination Date extension by the date that is 10 Domestic Business Days prior to
the relevant Extension Date (or such shorter period agreed to by the Administrative Agent and the Borrower) shall be deemed to
have elected not to approve of such extension. In the event any Lender does not (or is deemed to not) consent to an extension of
the Termination Date then in effect with respect to such Lender (with respect to such extension, a “Non-Approving Lender”),
such Lender’s Commitment shall expire on the Termination Date then in effect with respect to such Lender and for all purposes
of this Agreement “Termination Date” in respect of such Lender, the Loans made by it and any other amounts owing to
such Lender hereunder shall mean such Termination Date. As of a given Extension Effective Date, the Commitments of the Lenders
shall be deemed modified as appropriate to reflect the expiration of the Commitment of any Non-Approving Lender with respect to
such extension. The Borrower shall have the right, at its sole expense, upon notice to the Administrative Agent and any Non-Approving
Lender in respect of any Termination Date extension, to require such Lender to assign and delegate, prior to the relevant Extension
Effective Date, without recourse (in accordance with and subject to the restrictions contained in Section 9.6) all of its
interests, rights and obligations under this Agreement and the other Loan Documents to which it is a party to an assignee that
shall assume such obligations (which assignee may be another Lender that accepts such assignment), provided, such assignee
concurrently with such assignment approves such extension; and provided, further, that (i) the Borrower (unless the
assignee is a Lender or a Lender Affiliate) shall have received the prior written consent of the Administrative Agent (which consent
shall not unreasonably be withheld, delayed or conditioned) and (ii) such Lender shall have received payment of an amount equal
to the outstanding principal of its Revolving Credit Loans, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts).

Section 2.10                 
Method of Electing Interest Rates.

(a)               
The Revolving Credit Loans included in each Borrowing shall bear interest initially at the type of rate specified by the
Borrower in the applicable Notice of Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the
type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article 8 and the last sentence
of this subsection (a)), as follows:

    	 

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(i)                
if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans as of any Euro-Dollar
Business Day; and

(ii)              
if such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or elect to continue
such Loans as Euro-Dollar Loans for an additional Interest Period, in either case effective on the last day of the then current
Interest Period applicable to such Loans.

Each such election
shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent not
later than 11:00 A.M. on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to
be effective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount
of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group
and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, is each $10,000,000 or
any larger multiple of $1,000,000. If no such notice is timely received prior to the end of an Interest Period, the Borrower shall
be deemed to have elected that all Revolving Credit Loans having such Interest Period be automatically continued as Euro-Dollar
Loans having an Interest Period of one month; provided that if such Interest Period would end after the Termination Date,
such Loans shall be converted to Base Rate Loans. Notwithstanding the foregoing, the Borrower may not elect to convert any Loan
to, or continue any Loan as, a Euro-Dollar Loan pursuant to any Notice of Interest Rate Election if at the time such notice is
delivered an Event of Default shall have occurred and be continuing.

(b)              
Each Notice of Interest Rate Election shall specify:

(i)                
the Group of Loans (or portion thereof) to which such notice applies;

(ii)              
the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the
applicable clause of subsection (a) above;

(iii)            
if the Loans comprising such Group are to be converted, the new Type of Loans and, if the Loans being converted are to be
Euro-Dollar Loans, the duration of the next succeeding Interest Period applicable thereto; and

(iv)            
if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period, the duration of such additional
Interest Period. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition
of Interest Period.

(c)               
Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to subsection (a) above, the Administrative
Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower.

(d)              
An election by the Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this
Section shall not constitute a Borrowing subject to the provisions of Section 3.2.

    	 

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Section 2.11                 
Optional Prepayments.

(a)               
The Borrower may, (i) upon same Domestic Business Day’s notice to the Administrative Agent (received not later than
11:00 A.M.), prepay the Group of Base Rate Loans or (ii) upon at least, in the case of Euro-Dollar Loans, three Euro-Dollar Business
Days’ notice to the Administrative Agent, and subject to Section 2.14, prepay any Group of Euro-Dollar Loans, in each
case in whole at any time, or from time to time in part in amounts aggregating $10,000,000 or any larger multiple of $1,000,000,
by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional
prepayment of a Group of Loans shall be applied to prepay ratably the Loans of the Lenders included in such Group.

(b)              
[Reserved]

(c)               
Upon receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender
of the contents thereof and of such Lender’s ratable share (if any) of such prepayment and such notice shall not thereafter
be revocable by the Borrower; provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness
of other credit facilities or any other transaction, in which case such notice may be revoked by the Borrower if such condition
is not satisfied.

Section 2.12                 
Scheduled Termination of Commitments. The Commitments shall terminate on the Termination Date.

Section 2.13                 
General Provisions as to Payments.

(a)               
The Borrower shall make each payment of principal of, and interest on, the Loans and of fees hereunder, without setoff or
counterclaim and not later than 12:00 Noon on the date when due, in Federal or other funds immediately available to the Administrative
Agent at its address referred to in Section 9.1. The Administrative Agent will promptly distribute to each Lender, for the
account of its Applicable Lending Office, its ratable share (or other applicable share as provided herein) of each such payment
received by the Administrative Agent for the account of the respective Lenders to which such payment is owed. Whenever any payment
of principal of, or interest on, the Base Rate Loans or of fees shall be due on a day which is not a Domestic Business Day, the
date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of,
or interest on, the Euro-Dollar Loans shall be due on a day that is not a Euro-Dollar Business Day, the date for payment thereof
shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar
month, in which case the date for payment thereof shall be the next preceding Euro-Dollar Business Day. If the date for any payment
of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time.

(b)              
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due
to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower
has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such
assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and
to the extent that the Borrower shall not have so made such payment, each Lender shall repay to the Administrative Agent forthwith
on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed
to such Lender until the date such Lender repays such amount to the Administrative Agent, at the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing.

    	 

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Section 2.14                 
Funding Losses. If the Borrower makes any payment of principal with respect to any Euro-Dollar Loan or any Euro-Dollar
Loan is converted (pursuant to Article 6 or 8 or otherwise) on any day other than the last day of the Interest Period
applicable thereto, or if the Borrower fails to borrow, prepay, convert or continue any Euro-Dollar Loans after notice has been
given to any Lender in accordance with Section 2.4(a), 2.10(c) or 2.11(c), the Borrower shall reimburse each
Lender within 15 days after demand for any resulting loss or expense incurred by it (or by an existing or prospective Participant
in the related Loan), including (without limitation) any loss incurred in obtaining, liquidating or employing deposits from third
parties, but excluding loss of margin for the period after any such payment or failure to borrow, provided that such Lender
shall have delivered to the Borrower a certificate as to the amount of such loss or expense indicating in reasonable detail the
computation thereof, which certificate shall be conclusive in the absence of manifest error.

Section 2.15                 
Computation of Interest and Fees. Interest based on the Prime Rate hereunder shall be computed on the basis of a
year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding
the last day). All other interest and fees shall be computed on the basis of a year of 360 days and paid for the actual number
of days elapsed (including the first day but excluding the last day).

Section 2.16                 
Registry.

(a)               
The Administrative Agent shall, acting solely for such purpose as a non-fiduciary agent of the Borrower, maintain at one
of its filing offices in the United States a register (the “Register”) on which it will record the Commitment
of each Lender, each Loan made by such Lender and each repayment of any Loan made by such Lender. Any such recordation by the Administrative
Agent on the Register shall be conclusive, absent manifest error. With respect to any Lender, the assignment or other transfer
of the Commitment of such Lender and the rights to the principal of, and interest on, any Loan made and Note issued pursuant to
this Agreement shall not be effective until such assignment or other transfer is recorded on the Register and otherwise complies
with Section 9.6(c). The registration of assignment or other transfer of all or part of the Commitment, Loans and Notes
for a Lender shall be recorded by the Administrative Agent on the Register only upon the acceptance by the Administrative Agent
of a properly executed and delivered Assignment and Assumption Agreement referred to in Section 9.6(c). The Register shall
be available at the offices where kept by the Administrative Agent for inspection by the Borrower and any Lender at any reasonable
time upon reasonable prior notice to the Administrative Agent. The Borrower may not replace any Lender pursuant to Section 8.6
unless, with respect to any Notes held by such Lender, the requirements of this subsection have been satisfied. Each Lender shall
record on its internal records (including computerized systems) the foregoing information as to its own Commitment and Loans. Failure
to make any such recordation, or any error in such recordation, shall not affect the obligations of the Borrower or any Lender
under the Loan Documents.

    	 

    	27

    

(b)              
The Borrower hereby agrees that, upon the request of any Lender at any time, such Lender’s Loans shall be evidenced
by a promissory note or notes of the Borrower (each a “Note”), substantially in the form of Exhibits A-1
or A-2 hereto, payable to the order of such Lender and representing the obligation of the Borrower to pay the unpaid principal
amount of the Loans made by such Lender, with interest as provided herein on the unpaid principal amount from time to time outstanding.

Section 2.17                 
Increase in Loans. The Borrower may, at any time by notice to the Administrative Agent, propose an increase in the
total Commitments hereunder (each such proposed increase being a “Commitment Increase”) either by (x) having
a Lender increase its Commitment then in effect (each an “Increasing Lender”) (provided that, for the
avoidance of doubt, any Lender may elect or decline, in its sole discretion, to be an Increasing Lender) or (y) adding as a Lender
with a new Commitment hereunder a Person that is not then a Lender (each an “Assuming Lender”) (with, solely
in the case of (y), if such Person is not a Lender or a Lender Affiliate, the approval of the Administrative Agent and the Swingline
Lender (such notice not to be unreasonably withheld, delayed or conditioned)), which notice shall specify the name of each Increasing
Lender and/or Assuming Lender, as applicable, the amount of the Commitment Increase and the portion thereof being assumed by each
such Increasing Lender or Assuming Lender, and the date on which such Commitment Increase is to be effective (the “Commitment
Increase Date”) (which shall be a Domestic Business Day at least three Domestic Business Days after delivery of such
notice and 30 days prior to the Termination Date); provided that:

(i)                
the minimum amount of the increase of the Commitment of any Increasing Lender, and the minimum amount of the Commitment
of any Assuming Lender, as part of any Commitment Increase shall be $10,000,000 or a larger multiple of $1,000,000;

(ii)              
immediately after giving effect to any Commitment Increase, the aggregate amount of Commitment Increases effected pursuant
to this Section 2.17 shall not exceed $250,000,000;

(iii)            
no Default shall have occurred and be continuing on the relevant Commitment Increase Date or shall result from any Commitment
Increase; and

(iv)            
the representations and warranties of the Borrower contained in this Agreement shall be true in all material respects (or,
if qualified as to materiality, in all respects) on and as of the date of the relevant Commitment Increase Date (except to the
extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties
shall be true in all material respects(or, if qualified as to materiality, in all respects) as of such earlier date).

    	 

    	28

    

(b)              
Each Commitment Increase (and the increase of the Commitment of each Increasing Lender and/or the new Commitment of each
Assuming Lender, as applicable, resulting therefrom) shall become effective as of the relevant Commitment Increase Date upon receipt
by the Administrative Agent, on or prior to 11:00 A.M. on such Commitment Increase Date, of (A) a certificate of a duly
authorized officer of the Borrower stating that the conditions with respect to such Commitment Increase under this Section 2.17
have been satisfied and (B) an agreement, in form and substance reasonably satisfactory to the Borrower and the Administrative
Agent, pursuant to which, effective as of such Commitment Increase Date, the Commitment of each such Increasing Lender shall be
increased and/or each such Assuming Lender shall undertake a Commitment, duly executed by such Increasing Lender or Assuming Lender,
as the case may be, and the Borrower and acknowledged by the Administrative Agent. Upon the Administrative Agent’s receipt
of a fully executed agreement from each Increasing Lender and/or Assuming Lender referred to in clause (B) above, together with
the certificate referred to in clause (A) above, the Administrative Agent shall record the information contained in each such agreement
in the Register and give prompt notice of the relevant Commitment Increase to the Borrower and the Lenders (including, if applicable,
each Assuming Lender). On each Commitment Increase Date, (x) in the event Revolving Credit Loans are then outstanding, (i) each
relevant Increasing Lender and Assuming Lender shall make available to the Administrative Agent such amounts in immediately available
funds as the Administrative Agent shall determine, for the benefit of the other relevant Lenders, as being required in order to
cause, after giving effect to such increase and the application of such amounts to make payments to such other relevant Lenders,
the Revolving Credit Loans to be held ratably by all Lenders in accordance with their respective Commitments, (ii) the Borrower
shall be deemed to have prepaid and reborrowed all outstanding Revolving Credit Loans as of such Commitment Increase Date (with
such borrowing to consist of the Type of Loans, with related Interest Periods if applicable, specified in a notice delivered by
the Borrower in accordance with the requirements of Section 2.2) and (iii) the Borrower shall pay to the Lenders the amounts,
if any, payable under Section 2.14 as a result of such prepayment, and (y) if there are Swingline Loans then outstanding,
the participations of the Lenders in such Swingline Loans will be automatically adjusted to be held ratably after giving effect
to the applicable Commitment Increase.

Section 2.18                 
Swingline Loans.

(a)               
Agreement to Lend. From time to time prior to the Swingline Termination Date, subject to the terms and conditions
hereof and in reliance on the agreements of the Lenders set forth in this Section, the Swingline Lender agrees to make Swingline
Loans to the Borrower pursuant to this Section; provided that, immediately after each Swingline Loan is made, the aggregate
outstanding principal amount of all Swingline Loans will not (i) result in the Revolving Credit Exposure of any Lender exceeding
its Commitment, (ii) result in the sum of the total Revolving Credit Exposures exceeding the aggregate amount of the Commitments
or (iii) exceed the lesser of (A) $100,000,000 and (B) the aggregate amount of the Commitments. Each Swingline Loan shall be in
a principal amount of $1,000,000 or any larger multiple thereof. No Swingline Loan may be used to refinance an outstanding Swingline
Loan. Within the foregoing limits, the Borrower may borrow under this Section 2.18, prepay Swingline Loans and reborrow
at any time prior to the Swingline Termination Date under this Section 2.18.

    	 

    	29

    

(b)              
Swingline Borrowing Procedure. The Borrower shall give the Swingline Lender notice not later than 3:00 P.M. on the
date of each Swingline Loan, specifying the amount of such Loan, whether the Swingline Loan shall bear interest at the Euro-Dollar
Market Index Rate or the Base Rate, and the date of such borrowing, which shall be a Domestic Business Day. Not later than 4:00
P.M. on the date of each Swingline Loan, the Swingline Lender shall, unless it determines that any applicable condition specified
in Article 3 has not been satisfied, make available the amount of such Swingline Loan, in Federal or other immediately available
funds, to the Borrower at the Swingline Lender’s address specified in or pursuant to Section 9.1.

(c)               
Interest. Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day from
the day such Loan is made to but excluding the day it becomes due, at a rate per annum equal to (i) the sum of the Euro-Dollar
Market Index Rate plus the Applicable Margin for Euro-Dollar Loans or (ii) the sum of the Base Rate plus the Applicable Margin
for Base Rate Loans. Such interest shall be payable at maturity and quarterly in arrears on each Quarterly Date prior to maturity.
Any overdue principal of or interest on any Swingline Loan shall bear interest, payable on demand, for each day until paid at a
rate per annum equal to the sum of 2% plus the rate then applicable to Swingline Loans plus the Applicable Margin.

(d)              
Maturity; Mandatory Prepayment. Each Swingline Loan shall mature, and the principal amount thereof shall be due and
payable, on the earlier of the date falling 10 Domestic Business Days after such Loan is made and the Swingline Termination Date.
In addition, on the date of each Borrowing of Revolving Credit Loans pursuant to Section 2.1, the Administrative Agent shall
apply the proceeds thereof to prepay all Swingline Loans then outstanding.

(e)               
Optional Prepayment. The Borrower may prepay any Swingline Loan in whole at any time, or from time to time in part
in a principal amount of $1,000,000 or any larger multiple thereof, by giving notice of such prepayment to the Swingline Lender
not later than 1:00 P.M. on the date of prepayment.

(f)               
Payments. All payments to the Swingline Lender under this Section 2.18 shall be made to it at its address
specified in or pursuant to Section 9.1 in Federal or other immediately available funds, not later than 3:00 P.M. on the
date of payment.

(g)              
Participations by Lenders in Swingline Loans.

(i)                
Immediately upon the making of a Swingline Loan by the Swingline Lender, and without any further action on the part of such
Swingline Lender or the Lenders, such Swingline Lender hereby grants to each Lender, and each Lender hereby acquires from such
Swingline Lender, a participation in such Swingline Loan equal to such Lender’s pro rata share, based upon its Commitment
in proportion to the aggregate Commitments of the amount of such Swingline Loan. The Swingline Lender may, by written notice given
to the Administrative Agent not later than 10:00 A.M. on any Domestic Business Day, require the Lenders to fund participations
on such Domestic Business Day in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount
of Swingline Loans in which Lenders will fund such participations. Promptly upon receipt of such notice, the Administrative Agent
will give notice thereof to each Lender, specifying in such notice such Lender’s pro rata share of such Swingline Loan or
Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees, upon receipt of notice as provided above in this
paragraph, to pay to the Administrative Agent, for account of the Swingline Lender, such Lender’s pro rata share of such
Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire and fund participations in Swingline
Loans pursuant to this paragraph is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation
under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.4 with
respect to Revolving Credit Loans made by such Lender (and Section 2.4 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by
it from the Lenders.

    	 

    	30

    

(ii)              
The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan funded pursuant to the preceding
paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the applicable
Swingline Lender. Any amounts received by a Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect
of a Swingline Loan made by such Swingline Lender after receipt by such Swingline Lender of the proceeds of a sale of participations
therein shall be promptly remitted to the Administrative Agent. Any such amounts received by the Administrative Agent shall be
promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to the preceding paragraph
and to such Swingline Lender, as their interests may appear, provided that any such payment so remitted shall be repaid
to such Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded
to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve
the Borrower of any default in the payment thereof.

Article
3

CONDITIONS

Section 3.1                     
Closing Date. The Closing Date hereunder shall occur on the first date on which each of the following conditions
shall have been satisfied:

(a)               
receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower and each of the Lenders;

(b)              
receipt by the Administrative Agent, to the extent requested by any Lender not less than five Domestic Business Days prior
to the Closing Date, of any Notes so requested duly executed by the Borrower;

    	 

    	31

    

(c)               
receipt by the Administrative Agent of evidence that all fees and expenses payable on or before the Closing Date by the
Borrower, and for which invoices have been presented at least two Domestic Business Days prior to the Closing Date, for the account
of the Lenders and the Lender Affiliates in connection with this Agreement shall have been paid in full on or before such date;

(d)              
receipt by the Administrative Agent of opinions of (i) Hinckley, Allen & Snyder LLP, special counsel for the Borrower
and (ii) Vanessa Allen Sutherland, Senior Vice President Government Relations and Chief Legal Officer of the Borrower (or another
counsel for the Borrower reasonably satisfactory to the Administrative Agent) in substance reasonably satisfactory to the Administrative
Agent;

(e)               
evidence that as of the Closing Date (i) the principal of and interest on, and all other fees owing under the Existing Credit
Agreement shall have been (or shall be contemporaneously) paid in full and (ii) the commitments of the banks under the Existing
Credit Agreement shall have been (or shall be contemporaneously) terminated (and in each case, each Lender which is a party to
the Existing Credit Agreement hereby waives compliance with the time requirement that a notice of termination or prepayment be
given in advance of the Closing Date);

(f)               
receipt by the Administrative Agent of all documents it may reasonably request relating to the existence of the Borrower,
the corporate authority for and the validity of the Loan Documents and any other matters relevant thereto, all in form and substance
reasonably satisfactory to the Administrative Agent;

(g)              
receipt by the Administrative Agent of a certificate, dated as of the Closing Date and signed by duly authorized officers
of the Borrower, substantially in the form of Exhibit C hereto; and

(h)              
the Borrower shall have provided to the Administrative Agent and the Lenders, at least 5 Domestic Business Days prior to
the Closing Date, (x) all documentation and other information requested by the Administrative Agent or any Lender in order to comply
with requirements of the PATRIOT Act, applicable “know your customer” and anti-money laundering rules and regulations
and (y) to the extent the Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial
Ownership Regulation”), a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

Without limiting
the generality of the provisions of Section 7.3(c), for purposes of determining compliance with the conditions specified
in this Section 3.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior
to the proposed Closing Date specifying its objection thereto.

Section 3.2                     
Borrowings. The obligation of any Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction
of the following conditions:

    	 

    	32

    

(a)               
receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.2 or receipt by the Swingline
Lender of notice as required by Section 2.18(b), as the case may be;

(b)              
immediately after such Borrowing and application of the proceeds thereof, (i) in the case of a Borrowing of a Revolving
Credit Loan, the aggregate outstanding principal amount of the Revolving Credit Loans shall not exceed the aggregate amount of
the Commitments and (ii) in the case of a Borrowing of a Swingline Loan, the aggregate outstanding principal amount of all Swingline
Loans shall not exceed the lesser of (A) $100,000,000 and (B) the aggregate amount of the Commitment;

(c)               
immediately before and after such Borrowing, no Default shall have occurred and be continuing;

(d)              
the representations and warranties of the Borrower contained in this Agreement (other than the representations and warranties
set forth in Sections 4.4(b) and 4.5) shall be true in all material respects (or in all respects in the case of any
representation or warranty already qualified by materiality) on and as of the date of such Borrowing (except to the extent such
representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall
be true in all material respects (or in all respects in the case of any representation or warranty already qualified by materiality)
as of such earlier date); and

(e)               
the Closing Date shall have occurred on or prior to May 15, 2020.

Each Borrowing hereunder
shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing as to the facts specified in
clauses (b), (c) and (d) of this Section.

Section 3.3                     
Waiver by Lenders. In order to facilitate the satisfaction of the condition set forth in Section 3.1(e) above,
each of the parties hereto that is a party to the Existing Credit Agreement waives (i) the requirement in Section 2.9(a)
thereof that a notice terminating the commitments of the banks thereunder must be given at least three Domestic Business Days prior
to such termination and (ii) to the extent necessary, the requirement in Section 2.11(a) thereof that a notice of prepayment
of any Base Rate Borrowing (as defined in the Existing Credit Agreement) must be given at least one Domestic Business Day prior
to such prepayment. The waivers granted under this Section are subject to the obligations of the Borrower to pay to each bank party
to the Existing Credit Agreement all amounts payable by the Borrower to such bank pursuant to Section 2.14 of the Existing
Credit Agreement as a result of any prepayment.

Article
4

REPRESENTATIONS AND WARRANTIES

The Borrower represents
and warrants on the date hereof that:

Section 4.1                     
Corporate Existence and Power. The Borrower is a corporation duly incorporated, validly existing and in good standing
under the laws of Virginia (or, if another corporation has become the Borrower as permitted by Section 5.9, the laws of
its jurisdiction of incorporation). The Borrower has all corporate powers and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted, except where the failure to have such licenses, authorizations,
consents and approvals could not be reasonably expected to result in a Material Adverse Change.

    	 

    	33

    

Section 4.2                     
Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by the Borrower
of the Loan Documents are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action,
require no action by or in respect of, or filing with, any governmental body, agency or official (except for filings with governmental
agencies (x) which filings are necessary or desirable in order for the Borrower to comply with disclosure obligations under applicable
laws and (y) which filings, if not made, would not have any effect on the validity or enforceability of the Loan Documents and
the obligations of the Borrower thereunder) and do not contravene, or constitute a default under, any provision of law or regulation
applicable to the Borrower (including without limitation the Margin Regulations) or of the articles of incorporation or by-laws
of the Borrower, or of any agreement under which Debt may be incurred or any other material agreement or instrument binding upon
the Borrower or any of its Consolidated Subsidiaries (excluding any contravention or default of any material agreement or instrument
as could not reasonably be expected to result in a Material Adverse Change) or result in the creation or imposition of any Lien
on any asset of the Borrower or any of its Consolidated Subsidiaries.

Section 4.3                     
Binding Effect. This Agreement constitutes, and when executed and delivered in accordance with this Agreement, each
Note will constitute, a valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, subject
to (i) applicable Debtor Relief Laws and (ii) equitable principles of general applicability (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

Section 4.4                     
Financial Information.

(a)               
The consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of December 31, 2019 and the related
consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for the fiscal year
then ended, reported on by KPMG LLP and set forth in the Borrower’s 2019 Form 10-K, a copy of which has been delivered to
each of the Lenders or otherwise made available to the Lenders as contemplated by Section 5.1, fairly present, in conformity
with generally accepted accounting principles in the United States, the consolidated financial position of the Borrower and its
Consolidated Subsidiaries as of such date and their consolidated results of operations, cash flows and changes in stockholders’
equity for such fiscal year.

(b)              
Since December 31, 2019, there has been no material adverse change in the consolidated financial condition, operations or
assets of the Borrower and its Consolidated Subsidiaries, taken as a whole (a “Material Adverse Change”).

(c)               
The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of taxes or other governmental
charges are, in the opinion of the Borrower, adequate.

    	 

    	34

    

Section 4.5                     
Litigation. There is no action, suit or proceeding pending against, or to the knowledge of the Borrower, threatened
against or affecting, the Borrower or any of its Consolidated Subsidiaries before any court or arbitrator or any governmental body,
agency or official, which, if determined adversely, could reasonably be expected to result in a Material Adverse Change or which
in any manner impairs the validity or enforceability of the Loan Documents in any material respect.

Section 4.6                     
Compliance with Laws.

(a)               
The Borrower and its Consolidated Subsidiaries are in compliance in all material respects with all applicable provisions
of the United States Interstate Commerce Commission Termination Act of 1995, as amended, and all regulations, orders, rulings and
official interpretations thereunder, except where the failure to so comply could not reasonably be expected to result in a Material
Adverse Change.

(b)              
Except as would not reasonably be expected to result in a Material Adverse Change, each member of the ERISA Group has fulfilled
its obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in
compliance in all material respects with the presently applicable provisions of ERISA and the Internal Revenue Code with respect
to each Plan. Except as would not reasonably be expected to result in a Material Adverse Change, no member of the ERISA Group has
(i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii)
failed to make any material contribution or payment due under any Multiemployer Plan in which more than 100 employees of members
of the ERISA Group participate or under any Plan, or made any amendment to any Plan or Benefit Arrangement, any of which has resulted
in the imposition of a Lien under Section 430(k) of the Internal Revenue Code or Section 303(k) of ERISA or which could reasonably
be expected to subject any Plan to the increased funding rules under Section 430 of the Internal Revenue Code or Section 303 of
ERISA, (iii) incurred any material liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA, or (iv) received any written notification that any Multiemployer Plan is in “endangered” or “critical”
status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA) or is insolvent or has been terminated
(within the meaning of Title IV of ERISA).

Section 4.7                     
Environmental Matters. Except for the Disclosed Matters and except with respect to any other matters that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Change, neither the Borrower nor any Consolidated
Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or
other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received
notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.

Section 4.8                     
Taxes. The Borrower and its Subsidiaries have filed all United States Federal income tax returns and all other material
tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment
received by the Borrower or any Subsidiary or are contesting such assessment in good faith by appropriate proceedings, except where
the failure to so pay or file could not be reasonably expected to result in a Material Adverse Change. The statute of limitations
on Internal Revenue Service examinations has expired for all years prior to 2015.

    	 

    	35

    

Section 4.9                     
Significant Subsidiaries. Each of the Borrower’s Significant Subsidiaries is a corporation duly incorporated,
validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all
material governmental licenses, authorizations, franchises, consents and approvals required to carry on its business as now conducted,
except where the failure to have such licenses, authorizations, franchises, consents and approvals could not be reasonably expected
to result in a Material Adverse Change.

Section 4.10                 
Not an Investment Company. The Borrower is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

Section 4.11                 
Full Disclosure. All written information (it being understood that such information will be deemed to include the
Borrower’s most recent filings on Form 10-K and Form 10-Q and any filing on Form 8-K, or posting on the Borrower’s
website at http://www.nscorp.com/content/nscorp/en/investor-relations/financial-reports/sec-filings.html, filed or posted not less
than three (3) Domestic Business Days prior to the date hereof), taken as a whole, heretofore furnished by the Borrower to the
Administrative Agent or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby
is, and all such information hereafter furnished by the Borrower to the Administrative Agent or any Lender will be (in the case
of any such information furnished after the date hereof, after giving effect to any supplements thereto), complete and correct
in all material respects on the date as of which such information is stated or certified.

Section 4.12                 
No Default. No Default has occurred and is continuing and neither the Borrower nor any of its Subsidiaries is in
default under or with respect to any material contract, agreement, lease or other instrument to which it is a party or by which
its property is bound or affected where such default could reasonably be expected to result in a Material Adverse Change.

Section 4.13                 
Anti-Corruption Laws and Sanctions. The Borrower, its Subsidiaries and their respective directors, officers, employees,
and, to the knowledge of the Borrower, its agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all material
respects. None of the Borrower, any Subsidiary or, to the knowledge of the Borrower, any of their respective directors, officers
or employees has taken any action, directly or indirectly, that would result in a violation by such Persons of any Sanctions or
Anti-Corruption Laws.

Section 4.14                 
Not an Affected Financial Institution. The Borrower is not an Affected Financial Institution as defined in Section
1.1.

    	 

    	36

    

Article
5

COVENANTS

The Borrower agrees
that, so long as any Lender has any Commitment hereunder or any principal of or interest on any Loan remains unpaid:

Section 5.1                     
Information. The Borrower will deliver to the Administrative Agent for circulation to each of the Lenders:

(a)               
promptly after they are publicly available, and in any event within 15 days after they are required to be filed with the
SEC after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries
as of the end of such fiscal year and the related consolidated statements of income, cash flows and changes in stockholders’
equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported
on in accordance with regulations of the SEC by KPMG LLP or other independent public accountants of nationally recognized standing;

(b)              
promptly after they are publicly available, and in any event within 15 days after they are required to be filed with the
SEC after the end of each of the first three quarters of each fiscal year of the Borrower, (x) a consolidated balance sheet of
the Borrower and its Consolidated Subsidiaries as of the end of such quarter, setting forth in comparative form the figures at
the end of the Borrower’s previous fiscal year, (y) the related consolidated statement of income for such quarter and for
the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in comparative form the figures
for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year, and (z) the related consolidated
statement of cash flows for the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in
comparative form the figures for the corresponding portion of the Borrower’s previous fiscal year, certified by the chief
financial officer or the chief accounting officer of the Borrower (subject to normal year-end adjustments) as to fairness of presentation,
generally accepted accounting principles and consistency as of the dates and for the periods indicated (except for changes in generally
accepted accounting principles concurred in by the Borrower’s independent public accountants);

(c)               
simultaneously with the delivery of the financial statements referred to in clauses (a) and (b) above, a certificate of
the chief financial officer, the chief accounting officer, treasurer or any assistant treasurer of the Borrower (i) setting forth
in reasonable detail the calculations required to establish whether the Borrower was in compliance with the requirements of Section
5.7 on the date of such financial statements and (ii) stating whether any Default exists on the date of such certificate and,
if any Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with
respect thereto;

(d)              
within 10 days after any officer of the Borrower obtains knowledge of any Default, if such Default is then continuing, a
certificate of the chief financial officer or the chief accounting officer of the Borrower setting forth the details thereof and
the action which the Borrower is taking or proposes to take with respect thereto;

    	 

    	37

    

(e)               
promptly after the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration
statements on Form S-8 or its equivalent), proxy statements or any other documents distributed by the Borrower to its shareholders
generally which contain equivalent information to that contained in Forms 10-K, 10-Q and 8-K (or their equivalents) or proxy statements,
and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Borrower shall have filed with the SEC; provided however
that such proxy statements or other documents distributed by the Borrower to its shareholders need not be furnished so long as
the Borrower is a reporting company under the Securities Exchange Act of 1934, as amended;

(f)               
except as would not reasonably be expected to cause a Material Adverse Change: if and within 10 Domestic Business Days after
the date any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event”
(as defined in Section 4043 of ERISA) with respect to any Plan which could reasonably be expected to constitute grounds for a termination
of such Plan under Title IV of ERISA or knows that the plan administrator of any Plan has given or is required to give notice of
any reportable event with respect to any Plan which could reasonably be expected to constitute grounds for a termination of such
Plan under Title IV of ERISA, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives
notice of the imposition of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan
in which more than 100 employees of members of the ERISA Group participate is insolvent or has been terminated (within the meaning
of Title IV of ERISA), or is in “endangered” or “critical” status (within the meaning of Section 305 of
ERISA), a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability
(other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such
notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such
application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information
filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or
(vii) fails to make any payment or contribution due under any Multiemployer Plan in which more than 100 employees of members of
the ERISA Group participate or under any Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit
Arrangement, any of which has resulted in the imposition of a Lien under Section 430(k) of the Internal Revenue Code or Section
303(k) of ERISA or could reasonably be expected to result in such Plan becoming subject to the increased funding requirements under
Section 430 of the Internal Revenue Code or Section 303 of ERISA, a certificate of the chief financial officer or the chief accounting
officer of the Borrower setting forth details as to such occurrence and action, if any, which the Borrower or applicable member
of the ERISA Group is required or proposes to take;

(g)              
as soon as reasonably practicable after any officer of the Borrower obtains knowledge of the commencement of, or of a threat
of the commencement of, any actions, suits or proceedings against the Borrower or any of its Subsidiaries before any court or arbitrator
or any Governmental Authority which, if determined adversely, could reasonably be expected to result in a Material Adverse Change
or which in any manner questions the validity or enforceability of the Loan Documents in any material respect, a certificate of
the chief financial officer or the chief accounting officer of the Borrower setting forth the nature of such pending or threatened
action, suit or proceeding and such additional information with respect thereto as may be reasonably requested by any Lender;

    	 

    	38

    

(h)              
from time to time such additional publicly available information regarding the financial position or business of the Borrower
and its Consolidated Subsidiaries as any Lender through the Administrative Agent may reasonably request; and

(i)                
promptly following any request therefor, deliver information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules
and regulations, including the PATRIOT Act and the Beneficial Ownership Regulation (to the extent applicable).

Information required
to be delivered pursuant to this Section 5.1 shall be deemed to have been delivered to the Administrative Agent on the date
that such information has been posted on the Borrower’s website on the Internet at http://www.nscorp.com/content/nscorp/en/investor-relations/financial-reports/sec-filings.html
or is available on the website of the SEC at http://www.sec.gov (to the extent such information has been posted or is available
as described in such notice). Information required to be delivered pursuant to this Section 5.1 may also be delivered via
the Platform or other electronic communication (in .pdf form) pursuant to procedures approved by the Administrative Agent pursuant
to Section 9.1 hereto. Upon the release of any such information, the Borrower shall provide a hard copy of such document
as any Lender may reasonably request from time to time.

Section 5.2                     
Maintenance of Property; Insurance.

(a)               
The Borrower will keep, and will cause each Significant Subsidiary to keep, all property deemed by the Borrower to be necessary
to its business in such order and condition as the Borrower shall consider prudent, ordinary wear and tear excepted.

(b)              
The Borrower will maintain insurance (or self-insurance) in such amounts as it reasonably deems necessary to carry on its
business on terms the Borrower reasonably deems appropriate.

Section 5.3                     
Conduct of Business and Maintenance of Existence. The Borrower will preserve, renew and keep in full force and effect
its corporate existence, except as permitted by Section 5.9, and its rights, privileges and franchises reasonably deemed
by the Borrower to be necessary in the normal conduct of business, except where the failure to maintain such rights, privileges
and franchises could not be reasonably expected to result in a Material Adverse Change. The Borrower will cause each of its Significant
Subsidiaries to continue to engage in business of the same general type as now conducted by it, and will cause each of them to
preserve, renew and keep in full force and effect their respective corporate existence and their respective rights, privileges
and franchises reasonably deemed by the Borrower to be necessary in the normal conduct of business, except where the failure to
maintain such rights, privileges and franchises could not be reasonably expected to result in a Material Adverse Change. Nothing
in this Section 5.3 shall prohibit a merger, consolidation or share exchange pursuant to which any two corporations shall
be combined into a single corporation or the acquisition by any corporation of substantially all of the assets of another corporation.

    	 

    	39

    

Section 5.4                     
Compliance with Laws. The Borrower will comply, and cause each Subsidiary to comply, in all material respects, with
all applicable laws, ordinances, rules, regulations, and requirements of Governmental Authorities (including, without limitation,
the Interstate Commerce Commission Termination Act of 1995, Environmental Laws, ERISA Anti-Corruption Laws and applicable Sanctions,
and the rules and regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate
proceedings or where such failure could not be reasonably expected to result in a Material Adverse Change.

Section 5.5                     
Payment of Obligations. The Borrower will pay and discharge, and will cause each Significant Subsidiary to pay and
discharge, at or before maturity, all their respective material obligations and liabilities (including, without limitation, tax
liabilities and claims of materialmen, warehousemen and the like which if unpaid would by law give rise to a Lien not permitted
by this Agreement), except, where the same may be contested in good faith by appropriate proceedings or, where the failure to pay
such obligation or liability could not be reasonably expected to result in a Material Adverse Change, and will maintain, and will
cause each Significant Subsidiary to maintain, in accordance with generally accepted accounting principles, appropriate reserves
for the accrual of any of the same.

Section 5.6                     
Inspection of Property, Books and Records. The Borrower will keep, and will cause each Significant Subsidiary to
keep, proper books of record and account in accordance with generally accepted accounting principles; and will permit, and will
cause each Subsidiary to permit, representatives designated in writing by any Lender at such Lender’s expense (coordinated
through the Administrative Agent), and subject to such limitations as the Borrower may reasonably impose to insure safety or compliance
with any applicable legal or contractual restrictions, to visit and inspect any of their respective properties, to examine and
make abstracts from any of their corporate books and financial records and to discuss their respective affairs, finances and accounts
with their respective principal officers, all at such reasonable times during normal business hours, after reasonable prior notice;
provided that, unless a Default of Event of Default shall have occurred and be continuing, there shall be no more than two
such inspections by the Administrative Agent and the Lenders taken as a whole during any fiscal year.

Section 5.7                     
Leverage Ratio. The Leverage Ratio will not exceed, at any time on or after the Effective Date, 65%.

Section 5.8                     
Negative Pledge. Neither the Borrower nor any Subsidiary will create, assume or suffer to exist any Lien on any other
asset now owned or hereafter acquired by it except:

(a)               
Liens existing on the date of this Agreement that have attached (or that hereafter attach, pursuant to agreements in effect
on the date hereof, to assets not owned by Persons subject to such agreements on the date hereof);

(b)              
any Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation
of such event;

    	 

    	40

    

(c)               
any Lien (created pursuant to an equipment trust agreement, conditional sale agreement, chattel mortgage or lease or otherwise)
on any asset or pool of assets securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring,
constructing or rebuilding such asset or pool of assets;

(d)              
any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower
or a Subsidiary and not created in contemplation of such event;

(e)               
any Lien existing on any asset prior to the acquisition thereof by the Borrower or a Subsidiary and not created in contemplation
of such acquisition;

(f)               
Liens created, assumed or existing on assets associated with real estate development projects or development joint ventures;

(g)              
any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any
of the foregoing clauses of this Section, provided that such Debt is not increased (other than by the Permitted Additional
Amount) and is not secured by any additional assets (other than any replacement assets);

(h)              
inchoate tax Liens;

(i)                
Liens arising in the ordinary course of its business, which (i) do not secure Debt or Derivatives Obligations and (ii) do
not, in the aggregate, materially detract from the value of its material assets or materially impair the use thereof in the operation
of its business;

(j)                
Liens on “margin stock” (as defined in the Margin Regulations), if and to the extent that the value of such
margin stock exceeds 25% of the total assets of the Borrower and its Subsidiaries subject to this Section;

(k)              
Liens on cash and cash equivalents securing Derivatives Obligations, provided that the aggregate amount of cash and
cash equivalents subject to such Liens may at no time exceed $100,000,000;

(l)                
Liens upon real and/or personal property, which property was acquired after the Closing Date (by purchase, construction
or otherwise) by the Borrower or any of its Subsidiaries, provided that each of such Liens exists only on such property
and any proceeds or replacements thereof;

(m)            
Liens not otherwise permitted by the foregoing clauses of this Section securing Debt in an aggregate principal amount at
any time outstanding not in excess of 12.5% of Consolidated Net Tangible Assets; and

(n)              
Liens on assets of a Subsidiary to secure obligations owed by such Subsidiary to the Borrower.

Notwithstanding
the foregoing, neither the Borrower nor any Subsidiary will create, assume, incur or suffer to exist any Lien otherwise permitted
by this Section 5.8 on any equity interest or Debt of Norfolk Southern Railway Company now directly owned or hereafter acquired
to secure any Debt for money borrowed or Debt evidenced by a bond, note, debenture or other evidence of indebtedness, without in
any such case making effective provision whereby all of the obligations owing hereunder shall be secured equally and ratably with
such Debt.

    	 

    	41

    

Section 5.9                     
Consolidations, Mergers and Sales of Assets.

(a)               
The Borrower will not (i) consolidate or merge with or into any other Person or (ii) sell, lease or otherwise transfer,
directly or indirectly, all or substantially all of its assets to any other Person; provided that the Borrower may merge
or consolidate with another Person or sell all or substantially all of its assets to another Person if:

(A)            
the Person surviving such merger or consolidation, or the Person that acquires substantially all of the Borrower’s
assets, is a business corporation incorporated under the laws of a State of the United States of America;

(B)             
the Person surviving such merger or consolidation, if not the Borrower, or the Person that acquires substantially all of
the Borrower’s assets, (i) executes and delivers to the Administrative Agent and each of the Lenders an instrument in form
reasonably satisfactory to the Administrative Agent pursuant to which such Person assumes all of the Borrower’s obligations
under the Loan Documents as theretofore amended or modified, including the full and punctual payment (whether at stated maturity,
upon acceleration or otherwise) of the principal of and interest on each Loan made to the Borrower pursuant to this Agreement,
the full and punctual payment of all other amounts payable hereunder and the performance of all of the other covenants and agreements
contained herein, (ii) provides to the Administrative Agent and the Lenders, at least 5 Domestic Business Days prior to the closing
of such merger, consolidation or sale of assets, (x) all documentation and other information requested by the Administrative Agent
or any Lender in order to comply with requirements of the PATRIOT Act, applicable “know your customer” and anti-money
laundering rules and regulations and (y) to the extent such Person qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation, a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation
and (iii) if requested by the Required Lenders, delivers an opinion of counsel reasonably satisfactory to the Required Lenders
(it being understood that an opinion delivered substantially in the form provided on the Closing Date shall be reasonably satisfactory),
in each case after giving effect to such merger, consolidation or sale of assets, as the case may be; and

(C)             
immediately after giving effect to such merger, consolidation or sale of assets, no Default shall have occurred and be continuing
and the representations and warranties of the Borrower contained in this Agreement shall be true in all material respects (or,
if qualified as to materiality, in all respects) as if made immediately after such merger, consolidation or sale of assets (except
to the extent such representations and warranties specifically relate to an earlier date, in which case, such representations and
warranties shall be true in all material respects (or, if qualified as to materiality, in all respects) as of such earlier date).

    	 

    	42

    

It is understood
that: (i) the reference in Section 4.4(b) to changes in respect of the Borrower and its Consolidated Subsidiaries refers
to changes from the business and consolidated financial position of Norfolk Southern Corporation and its Consolidated Subsidiaries
at such date, including changes that occur as a result of another Person becoming the Borrower pursuant to such a merger, consolidation
or sale of assets and (ii) the references in Section 6.1(l) to individuals who were directors of the Borrower at any time
before such a merger, consolidation or sale of assets refers only to individuals who were directors of the Person who was the Borrower
at that time. No Person who was the Borrower shall be released from any of its obligations hereunder upon the assumption of such
obligations by another Person. For purposes of this Section, the term “consolidate with” means a transaction in which
the Borrower and another corporation consolidate to form a new corporation pursuant to the laws of their jurisdictions of incorporation
and in which the Borrower and such other corporation cease to exist as separate corporate entities.

(b)              
Subject to subsection (a) above and subsection (c) below, the Borrower and its Subsidiaries will not sell, lease or otherwise
transfer, directly or indirectly, all or any substantial part of the assets of the Borrower and its Subsidiaries, taken as a whole,
to any other Person.

(c)               
The Borrower will at all times own, directly or indirectly all of the shares of capital stock or other ownership interests
of Norfolk Southern Railway Company, or the successor thereto by merger, consolidation or share exchange or the Person, if any,
who has acquired substantially all of such corporation’s assets (“NSRC”), except directors’ qualifying
shares. The Borrower will cause NSRC to continue to own and operate the railroads and any material related assets owned and operated
by it on the date hereof; provided that nothing in this Section shall prohibit dispositions (by sale, merger or otherwise)
by NSRC of (A) assets in the ordinary course of business or (B) obsolete or unproductive assets.

Section 5.10                 
Use of Proceeds. The proceeds of the Loans will be used by the Borrower for general corporate purposes of the Borrower
and its Subsidiaries. The Borrower will not request any Borrowing, and the Borrower shall not use the proceeds of any Borrowing
(i) to purchase or carry “margin stock” (as defined in the Margin Regulations) or to extend credit to others for the
purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose, in each case in
violation of Margin Regulations, or (ii) directly or knowingly indirectly (A) in furtherance of an offer, payment, promise to pay,
or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws, or (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, in each case, in any manner that would result in the violation of any Sanctions applicable
to any party hereto.

    	 

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Section 5.11                 
Limitation on Subsidiary Debt. The Borrower will not permit any of its Subsidiaries to incur or at any time be liable
with respect to any Debt except:

(a)               
Debt owing to the Borrower or a Subsidiary all of the outstanding common stock of which (other than directors’ qualifying
shares) is owned directly or indirectly by the Borrower;

(b)              
Debt of Subsidiaries not otherwise permitted by this Section in an aggregate principal amount at any time outstanding not
exceeding $1,250,000,000;

(c)               
Guarantees by any Subsidiary of Debt of its own Subsidiaries, provided that the Debt guaranteed is permitted under
this Section;

(d)              
Debt of any Person at the time such Person becomes a Subsidiary and not incurred in contemplation of such event;

(e)               
Debt of a Subsidiary in existence on the Effective Date and extensions, renewals and refinancings thereof, provided that
the principal amount of such Debt is not increased except by an amount no greater than the Permitted Additional Amount;

(f)               
Debt of a Subsidiary incurred in connection with the financing of any asset, but solely to the extent that under the terms
of such Debt the obligations of such Subsidiary with respect to such Debt may be satisfied by recourse only to such asset and the
proceeds and replacements thereof;

(g)              
obligations (contingent or otherwise) of any Subsidiary arising under any swap contract or hedge agreement; provided
that such obligations are (or were) entered into in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets or property held or reasonably anticipated by such Person, and not
for purposes of speculation;

(h)              
Debt arising from the endorsement of instruments in the ordinary course of business;

(i)                
Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; and

(j)                
Debt of Subsidiaries incurred or assumed (in connection with an equipment trust agreement, conditional sale agreement, chattel
mortgage or lease or otherwise) for the purpose of directly or indirectly financing all or any part of the cost of acquiring, constructing
or rebuilding any asset and any renewal, extension or refinancing thereof; provided that the aggregate principal amount
of such Debt (other than extensions, renewals and refinancings that do not increase the principal amount thereof except by an amount
no greater than the Permitted Additional Amount) incurred or assumed in any fiscal year of the Borrower pursuant to this clause
(j) shall not exceed $800,000,000.

    	 

    	44

    

Section 5.12                 
Transactions with Affiliates. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly,
pay any funds to or for the account of, make any Investment in, lease, sell, transfer or otherwise dispose of any assets, tangible
or intangible, to, or participate in, or effect, any transaction with, any Affiliate except on an arm’s-length basis on terms
no less favorable in any material respect to the Borrower or such Subsidiary than could have been obtained from a third party who
was not an Affiliate; provided that the foregoing provisions of this Section shall not prohibit (i) the declaration or payment
of any lawful dividend or other payment ratably in respect of all of its capital stock of the relevant class, (ii) transactions
entered into in the ordinary course of business with joint ventures in which the Borrower has a direct or indirect interest to
the extent the Borrower has determined in its reasonable judgment that the business purpose achieved by such transactions renders
the terms thereof reasonable or (iii) any payment under any tax sharing agreement entered into among the Borrower and any of its
Subsidiaries.

Article
6

DEFAULT

Section 6.1                     
Events of Default. If one or more of the following events (“Events of Default”) shall have occurred
and be continuing:

(a)               
the Borrower shall default in the payment when due of any principal of any Loan, or shall default in the payment, within
10 days of the due date thereof, of any interest, fees or other amount payable hereunder;

(b)              
the Borrower shall fail to observe or perform any covenant contained in Sections 5.7 to 5.12, inclusive;

(c)               
the Borrower shall fail to observe or perform any covenant or agreement contained in any Loan Document (other than those
covered by clause (a) or (b) above) for 30 days after written notice thereof has been given to the Borrower by the Administrative
Agent at the request of any Lender;

(d)              
any representation, warranty or certification made (or deemed made) by the Borrower in any Loan Document or in any certificate,
financial statement or other document delivered pursuant to any Loan Document shall prove to have been incorrect in any material
respect when made (or deemed made);

(e)               
the Borrower or any of its Subsidiaries shall fail to make any payment in respect of any Material Debt when due or within
any applicable grace period;

(f)               
any event or condition shall occur which results in the acceleration of the maturity of any Material Debt or enables the
holder of such Debt or any Person acting on such holder’s behalf to accelerate the maturity thereof;

(g)              
the Borrower or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any Debtor Relief Law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall
consent to any such relief or to the appointment of, or taking possession by, any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay
its debts as they become due, or shall take any corporate action to authorize any of the foregoing;

    	 

    	45

    

(h)              
an involuntary case or other proceeding shall be commenced against the Borrower or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to it or its debts under any Debtor Relief Law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property,
and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief
shall be entered against the Borrower or any Significant Subsidiary under the federal bankruptcy laws as now or hereafter in effect;

(i)                
any member of the ERISA Group shall fail to pay when due an amount or amounts which it shall have become liable to pay under
Title IV of ERISA that when aggregated could reasonably be expected to cause a Material Adverse Change; or (i) notice of intent
to terminate a Material Plan, or notice that a Material Plan is in “at risk” status (within the meaning of Section
303 of ERISA) or notice that a Multiemployer Plan is in “endangered” or “critical” status (within the meaning
of Section 305 of ERISA), shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any
combination of the foregoing; or (ii) the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability
(other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material
Plan; or (iii) a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material
Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default (within the meaning of Section
4219(c)(5) of ERISA) with respect to, one or more Multiemployer Plans; and in each case in clauses (i) through (iii) above, such
event or condition together with all other such events or conditions, if any, could reasonably be expected to cause a Material
Adverse Change;

(j)                
a judgment or order for the payment of money (not paid or covered by insurance (except for deductibles) as to which the
relevant insurance company has acknowledged coverage) in excess of $175,000,000 shall be rendered against the Borrower or any Significant
Subsidiary and such judgment or order shall continue unsatisfied, unreversed, unvacated, undischarged and unstayed for a period
of 30 days;

(k)              
any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended)
shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under said Act) of 30% or more
of the outstanding shares of common stock of the Borrower;

(l)                
at any time Continuing Directors shall not constitute a majority of the board of directors of the Borrower (“Continuing
Director” means at any time each (i) individual who was a director of the Borrower 24 months before such time, (ii) individual
whose election or nomination as a director of Borrower was approved by individuals referred to in clause (i) above constituting
at the time of such election or nomination at least a majority of the board of directors of the Borrower and (iii) individual whose
election or nomination to the board of directors of the Borrower was approved by individuals referred to in clauses (i) and (ii)
above constituting at the time of such election or nomination at least a majority of the board of directors of the Borrower); or

    	 

    	46

    

(m)            
any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than
as expressly permitted hereunder or thereunder or satisfaction in full of all obligations hereunder, ceases to be in full force
and effect; or the Borrower or any other Person contests in writing the validity or enforceability of any provision of any Loan
Document; or the Borrower denies in writing that it has any or further liability or obligation under any Loan Document, or purports
in writing to revoke, terminate or rescind any Loan Document;

then, and in every
such event, the Administrative Agent shall if requested by the Required Lenders by notice to the Borrower (i) terminate the Commitments
and they shall thereupon terminate, and (ii) if requested by the Required Lenders, by notice to the Borrower declare the Loans
(together with accrued interest thereon) to be, and the Loans (together with accrued interest thereon) shall thereupon become,
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
the Borrower; provided that in the case of any of the Events of Default specified in clause (g) or (h) above with respect
to the Borrower, without any notice to the Borrower or any other act by the Administrative Agent or the Lenders, the Commitments
shall thereupon terminate and the Loans (together with accrued interest thereon) shall become immediately due and payable without
presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrower.

Section 6.2                     
Notice of Default. The Administrative Agent shall give notice to the Borrower under Section 6.1(c) promptly
upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof.

Article
7

ADMINISTRATIVE AGENT

Section 7.1                     
Appointment and Authorization. Each Lender irrevocably appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by
the terms thereof, together with all such powers as are reasonably incidental thereto. It is understood and agreed that the use
of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties.

Section 7.2                     
Agents and Affiliates. The Administrative Agent shall have the same rights and powers under the Loan Documents as
any other Lender and may exercise or refrain from exercising the same as though it were not the Administrative Agent, and the Administrative
Agent and its Affiliates may engage in any kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as
if it were not an Agent hereunder.

    	 

    	47

    

Section 7.3                     
Exculpatory Provisions.

(a)               
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the
Administrative Agent:

(i)                
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

(ii)              
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in
violation of any Debtor Relief Law; and

(iii)            
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to the Borrower or any of the Borrower’s affiliates that
is communicated to or obtained by the Person serving as the Administrative Agent or any of such Person’s affiliates in any
capacity.

(b)              
The Administrative Agent shall not be liable for any action taken or not taken by it pursuant to this Agreement (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary,
or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections
6.1 and 9.5), or (ii) in the absence of its own gross negligence, willful misconduct or material breach of its obligations
under the Loan Documents as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative
Agent in writing by the Borrower or a Lender.

(c)               
The Administrative Agent shall not be responsible for, or have any duty to ascertain or inquire into, (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in Article 3 or elsewhere herein, other than
to confirm receipt of items expressly required to be delivered to the Administrative Agent.

    	 

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Section 7.4                     
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, internet- or intranet-website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to
the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the
Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent public accountants and other experts selected
by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of
such counsel, accountants or experts.

Section 7.5                     
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent.
The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the
Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in connection
with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible
for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a
final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub agents.

Section 7.6                     
Indemnification. For so long as the Administrative Agent and the Swingline Lender shall serve in that respective
capacity, each Lender shall, ratably in accordance with its Commitment (or, if the Commitments shall have terminated, the aggregate
outstanding principal amount of its Loans), indemnify such Administrative Agent, the Swingline Lender and each of their respective
Related Parties (to the extent not reimbursed by the Borrower) against any reasonable out-of-pocket cost, expense (which in the
case of counsel, shall be limited to the reasonable and documented out-of-pocket fees and disbursements of one counsel to the Administrative
Agent or Swingline Lender, as applicable, and, if necessary, special counsel acting in applicable multiple jurisdictions and a
local counsel in each relevant jurisdiction), claim, demand, action, loss or liability (except such as result from such Indemnitee’s
or any Related Indemnified Person’s gross negligence or willful misconduct or material breach of its or any Related Indemnified
Person’s obligations under the Loan Documents) that such Indemnitee may suffer or incur in connection with this Agreement
or any action taken or omitted by such Indemnitee hereunder.

    	 

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Section 7.7                     
Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

Section 7.8                     
Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof
to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative
Agent reasonably acceptable to the Borrower. If no successor Administrative Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent gives notice of resignation,
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be
a commercial bank with an office in New York, organized or licensed under the laws of the United States of America or of any State
thereof and having a combined capital and surplus of at least $1,000,000,000. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as Administrative
Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it
was Administrative Agent.

Section 7.9                     
Administrative Agent’s Fees. The Borrower shall pay to the Administrative Agent for its own account fees in
the amounts and at the times previously agreed upon between the Borrower and the Administrative Agent.

Section 7.10                 
Syndication Agents, Arrangers and Documentation Agents. Neither the Syndication Agents, the Arrangers, nor the Documentation
Agents shall have any duties or responsibilities hereunder in their respective capacities as such.

Section 7.11                 
Certain ERISA Matters.

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower,
that at least one of the following is and will be true:

(i)                
such Lender is not using “plan assets” (within the meaning of Section 3(42) of
ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments or this Agreement,

    	 

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(ii)              
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption
for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance
company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds)
or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

(iii)            
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf
of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement, or

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative
Agent, in its sole discretion, and such Lender.

(a)               
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative
Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or
thereto).

Article
8

CHANGE IN CIRCUMSTANCE

Section 8.1                     
Changed Circumstances.

(a)               
Basis for Determining Interest Rate Inadequate or Unfair. Subject to clause (b) below, if on or prior to the first
day of any Interest Period for any Euro-Dollar Loan:

    	 

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(i)                
the Administrative Agent shall determine that deposits in dollars (in the applicable amounts) are not being offered to banks
in the relevant market for such Interest Period,

(ii)              
the Administrative Agent shall determine that reasonable and adequate means do not exist for ascertaining the London Interbank
Offered Rate for such Interest Period with respect to a proposed Euro-Dollar Loan, or

(iii)            
the Required Lenders advise the Administrative Agent that the London Interbank Offered Rate as determined by the Administrative
Agent will not adequately and fairly reflect the cost to such Lenders of funding their Euro-Dollar Loans for such Interest Period,

then, the Administrative Agent shall
forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower that
the circumstances giving rise to such suspension no longer exist (which notice the Administrative Agent shall deliver immediately
upon its becoming aware thereof), (i) any Notice of Borrowing requesting a Euro-Dollar Loan shall be made as a Base Rate Loan and
(ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period
applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of
any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date,
such Borrowing shall instead be made as a Base Rate Borrowing.

(b)              
Effect of Benchmark Transition Event.

(i)                
Benchmark Replacement. Notwithstanding anything to the contrary herein, upon the occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace
the London Interbank Offered Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
will become effective at 5:00 P.M. on the fifth (5th) Domestic Business Day after the Administrative Agent has posted
such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written
notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early
Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of the London Interbank Offered Rate with
a Benchmark Replacement pursuant to this Section 8.1(b) will occur prior to the applicable Benchmark Transition Start Date.

(ii)              
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent in consultation with the Borrower will have the right to make Benchmark Replacement Conforming Changes from time to time
and, notwithstanding anything to the contrary herein, any amendments implementing such Benchmark Replacement Conforming Changes
will become effective without any further action or consent of any other party to this Agreement.

    	 

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(iii)            
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and
the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness
of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 8.1(b),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section 8.1(b).

(iv)            
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period, (i) the Borrower may revoke any request for a Euro-Dollar Loan of, conversion to or continuation of Euro-Dollar Loans to
be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have
converted any such request into a request for a Borrowing of or conversion to Base Rate Loans, (ii) the obligation of the Lenders
to make or maintain Euro-Dollar Loans shall be suspended, (iii) the Euro-Dollar Rate component shall no longer be utilized in determining
the Base Rate and (iv) any request by the Borrower to borrow Swingline Loans at the Euro-Dollar Market Index Rate shall be ineffective.

Section 8.2                     
Illegality. If, on or after the date of this Agreement, the adoption of any applicable law, rule or regulation, or
any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any Governmental
Authority charged with the interpretation or administration thereof, or compliance by any Lender (or its Euro-Dollar Lending Office)
with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency
shall make it unlawful or impossible for any Lender (or its Euro-Dollar Lending Office) to make, maintain or fund its Euro-Dollar
Loans and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to
the other Lenders and the Borrower, whereupon until such Lender notifies the Borrower and the Administrative Agent that the circumstances
giving rise to such suspension no longer exist (which notice such Lender shall give immediately upon its becoming aware thereof),
the obligation of such Lender to make Euro-Dollar Loans, or to convert outstanding Loans into Euro-Dollar Loans, shall be suspended.
Before giving any notice to the Administrative Agent pursuant to this Section, such Lender shall designate a different Euro-Dollar
Lending Office if such designation will avoid the need for giving such notice and will not, in the judgment of such Lender, be
otherwise disadvantageous to such Lender. If such notice is given, each Euro-Dollar Loan of such Lender then outstanding shall
be converted to a Base Rate Loan either (a) on the last day of the then current Interest Period applicable to such Euro-Dollar
Loan if such Lender may lawfully continue to maintain and fund such Loan to such day or (b) immediately if such Lender shall determine
that it may not lawfully continue to maintain and fund such Loan to such day.

    	 

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Section 8.3                     
Increased Cost and Reduced Return.

(a)               
If any Change in Law shall impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance assessment
or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve
System, but excluding, with respect to any Euro-Dollar Loan, any such requirement with respect to which such Lender is entitled
to compensation during the relevant Interest Period under Section 2.7) against assets of, deposits with or for the account
of, or credit extended by, any Lender (or its Applicable Lending Office) or shall impose on any Lender (or its Applicable Lending
Office) or the London interbank market any other condition, cost or expense affecting this Agreement or Loans made by such Lender
(except, in each case, for any Tax, which shall be addressed solely in Section 8.4), and the result of any of the foregoing
is to increase the cost to such Lender (or its Applicable Lending Office) of making, converting to, continuing or maintaining any
Loan or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such
Lender (or its Applicable Lending Office) under this Agreement with respect thereto, by an amount deemed by such Lender to be material,
then, within 60 days after demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender
such additional amount or amounts as will compensate such Lender for such increased cost incurred or reduction suffered.

(b)              
If any Lender shall have determined that any Change in Law affecting such Lender (or its Applicable Lending Office) or such
Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the
rate of return on capital of such Lender (or on the capital of such Lender’s holding company) as a consequence of such Lender’s
obligations hereunder to a level below that which such Lender (or such Lender’s holding company) could have achieved but
for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding
company with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, within 60
days after demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional
amount or amounts as will compensate such Lender (or such Lender’s holding company) for such reduction.

(c)               
Each Lender will promptly notify the Borrower and the Administrative Agent of any event, past or prospective, of which it
has knowledge that will entitle such Lender to compensation pursuant to this Section 8.3, or which such Lender believes
is reasonably likely to entitle such Lender to compensation pursuant to this Section 8.3, and will designate a different
Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not,
in the judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation
under this Section 8.3 (for itself or for a Participant) and setting forth the additional amount or amounts to be paid to
it hereunder and indicating in reasonable detail the computation thereof shall be conclusive in the absence of manifest error.
In determining such amount, such Lender may use any reasonable averaging and attribution methods.

    	 

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(d)              
The Borrower shall not be liable pursuant to this Section 8.3 to any Lender to compensate it for any cost or reduction
incurred or suffered more than 45 days before receipt by the Borrower of a notice from such Lender referring to the event that
gave rise to such cost or reduction.

(e)               
This Section 8.3 shall not require the Borrower to reimburse any Lender for any Taxes that are otherwise covered
by the payment of additional amounts or the indemnity set forth in Sections 8.4(b) or (d), respectively or for any
Excluded Taxes.

Section 8.4                     
Taxes. For the purposes of this Section 8.4 the following terms have the following meanings:

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), and franchise, branch profits
or similar taxes in each case (A) imposed, by a jurisdiction under the laws of which such Recipient is organized or located or
in which its principal executive office is located or, in the case of each Lender, in which its Applicable Lending Office is located,
or (B) that are Other Connection Taxes (ii) in the case of each Lender, any withholding tax imposed on such payments pursuant to
a law in effect on the date on which such Lender first becomes a party to this Agreement or designates a new Applicable Lending
Office (except in each case to the extent that amounts with respect to Taxes were payable either to such Lender’s assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its Applicable Lending Office),
(iii) Taxes attributable to such Recipient’s failure to comply with Section 8.4(f), and (iv) Taxes imposed pursuant
to FATCA.

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

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between
such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any transaction pursuant to or enforced any Loan document, or sold or assigned an interest in any Loan or Loan Document).

“Other
Taxes” means any present or future stamp, court or documentary intangible, recording, filing or similar Taxes that arise
from any payment made under, or from the execution, delivery, performance, enforcement or registration of, this Agreement or any
Note, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made
pursuant to Section 8.6).

“Recipient”
means the Administrative Agent or any Lender, as applicable.

    	 

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“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings (including backup withholding)
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

(a)               
Except as required by applicable law, any and all payments by or on behalf of the Borrower to or for the account of any
Lender or the Administrative Agent hereunder or under any Note shall be made without withholding or deduction for any Taxes; provided
that, if any Withholding Agent determines, in its sole discretion exercised in good faith, that it is required by law to deduct
or withhold any Indemnified Taxes from any such payments, (i) the sum payable by the Borrower shall be increased as necessary so
that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums
payable under this Section) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum it
would have received had no such deductions or withholdings been made, (ii) such Withholding Agent shall make such deductions or
withholding, (iii) such Withholding Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable law and (iv) the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 9.1,
the original or a certified copy of a receipt evidencing payment thereof or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

(b)              
The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option
of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

(c)               
The Borrower agrees to indemnify each Lender and the Administrative Agent for the full amount of Indemnified Taxes (including,
without limitation, any Indemnified Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) that are
payable or paid by such Lender or the Administrative Agent (as the case may be) and any reasonable and invoiced out-of-pocket expenses
arising therefrom or with respect thereto, provided, however, that the Borrower shall not be required to indemnify
any Lender or the Administrative Agent under this Section 8.4 for any liability arising as a result of such Lender’s
or the Administrative Agent’s willful misconduct or gross negligence (including failure to timely withhold and report) as
determined in a final, non-appealable judgment of a court of competent jurisdiction. This indemnification shall be paid within
30 days after such Lender or the Administrative Agent (as the case may be) makes written demand therefor (which demand shall identify
the nature and the amount of Indemnified Taxes and Other Taxes for which indemnification is being sought).

(d)              
Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Indemnified Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.6(b) relating to the maintenance of a Participant
Register and (iii) any “Excluded Taxes” that are attributable to such Lender, in each case, that are payable or paid
by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e).

    	 

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(e)               
Each Lender that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code
shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement
two properly completed and duly signed copies of U.S. Internal Revenue Service Form W-9 (or any successor form) certifying that
such Lender is exempt from U.S. Federal withholding Tax. Each Lender that is not a “United States Person” as defined
in Section 7701(a)(30) of the Internal Revenue Code (a “Non-U.S. Lender”) on or prior to the date of its execution
and delivery of this Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which
it becomes a Lender in the case of each other Lender, and from time to time thereafter if requested in writing by the Borrower
or the Administrative Agent (but only so long as such Non-U.S. Lender remains lawfully able to do so), shall provide the Borrower
and the Administrative Agent with (i) two copies of a properly completed Internal Revenue Service Form W-8BEN-E (or W-8BEN, as
applicable), Form W-8ECI or Form W-8IMY (or successor forms) (together with any applicable underlying Internal Revenue Service
forms), (ii) in the case of a Non-U.S. Lender claiming exemption from U.S. Federal withholding Tax under Sections 871(h) or 881(c)
of the Internal Revenue Code with respect to payments of “portfolio interest”, the applicable Internal Revenue Service
Form W-8, or any successor form prescribed by the Internal Revenue Service, and a statement substantially in the relevant form
of Exhibit D, each properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced
rate of, U.S. Federal withholding Tax on payments under this Agreement or any Note, or (iii) any other form prescribed by applicable
requirements of U.S. Federal income Tax law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax
duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit
the Borrower and the Administrative Agent to determine the withholding or deduction required to be made. Each Lender further agrees
(but only so long as such Lender is lawfully able to do so) to deliver to the Borrower and the Administrative Agent duly completed
copies of the above-mentioned Internal Revenue Service forms on or before the earlier of (i) the date that is 30 days before the
date that any such form expires or becomes obsolete or otherwise is required to be resubmitted as a condition to obtaining an exemption
from withholding of U.S. Federal income Tax and (ii) 30 days after the occurrence of any event which would require a change in
the most recent form previously delivered to the Borrower and the Administrative Agent.

(f)               
Notwithstanding anything to the contrary in this Agreement, for any period with respect to which a Lender has failed to
provide the Borrower or the Administrative Agent with the appropriate form or certificate pursuant to Section 8.4(f), or
with respect to which any representation or certification on any such form or certificate is, or proves to be, materially incorrect,
false or misleading when so made such Lender shall not be entitled to receive additional amounts or indemnification under Sections
8.4(b) or (d), respectively, with respect to Indemnified Taxes, to the extent that such Indemnified Taxes would not
have been imposed but for such Lender’s failure to provide such form or certificate or such Lender’s materially incorrect,
false or misleading representation or certification, and such Lender shall indemnify and reimburse the Borrower for any Indemnified
Taxes that were required to be withheld but which were not withheld as a result of such Lender’s materially incorrect, false
or misleading representations or certifications; provided that if a Lender that is otherwise exempt from or subject to a reduced
rate of withholding Tax, becomes subject to Indemnified Taxes because of its failure to deliver a form required hereunder, the
Borrower shall take such steps (at such Lender’s sole cost and expense) as such Lender shall reasonably request to assist
such Lender to recover such Indemnified Taxes.

    	 

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(g)              
If a payment made to a Lender hereunder or under any Note would be subject to U.S. Federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue
Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for
the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.

(h)              
If the Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this Section, then,
(i) such Lender will (at the request of the Borrower) use reasonable efforts to change the jurisdiction of its Applicable Lending
Office if, in the judgment of such Lender, such change (x) will eliminate or reduce any such additional payment which may thereafter
accrue and (y) is not otherwise disadvantageous to such Lender or (ii) if such Lender does not change the jurisdiction of its Applicable
Lending Office, the Borrower shall have the right to designate a substitute lender or lenders pursuant to Section 8.6 hereof.

(i)                
Upon the reasonable request of the Borrower, and at the Borrower’s expense, each Lender shall use reasonable efforts
to cooperate with the Borrower with a view to obtain a refund of any Taxes for which the Borrower has indemnified such Lender under
this Section 8.4 if obtaining such refund would not, in the sole judgment of such Lender, exercised in good faith, be disadvantageous
to such Lender. If a Lender shall receive a refund from a taxing authority of any Taxes paid by the Borrower pursuant to subsections
(b), (c) or (d) above, such Lender shall promptly pay to the Borrower the amount so received without interest (other than interest
received from the taxing authority with respect to such refund) and net of out-of-pocket expenses incurred in obtaining such refund;
provided that such Lender shall only be required to pay to the Borrower such amounts as such Lender in its sole discretion,
exercised in good faith, determines are attributable to Taxes paid by the Borrower. In the event such Lender or the Administrative
Agent is required to repay the amount of such refund (including interest, if any), the Borrower, upon the request of such Lender
or the Administrative Agent (as the case may be), agrees to promptly return to such Lender or the Administrative Agent the amount
of such refund and interest, if any (plus penalties, interest and other charges imposed in connection with the repayment
of such amounts by such Lender or the Administrative Agent).

    	 

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(j)                
Notwithstanding the foregoing, nothing in this Section 8.4 shall be construed to (i) entitle the Borrower or any
other Persons (A) to any information determined by any Lender or the Administrative Agent, in its sole discretion, exercised in
good faith, to be confidential or proprietary information of such Lender or the Administrative Agent unrelated to matters specifically
related to this Section 8.4, (B) to any tax or financial information of any Lender or the Administrative Agent unrelated
to matters specifically related to this Section 8.4 or (C) to inspect or review any books and records of any Lender or the
Administrative Agent unrelated to matters specifically related to this Section 8.4, or (ii) interfere with the rights of
any Lender or the Administrative Agent to conduct its fiscal or tax affairs in such manner as it deems fit.

Section 8.5                     
Base Rate Loans Substituted for Affected Euro-Dollar. If (i) the obligation of any Lender to make, or convert outstanding
Loans to, Euro-Dollar Loans has been suspended pursuant to Section 8.2 or (ii) any Lender has demanded compensation under
Sections 8.3(a) or 8.4, or the Borrower is required to make any additional payments under Section 8.4 in respect
of any payments to any Lender, in either case with respect to its Euro-Dollar Loans, and the Borrower shall, by at least five Euro-Dollar
Business Days’ prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section
shall apply to such Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such
suspension or demand for compensation no longer apply:

(a)               
all Loans which would otherwise be made by such Lender as (or continued as or converted into) Euro-Dollar Loans shall instead
be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the
other Lenders), and

(b)              
after each of its Euro-Dollar Loans has been repaid (or converted to a Base Rate Loan), all payments of principal which
would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

If such Lender notifies
the Borrower that the circumstances giving rise to such notice no longer apply, the principal amount of each such Base Rate Loan
shall be converted into a Euro-Dollar Loan on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar
Loans of the other Lenders.

Section 8.6                     
Substitution of Lenders. If (a) any Lender has demanded compensation under Sections 8.3 or 8.4, (b) the Borrower
is required to make any additional payments under Section 8.4 in respect of any payment to any Lender, (c) any Lender becomes
a Defaulting Lender or (d) any Lender does not consent to any proposed amendment, supplement, modification, consent or waiver of
any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders
affected thereby (so long as the consent of the Required Lenders has been obtained), the Borrower shall have the right to designate
a substitute lender or lenders reasonably acceptable to the Administrative Agent (which may be one or more of the Lenders) to purchase
the Loans and assume the Commitments of such Lender, and each Lender agrees in such event that, if the Borrower so designates a
substitute or substitutes, it will sell its Loans and assign its rights under this Agreement to such substitute or substitutes
as soon as reasonably possible (and in any event within 30 days) after such designation, on substantially the terms set forth in
Exhibit B, for a payment equal to the principal amount of its Loans plus all interest on such Loans and all facility fees accrued
but unpaid up to but excluding the date of such payment plus any loss or expense incurred by such Lender (other than a Defaulting
Lender) (or by an existing Participant in the related Loan of such Lender (other than a Defaulting Lender)), in connection with
such payment, including (without limitation) any loss incurred in obtaining, liquidating or employing deposits from third parties
as contemplated under Section 2.14, but excluding loss of margin for the period after any such payment, as reasonably determined
by it; provided that in connection with any substitution pursuant to clause (d) above, (i) such substitution does not conflict
with any applicable law, rule or regulation and (ii) no Event of Default pursuant to Section 6.1(a), Section 6.1(g)
or Section 6.1(h) shall have occurred and be continuing at the time of such substitution; provided further that, in connection
with any substitution pursuant to this Section, the substitute or substitutes shall purchase, at par, all Loans and other amounts
owing to such replaced Lender on or prior to the date of substitution.

    	 

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Section 8.7                     
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

(i)                
fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.8;

(ii)              
any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article 6 or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 9.4(b) shall be applied at such time or times as may be determined by
the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swingline
Lender hereunder; third, as the Borrower may request (so long as no Event of Default exists), to the funding of any Loan
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fourth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect
to Loans under this Agreement; fifth, to the payment of any amounts owing to any Lenders or the Swingline Lender as a result
of any judgment of a court of competent jurisdiction obtained by such Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; sixth, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully
funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 3.2 were satisfied
or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded and unfunded participations
in Swingline Loans are held by the Lenders pro rata in accordance with the Commitments hereunder. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant
to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

    	 

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(iii)            
all or any part of such Defaulting Lender’s participation in Swingline Loans shall be reallocated among the non-Defaulting
Lenders pro rata in accordance with their respective Commitments (calculated without regard to such Defaulting Lender’s Commitment)
but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any non-Defaulting Lender
to exceed such non-Defaulting Lender’s Commitment. If the reallocation described in this clause (iii) cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, prepay
Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure. Subject to Section 9.15, no reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s
increased exposure following such reallocation; and

(iv)            
the Commitment (or, if applicable, the Loans) of such Defaulting Lender shall not be included in determining whether the
Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 9.5); provided, that this clause (iv) shall not apply to the vote of a Defaulting Lender in the
case of an amendment, waiver or other modification requiring the consent of all Lenders or each Lender affected thereby.

(b)              
If the Borrower and the Administrative Agent agree in writing that a Lender that is a Defaulting Lender should no longer
be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase
at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine
to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the Commitments, whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no cancellation or termination of such Lender’s
status as a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s
having been a Defaulting Lender.

(c)               
So long as any Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loans unless
it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan.

    	 

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Article
9

MISCELLANEOUS

Section 9.1                     
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank
wire, facsimile transmission, electronic mail or similar writing) and shall be given to such party:

(a)               
in the case of the Borrower, to Norfolk Southern Corporation, 1200 Peachtree Street, NE, Suite 12141, Atlanta, GA 30309,
Attention of: Clyde H. Allison, Jr., Vice President and Treasurer (Facsimile No.: (404) 529-1086) (Email: jake.allison@nscorp.com);

(b)              
in the case of the Administrative Agent, to Wells Fargo Bank, National Association, MAC D1109-019, 1525 West W.T. Harris
Blvd. 1B1, Charlotte, NC 28262, Attention of: Syndication Agency Services (Facsimile No.: (704) 715-0092) (Email: Agencyservices.requests@wellsfargo.com,
with a copy to Dylan.Wright@wellsfargo.com; kevin.valenta@wellsfargo.com; ben.wright@wellsfargo.com;
Peter.R.Martinets@wellsfargo.com);

(c)               
in the case of the Swingline Lender, to Wells Fargo Bank, National Association, MAC D1109-019, 1525 West W.T. Harris Blvd.
1B1, Charlotte, NC 28262, Attention of: Syndication Agency Services (Facsimile No.: (704) 715-0092) (Email: Agencyservices.requests@wellsfargo.com,
with a copy to Dylan.Wright@wellsfargo.com; kevin.valenta@wellsfargo.com; ben.wright@wellsfargo.com;
Peter.R.Martinets@wellsfargo.com);

(d)              
in the case of any Lender, at its address set forth in its Administrative Questionnaire; or

(e)               
in the case of any party, such other address as such party may hereafter specify for the purpose by notice to the Administrative
Agent and the Borrower.

Each such notice, request or other communication
shall be effective (i) if given by mail, 72 hours after such communication is deposited in the mail with first class postage prepaid,
addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified in this Section; provided
that notices to the Administrative Agent under Article 2 or Article 8 shall not be effective until received.

Notices and other communications to
the Lenders hereunder may be delivered or furnished via the Platform or other electronic communications (in .pdf form) pursuant
to procedures approved by the Administrative Agent (upon any such procedures’ approval, the Administrative Agent shall provide
notice thereof to the applicable Lender); provided that the foregoing shall not apply to notices pursuant to Article
2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications (in .pdf form)
pursuant to procedures approved by it prior to such communication (upon any such procedures’ approval, the Administrative
Agent shall provide notice thereof to the Lenders); provided that approval of such procedures may be limited to particular
notices or communications.

    	 

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(f)               
The Platform is provided “as is” and “as available.” Neither
the Administrative Agent nor any of its Affiliates nor any of the respective directors, officers, agents or employees of the foregoing
warrantS the adequacy of the Platform, and such parties expressly disclaim liability for errors in or omission from the Communications
(as defined below). No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
by any such party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any
of Related Parties have any liability to the Borrower, any Lender or any other Person or entity for damages of any kind, including,
without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract
or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of communications through the
Platform. “Communications” means, collectively, any notice, demand, communication, information, document or
other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein
which is distributed to the Administrative Agent or any Lender by means of electronic communications pursuant to this Section,
including through the Platform.

Section 9.2                     
No Waivers. Except as otherwise set forth in this Agreement, no failure or delay by any party hereto in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided
in the Loan Documents shall be cumulative to, and not exclusive of, any rights or remedies provided by law.

Section 9.3                     
Expenses; Indemnification. The Borrower shall pay within 10 Domestic Business Days of the demand therefor (i) all
reasonably incurred and invoiced out-of-pocket expenses of the Administrative Agent and the Arrangers, including, without limitation,
charges related to the Platform and out-of-pocket fees and disbursements of a single counsel for the Administrative Agent and the
Arrangers taken as a whole, in connection with the preparation and administration of this Agreement, any waiver or consent hereunder
or any amendment hereof or any Default or alleged Default hereunder and (ii) if an Event of Default occurs, all reasonable and
invoiced out-of-pocket expenses incurred by the Administrative Agent and each Lender, which, in the case of counsel shall be limited
to the reasonable and invoiced out-of-pocket fees and disbursements of a single counsel to the Administrative Agent and the Lenders,
taken as a whole, (and, if necessary, (A) one special counsel (without duplication) acting in applicable multiple jurisdictions
and (B) a single local counsel in each relevant jurisdiction for the Administrative Agent and the Lenders and, to the extent that
an actual or reasonably perceived conflict of interest exists, counsel to each affected group of Indemnitees subject to such conflict),
in connection with such Event of Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom.

    	 

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(a)               
The Borrower agrees to indemnify each Agent and each Lender, and each Related Party of any of the foregoing (each an “Indemnitee”)
and hold each Indemnitee harmless from and against any and all liabilities, losses, actions, judgments, suits, damages, and out-of-pocket
costs and expenses of any kind, including, without limitation the reasonable and invoiced fees and disbursements of counsel, which
may be incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether or not
such Indemnitee shall be designated a party thereto and regardless of whether such claim, litigation, investigation or proceeding
is brought by the Borrower or any other Person) brought or threatened relating to or arising out of this Agreement or any actual
or proposed use of proceeds of Loans hereunder (all the foregoing, collectively, the “indemnified liabilities”)
and to reimburse each Indemnitee within 10 Domestic Business Days of the demand for any reasonable and invoiced out-of-pocket legal
and other expenses incurred in connection with investigating or defending any of the foregoing; provided that no Indemnitee
shall have the right to be indemnified hereunder for indemnified liabilities (i) found by a final, non-appealable judgment of a
court of competent jurisdiction to have resulted from such Indemnitee’s or any Related Indemnified Person’s gross negligence
or willful misconduct, (ii) that arise from a material breach of the obligations of such Indemnitee or any Related Indemnified
Person under this Agreement as determined by a final, non-appealable judgment of a court of competent jurisdiction or (iii) that
result from any dispute solely among Indemnitees that do not involve a material act or omission of the Borrower or any of its Subsidiaries,
other than claims against the Administrative Agent or any Arranger in fulfilling its role as Administrative Agent or Arranger,
provided further, that in the case of fees and disbursements of counsel, reimbursement by the Borrower shall be limited
to the reasonable and invoiced out-of-pocket fees and disbursements of a single counsel to the Indemnitees, taken as a whole (and,
if necessary, (A) one special counsel (without duplication) acting in applicable multiple jurisdictions and (B) a single local
counsel in each relevant jurisdiction for the Indemnitees and, to the extent that an actual or reasonably perceived conflict of
interest exists, counsel for each affected group of Indemnitees subject to such conflict). For purposes hereof, a “Related
Indemnified Person” of an Indemnitee means (1) any Affiliate of such Indemnitee, (2) the respective partners, directors,
officers, or employees, agents, trustees, administrators, managers, advisors and representatives of such Indemnitee or any of its
Affiliates and (3) the respective agents of such Indemnitee or any of its Affiliates, in the case of this clause (3), acting at
the instructions of such Indemnitee; provided that each reference to an Affiliate in this sentence pertains to an Affiliate
involved in the negotiation, syndication or administration of this Agreement.

Section 9.4                     
Sharing of Payments by Lenders; Right of Set-Off.

(a)               
Each Lender agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of
a proportion of the aggregate amount of principal and interest due with respect to any Loan payable to it that is greater than
the proportion received by any other Lender in respect of the aggregate amount of principal and interest due with respect to any
Loan payable to such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations
in the Loans payable to the other Lenders, and such other adjustments shall be made, as may be required so that all such payments
of principal and interest with respect to the Loans shall be shared by the Lenders pro rata; provided that nothing in this
Section 9.4 shall impair the right of any Lender to exercise any right of set-off or counterclaim it may have against the
Borrower and to apply the amount subject to such exercise to the payment of indebtedness of the Borrower other than its indebtedness
under the Loan Documents.

    	 

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(b)              
Upon the occurrence of an Event of Default and the commencement of remedies described in Section 6.1, each Lender
and each of its Lender Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law,
to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
obligations at any time owing by such Lender or Lender Affiliate to or for the credit or the account of the Borrower against any
of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided
that if any Defaulting Lender shall exercise any such right of set off, (i) all amounts set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment,
shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of set off. Each Lender
agrees promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender, provided
that the failure to give such notice shall not affect the validity of such application. The rights of each Lender under this Section
9.4 are in addition to other rights and remedies (including other rights of set-off) which such Lender may have.

Section 9.5                     
Amendments and Waivers. Any provision of this Agreement or any other Loan Document may be amended or waived if, but
only if, such amendment or waiver is in writing and is signed by the Borrower and the Required Lenders (and, if the rights or duties
of the Administrative Agent are affected thereby, by the Administrative Agent); provided that no such amendment or waiver
shall, (a) unless signed by each Lender directly affected thereby, (i) extend or increase any Commitment of such Lender or subject
such Lender to any additional obligation, (ii) reduce the principal of, or rate of interest on, any Loan or any fees hereunder
due to such Lender or (iii) postpone the date fixed for any payment of principal of, or interest on, any Loan or any fees hereunder
due to such Lender or (b) unless signed by all the Lenders, (i) change any provision of this Section or the definition of “Required
Lenders” or change the percentage of the Lenders which shall be required for the Lenders to take any action under this Section
or any other provision of the Loan Documents or (ii) change Section 9.4(a) in a manner that would alter the pro rata sharing
of payments required thereby without the written consent of each Lender; provided, further, that no such amendment,
waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other Loan Document of (A)
the Administrative Agent, unless in writing executed by the Administrative Agent, and (B) the Swingline Lender, unless in writing
executed by such Swingline Lender, in each case in addition to the Borrower and the Lenders required above.

Notwithstanding anything
herein to the contrary, in connection with an amendment of this Agreement that requires the consent of all the Lenders affected
thereby pursuant to the immediately preceding sentence (any such amendment, including any amendment and restatement of this Agreement
in its entirety, an “Amendment”) with respect to which the Required Lenders have granted their consent but one
or more other Lenders have not consented (each such non-consenting Lender, a “Non-Consenting Lender”), this
Agreement may be amended in its entirety by an agreement in writing entered into by the Borrower, all the Lenders (other than any
Non-Consenting Lenders) and the Administrative Agent; provided that (A) the Commitment of each Non-Consenting Lender shall
terminate upon the effectiveness of such Amendment by the terms thereof and (B) at the time of such effectiveness, each Non-Consenting
Lender shall receive, subject to Section 8.6 and Section 8.7, payment in full of the principal of, and interest accrued
on, each Loan made by it and all fees owing to it or accrued for its account under this Agreement, including any amounts due pursuant
to Section 2.14.

Notwithstanding anything
herein to the contrary, the Administrative Agent may amend or modify this Agreement without the consent of any Lender or the Required
Lenders (but with the consent of the Borrower) to correct an obvious error or any error or omission of a technical nature.

    	 

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Section 9.6                     
Successors and Assigns.

(a)               
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, provided that the Borrower may not assign or otherwise transfer any of its rights under this Agreement
(and any attempted assignment or transfer shall be null and void) except as contemplated by Section 5.9 or with the prior
written consent of all Lenders.

(b)              
Any Lender other than any Conduit Lender may at any time grant to one or more banks or other entities (other than a natural
Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person,
or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each a “Participant”) participating
interests in any or all of its Commitments or Loans. In the event of any such grant by a Lender of a participating interest to
a Participant, whether or not upon notice to the Borrower and the Administrative Agent, such Lender shall remain responsible for
the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to
which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility
to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Lender will
not agree to any modification, amendment or waiver of this Agreement described in clauses (a)(i), (ii) or (iii) of Section 9.5
without the consent of the Participant. The Borrower agrees that each Participant shall, to the extent provided in its participation
agreement, be entitled to the benefits of Section 2.7 and, subject to the provisions of this Section 9.6, Article
8 with respect to its participating interest to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 9.6(c). Each Lender that sells a participation, acting solely for such purpose as a non-fiduciary agent
of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amount
(and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest
in any Commitments, Loans, or its other obligations under any Loan Document) except to the extent that such disclosure is necessary
to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, the Borrower
and the Administrative Agent shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof
as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

    	 

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(c)               
Any Lender other than any Conduit Lender may at any time assign to any Lender or Lender Affiliate or any bank or other entity
(other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each an “Assignee”)
all or a portion of its rights and obligations under this Agreement, and such Assignee shall assume such rights and obligations,
pursuant to an Assignment and Assumption Agreement in substantially the form of Exhibit B hereto executed by such Assignee
and such transferor Lender; provided that after giving effect to such assignment to an Assignee (other than any Lender or
any Lender Affiliate), (x) the Commitment (or, if the Commitments shall have terminated, the aggregate principal amount of the
Loans) of the assignor Lender (together with its Lender Affiliates) shall be either zero or $10,000,000 or more, unless otherwise
agreed by the Borrower and the Administrative Agent and (y) the Commitment (or, if the Commitments shall have terminated, the aggregate
principal amount of the Loans) of the Assignee (together with its Affiliates) shall be $10,000,000 or more, unless otherwise agreed
by the Borrower and the Administrative Agent. For purposes of the proviso contained in the preceding sentence, the amount described
therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Each such assignment shall be made with
(and subject to) the subscribed consent of the Borrower, the Administrative Agent and the Swingline Lender (which shall not, in
any case, be unreasonably withheld, delayed or conditioned); provided that if an Assignee is a Lender Affiliate or is a
Lender immediately prior to such assignment, no such consent shall be required, or if at the time an Event of Default under Section
6.1(a), Section 6.1(g) or Section 6.1(h) shall have occurred and be continuing, no such consent of the Borrower
shall be required; provided further that the Borrower shall be deemed to have consented to any such assignment unless the
Borrower shall object thereto by written notice to the Administrative Agent within 10 Domestic Business Days after having received
notice thereof. Upon execution and delivery of such instrument, recording of such instrument as provided in Section 2.16(a),
obtainment of the foregoing required consents (if any) and payment by such Assignee to such transferor Lender of an amount equal
to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Agreement
and shall have all the rights and obligations of a Lender with a Commitment (or, if the Commitments shall have terminated, Loans
in an aggregate principal amount) as set forth in such instrument of assumption, and the transferor Lender shall be released from
its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. In connection
with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such
assignment in the amount of $3,500. If the Assignee is not incorporated under the laws of the United States of America or a state
thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to the Borrower
and the Administrative Agent certification as to exemption from deduction or withholding of any United States Federal income Taxes
in accordance with Section 8.4. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating
Lender hereunder without the consent of the Borrower or the Administrative Agent any or all of the Loans it may have funded hereunder
and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section
9.6(c).

    	 

    	67

    

(d)              
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement,
including any pledge or assignment to secure obligations to a Federal Reserve Bank. No such assignment shall release the transferor
Lender from its obligations hereunder.

(e)               
No Participant shall be entitled to receive any greater payment under Sections 8.3 or 8.4, (and the Borrower
shall not incur any greater liability for Taxes pursuant to Section 8.4), with respect to any Participation than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation. Each Participant agrees to be subject to the provisions
of Section 8.2 as if it were an Assignee. No Participant shall be entitled to the benefits of Section 8.4 unless
such Participant complies with Section 8.4(f) as if it were a Lender (it being understood that the documentation required
under Section 8.4(f) shall be delivered to the Participating Lender).

(f)               
Each of the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit
Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the
latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any
Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense
arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance.

Section 9.7                     
Governing Law; Submission to Jurisdiction, WAIVER OF JURY TRIAL. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, including General Obligations Laws 5-1401 and 5-1402. Each of the parties
hereto hereby submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York and
of any New York State court sitting in New York County for purposes of all legal proceedings arising out of, or relating to, this
Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. EACH OF THE BORROWER,
THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. To the fullest extent permitted by applicable law,
each party hereto shall not assert, and hereby waives, any claim against any other party hereto, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with,
or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or the use of the proceeds thereof; provided that the foregoing shall not limit
the indemnification provisions set forth in Section 9.3.

    	 

    	68

    

Section 9.8                     
Counterparts; Integration; Effectiveness.

(a)               
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as
if the signature thereto and hereto were upon the same instrument. The Loan Documents constitute the entire agreement and understanding
among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject
matter hereof.

(b)              
This Agreement shall become effective on the date that the Administrative Agent shall have received counterparts hereof
signed by each of the parties hereto. Delivery of an executed signature page of this Agreement by electronic communication (in
..pdf form) or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. The effectiveness
of this Agreement and any such signatures shall, subject to applicable law, have the same force and effect as the manually executed
originals and shall be binding on each of the parties hereto.

(c)               
The words “execution,” “signed,” “signature,” and words of like import in any Assignment
and Assumption Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

Section 9.9                     
Confidentiality. The Administrative Agent and each Lender agrees to keep any information delivered or made available
by the Borrower pursuant to the Loan Documents confidential from anyone other than Persons employed or retained by such Lender
and its Lender Affiliates who are engaged in evaluating, approving, structuring or administering the credit facility contemplated
hereby and are informed of the confidential nature of such information and instructed to keep such information confidential; provided
that nothing herein shall prevent the Administrative Agent or any Lender from disclosing such information (a) to any other Lender
or to the Administrative Agent, (b) to any Related Party involved in the negotiation, syndication or administration of this Agreement,
including accountants, legal counsel and other advisors, of the Administrative Agent or such Lender (it being understood that Persons
to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information
confidential), (c) upon the order of any court or administrative agency (in which case the Administrative Agent or such Lender
agrees, as applicable, to the extent practicable and not prohibited by applicable law, to inform the Borrower promptly thereof
prior to disclosure), (d) to the extent required or requested by, or required to be disclosed to, any regulatory or similar authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), in which case the Administrative Agent or such Lender agrees, as applicable, to use its
commercially reasonable efforts to the extent practicable and not prohibited by applicable law, to inform the Borrower promptly
thereof, (e) on a confidential basis to any rating agency in connection with rating the Borrower or its Subsidiaries or the credit
facility contemplated hereby, (f) relating to deal terms customarily reported to Thomson Reuters, other bank market data collectors
and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection
with the administration of the Loan Documents, subject to prior notice and any disclosure restrictions reasonably requested by
the Borrower, (g) which had been publicly disclosed other than as a result of a disclosure by the Administrative Agent or any Lender
or any of their respective Related Parties prohibited by this Agreement, (h) for purposes of establishing a “due diligence”
defense, (i) to the extent necessary in connection with the exercise of any remedy hereunder, (j) subject to the provisions of
this Section 9.9 or provisions substantially similar to those contained in this Section 9.9, to any actual or proposed
Participant or Assignee, any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or
derivative transaction relating to the Borrower and its obligations or to any credit insurance provider relating to the Borrower
and its obligations, in each case, so long as each such Person is informed of the confidential nature of such information and instructed
to keep such information confidential and (k) with the consent of the Borrower.

    	 

    	69

    

Section 9.10                 
Termination. This Agreement shall terminate upon the termination of all Commitments and repayment in full of the
aggregate outstanding principal amount of the Loans, accrued interest thereon, and all fees and expenses and other amounts due
and payable at such time; provided that the provisions of Sections 7.6, 8.3, 8.4 and 9.3 shall
survive such termination.

Section 9.11                 
Collateral. Each of the Lenders represents to the Administrative Agent and each of the other Lenders that it, in
good faith, is not relying upon any “margin stock” (as defined in the Margin Regulations) as collateral in the extension
or maintenance of the credit provided for in this Agreement.

Section 9.12                 
Representations of Lenders.

(a)               
Each of the Lenders represents and warrants to the Borrower that it is a corporation or association duly incorporated or
organized and validly existing under the laws of its jurisdiction of incorporation or organization, as the case may be.

(b)              
Each of the Lenders represents and warrants to the Borrower that this Agreement constitutes a valid and binding agreement
of it enforceable against it in accordance with the terms hereof subject to (i) applicable receivership, insolvency, reorganization,
moratorium and other laws affecting the rights of creditors of banks or other institutions generally from time to time in effect
and (ii) equitable principles of general applicability.

Section 9.13                 
USA PATRIOT Act. Each Lender that is subject to Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), hereby notifies the Borrower that, pursuant to the requirements of
the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name,
address and tax identification number of the Borrower and other information regarding the Borrower reasonably necessary to allow
such Lender to identify the Borrower in accordance with the Act.

    	 

    	70

    

Section 9.14                 
No Fiduciary Duty. Each Agent, each Arranger, each Lender and their respective Affiliates (collectively, solely for
purposes of this paragraph, the “Lender Parties”), may have economic interests that conflict with those of the
Borrower, its stockholders or its Affiliates. The Borrower agrees that nothing in the Loan Documents or otherwise will be deemed
to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender Party, on the one
hand, and the Borrower, its stockholders or its Affiliates, on the other. The Borrower acknowledges and agrees that (i) the transactions
contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length
commercial transactions between the Lender Parties, on the one hand, and the Borrower, on the other, and (ii) in connection therewith
and with the process leading thereto, (x) no Lender Party has assumed an advisory or fiduciary responsibility in favor of the Borrower,
its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies
with respect thereto) or the process leading thereto (irrespective of whether any Lender Party has advised, is currently advising
or will advise the Borrower, its stockholders or its Affiliates on other matters) or any other obligation to the Borrower except
the obligations expressly set forth in the Loan Documents and (y) each Lender Party is acting solely as principal and not as the
agent or fiduciary of the Borrower, its management, stockholders, creditors or any other Person. The Borrower acknowledges and
agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible
for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower agrees
that it will not claim that any Lender Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to the Borrower, in connection with such transaction or the process leading thereto.

Section 9.15                 
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

(a)               
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)              
the effects of any Bail-in Action on any such liability, including, if applicable:

(i)                
a reduction in full or in part or cancellation of any such liability;

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

    	 

    	71

    

(iii)            
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
the applicable Resolution Authority.

Section 9.16                 
Severability of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability
of such provision in any other jurisdiction.

Section 9.17                 
Titles and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of,
this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.

Section 9.18                 
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

    	 

    	72

    

(b)              
As used in this Section 9.18, the following terms have the following meanings:

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

“Covered
Entity” means any of the following:

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

[Signature pages to follow]

 

    	 

    	 

    

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

	 	NORFOLK SOUTHERN CORPORATION	 
	 	 	 	 
	 	By:	/s/ Clyde H. Allison, Jr 	 
	 	Name:  	Clyde H. Allison, Jr. 	 
	 	Title:	Vice President and Treasurer 	 
	 	 	 	 
	 	 	 	 
	 	Taxpayer ID:   52-1188014 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	WELLS FARGO BANK, N.A., as

Administrative Agent, Swingline Lender, and as a Lender 	 
	 	 	 	 
	 	By:	/s/ Kevin Valenta 	 
	 	Name:  	Kevin Valenta 	 
	 	Title:	Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	CITIBANK, N.A., as

Syndication Agent and as a Lender 	 
	 	 	 	 
	 	By:	/s/ Richard Rivera 	 
	 	Name:  	Richard Rivera 	 
	 	Title:	Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A., as

Syndication Agent and as a Lender 	 
	 	 	 	 
	 	By:	/s/ Adrian Plummer 	 
	 	Name:  	Adrian Plummer 	 
	 	Title:	Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Ryan Durkin 	 
	 	Name:  	Ryan Durkin 	 
	 	Title:	Authorized Signatory 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	Morgan Stanley
BANK, N.A., as a Lender 	 
	 	 	 	 
	 	By:	/s/ Alysha Salinger 	 
	 	Name:  	Alysha Salinger 	 
	 	Title:	Authorized Signatory 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	U.S. Bank National
Association, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Eric M. Herm  	 
	 	Name:  	Eric M. Herm 	 
	 	Title:	Assistant Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	Capital One,
National Association, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Thomas Lawler 	 
	 	Name:  	Thomas Lawler 	 
	 	Title:	Director 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	Fifth Third Bank,
National Association, as a Lender 	 
	 	 	 	 
	 	By:	/s/ J. David Izard 	 
	 	Name:  	J. David Izard 	 
	 	Title:	Senior Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	MUFG Bank, Ltd.,
as a Lender 	 
	 	 	 	 
	 	By:	/s/ Mark Maloney 	 
	 	Name:  	Mark Maloney 	 
	 	Title:	Authorized Signatory 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	The Northern
Trust Company, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Joshua Metcalf 	 
	 	Name:  	Joshua Metcalf 	 
	 	Title:	VP 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	PNC Bank, National
Association, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Stephanie Lalos 	 
	 	Name:  	Stephanie Lalos 	 
	 	Title:	Assistant Vice President 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	 

    

 

	 	Sumitomo Mitsui
Banking Corporation, as a Lender 	 
	 	 	 	 
	 	By:	/s/ Michael Maguire 	 
	 	Name:  	Michael Maguire 	 
	 	Title:	Managing Director 	 

 

 

[Norfolk Southern Credit Agreement Signature
Page]

 

    	 

    	Schedule 1

    

 

COMMITMENT SCHEDULE

	LENDERS	 	 	COMMITMENTS	 
	 	 	 	 	 
	Wells Fargo Bank, N.A.	 	$	105,000,000.00	 
	Citibank, N.A.	 	$	105,000,000.00	 
	Bank of America, N.A.	 	$	105,000,000.00	 
	Goldman Sachs Bank USA	 	$	71,666,666.67	 
	Morgan Stanley Bank, N.A.	 	$	71,666,666.67	 
	U.S. Bank National Association	 	$	71,666,666.66	 
	Capital One, National Association	 	$	45,000,000.00	 
	Fifth Third Bank, National Association	 	$	45,000,000.00	 
	MUFG Bank, Ltd.	 	$	45,000,000.00	 
	The Northern Trust Company	 	$	45,000,000.00	 
	PNC Bank, National Association	 	$	45,000,000.00	 
	Sumitomo Mitsui Banking Corporation	 	$	45,000,000.00	 
	TOTAL	 	$	800,000,000.00	 

 

    	 

    	Schedule 2

    

 

PRICING GRID

 

	Status	Level I	Level II	Level III	Level IV	Level V	Level VI
	Facility Fee	0.070 %	0.090 %	0.10 %	0.125 %	0.15 %	0.225 %
	
        Applicable Margin for Euro-Dollar Loans

         
	0.805 %	0.91 %	1.025 %	1.125 %	1.225 %	1.40 %
	
        Applicable Margin for Base Rate Loans

         
	0 %	0 %	0.025 %	0.125 %	0.225 %	0.40 %

 

For purposes of
this Grid, the following terms have the following meanings, subject to the final paragraph of this Grid:

“Level
I Status” exists at any date if, at such date, the Borrower’s senior unsecured long-term debt is rated A/A2 or
higher.

“Level
II Status” exists at any date if, at such date, the Borrower’s senior unsecured long-term debt is rated A-/A3.

“Level
III Status” exists at any date if, at such date, the Borrower’s senior unsecured long-term debt is rated BBB+/Baa1.

“Level
IV Status” exists at any date if, at such date, the Borrower’s senior unsecured long-term debt is rated BBB/Baa2.

“Level
V Status” exists at any date if, at such date, the Borrower’s senior unsecured long-term debt is rated BBB-/Baa3.

“Level
VI Status” exists at any date if, at such date, no other Status exists.

“Moody’s”
means Moody’s Investors Service, Inc.

“S&P”
means Standard & Poor’s Rating Service, a division of S&P Global Inc.

“Status”
refers to the determination of which of Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status or Level
VI Status exists at any date.

The credit ratings
to be utilized for purposes of this Grid are those assigned to the senior unsecured long-term debt securities of the Borrower without
third-party credit enhancement, and any rating assigned to any other debt security of the Borrower shall be disregarded. In the
event of split ratings from Moody’s and S&P, (i) if the ratings are one full rating category apart, Status shall be determined
by the higher of the two ratings (unless the lower of such two ratings is BB+(Ba1) or lower, in which case Status shall be determined
by the lower of such two ratings) and (ii) if the ratings are more than one full rating category apart, Status shall be determined
based on the rating at the midpoint between the two ratings; provided that if there is no rating at the midpoint between
the two ratings, the higher of the two intermediate ratings (unless the lower of such two ratings is BB+(Ba1) or lower, in which
case Status shall be determined by the lower of such two ratings) shall apply (e.g., BBB+/Baa2 results in Level III Status, BBB+/Baa3
and BBB/Baa3 both result in Level IV Status and BBB+/Ba1 results in Level V Status).

    	 

    	 

    

EXHIBIT A-1

FORM OF Revolving
NOTE

$__________________ Charlotte, North Carolina

[___________], 2020

For value received,
NORFOLK SOUTHERN CORPORATION, a Virginia corporation (the “Borrower”), hereby unconditionally promises to pay
______________ (the “Lender”) or its registered assigns, for the account of its Applicable Lending Office, the
principal amount of the lesser of (a) ___________________ ($______) and (b) the aggregate unpaid principal amount of each
Revolving Credit Loan made by the Lender to the Borrower pursuant to the Credit Agreement referred to below on the maturity date
provided for in the Credit Agreement. The Borrower promises to pay interest on the unpaid principal amount of each such Loan on
the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made
in lawful money of the United States in immediately available funds at the office of Wells Fargo Bank, N.A., 1525 West W.T. Harris
Blvd. 1B1, Charlotte, NC 28262.

All Revolving Credit
Loans made by the Lender, the respective Types thereof and all repayments of the principal thereof shall be recorded by the Lender
and, if the Lender so elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing
information with respect to each such Loan then outstanding may be endorsed by the Lender on the schedule attached hereto, or on
a continuation of such schedule attached to and made a part hereof, which recordation shall constitute prima facie evidence
of the accuracy of the information so recorded; provided that the failure of the Lender to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement.

This note is one
of the Notes referred to in the Credit Agreement dated as of March 27, 2020 among the Borrower, the lenders from time to time party
thereto and Wells Fargo Bank, N.A., as Administrative Agent (as the same may be amended from time to time, the “Credit
Agreement”). Terms defined in the Credit Agreement are used herein with the same meanings. Reference is made to the Credit
Agreement for provisions for the optional prepayment hereof and the acceleration of the maturity hereof.

The assignment of
this note and any rights with respect thereto is subject to the provisions of the Credit Agreement including the provisions governing
the Register and the Participant Register and the other provisions of Section 9.6 of the Credit Agreement.

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

[Signature page to follow]

 

    	 

    	2

    

 

	 	NORFOLK SOUTHERN CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

    	 

    	 

    

 

LOANS AND PAYMENTS OF PRINCIPAL

	Date	Class of Loan	Type of Loan	Amount of Loan	Amount of Principal Repaid	Notation Made By
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    	 

    	2

    

EXHIBIT A-2

FORM OF SWINGLINE NOTE

 

	$__________________ 	Charlotte, North Carolina 

[___________], 2020

For value received,
NORFOLK SOUTHERN CORPORATION, a Virginia corporation (the “Borrower”), hereby unconditionally promises to pay
______________ (the “Lender”) or its registered assigns, for the account of its Applicable Lending Office, the
principal amount of the lesser of (a) ___________________ ($______) and (b) the aggregate unpaid principal amount of all Swingline
Loans made by the Lender to the Borrower pursuant to the Credit Agreement referred to below on the maturity date for Swingline
Loans provided for in the Credit Agreement. The Borrower promises to pay interest on the unpaid principal amount of each such Loan
on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be
made in lawful money of the United States in immediately available funds at the office of Wells Fargo Bank, N.A., 1525 West W.T.
Harris Blvd. 1B1, Charlotte, NC 28262.

All Swingline Loans
made by the Lender, the respective Types thereof and all repayments of the principal thereof shall be recorded by the Lender and,
if the Lender so elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing
information with respect to each such Loan then outstanding may be endorsed by the Lender on the schedule attached hereto, or on
a continuation of such schedule attached to and made a part hereof, which recordation shall constitute prima facie evidence
of the accuracy of the information so recorded; provided that the failure of the Lender to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement.

This note is one
of the Notes referred to in the Credit Agreement dated as of March 27, 2020 among the Borrower, the lenders from time to time party
thereto and Wells Fargo Bank, N.A., as Administrative Agent (as the same may be amended from time to time, the “Credit
Agreement”). Terms defined in the Credit Agreement are used herein with the same meanings. Reference is made to the Credit
Agreement for provisions for the optional prepayment hereof and the acceleration of the maturity hereof.

The assignment of
this note and any rights with respect thereto is subject to the provisions of the Credit Agreement including the provisions governing
the Register and the Participant Register and the other provisions of Section 9.6 of the Credit Agreement.

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

[Signature page to follow]

 

    	 

    	3

    

 

	 	NORFOLK SOUTHERN CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

    	 

    	 

    

EXHIBIT B

FORM OF

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment
and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below, receipt
of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein
in full.

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the facility identified
below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right
of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with
the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims
and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

	1.	Assignor:	                                                         
	2.	Assignee:	
                                                                 

        [and is a Lender Affiliate of] [identify Lender][1]

	3.	Borrower(s):	Norfolk Southern Corporation
	4.	Administrative Agent:	Wells Fargo Bank, N.A., as administrative agent under the Credit Agreement
	5.	Credit Agreement:	The Credit Agreement dated as of March 27, 2020 among Norfolk Southern Corporation, the Lenders parties thereto, Wells Fargo Bank, N.A., as Administrative Agent, Citibank, N.A. and Bank of America, N.A., as Syndication Agents, and the other agents parties thereto

 

 

[1]
Select as applicable.

    	 

    	2

    

6.       Assigned Interest:

	Commitment Assigned	Aggregate Amount of

Commitment/ Loans for

all Lenders	Amount of

Commitment/Loans

Assigned	Percentage Assigned of Commitment/Loans[2]
	 	$	$	%
	 	$	$	%
	 	$	$	%

 

Effective Date: _______________, 20__
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The Assignee agrees to deliver to the
Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom
all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their
Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws.

The terms set forth in this Assignment
and Assumption are hereby agreed to:

ASSIGNOR

                                                                         

NAME OF ASSIGNOR

By:                                                                   

Title:

ASSIGNEE

                                                                         

NAME OF ASSIGNEE

By:                                                                  

Title:

 

 

[2]
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.

    	 

    	3

    

[Consented to and][3]
Accepted:

Wells Fargo Bank, N.A., as

Administrative Agent

By                                                                          

Title:

[Consented to:][4]

Norfolk Southern Corporation

By                                                                          

Title:

 

 

[3]
To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.

[4]
To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

    	 

    	 

    

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1.       Representations
and Warranties.

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries
or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.1 thereof, and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest
on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that
(i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender.

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by email
or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment
and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

    	 

    	 

    

EXHIBIT C

Form of Closing Certificate

NORFOLK SOUTHERN CORPORATION

Closing Certificate

March 27, 2020

Reference is hereby
made to that certain Credit Agreement, dated as of the date hereof (the “Credit Agreement”), among Norfolk Southern
Corporation (the “Company”), as borrower, the several banks and other financial institutions or entities from
time to time parties thereto and Wells Fargo Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”). Terms used herein but not defined herein have the meanings ascribed to them in the Credit Agreement.

Pursuant to Section
3.1(g) of the Credit Agreement, the undersigned, being the Vice President and Treasurer of the Company, hereby certifies, in
his capacity as an officer of the Company and not individually, that:

The representations
and warranties of the Company contained in each Loan Document to which it is a party or which are contained in any certificate,
document or financial or other statement furnished pursuant to or in connection therewith are true and correct in all material
respects on and as of the date hereof with the same effect as if made on the date hereof, except to the extent such representations
and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date.

1.       No
Default has occurred and is continuing as of the date hereof or after giving effect to the Loans being made on the date hereof
and the use of the proceeds thereof.

2.       There
are no liquidation or dissolution proceedings pending or to our knowledge threatened against the Company nor has any other event
occurred affecting or threatening the corporate existence of the Company.

3.       Attached
hereto as Exhibit A is a true, correct and complete copy of the Articles of Incorporation of the Company, together with
any and all amendments thereto, certified by the Secretary of State of the Commonwealth of Virginia, which Articles of Incorporation
have not been revoked, modified or restated and are in full force and effect as of the date hereof.

4.       Attached
hereto as Exhibit B is a true, correct and complete copy of the Bylaws of the Company, and all amendments thereto, the same
being in full force and effect in the attached form as of the date hereof.

5.       Attached
hereto as Exhibit C is a true, correct and complete copy of the resolutions adopted by the Board of Directors of the Company
authorizing the execution, delivery and performance of the Credit Agreement and other documents and instruments contemplated thereby
and the obligations contemplated to be performed thereunder, none of which resolutions have been amended or repealed in any respect
as of the date hereof, and all of which resolutions are in full force and effect as of the date hereof and are the only corporate
proceedings of the Company now in full force and effect relating to or affecting the matters referred to therein.

    	 

    	2

    

6.       Attached
hereto as Exhibit D is a complete and correct copy of a certificate of good standing of the Company as issued by the Secretary
of State of the Commonwealth of Virginia, dated as of [Date], 2020.

7.       The
persons whose names appear on Exhibit E hereto are duly elected and qualified officers of the Company holding the offices
indicated next to their respective names, and the signatures appearing opposite their respective names are the true and genuine
signatures of such officers, and each of such officers are duly authorized to execute and deliver, on behalf of the Company, the
Credit Agreement, the Loan Documents and any certificate or other document to be delivered by the Company pursuant to the Credit
Agreement and the other transactions contemplated thereby.

[Signature page to follow]

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned has executed this Closing Certificate in his capacity as an officer of the Company and not individually, effective
as of the date first above written.

By:                                                         

Name:Clyde H. Allison, Jr.

Title: Vice President and Treasurer

 

The undersigned,
being the duly elected and qualified Corporate Secretary of the Company, hereby certifies that Clyde H. Allison, Jr. is the duly
elected and qualified Vice President and Treasurer of the Company and that the foregoing signature appearing above his name is
his true and genuine signature.

 

By:                                                         

Name:Denise W. Hutson

Title:Corporate Secretary

 

    	 

    	 

    

EXHIBIT D-1

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

(For Non-U.S. Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

Reference is hereby
made to the Credit Agreement dated as of March 27, 2020 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Norfolk Southern Corporation, as Borrower, Wells Fargo Bank, N.A., as Administrative
Agent and each lender from time to time party thereto.

Pursuant to the
provisions of Section 8.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business as
described in Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower as described in Sections
871(h)(3)(B) and 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

The undersigned
has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or
W-8BEN, as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
(and IRS Form W-8BEN-E or W-8BEN) in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:                                                   

Name:

Title:

Date:______________ __, 20[   ]

 

    	 

    	 

    

EXHIBIT D-2

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby
made to the Credit Agreement dated as of March 27, 2020 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Norfolk Southern Corporation, as Borrower, Wells Fargo Bank, N.A., and each lender
from time to time party thereto.

Pursuant to the
provisions of Section 8.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business as described in Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower as described in Sections 871(h)(3)(B) or 881(c)(3)(B) of the Code, and
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned
has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate (and IRS Form W-8BEN-E or W-8BEN) in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:                                                   

Name:

Title:

Date:______________ __, 20[  ]

 

    	 

    	 

    

EXHIBIT D-3

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

Reference is hereby
made to the Credit Agreement dated as of March 27, 2020 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Norfolk Southern Corporation, as Borrower, Wells Fargo Bank, N.A., and each lender
from time to time party thereto.

Pursuant to the
provisions of Section 8.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business as described in Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten
percent shareholder of the Borrower as described in Sections 871(h)(3)(B) and 881(c)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

The undersigned
has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at
all times furnished such Lender with a properly completed and currently effective certificate (and applicable forms from each of
its partners/members that is claiming the portfolio interest exemption) in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:                                                   

Name:

Title:

Date:______________ __, 20[  ]

    	 

    	 

    

EXHIBIT D-4

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

(For Non-U.S. Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

Reference is hereby
made to the Credit Agreement dated as of March 27, 2020 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Norfolk Southern Corporation, as Borrower, Wells Fargo Bank, N.A., and each lender
from time to time party thereto.

Pursuant to the
provisions of Section 8.4 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business as described in Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower as described in Sections 871(h)(3)(B) and 881(c)(3)(B) of the Code
and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

The undersigned
has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each
of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable)
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate (and applicable forms from each of its partners/members that is claiming the portfolio interest
exemption) in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments.

Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:                                                   

Name:

Title:

Date: ______________ __, 20[  ]

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