Document:

EX-10.1

 Exhibit 10.1 

TERM LOAN AGREEMENT 
 dated as of

 March 23, 2021 
 among

 SOUTHWEST GAS CORPORATION, 

as Borrower, 
 THE LENDERS LISTED
ON THE SIGNATURE PAGES HERETO 
 and 

THE BANK OF NEW YORK MELLON, 
 as
Administrative Agent, 
 Bank of America, N.A. 

as Co-Syndication Agent, 

JPMorgan Chase Bank, N.A. 
 as Co-Syndication Agent, 
 U.S. Bank National Association, 

as Co-Documentation Agent, 

KeyBank National Association, 
 as
Co Documentation Agent, 
 THE BANK OF NEW YORK MELLON, 

as Joint Lead Arranger and Joint Bookrunner, 

JPMorgan Chase Bank, N.A., 
 as
Joint Lead Arranger and Joint Bookrunner, 
 and 

BofA Securities, Inc., 
 as Joint
Lead Arranger and Joint Bookrunner 
 $250,000,000 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	PAGE	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II THE CREDIT FACILITY
	  	 	29	 
	 Section 2.01
	 	Loans	  	 	29	 
	 Section 2.02
	 	[Reserved]	  	 	29	 
	 Section 2.03
	 	[Reserved]	  	 	29	 
	 Section 2.04
	 	Repayment	  	 	29	 
	 Section 2.05
	 	Optional Prepayment	  	 	29	 
	 Section 2.06
	 	Defaulting Lenders	  	 	30	 
		
	 ARTICLE III INTEREST AND FEES
	  	 	31	 
	 Section 3.01
	 	Interest Rate Determination; Conversion	  	 	31	 
	 Section 3.02
	 	Interest on ABR Loans	  	 	32	 
	 Section 3.03
	 	Interest on Eurodollar Loans	  	 	32	 
	 Section 3.04
	 	Interest on Overdue Amounts	  	 	33	 
	 Section 3.05
	 	Day Counts	  	 	33	 
	 Section 3.06
	 	Maximum Interest Rate	  	 	34	 
	 Section 3.07
	 	[Reserved]	  	 	34	 
		
	 ARTICLE IV DISBURSEMENT AND PAYMENT
	  	 	34	 
	 Section 4.01
	 	Disbursement	  	 	34	 
	 Section 4.02
	 	Method and Time of Payments; Sharing among Lenders	  	 	35	 
	 Section 4.03
	 	Compensation for Losses	  	 	36	 
	 Section 4.04
	 	Withholding and Additional Costs	  	 	37	 
	 Section 4.05
	 	Funding Impracticable; Alternate Rate of Interest	  	 	41	 
	 Section 4.06
	 	Expenses; Indemnity; Damage Waivers	  	 	42	 
	 Section 4.07
	 	Survival	  	 	44	 
	 Section 4.08
	 	Replacement of a Lender	  	 	44	 
	 Section 4.09
	 	LIBOR Unavailability; Alternate Rate of Interest	  	 	45	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	47	 
	 Section 5.01
	 	Representations and Warranties	  	 	47	 
	 Section 5.02
	 	Survival	  	 	53	 
		
	 ARTICLE VI CONDITIONS PRECEDENT
	  	 	53	 
	 Section 6.01
	 	Conditions to the Availability of the Commitments	  	 	53	 
	 Section 6.02
	 	[Reserved]	  	 	56	 
	 Section 6.03
	 	[Reserved]	  	 	56	 
		
	 ARTICLE VII COVENANTS
	  	 	56	 
	 Section 7.01
	 	Affirmative Covenants	  	 	56	 
	 Section 7.02
	 	Negative Covenants	  	 	60	 
	 Section 7.03
	 	Financial Covenant	  	 	63	 

  
 i 

							
		
	 ARTICLE VIII EVENTS OF DEFAULT
	  	 	63	 
	 Section 8.01
	 	Events of Default	  	 	63	 
		
	 ARTICLE IX THE ADMINISTRATIVE AGENT
	  	 	66	 
	 Section 9.01
	 	The Agency	  	 	66	 
	 Section 9.02
	 	The Administrative Agent’s Duties	  	 	66	 
	 Section 9.03
	 	Limitation of Liabilities	  	 	67	 
	 Section 9.04
	 	The Administrative Agent as a Lender	  	 	67	 
	 Section 9.05
	 	Lender Credit Decision	  	 	67	 
	 Section 9.06
	 	Indemnification	  	 	68	 
	 Section 9.07
	 	Successor Administrative Agent	  	 	68	 
	 Section 9.08
	 	No Duty Regarding Discretionary Actions	  	 	69	 
	 Section 9.09
	 	Syndication and Other Agents	  	 	69	 
		
	 ARTICLE X EVIDENCE OF LOANS; TRANSFERS
	  	 	69	 
	 Section 10.01
	 	Evidence of Loans; Term Loan Notes	  	 	69	 
	 Section 10.02
	 	Participations	  	 	70	 
	 Section 10.03
	 	Assignments	  	 	71	 
	 Section 10.04
	 	Certain Pledges	  	 	72	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	72	 
	 Section 11.01
	 	APPLICABLE LAW	  	 	72	 
	 Section 11.02
	 	WAIVER OF JURY TRIAL	  	 	72	 
	 Section 11.03
	 	Jurisdiction and Venue	  	 	73	 
	 Section 11.04
	 	Set-off	  	 	73	 
	 Section 11.05
	 	Confidentiality	  	 	74	 
	 Section 11.06
	 	Integration; Amendments and Waivers	  	 	75	 
	 Section 11.07
	 	Cumulative Rights; No Waiver	  	 	75	 
	 Section 11.08
	 	Notices	  	 	76	 
	 Section 11.09
	 	Separability	  	 	78	 
	 Section 11.10
	 	Parties in Interest	  	 	79	 
	 Section 11.11
	 	Execution in Counterparts; Electronic Execution of Credit Documents	  	 	79	 
	 Section 11.12
	 	USA Patriot Act Notice	  	 	79	 
	 Section 11.13
	 	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	  	 	79	 
	 Section 11.14
	 	Certain ERISA Matters	  	 	80	 
	 Section 11.15
	 	Acknowledgment Regarding Any Supported QFCs	  	 	81	 
	 Section 11.16
	 	California Judicial Reference	  	 	82	 
	 Section 11.17
	 	Divisions	  	 	85	 

  
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 SCHEDULE 
  

			
		
	Schedule I	  	Lenders and Commitments
		
	Schedule II	  	Intentionally Deleted
		
	Schedule III	  	Existing Liens

 EXHIBITS 
  

			
		
	Exhibit A	  	Form of Borrowing Request
		
	Exhibit B	  	Form of Conversion Request
		
	Exhibit C	  	Form of Term Loan Note
		
	Exhibit D	  	Form of Opinion of Borrower’s Counsel
		
	Exhibit E	  	Form of Assignment and Acceptance
		
	Exhibit F	  	Form of Confidentiality Agreement
		
	Exhibit G	  	Reserved
		
	Exhibit H	  	Reserved
		
	Exhibit I	  	Reserved
		
	Exhibit J	  	Reserved
		
	Exhibit K-1-K-4	  	Forms of Tax Compliance Certificates

  

  
 iii 

 TERM LOAN AGREEMENT, dated as of March 23, 2021, among SOUTHWEST GAS
CORPORATION, a California corporation (the “Borrower”), each of the lenders from time to time parties to this Agreement (collectively, the “Lenders”), and THE BANK OF NEW YORK MELLON, as Administrative Agent. 

WITNESSETH: 
 WHEREAS, the
Borrower has requested the Lenders severally to lend to the Borrower term loans in the aggregate amount of $250,000,000; and 
 WHEREAS, the
Lenders are willing to make such loans, on the terms and conditions provided herein; 
 NOW, THEREFORE, the parties agree as follows:

 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

(a) Terms Generally. The definitions ascribed to terms in this Agreement apply equally to both the singular and plural forms of such
terms. Whenever the context may require, any pronoun shall be deemed to include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be interpreted as if followed
by the phrase “without limitation”. The phrase “individually or in the aggregate” shall be deemed general in scope and not to refer to any specific Section or clause of this Agreement. All references herein to Articles, Sections,
Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. The table of contents, headings and captions herein shall not be given effect in
interpreting or construing the provisions of this Agreement. Except as otherwise expressly provided herein, all references to “dollars” or “$” shall be deemed references to the lawful money of the United States of America. 

(b) Accounting Terms. Except as otherwise expressly provided herein, the term “consolidated” and all other terms of an
accounting nature shall be interpreted and construed in accordance with GAAP, as in effect from time to time; provided, however, that, for purposes of determining compliance with any covenant set forth in Article VII, such terms shall
be construed in accordance with GAAP as in effect on the date of this Agreement, applied on a basis consistent with the construction thereof applied in preparing the Borrower’s audited financial statements referred to in Section 5.01(k).
If there shall occur a change in GAAP which but for the foregoing proviso would affect the computation used to determine compliance with any covenant set forth in Article VII, the Borrower and the Lenders agree to negotiate in good faith in an
effort to agree upon an amendment to 

  

 
this Agreement that will permit compliance with such covenant to be determined by reference to GAAP as so changed while affording the Lenders the protection intended to be afforded by such
covenant prior to such change (it being understood, however, that such covenant shall remain in full force and effect in accordance with its existing terms unless and until such amendment shall become effective). 

(c) Other Terms. The following terms have the meanings ascribed to them below or in the Sections of this Agreement indicated below: 

“ABR Loans” means Loans that bear interest at a rate or rates determined by reference to the Alternate Base Rate. 

“Acquisition” means any purchase or other acquisition by the Borrower or a direct or indirect Subsidiary of the Borrower of
(a) any assets of any other Person that, taken together, constitute a business unit, or (b) any capital stock of or equity interests in any other Person if, immediately thereafter, such other Person would be a direct or indirect Subsidiary
of the Borrower. 
 “Act” has the meaning assigned to such term in Section 11.12. 

“Administrative Agent” means The Bank of New York Mellon, acting in the capacity of administrative agent for the Lenders, or
any successor administrative agent appointed pursuant to the terms of this Agreement. 
 “Administrative Questionnaire”
means an administrative details reply form delivered by a Lender to the Administrative Agent, in substantially the form provided by the Administrative Agent or the form attached to an Assignment and Acceptance. 

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

“Affiliate” means, when used with reference to any Person, a Person (other than a Subsidiary) which directly or indirectly
controls, is controlled by, or is under common control with, such other Person. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”) as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by
contract or otherwise. 
 “Agreement” means this Term Loan Agreement, as it may be amended, modified or supplemented from
time to time. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of: 

  
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 (i) the rate of interest from time to time publicly announced by the
Administrative Agent as its prime commercial loan rate in effect on such day; 
 (ii) the sum of (a) 1/2 of 1% per annum and
(b) the Federal Funds Effective Rate in effect on such day; and 
 (iii) the sum of (a) 1% per annum and (b) the
One Month LIBOR Rate in effect on such date. 
 The Alternate Base Rate shall change as and when the greatest of the foregoing rates shall change. Any
change in the Alternate Base Rate shall become effective as of the opening of business on the day of such change. If Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 4.05, then the Alternate Base Rate shall
be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above. 

“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 U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010. 

“Anti-Terrorism Laws” means any law or regulation relating to terrorism, anti-terrorism, money laundering or anti-money
laundering activities, including without limitation the U.S. Money Laundering Control Act of 1986 and the U.S. Bank Secrecy Act as amended by the Act. 

“Applicable Lending Office” means, with respect to a Loan, the applicable office of the Lender for making such Loan, as
specified in Schedule I or in an Administrative Questionnaire delivered to the Administrative Agent as the office from which such Lender makes Loans of the relevant type. 

“Applicable Margin” means, at any date and with respect to each Loan during which the applicable Pricing Level set forth
below is in effect, the percentage set forth below adjacent to such Pricing Level: 
  

					
	 Pricing

Level
	  	Applicable
Margin	 	Applicable
Margin
	 	  	Eurodollar Loans	 	ABR Loans
	 I
	  	0.550%	 	0.000%
	 II
	  	0.600%	 	0.000%
	 III
	  	0.650%	 	0.000%
	 IV
	  	0.750%	 	0.000%
	 V
	  	0.875%	 	0.000%
	 VI
	  	1.000%	 	0.000%

  
 3 

 “Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignee” has the meaning assigned to such term in Section 10.03(a). 

“Assignment and Acceptance” has the meaning assigned to such term in Section 10.03(a). 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as
applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date
and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 4.09. 

“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). 

“Benchmark” means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to
the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section 4.09. 

  
 4 

 “Benchmark Replacement” means, for any Available Tenor, the first
alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

  

	 	(2)	 the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

  

	 	(3)	 the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the
Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by
the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and
(b) the related Benchmark Replacement Adjustment; 

 provided that, in the case of clause (1) above, such
Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that,
notwithstanding anything to the contrary in this Agreement or in any other Credit Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date, the
“Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso
above). 
 If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
  

	 	(1)	 for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first
alternative set forth in the order below that can be determined by the Administrative Agent: 

  
 5 

	 	a.	 the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 

  

	 	b.	 the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such
Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the
applicable Corresponding Tenor; and 

  

	 	(2)	 for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant
Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

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

  
 6 

 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

  

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

  

	 	(3)	 in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR
Notice is provided to the Lenders and the Borrower pursuant to Section 4.09(c); or 

  

	 	(4)	 in the case of an Early Opt-in Election, the sixth (6th) Business Day
after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the
date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required
Lenders. 

 For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but
earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be
deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published
component used in the calculation thereof). 
 “Benchmark Transition Event” means the occurrence of one or more of the
following events with respect to the then-current Benchmark: 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

  
 7 

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark
(or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such
component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

 

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or
publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clause (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with this Section 4.09
and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with this Section 4.09. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 8 

 “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” has the meaning assigned to such term in the preamble. 

“Borrowing Request” means a request, substantially in the form of Exhibit A, by the Borrower for Loans, which shall
specify (a) the requested borrowing date (which shall be the Effective Date), (b) the aggregate amount of such Loans, and (c) (i) whether such Loans are to bear interest initially as ABR Loans or Eurodollar Loans and (ii) if
applicable, the initial Interest Period therefor. 
 “BSA” has the meaning assigned to such term in Section 7.01(j).

 “Business Day” means any day that is (a) not a Saturday, Sunday or other day on which commercial banks in the City
of New York or the State of Nevada are authorized by law to close and (b) with respect to any Eurodollar Loan, a day on which commercial banks are open for domestic and international business (including dealings in U.S. dollar deposits) in
London. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and
any regulation promulgated thereunder. 
 “Change in Control” means the occurrence of any of the following conditions:
(a) the Holding Company shall fail to own all of the issued and outstanding capital stock of the Intermediate Holding Company, (b) the Intermediate Holding Company shall fail to own all of the issued and outstanding capital stock of the
Borrower, (c) any Person or group of associated Persons acting in concert shall have acquired an aggregate of more than 50% of the outstanding shares of voting stock of the Holding Company, or (d) individuals who constitute the board of
directors of the Borrower, the Holding Company or the Intermediate Holding Company on the Effective Date (each, an “Incumbent Board”) cease for any reason to constitute at least a majority thereof; provided that any person
becoming a director subsequent to the Effective Date, whose election, or nomination for election by the Borrower’s, the Holding Company’s or the Intermediate Holding Company’s shareholders, was approved by a vote of a majority of the
directors comprising the applicable Incumbent Board (either by a specific vote or by approval of the proxy statement of the Holding Company, the Intermediate Holding Company or the Borrower in which such person is named as a nominee for director,
without objection to such nomination) shall be, for purposes of this clause (d), considered as though such person were a member of such Incumbent Board. 

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

  
 9 

 “Commitment” means, with respect to a Lender, the amount set forth opposite
such Lender’s name under the heading “Commitment” on Schedule I. 
 “Communications” has the meaning
assigned to such term in Section 11.08(d). 
 “Confidential Information” means information delivered to the
Administrative Agent for the Lenders or to a Lender by or on behalf of the Borrower in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is confidential or proprietary in nature at the time it is so
delivered or information obtained by the Administrative Agent or such Lender in the course of its review of the books or records of the Borrower contemplated herein; provided that such term shall not include information (a) that was
publicly known or otherwise known to the Administrative Agent or such Lender prior to the time of such disclosure, (b) that subsequently becomes publicly known through no act or omission by the Administrative Agent or such Lender or any Person
acting on the Administrative Agent’s or such Lender’s behalf, (c) that otherwise becomes known from a third party who the Administrative Agent or such Lender did not know or have reason to believe received such information in a
restricted or unlawful manner or (d) that constitutes financial information delivered to the Administrative Agent or such Lender that is otherwise publicly available. 

“Contingent Obligation” means, for the Borrower and its Subsidiaries, any direct or indirect Contractual Obligation with
respect to any Debt, lease, dividend, letter of credit or other obligation (the “primary obligations”) of another Person (the “primary obligor”), including, without limitation, any obligation of the Borrower or any Subsidiary,
whether or not contingent, (a) to purchase, repurchase or otherwise acquire such primary obligations or any Property constituting direct or indirect security therefor, or (b) to advance or provide funds (i) for the payment or
discharge of any such primary obligation, or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the
primary obligor prior to such obligation being a stated or determinable amount, or (c) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation, or (d) otherwise to assure or hold harmless the holder of any such primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount
equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or if indeterminable, the maximum reasonably anticipated liability in respect thereof. 

“Contractual Obligations” means, as to any Person, any provision of any security issued by such Person or of any agreement,
undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its Property is bound. 

“Conversion Date” means, with respect to a Loan, the date on which a conversion of interest rates on such Loan shall take
effect. 

  
 10 

 “Conversion Request” means a request, substantially in the form of
Exhibit B, by the Borrower to convert the interest rate basis for all or portions of outstanding Loans, which shall specify (a) the requested Conversion Date, which shall be not fewer than three Business Days after the
date of such Conversion Request, (b) the aggregate amount of such Loans, on and after the Conversion Date, which are to bear interest as ABR Loans or Eurodollar Loans and (c) the term of the Interest Periods therefor, if any. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“CPUC Order” means, collectively, the Opinion addressed to the Borrower, dated April 22, 2002, Decision No. 02-04-054, as modified by Decision No. 02-04-072, and Decision No. 10-10-022 of the California Public Utilities Commission. 

“Credit Documents” means this Agreement and the Term Loan Notes. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if
the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Debt” means, with respect to the Borrower and its Subsidiaries, (a) all obligations for borrowed money, including
interest or fees of any nature related to the borrowing of money accrued but unpaid, (b) all obligations under letters of credit, bills of exchange or bankers’ acceptances, (c) all obligations representing the deferred purchase price
of Property or services which in accordance with GAAP would be shown on the balance sheet as a liability, (d) all obligations, whether or not assumed by or with recourse to such Person, secured by Liens upon, or payable out of the proceeds or
production from, assets owned by such Person, (e) all Finance Lease Obligations, and (f) all Contingent Obligations. 

“Default” means any event or circumstance which, with the giving of notice or the passage of time, or both, would be an Event
of Default. 
 “Defaulting Lender” means, at any time, any Lender that, at such time (a) has failed to fund any
portion of the Loans required to be funded by it hereunder within two Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result
of such Lender’s determination that one or more conditions precedent to funding has not been satisfied (each of which conditions precedent, together with any applicable Default, shall be specifically identified in such writing), (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it 

  
 11 

 
hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, (c) has become, or the parent company of which has become, the subject of a bankruptcy or
insolvency proceeding or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar official charged with reorganization or liquidation of its business or a custodian appointed for it (or has taken any
actions in furtherance of any such proceeding or appointment, or acquiesced, approved, or consented to, any such steps), (d) has notified the Administrative Agent or the Borrower in writing that it will not fund or is unable to fund any portion of
the Loans required to be funded by it, unless the subject of a good faith dispute, (e) has made a public statement to the effect that such Lender is generally not funding any loans required to be funded by it under financing arrangements
similar to those provided under this Agreement, (f) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply
with its prospective funding requirements hereunder; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (f) upon receipt of such written confirmation by the Administrative Agent and the Borrower; provided,
further that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person
controlling such Lender, 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, or (g) has become the subject of a
Bail-In Action. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (g) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.06(d)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Dispute” has the meaning assigned to such term in Section 11.16(a). 

“Early Opt-in Election” means, if the then-current Benchmark is LIBOR, the occurrence
of: 
  

	 	(1)	 a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to
notify) each of the other parties hereto that at least ten currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term
SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

  
 12 

	 	(2)	 the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the
provision by the Administrative Agent of written notice of such election to the Lenders. 

 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority
or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Institution” means any commercial bank, trust company, banking association or other financial institution. 

“Environmental Claim” means all claims, however asserted, by any Governmental Authority or other Person alleging potential
liability or responsibility for violation of any Environmental Law or for release or injury to the environment or threat to public health, personal injury (including sickness, disease or death), property damage, natural resources damage, or
otherwise alleging liability or responsibility for damages (punitive or otherwise), cleanup, removal, remedial or response costs, restitution, civil or criminal penalties, injunctive relief, or other type of relief, resulting from or based upon
(a) the presence, placement, discharge, emission or release (including intentional and unintentional, negligent and non-negligent, sudden or non-sudden, accidental
or non-accidental placement, spills, leaks, discharges, emissions or releases) of any Hazardous Material at, in or from Property, whether or not owned by the Borrower, or (b) any other circumstances
forming the basis of any violation, or alleged violation, of any Environmental Law. 
 “Environmental Laws” means all
federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authorities, in each case relating to environmental, health, safety and land use matters; including CERCLA, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and
Recovery Act and the Toxic Substances Control Act. 

  
 13 

 “Environmental Permits” has the meaning assigned to such term in
Section 5.01(l)(ii). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules
and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
under common control with the Borrower or any Subsidiary of the Borrower within the meaning of Section 414(b), 414(c) or 414(m) of the Code. 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which the Borrower or any ERISA Affiliate was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or the Borrower or any ERISA
Affiliate incurred a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or receipt by the
Borrower or any ERISA Affiliate of notice from the Multiemployer Plan that the Multiemployer Plan is in critical or endangered status, in reorganization or insolvent; (d) the filing by the Borrower or any ERISA Affiliate of a notice of intent
to terminate a Pension Plan under a distress termination under Section 4041 of ERISA; (e) receipt by the Borrower or any ERISA Affiliate of notice from the PBGC of the institution by the PBGC of proceedings to terminate a Pension Plan;
(f) receipt by the Borrower or any ERISA Affiliate of notice from the PBGC of the appointment of a trustee to administer a Pension Plan; (g) the determination by an actuary for the Pension Plan that the Pension Plan is considered an at-risk plan within the meaning of Section 430 of the Code or Section 303 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA and claims for benefit and funding obligations in the ordinary course, upon the Borrower or any ERISA Affiliate. 

“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. 

“Eurodollar Lending Office” means the office of each Lender through which it will be making or maintaining Eurodollar Loans,
as reported by such Lender to the Administrative Agent. 
 “Eurodollar Loans” means Loans that bear interest at a rate or
rates determined by reference to LIBOR. 
 “Eurodollar Reserve Percentage” means, for any day, the percentage prescribed by
the Federal Reserve Board for determining the maximum reserve requirement (including any marginal, supplemental or emergency reserve requirements) on such day for a member bank of the Federal Reserve System in respect of “Eurocurrency
Liabilities” (as defined in Regulation D of the Federal Reserve Board (or any successor regulation), as amended from time to time) for other deposits having a maturity approximately equal to the applicable Interest Period. 

  
 14 

 “Event of Default” has the meaning assigned to such term in
Section 8.01. 
 “Excluded Taxes” means (a) all present and future taxes, levies, imposts, duties, deductions,
withholdings, fees, liabilities and similar charges imposed on or measured by the overall net income of any Lender (or any office, branch or subsidiary of such Lender) or any franchise taxes, taxes on doing business or taxes measured by capital or
net worth imposed on any Lender (or any office, branch or subsidiary of such Lender), in each case imposed by the United States of America or any political subdivision or taxing authority thereof or therein, or taxes on or measured by the overall
net income of any office, branch or subsidiary of a Lender or any franchise taxes, taxes imposed on doing business or taxes measured by capital or net worth imposed on any office, branch or subsidiary of such Lender, in each case imposed by any
foreign country or subdivision thereof in which such Lender’s principal office or Eurodollar Lending Office is located and (b) any U.S. federal withholding Taxes imposed under FATCA. 

“Executive Order” means Executive Order No. 13224, 66 Fed. Reg. 49,079 (2001), issued by the President of the United
States of America (Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism). 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“Federal Funds Effective Rate” for any day, means the rate calculated by the Federal Reserve Bank of New York based on such
day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the
Federal Reserve Bank of New York as the federal funds effective rate; provided, that if the Federal Funds Effective Rate for any day is less than zero, the Federal Funds Effective Rate for such day will be deemed to be zero. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System (or any successor Governmental Authority).

  
 15 

 “Finance Lease” means, as to the Borrower and its Subsidiaries, a lease of
(or other agreement conveying the right to use) real and/or personal Property, the obligations with respect to which are required to be classified and accounted for as a finance lease on a balance sheet of the Borrower or any of its Subsidiaries
under GAAP (including Accounting Standards Codification (“ASC”) 842 – Leases of the Financial Accounting Standards Board). 

“Finance Lease Obligations” means, as to the Borrower and its Subsidiaries, the obligations of the Borrower or any of its
Subsidiaries to pay rent or other amounts under a Finance Lease and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP (including ASC 842 referenced in the
definition of “Finance Lease”), including elections available under the guidance. 
 “Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBOR. 

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

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. 
 “Funded
Debt” means, for the Borrower and its Subsidiaries, (a) all obligations for borrowed money, (b) all obligations representing the deferred purchase price of Property or services which in accordance with GAAP would be shown on a
balance sheet of such Person as a liability due more than 12 months from the date of the occurrence or evidenced by a note or similar instrument, (c) all Finance Lease Obligations and (d) all Contingent Obligations. 

“GAAP” means generally accepted accounting principles, as set forth in the Accounting Standards Codification of the Financial
Accounting Standards Board or in such other statements by such other entities as may be approved by a significant segment of the accounting profession of the United States of America. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Hazardous
Materials” means all those substances which are regulated by, or which may form the basis of liability under, any Environmental Law, including all substances identified under any Environmental Law as a pollutant, contaminant, waste, solid
waste, hazardous waste, hazardous constituent, special waste, hazardous substance, hazardous material, or toxic substance, or petroleum or petroleum derived substance or waste. 

“Holding Company” means Southwest Gas Holdings, Inc., a Delaware corporation. 

  
 16 

 “IBA” has the meaning assigned to such term in Section 4.05(d). 

“Incumbent Board” has the meaning specified in the definition of “Change in Control.” 

“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 Credit Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 4.06(c). 

“Intermediate Holding Company” means Southwest Gas Utility Group, Inc., a California corporation. 

“Interest Period” means, with respect to any Eurodollar Loan, each one, three or six month period, or if made available by
all Lenders, periods of seven to thirty-one days or twelve months (in each case, subject to availability) such period being the one selected by the Borrower pursuant to Section 3.01 and commencing on the
date such Loan is made, on any Conversion Date from an ABR Loan to a Eurodollar Loan or at the end of the preceding Interest Period, as the case may be; provided, however, that: 

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

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

(c) any Interest Period that would otherwise end after the Termination Date then in effect shall end on the Termination Date.

 “Investments” means any direct or indirect purchase or acquisition of any obligations or other securities of, or any
interest in, any Person, or any advance (other than payroll, travel and similar advances to cover matters that are expected at the time of such advance ultimately to be treated as an expense for accounting purposes and that are made in the ordinary
course of business), loan, extension of credit or capital contribution to, or any other investment in, any Person including, without limitation, any Affiliates of such Person. Notwithstanding the foregoing, any purchase, acquisition, loan, extension
of credit, capital contribution to, or other investment in or payment to, any Person by the Borrower or any direct or indirect Subsidiary of the Borrower made for the purpose of consummating an Acquisition (including any investment by the Borrower
in a Subsidiary if the proceeds are used (i) as purchase consideration in an Acquisition or (ii) to fund an investment by a Subsidiary in any other Subsidiary, or a series of downstream investment transactions between Subsidiaries, if the
proceeds are ultimately used as purchase consideration in an Acquisition) shall not constitute an Investment. 

  
 17 

 “IRS” means the Internal Revenue Service (or any successor Governmental
Authority). 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or
such successor thereto. 
 “Joint Bookrunners” means The Bank of New York Mellon, JPMorgan Chase Bank, N.A. and BOFA
Securities, Inc. 
 “Joint Lead Arrangers” means The Bank of New York Mellon, JPMorgan Chase Bank, N.A. and BOFA
Securities, Inc. 
 “Lender Parties” means the Administrative Agent, the Joint Lead Arrangers, the Joint Bookrunners, each
of the Lenders and each of their respective Affiliates and their respective directors, officers, employees, agents and advisors. 

“Lenders” has the meaning assigned to such term in the preamble. 

“LIBOR” means, with respect to any Eurodollar Loan for any Interest Period, the rate per annum equal to the IBA rate
appearing on the applicable Bloomberg screen (or other commercially available source as designated by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to U.S. dollar deposits in the London
interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, as the rate for U.S. dollar deposits with a maturity comparable to such Interest Period. In the event that
LIBOR ever falls below zero, LIBOR shall be deemed to be zero for purposes of this definition. 
 “Lien” means any
voluntary or involuntary mortgage, assignment, pledge, security interest, encumbrance, lien, claim or charge of any kind on or with respect to, or any preferential arrangement with respect to the payment of any obligations with the proceeds or from
the production of, any asset of any kind, including, without limitation, any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof. 

“Loans” has the meaning assigned to such term in Section 2.01. 

  
 18 

 “Margin Stock” means “margin stock” as such term is defined in
Regulations T, U or X of the Federal Reserve Board. 
 “Material Adverse Effect” means a change, or announcement of a
change, which would reasonably be expected, immediately or with the passage of time, to result in a material adverse change in, or a material adverse effect upon, any of (a) the operations, business, Property or financial condition of the
Borrower or the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower timely to perform any of its material obligations, or of the Lenders to exercise any remedy, under any Credit Document or (c) the legality,
validity, binding nature or enforceability of any Credit Document. 
 “Moody’s” means Moody’s Investors Service,
Inc. and any successor thereto that is a nationally recognized rating agency. 
 “Multiemployer Plan” means a
“multiemployer plan” (within the meaning of Section 4001 (a)(3) of ERISA) and to which any ERISA Affiliate makes, is making, or is obligated to make contributions or has made, or been obligated to make, contributions. 

“Net Worth” means the amount of the Borrower’s stockholders’ equity determined in accordance with GAAP. 

“Obligations” means the Loans and any other liability or duty owing by the Borrower to the Administrative Agent or any Lender
or Indemnitee hereunder. 
 “OFAC” has the meaning assigned to such term in Section 7.01(j). 

“One Month LIBOR Rate” means, with respect to any Loan bearing interest by reference to the Alternate Base Rate, the rate per
annum equal to the IBA rate appearing on the applicable Bloomberg screen (or other commercially available source as designated by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to U.S.
dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on each day (provided that if such day is not a Business Day, then on the most recent Business Day), as the rate for U.S. dollar deposits with a one
(1) month maturity. In the event that the One Month LIBOR Rate ever falls below zero, the One Month LIBOR Rate shall be deemed to be zero for purposes of this definition. 

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

  
 19 

 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.08). 

“Participant” has the meaning assigned to such term in Section 10.02(a). 

“Participant Register” has the meaning assigned to such term in Section 10.02(b). 

“Parties” has the meaning assigned to such term in Section 11.16. 

“PBGC” means the Pension Benefit Guaranty Corporation (or any successor Governmental Authority). 

“Pension Plan” means any “employee pension benefit plan”, as defined in Section 3(2) of ERISA (other than a
Multiemployer Plan) that is maintained, contributed to or required to be contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the
Code. 
 “Permitted Investments” means (i) Investments of the Borrower in any Subsidiary for the substantially
contemporaneous acquisition, improvement or lease of Property, (ii) other Investments of the Borrower in any Subsidiary in an amount not in excess of $50,000,000 in the aggregate in any fiscal year, (iii) Investments of any Subsidiary in
the Borrower or any other Subsidiary, and (iv) cash Investments in (a) U.S. government and agency securities; (b) money market funds rated AA or A-1 or better by S&P and Aaa or P-1 or better by Moody’s; (c) municipal securities rated within the top two ratings by S&P and Moody’s; (d) repurchase agreements with reputable financial institutions fully secured by
collateral consisting of securities described in clauses (a) and (b) above having a market value at least equal to 102% of the amount so invested; (e) bankers’ acceptances issued by a bank rated Aaa or better by Moody’s or rated
AA or better by S&P and eligible for purchase by a Federal Reserve Bank; (f) interest-bearing demand or time deposits (including certificates of deposit) in banks and savings and loan associations;
provided such deposits are (1) secured at all times, in the manner and to the extent provided by law, by collateral consisting of securities described in clauses (a) and (b) above having a market value of no less than 102% of the
amount of moneys so invested or (2) fully insured by federal deposit insurance; (g) shares of any “regulated investment company” within the meaning of Section 851(a) of the Code, the assets of which consist only of
securities or investments described in clauses (a) through (f) above; (h) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) which have been rated at least A-1 by S&P
and at least P-1 by Moody’s at the time of such investment; (i) other obligations of corporations which have been rated at least AA by S&P 

  
 20 

 
and at least Aaa by Moody’s at the time of such investment; (j) open ended mutual funds, as regulated by Rule 2a-7 under the Investment Company
Act of 1940 and whose net asset value remains a constant $1 a share; (k) investments directed by the Borrower in conjunction with industrial development revenue bonds; and (l) Subsidiaries, Affiliates and transactions permitted by
Section 7.02(b). 
 “Permitted Liens” means any of the following: 

(a) Liens on any Property acquired, constructed, or improved by the Borrower or its Subsidiaries after the Effective Date that
are created or assumed contemporaneously with, or within 120 days after, such acquisition or completion of the construction or improvement, or within six months thereafter pursuant to a firm commitment for financing arranged with a lender or
investor within such 120-day period, to secure or provide for the payment of all or any part of the purchase price of such Property or the cost of such construction or improvement incurred after the Effective
Date or, in addition to Liens contemplated by clauses (b) and (c) below, Liens on any Property existing at the time of acquisition thereof; provided that the Liens shall not apply to any Property theretofore owned by the Borrower or its
Subsidiaries other than, in the case of any such construction or improvement, any theretofore unimproved Property on which the Property so constructed or the improvement is located; 

(b) Existing Liens on any Property or indebtedness of a corporation that is merged with or into or consolidated with the
Borrower or its Subsidiaries or becomes a Subsidiary; provided that the Liens shall not apply to any Property theretofore owned by the Borrower or its Subsidiaries; 

(c) Liens in favor of the United States of America, any state or any foreign country or any department, agency or
instrumentality or political subdivision of any such jurisdiction to secure partial, progress, advance or other payment pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the
purchase price or cost of constructing or improving the Property subject to such Liens, including, without limitation, Liens to secure debt of the pollution control or industrial revenue bond type; 

(d) Liens on current assets of the Borrower or its Subsidiaries to secure loans to the Borrower or its Subsidiaries which
mature within 12 months from the creation thereof and which are made in the ordinary course of business; 
 (e) Liens on any
Property (including any natural gas, oil or other mineral property of the Borrower or its Subsidiaries) to secure all or part of the cost of exploration or drilling for or development of oil or gas reserves or laying a pipeline or to secure debt
incurred to provide funds for any such purpose; 

  
 21 

 (f) Any Lien existing on Property of the Borrower or its Subsidiaries on the
Effective Date that is set forth on Schedule III hereto; 
 (g) Liens on moneys or U.S. Government obligations
deposited to defease Debt; 
 (h) Liens for the sole purpose of extending, renewing or replacing, in whole or in part, Liens
securing debt of the type referred to in the foregoing clauses (a) through (g), inclusive, or this clause (h); provided, however, that the principal amount of debt so secured at the time of such extension, renewal or replacement shall not be
increased, and that such extension or replacement shall be limited to all or part of the Property or indebtedness which secured the Lien so extended, renewed or replaced (plus improvements on such Property); 

(i) Carriers, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar
Liens arising in the ordinary course of business which are not delinquent or remain payable without penalty and which are being contested in good faith and by appropriate proceedings; 

(j) Liens (other than any Lien imposed by ERISA) on Property of the Borrower or any of its Subsidiaries incurred, or pledges or
deposits required, in connection with workers compensation, unemployment insurance and other social security legislation; 

(k) Liens on Property of the Borrower or any of its Subsidiaries securing (i) the performance of bids, trade contracts
(other than for borrowed money), leases, statutory obligations, (ii) obligations on surety and appeal bonds, and (iii) other obligations of a like nature incurred in the ordinary course of business; 

(l) Licenses, easements, rights-of-way,
restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the Property subject thereto or
interfere with the ordinary conduct of the businesses of the Borrower and its Subsidiaries; 
 (m) Liens on the Property of a
Subsidiary other than a Significant Subsidiary which could not reasonably be expected to have a Material Adverse Effect; 

(n) Intellectual property licenses; 

(o) Any attachment or judgment Lien not constituting an Event of Default under Section 8.01(g); 

  
 22 

 (p) Leases or subleases granted to others not interfering in any material
respect with the ordinary conduct of the business of the Borrower and UCC financing statements relating solely thereto; and 

(q) other Liens, to the extent that the dollar value of the collateral securing such Liens does not exceed $25,000,000 in the
aggregate at any time in effect. 
 “Person” means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including any instrumentality,
division, agency, body or department thereof). 
 “Plan” means an employee benefit plan (as defined in Section 3(3) of
ERISA) which the Borrower or any ERISA Affiliate sponsors or maintains or to which the Borrower or ERISA Affiliate makes or is obligated to make contributions, and includes any Multiemployer Plan or Qualified Plan. 

“Prescribed Forms” has the meaning assigned to such term in Section 4.04(a)(ii)(A). 

“Pricing Level I” means at any time the Borrower’s Senior Debt Rating is (a) A+ or higher by S&P or (b) A1
or higher by Moody’s. 
 “Pricing Level II” means at any time the Borrower’s Senior Debt Rating is (a) A or
higher by S&P or (b) A2 or higher by Moody’s, and Pricing Level I is not applicable. 
 “Pricing Level III”
means at any time the Borrower’s Senior Debt Rating is (a) A- or higher by S&P or (b) A3 or higher by Moody’s, and Pricing Levels I and II are not applicable. 

“Pricing Level IV” means at any time the Borrower’s Senior Debt Rating is (a) BBB+ or higher by S&P or
(b) Baa1 or higher by Moody’s, and Pricing Levels I, II and III are not applicable. 
 “Pricing Level V” means at
any time the Borrower’s Senior Debt Rating is (a) BBB or higher by S&P or (b) Baa2 or higher by Moody’s, and Pricing Levels I, II, III and IV are not applicable. 

“Pricing Level VI” means at any time the Borrower’s Senior Debt Rating is (a) less than or equal to BBB- by S&P or (b) less than or equal to Baa3 by Moody’s, and Pricing Levels I, II, III, IV and V are not applicable. 

  
 23 

 “Prohibited Person” means any Person (a) listed in the Annex to, or
otherwise the subject of, the Executive Order; (b) with whom any Lender is prohibited from dealing or otherwise engaging in any transaction by any applicable Anti-Terrorism Laws, including the Executive Order; (c) that is named as a
“specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov.ofac/t11sdn.pdf or at any replacement
website or other replacement official publication of such list; or (d) who is owned or controlled by, or acting on behalf of, any Person listed above. 

“Projected Benefit Obligations” means, as of any date, the actuarial present value of Pension Plan benefits attributed to
employee service to such date measured using assumptions as to future compensation levels. 
 “Property” means all types of
real, personal, tangible, intangible or mixed property. 
 “Pro Rata Share” means, with respect to any Lender at any time
of determination, in relation to Loans, the proportion of such Lender’s Commitment to the Total Commitment then in effect or, after the making of the Loans on the Effective Date, the proportion of such Lender’s Loans to the aggregate
amount of Loans then outstanding. 
 “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. 
 “Qualified Plan” means a pension plan (as defined in
Section 3(2) of ERISA) intended to be tax-qualified under Section 401(a) of the Code and which any ERISA Affiliate sponsors, maintains, or to which it makes or is obligated to make contributions, or
in the case of a multiple employer plan (as described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding period covering at least five (5) plan years, but excluding any Multiemployer Plan. 

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00
a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by the Administrative Agent in its reasonable discretion. 

“Register” has the meaning assigned to such term in Section 10.03(c). 

“Regulatory Assets” means certain assets of the Borrower or an ERISA Affiliate which represent future probable increases in
revenues to be recorded by the Borrower or such ERISA Affiliate associated with Pension Plan liabilities incurred by the Borrower or such ERISA Affiliate, to the extent permitted to be recorded as such under ASC 980 – Regulated
Operations. 

  
 24 

 “Regulatory Change” means (a) the introduction or phasing in of any
law, rule or regulation after the Effective Date, (b) the issuance or promulgation after the Effective Date of any directive, guideline or request from any central bank or United States or foreign Governmental Authority (whether or not having
the force of law), or (c) any change after the Effective Date in the interpretation, implementation or administration of any existing law, rule, regulation, directive, guideline or request by any central bank or United States or foreign
Governmental Authority charged with the administration thereof; 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 “Regulatory Change”, regardless of the date enacted, adopted or issued. 

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

“Replacement Lender” means (a) with respect to the provisions of Section 2.06(b), an Eligible Institution proposed
by the Borrower in accordance with Section 2.06(b) and which has agreed to acquire and assume all or part of a Defaulting Lender’s Loans under Section 2.06(b), and (b) with respect to the provisions of Section 4.08, an
Eligible Institution which is willing to assume all of the obligations of a Lender that has requested compensation pursuant to Section 4.04(b)(i) or (ii). 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 
 “Required Lenders” means, at any date of determination, Lenders having at least 51% of
the Total Commitment then in effect or, if the Total Commitment has been cancelled or terminated, holding at least 51% of the aggregate unpaid principal amount of the Loans then outstanding; provided, however, that if any Lender shall
be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, such Defaulting Lender’s Loans then outstanding and such Defaulting Lender’s Commitments. 

“Requirement of Law” means, as to any Person, any law (statutory or common), treaty, rule or regulation or determination of
an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its Property or to which the Person or any of its Property is subject. 

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

  
 25 

 “Responsible Officer” means the chief executive officer, president, chief
financial officer, chief accounting officer, treasurer or any vice president, senior vice president or executive vice president of the Borrower. 

“Sanctioned Country” means, at any time, a country, region, or territory which is itself the subject or target of any
Sanctions. 
 “Sanctioned Person” means, at any time, any Person that is (a) listed in any Sanctions-related list of
designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority, (b) located, organized or resident in a
Sanctioned Country, (c) owned or controlled by any Person referred to in (a) or (b), or (d) otherwise the subject of any Sanctions. 

“Sanctions” means any sanctions administered or enforced by the United States government (including by the U.S. Department of
the Treasury’s Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authority. 

“SEC” means the Securities and Exchange Commission (or any successor Governmental Authority). 

“Senior Debt Rating” means the Borrower’s senior unsecured long-term debt ratings from either S&P or Moody’s.

 “S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor thereto that is a
nationally recognized rating agency. 
 “Significant Subsidiary” means any Subsidiary of the Borrower having 10% or more of
the total assets of the Borrower and its Subsidiaries on a consolidated basis as of the end of any fiscal quarter or generating 10% or more of the income of the Borrower and its Subsidiaries on a consolidated basis during the most recently completed
four fiscal quarters for which financial statements have been delivered pursuant to Section 7.01(a). 
 “SOFR” means,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m., New York City time, on
the immediately succeeding Business Day. 
 “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor
administrator of the secured overnight financing rate). 
 “SOFR Administrator’s Website” means the website of the
Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

  
 26 

 “Subsidiary” means any corporation, association, partnership, joint venture
or other business entity of which the Borrower and/or any subsidiary of the Borrower either (a) in respect of a corporation, owns more than 50% of the outstanding stock having ordinary voting power to elect a majority of the board of directors
or similar managing body, irrespective of whether or not at the time the stock of any class or classes shall or might have voting power by reason of the happening of any contingency, or (b) in respect of an association, partnership, joint
venture or other business entity, is the sole general partner or is entitled to share in more than 50% of the profits, however determined. 

“Taxes” has the meaning assigned to such term in Section 4.04(a)(i). 

“Termination Date” means March 22, 2022, or such earlier date on which the Term Loan Notes shall become due and payable,
whether by acceleration or otherwise. 
 “Term Loan Notes” means the promissory notes of the Borrower substantially in the
form of Exhibit C. 
 “Term SOFR” means, for the applicable Corresponding Tenor as of the
applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Term SOFR Notice” means, a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a
Term SOFR Transition Event. 
 “Term SOFR Transition Event” means, the determination by the Administrative Agent that
(a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent, and (c) a Benchmark Transition Event has previously occurred
resulting in a Benchmark Replacement in accordance with Section 4.09 that is not Term SOFR. 
 “Total Capitalization”
means Funded Debt plus Net Worth. 
 “Total Commitment” means, on any day, the aggregate Commitments on such day of
all the Lenders. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook
(as amended form 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. 

  
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 “UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 

“Unfunded Pension Liabilities” means, as of the end of any fiscal year of the Borrower, (a) a Pension Plan’s
Projected Benefit Obligations minus (b) the current value of that Pension Plan’s assets, as defined in Section 3(26) of ERISA, plus Regulatory Assets. 

“Unsecured Debt” means all Debt which has not been secured by a pledge of any real or personal property. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 “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. 
 (d) Ratings
Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between Moody’s and S&P (1) by one rating category, the higher of the two ratings
will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by Moody’s or S&P shall be changed (other than as a result of a change in the
rating system of either Moody’s or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if both Moody’s and S&P have not rated the
Borrower’s senior Unsecured Debt, Pricing Level VI will apply for the purposes of determining the Applicable Margin. 
 (f) For all
purposes under the Credit Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes
the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time. 

  
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 ARTICLE II 

THE CREDIT FACILITY 

Section 2.01 Loans. 

Each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make a Loan to the Borrower in a principal amount
equal to the Commitment of such Lender. The Loans shall be funded in one (1) advance on the Effective Date and repaid in accordance with this Agreement. No Lender shall be responsible for the failure of any other Lender to perform its
obligations to make Loans hereunder, and the Commitment of any Lender shall not be increased or decreased as a result of the failure by any other Lender to perform its obligation to make Loans hereunder. The Commitments shall automatically terminate
on the Effective Date after the making of the Loans on such date. 
 Section 2.02 [Reserved]. 

Section 2.03 [Reserved]. 

Section 2.04 Repayment. 

All Loans shall be repaid, together with all accrued and unpaid interest thereon, on the Termination Date. 

Section 2.05 Optional Prepayment. 

The Borrower may prepay Loans bearing interest on the same basis and having the same Interest Periods, if any, by giving notice to the
Administrative Agent not later than 1:00 P.M., New York time, on the third Business Day preceding the proposed date of prepayment, in the case of Eurodollar Loans, or not later than 1:00 P.M., New York time, on the Business Day of the proposed
prepayment, in the case of ABR Loans. Each such prepayment of Eurodollar Loans shall be in an aggregate principal amount of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if the aggregate amount of outstanding Eurodollar
Loans is less than $5,000,000, then all of such lesser amount), and each prepayment of ABR Loans shall be in an aggregate amount of $1,000,000 or in integral multiples of $100,000 in excess thereof (or, if the aggregate amount of outstanding ABR
Loans is less than $1,000,000, then all of such lesser amount), and, in the case of Eurodollar Loans, together with the amounts required by Section 4.03, accrued interest on the principal being prepaid to the date of prepayment. Any amount of
the Loans that are prepaid may not be reborrowed. 

  
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 Section 2.06 Defaulting Lenders.  

(a) 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) [reserved]; 

(ii) the Commitment and Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have
taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 11.06); provided that any waiver, amendment or modification that would (A) increase the Commitment of such Defaulting Lender or
subject such Defaulting Lender to any additional obligations, (B) reduce the principal of, or interest on, the Loans made by such Defaulting Lender or (C) postpone any date fixed for any payment of principal of, or interest on, the Loans
made by such Defaulting Lender (which, for avoidance of doubt, shall not include forbearing from exercising remedies as a result thereof), shall require the consent of such Defaulting Lender; and 

(iii) any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any
amount that would otherwise be payable to such Defaulting Lender) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated account and, subject to any applicable requirements of law, be
applied at such time or times as may be determined by the Administrative Agent, in the following order of priority: (A) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (B) second,
as the Borrower may request (so long as no Default or Event of Default exists) to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, (C) third, if so
determined by the Administrative Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any Loans under this Agreement, and (D) fourth, 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. 
 (b) The Borrower may, by ten Business Days’ notice in writing to the Administrative Agent
and a Defaulting Lender, (i) request such Defaulting Lender to cooperate with the Borrower in obtaining a Replacement Lender for such Defaulting Lender; (ii) request the non-Defaulting Lenders to
acquire and assume all or a portion of such Defaulting Lender’s Loans and Commitment, but none of such Lenders shall be obligated to do so; or (iii) propose a Replacement Lender. If a Replacement Lender shall be accepted by the
Administrative Agent or one or more of the non-Defaulting Lenders shall agree to acquire and assume all or part of a Defaulting Lender’s Loans and Commitment, then such Defaulting Lender shall assign, in
accordance with Section 

  
 30 

 
10.03(a), all or part, as the case may be, of its Loans, Commitment, Term Loan Note and other rights and obligations under this Agreement and all other Credit Documents to such Replacement Lender
or non-Defaulting Lenders, as the case may be, in exchange for payment of the principal of, and interest accrued to the date of such payment on, Loans owing to such Defaulting Lender; and upon such payments,
the obligations of such Defaulting Lender hereunder in respect of its Commitment shall, by the provisions hereof, be released and discharged; provided, however, that such Defaulting Lender’s rights under Sections 4.03, 4.04 and
4.06, and its obligations under Section 9.06 shall survive such release and discharge as to matters occurring prior to such date; provided further, however, that such assignment shall be on the terms and conditions set
forth in Section 10.03(a). If the Replacement Lender and the non-Defaulting Lenders shall only be willing to acquire less than all of a Defaulting Lender’s outstanding Loans and Commitment, the
Commitment of such Defaulting Lender shall not terminate, but shall be reduced proportionately, and such Defaulting Lender shall continue to be a “Lender” hereunder with a reduced Commitment and Pro Rata Share. Upon the effective date of
such assignment, such Replacement Lender shall, if not already a Lender, become a “Lender” for all purposes under this Agreement and the other Credit Documents. 

(c) The rights and remedies against a Defaulting Lender under this Section 2.06 are in addition to other rights and remedies that the
Borrower, the Administrative Agent or any Lender may have against such Defaulting Lender. 
 (d) In the event that the Administrative Agent
and the Borrower agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall
determine may be necessary in order for such Lender to hold such Loans based on its Pro Rata Share and such Lender shall no longer 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 that Lender was a Defaulting Lender; and provided further that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 

INTEREST AND FEES 

Section 3.01 Interest Rate Determination; Conversion. 

(a) Except to the extent that the Borrower shall request, in the Borrowing Request, a Conversion Request or in a written election pursuant to
Section 3.03(b), that Loans (or portions thereof) bear interest as Eurodollar Loans, Loans shall bear interest as ABR Loans. 

  
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 (b) The Borrower may request, by giving a Conversion Request to the Administrative Agent,
not later than 1:00 P.M., New York time, on the third Business Day prior to the requested Conversion Date, that all or portions of the outstanding Loans, in the aggregate principal amount of $5,000,000 or in integral multiples of $1,000,000 in
excess thereof, in the case of Loans being converted to or continued as Eurodollar Loans, and in the aggregate principal amount of $1,000,000 or in integral multiples of $100,000 in excess thereof (or, if the aggregate principal amount of
outstanding Loans is less than $1,000,000, then all such lesser amount), in the case of ABR Loans, bear interest from and after the Conversion Date as either ABR Loans or Eurodollar Loans; provided, however, that during the continuance
of any Default or Event of Default that shall have occurred, no Loan (or portion thereof) may be converted into Eurodollar Loans. Upon receipt, the Administrative Agent forthwith shall give notice to each Lender of the substance of each Conversion
Request. Upon payment by the Borrower of the amounts, if any, required by Section 4.03, on the Conversion Date the Loans or portions thereof as to which the Conversion Request was made shall commence to accrue interest in the manner selected by
the Borrower therein. 
 Section 3.02 Interest on ABR Loans. 

Each ABR Loan shall bear interest from the date made until the date repaid, or (if converted into a Eurodollar Loan) to (but excluding) the
first day of any relevant Interest Period, as the case may be, payable in arrears on the last day of each calendar quarter of each year, commencing with the first such date after the Effective Date, and on the date such Loan is repaid, at a rate per
annum equal to the sum of (i) the Applicable Margin and (ii) the Alternate Base Rate in effect from time to time, which rate shall change as and when said Applicable Margin or Alternate Base Rate shall change. 

Section 3.03 Interest on Eurodollar Loans. 

(a) Each Eurodollar Loan shall bear interest from the date made until the date repaid or converted to an ABR Loan, payable in arrears, with
respect to Interest Periods of three months or less, on the last day of such Interest Period, and with respect to Interest Periods longer than three months, the respective dates that fall every three months after the commencement of such Interest
Period and on the last day of such Interest Period, at a rate per annum equal to the sum of (i) the Applicable Margin and (ii) the LIBOR rate for such Interest Period. 

(b) Each Eurodollar Loan shall become an ABR Loan at the end of the Interest Period therefor, unless (i) there shall not have occurred and
be continuing a Default or Event of Default and (ii) not later than the third Business Day prior to the last day of such Interest Period, (x) the Borrower shall have delivered to the Administrative Agent an irrevocable written election of
the subsequent Interest Period, in which case such Eurodollar Loan shall remain outstanding as a Eurodollar Loan, or (y) the Borrower shall have delivered to the Administrative Agent a Conversion Request with respect thereto, in which case such
Eurodollar Loan shall be converted in accordance with Section 3.01(b). 

  
 32 

 (c) If, during any period, a Lender shall be required to maintain reserves against
“Eurocurrency Liabilities” in accordance with Federal Reserve Board Regulation D (or any successor regulation), the Borrower shall pay additional interest during such period on each outstanding Eurodollar Loan of such Lender
(contemporaneously with each interest payment due thereon commencing with the first such payment due at least five Business Days after receipt of the notice referred to in the next sentence) at a rate per annum up to but not exceeding the marginal
rate determined by the following formula: 
  

					
		  	 LIBOR
	  	- LIBOR
	l -Eurodollar Reserve Percentage

 Each Lender shall promptly notify the Borrower, with a copy to the Administrative Agent, upon becoming aware that the Borrower
may be required to make a payment of additional interest to such Lender. When requesting payment pursuant to this Section 3.03(c), a Lender shall provide to the Borrower, with a copy to the Administrative Agent, a certificate, signed by
an officer of such Lender setting forth, in reasonable detail, the basis of such claim, the amount required to be paid by the Borrower to such Lender and the computations made by such Lender to determine such amount. Absent demonstrable error, such
certificate shall be binding as to the amounts of additional interest owing in respect of such Lender’s Eurodollar Loans. Any Lender that gives notice under this Section 3.03(c) shall promptly withdraw such notice (by written notice of
withdrawal given to the Administrative Agent and the Borrower) whenever such Lender is no longer required to maintain such reserves or the circumstances giving rise to such notice shall otherwise cease. 

Section 3.04 Interest on Overdue Amounts. 

All overdue amounts (including principal, interest and fees) hereunder shall bear interest, payable on demand, at a rate per annum equal to the
sum of (i) 2% and (ii) in the case of Eurodollar Loans, the rate then applicable until the end of the current Interest Period therefor, and thereafter the rate of interest applicable to ABR Loans, changing as and when such rate shall change,
and in the case of ABR Loans, the rate of interest applicable thereto, changing as and when such rate shall change. 
 Section 3.05
Day Counts. 
 Interest on ABR Loans shall be calculated on the basis of (a) a 365- or,
if applicable, a 366-day year for the actual number of days elapsed for so long as interest is determined pursuant to clause (i) of the definition of “Alternate Base Rate” and (b) a 360-day year for the actual number of days elapsed for so long as interest is determined based on clause (ii) or clause (iii) of the definition of “Alternate Base Rate”. Interest on all other
Loans, and all fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 

  
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 Section 3.06 Maximum Interest Rate. 

(a) Nothing in this Agreement shall require the Borrower to pay interest at a rate exceeding the maximum rate permitted by applicable law.
Neither this Section nor Section 11.01 is intended to limit the rate of interest payable for the account of any Lender to the maximum rate permitted by the laws of the State of New York (or any other applicable law) if a higher rate is
permitted with respect to such Lender by supervening provisions of U.S. Federal law. 
 (b) If the amount of interest payable for the account
of any Lender on any interest payment date in respect of the immediately preceding interest computation period, computed pursuant to this Article III, would exceed the maximum amount permitted by applicable law to be charged by such Lender, the
amount of interest payable for its account on such interest payment date shall automatically be reduced to such maximum permissible amount. 

(c) If the amount of interest payable for the account of any Lender in respect of any interest computation period is reduced pursuant to
Section 3.06(b) and the amount of interest payable for its account in respect of any subsequent interest computation period would be less than the maximum amount permitted by law to be charged by such Lender, then the amount of interest payable
for its account in respect of such subsequent interest computation period shall be automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any
Lender has been increased pursuant to this Section 3.06(c) exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to Section 3.06(b). 

Section 3.07 [Reserved]. 

ARTICLE IV 

DISBURSEMENT AND PAYMENT 

Section 4.01 Disbursement. 

(a) Each Loan shall be made by the relevant Lender from such Lender’s branch or affiliate identified as its Applicable Lending Office.

 (b) The failure of any Lender to make any Loan to be made by it on the Effective Date shall not relieve any other Lender of its obligation
to make its Loan or Loans on such date, but neither any Lender nor the Administrative Agent shall be responsible for the failure of any other Lender to make a Loan to be made by such other Lender. 

  
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 (c) The Administrative Agent may, but shall not be required to, advance on behalf of any
Lender the amount of such Lender’s Loan to be made on the Effective Date, unless such Lender shall have notified the Administrative Agent prior to the Effective Date that it does not intend to make such Loan on such date. If the Administrative
Agent makes any such advance, the Administrative Agent shall be entitled to recover the amount so advanced on demand from the Lender on whose behalf such advance was made and, if such Lender does not pay the Administrative Agent the amount of such
advance on demand, the Borrower agrees promptly to repay such amount to the Administrative Agent. Until such amount is repaid to the Administrative Agent by such Lender or the Borrower, such advance shall be deemed for all purposes to be a Loan made
on the Effective Date by the Administrative Agent. The Administrative Agent shall be entitled to recover from the Lender or the Borrower, as the case may be, interest on the amount advanced by it for each day from the Effective Date until repaid to
the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate until the third Business Day after the date of the advance and, thereafter, at the rate per annum equal to the relevant rate on Loans made on the Effective Date.

 Section 4.02 Method and Time of Payments; Sharing among Lenders. 

(a) All funds received by the Administrative Agent for the account of the Lenders in respect of payments made by the Borrower under, or from
any other Person on account of, any Credit Document shall be distributed forthwith by the Administrative Agent among the Lenders, in like funds as received, ratably in proportion to their respective interests therein. 

(b) All payments by the Borrower hereunder shall be made without setoff or counterclaim to the Administrative Agent, for its account or for the
account of the Lender or Lenders entitled thereto, as the case may be, in U.S. dollars and in immediately available funds at the office of the Administrative Agent prior to 3:00 P.M., New York time, on the date when due; provided, however, that the
Borrower shall have setoff rights with respect to any Defaulting Lender with the application of any amounts payable to a Defaulting Lender to be administered by the Administrative Agent pursuant to Section 2.06(a)(iii). 

(c) Whenever any payment from the Borrower shall be due on a day that is not a Business Day, the date of payment thereof shall be extended to
the next succeeding 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. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment from the Borrower is
due 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, but shall not be obligated to, 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 Federal Funds Effective Rate. 

  
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 (e) If any Lender shall receive from the Borrower or any other Person any amount owing under
any Credit Document (whether received pursuant to the exercise of any right of set-off, banker’s lien, realization upon any security held for or appropriated to such obligation or otherwise) other than in
proportion to such Lender’s ratable share thereof, then such Lender shall purchase from each other Lender a participating interest in so much of the other Lenders’ Loans as shall be necessary in order that each Lender shall share such
payment with each of the other Lenders in proportion to each Lender’s ratable share; provided that nothing herein contained shall obligate any Lender to apply any set-off, banker’s lien or
collateral security first to the obligations of the Borrower hereunder if the Borrower is obligated to such Lender pursuant to other loans or notes. If any purchasing Lender shall be required to return any excess payment received by it, such
participation shall be rescinded and the purchase price restored to the extent of such return, but without interest. 
 Section 4.03
Compensation for Losses. 
 (a) If (i) the Borrower makes a prepayment, or a Conversion Date occurs, other than on the last day
of the relevant Interest Period, (ii) the Borrower fails to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, (iii) the Borrower revokes the Borrower Request for
Eurodollar Loans, (iv) Eurodollar Loans (or portions thereof) are converted into ABR Loans pursuant to Section 4.05 at any time other than at the end of an Interest Period or (v) Loans (or portions thereof) shall become or be declared
to be due prior to the scheduled maturity thereof, then the Borrower shall pay to each Lender an amount that will compensate such Lender for any loss (other than lost profit) or premium or penalty incurred by such Lender as a result of such
prepayment, conversion, declaration or revocation in respect of funds obtained for the purpose of making or maintaining such Lender’s Eurodollar Loans, or any portion thereof. Such compensation shall include an amount equal to the excess, if
any, of (i) the amount of interest which would have accrued on the amount so paid or prepaid, or not borrowed or converted, for the period from the date of such payment or prepayment or conversion or failure to borrow to the last day of such
Interest Period (or, in the case of a failure to borrow, the Interest Period that would have commenced on the date of such failure to borrow) in each case at the applicable rate of interest for such Eurodollar Loan provided for herein (excluding,
however, any Applicable Margin included therein) over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with
leading banks in the London interbank deposit market. 
 (b) In connection with a demand for payment pursuant to this Section 4.03, a
Lender shall provide to the Borrower, with a copy to the Administrative Agent, a certificate, signed by an officer of such Lender, setting forth in reasonable detail the amount required to be paid by the Borrower to such Lender and the computations
made by such Lender to determine such amount. In the absence of demonstrable error, such certificate shall be conclusive as to the amount so required to be paid. 

  
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 Section 4.04 Withholding and Additional Costs. 

(a) Withholding. 
 (i) To
the extent permitted by law, all payments under this Agreement and under the Term Loan Notes (including payments of principal and interest) shall be payable to each Lender free and clear of any and all present and future taxes, levies, imposts,
duties, deductions, withholdings, fees, liabilities and similar charges other than Excluded Taxes (collectively, “Taxes”). If any Taxes are required to be withheld or deducted from any amount payable under this Agreement, then the
amount payable under this Agreement shall be increased to the amount which, after deduction from such increased amount of all Taxes required to be withheld or deducted therefrom, will yield to such Lender the amount stated to be payable under this
Agreement. The Borrower shall also hold each Lender harmless and indemnify it for any stamp or other taxes with respect to the preparation, execution, delivery, recording, performance or enforcement of the Credit Documents (all of which shall be
included within “Taxes”). If any of the Taxes specified in this Section 4.04(a) are paid by any Lender, the Borrower shall, upon demand of such Lender, promptly reimburse such Lender for such payments, together with any interest,
penalties and expenses incurred in connection therewith; provided, however, that the Borrower shall not be required to reimburse any Lender for any penalties incurred or caused by the failure or delay on the part of such Lender to pay
any of the Taxes specified in this Section 4.04(a). The Borrower shall deliver to the Administrative Agent certificates or other valid vouchers for all Taxes or other charges deducted from or paid with respect to payments made by the Borrower
hereunder. Notwithstanding the foregoing, the Borrower shall be entitled, to the extent required to do so by law, to deduct or withhold (and shall not be required to make payments as otherwise required by this Section 4.04 on account of such
deductions or withholdings) income or other similar taxes imposed by the United States of America from interest, fees or other amounts payable hereunder for the account of any Lender other than a Lender (A) that is a U.S. Person for U.S.
federal income tax purposes or (B) that has the Prescribed Forms on file with the Borrower for the applicable year to the extent deduction or withholding of such taxes is not required as a result of such filing of such Prescribed Forms;
provided that, if the Borrower shall so deduct or withhold any such taxes, the Borrower shall provide a statement to the Administrative Agent and such Lender, setting forth the amount of such taxes so deducted or withheld, the applicable rate and
any other information or documentation which such Lender may reasonably request for assisting such Lender to obtain any allowable credits or deductions for the taxes so deducted or withheld in the jurisdiction or jurisdictions in which such Lender
is subject to tax. 

  
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 (ii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (A) in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Credit Document, executed copies of IRS Form W-8BEN or
IRS Form W-8BEN-E (the “Prescribed Forms”) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(B) executed copies of IRS Form W-8ECI; 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 

(D) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit
K-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-4
on behalf of each such direct and indirect partner; 
 (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver
to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (iv) Each Lender agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(b) Additional Costs. Subject to Sections 4.04(c), (d) and (e): 

(i) Without duplication of any amounts payable described in Section 3.03(c) or 4.03(a), if after the date hereof, any Regulatory Change
shall (1) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Lender’s Loans, (2) subject the Administrative Agent or any Lender to any Taxes (other than (A) Indemnified Taxes,
(B) Excluded Taxes (other than Taxes measured by the overall capital or net worth of the Administrative Agent or such Lender) and (C) Other Connection Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or (3) impose on any Lender (or such Lender’s Applicable Lending Office) any other condition regarding this Agreement or the Loans and the result of
any event referred to in clause (1), (2) or (3) shall be to increase the cost to such Lender (or such Lender’s Applicable Lending Office) of maintaining any Eurodollar Loans made by such Lender (which increase in cost shall be calculated
in accordance with such Lender’s reasonable averaging and attribution methods) by an amount which such Lender deems to be material, then, upon demand by such Lender, the Borrower shall pay to the Administrative Agent or such Lender, as the case
may be, on demand, an amount equal to such increase in cost; and 
 (ii) Without duplication of any amounts payable described in
Section 3.03(c) or 4.03(a), if any Lender shall have determined that any Regulatory Change relating to capital adequacy or liquidity (including any Regulatory Change made prior to the date hereof but not effective until after the date hereof),
or compliance by such Lender (or such Lender’s Applicable Lending Office) with any Regulatory Change regarding capital adequacy or liquidity (whether or not having the force of law), has or would have the effect of, reducing the rate of return
on capital for such Lender (or such Lender’s Applicable Lending Office) or any corporation controlling such Lender as a consequence of its obligations under this Agreement to a level below that which such Lender (or such Lender’s
Applicable Lending Office) or such corporation could have achieved but for such Regulatory Change (taking into consideration such Lender’s (or such Lender’s Applicable Lending Office) or such corporation’s policies with respect to
capital adequacy or liquidity), then from time to time, upon demand by such Lender, the Borrower shall pay to such Lender, on demand, such additional amount or amounts as will compensate such Lender (or such Lender’s Applicable Lending Office)
or such corporation for such reduction. 

  
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 (c) Lending Office Designations. Before making any demand for payment pursuant to
this Section 4.04, each Lender shall, if possible, designate a different Applicable 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. 
 (d) Certificate, Etc. In connection with any demand for payment pursuant to this Section 4.04, a Lender shall provide
to the Borrower, with a copy to the Administrative Agent, a certificate, signed by an officer of such Lender, setting forth in reasonable detail the basis for such demand, the amount required to be paid by the Borrower to such Lender and the
computations made by such Lender to determine such amount. 
 (e) Limitations; Delay in Requests. The Borrower shall not be
obligated to compensate a Lender for any amount under Section 4.04(b) arising or occurring more than (i) 90 days prior to the date on which an office of such Lender primarily responsible for the administration of this Agreement obtains actual
knowledge that such Lender is entitled to such compensation or (ii) nine months prior to the date that such Lender notifies the Borrower of the Regulatory Change giving rise to such increased costs or reductions, and of such Lender’s
intention to claim compensation therefor (except that, if the Regulatory Change giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof). 
 (f) FATCA. If a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and
the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by any Requirement of Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this Section 4.04(f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 (g) Cooperation. The Borrower agrees, upon the request
of the Administrative Agent or any Lender, promptly to execute, deliver and complete such forms, certificates and other documents, make such filings and otherwise cooperate with the Administrative Agent or such Lender, in each case as the
Administrative Agent or such Lender may reasonably request from time to time, in order for the Administrative Agent or such Lender to establish that the Administrative Agent or such Lender is not subject to, or is entitled to a reduction in the
amount of or exemption from, any deduction, withholding or other Taxes with respect to any payments to the Administrative Agent or such Lender for principal, interest, fees or other amounts under the Credit Documents, including United Kingdom HM
Revenue & Customs’ Form DTTP2. 

  
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 Section 4.05 Funding Impracticable; Alternate Rate of Interest. 

(a) If at any time any Lender shall have determined in good faith (which determination shall be conclusive) that the making or maintenance of
all or any part of such Lender’s Eurodollar Loans has been made impracticable or unlawful because of compliance by such Lender in good faith with any law or guideline or interpretation or administration thereof by any Governmental Authority
charged with the interpretation or administration thereof or with any request or directive of such body (whether or not having the effect of law) then the Administrative Agent, upon notification to it of such determination by such Lender, shall
forthwith advise the other Lenders and the Borrower thereof. Upon such date as shall be specified in such notice and until such time as the Administrative Agent, upon notification to it by such Lender, shall notify the Borrower and the other Lenders
that the circumstances specified by it in such notice no longer apply, (i) notwithstanding any other provision of this Agreement, such Eurodollar Loans shall, automatically and without requirement of further notice, or any payment pursuant to
Section 4.03 or 4.04, by the Borrower, be converted to ABR Loans, and (ii) the obligation of such Lender to make or continue Eurodollar Loans shall be suspended, and, if the Borrower shall request in the Borrowing Request or a Conversion
Request that the Lenders make a Eurodollar Loan, the Loan requested to be made by such Lender shall instead be made as an ABR Loan. 
 (b) If
prior to the commencement of any Interest Period for a Eurodollar Loan: 
 (i) the Administrative Agent determines (which determination shall
be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining LIBOR for such Interest Period; or 

(ii) the Administrative Agent is advised by the Required Lenders that (A) U.S. dollar deposits are not being offered to banks in the
London interbank eurodollar market for the applicable amount and Interest Period, or (B) LIBOR for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Eurodollar Loans for such
Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders (upon the instruction of the Required Lenders with respect to notice given pursuant to clause (ii) above) that the circumstances giving rise to such notice no
longer exist, (i) any Conversion Request that requests the conversion of any Loan to, or continuation of any Loan as, a Eurodollar Loan shall be ineffective, and (ii) if the Borrowing Request requests a Eurodollar Loan, such Loan shall be
made as an ABR Loan. Any Eurodollar Loans outstanding at the commencement of any such suspension shall be converted at the end of the then current Interest Period for such Eurodollar Loans into ABR Loans unless such suspension has then ended. 

  
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 (c) [Reserved]. 

(d) The interest rate on Eurodollar Loans is determined by reference to LIBOR, which is derived from the London interbank offered rate. The
London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the
end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration Limited (together with any successor thereto, the “IBA”) for purposes of the IBA setting the London
interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light
of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event,
a Term SOFR Transition Event or an Early Opt-in Election, Section 4.09(b) and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will notify the
Borrower, pursuant to Section 4.09(e), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any
liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any alternative or successor rate thereto, or
replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 4.09(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR
Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 4.09(d), including without limitation, whether the
composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 4.09, will be similar to, or produce the same value or economic equivalence of, LIBOR or have
the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 
 Section 4.06
Expenses; Indemnity; Damage Waivers. 
 (a) The Borrower agrees, whether or not any Loan is made, to pay or reimburse the
Administrative Agent all of its reasonable out-of-pocket fees and expenses incurred in connection with the development, preparation, negotiation, execution, closing and
syndication of, the Credit Documents and the administration of the credit facility established under the Credit Documents and any amendment, supplement or modification thereto (whether or not executed or effective) and any documents prepared in
connection therewith, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent and the maintenance of an electronic platform (including without limitation charges of Debtdomain or any similar
electronic information platform) or information transmission systems in connection with this Agreement. 

  
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 (b) The Borrower agrees to pay all reasonable out-of-pocket fees and expenses incurred by the Administrative Agent and, after the occurrence and during the continuance of an Event of Default, the Joint Lead Arrangers, the Joint Bookrunners or any Lender
(including, without limitation, the reasonable fees and disbursements of one counsel to the Administrative Agent, unless (and to the extent) conflicts of interest require the use of more than one counsel) in connection with the enforcement of, and
the protection of their respective rights under, any provision of any Credit Document or any amendment or supplement to this Agreement (including all such fees and expenses incurred during any “workout” or restructuring in respect of the
Obligations and during any legal proceeding, including any bankruptcy proceeding). 
 (c) The Borrower agrees to indemnify the Administrative
Agent, the Joint Lead Arrangers, the Joint Bookrunners, each of the Lenders and each of their respective Affiliates and their respective directors, officers, employees, agents and advisors (each, an “Indemnitee”) against, and to
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, penalties, and related expenses, including counsel fees and expenses, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or
as a result of (i) the execution or delivery of any Credit Document or any agreement or instrument contemplated by any Credit Document, the performance by the parties thereto of their respective obligations under any Credit Document or the
consummation of the transactions contemplated by any Credit Document, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is
a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, penalties, or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. In connection with any claim for indemnification pursuant to this Agreement by more than one Indemnitee, all such Indemnitees shall
be represented by the same legal counsel selected by the Indemnitees; provided that if such legal counsel determines in good faith that representing all such Indemnitees is reasonably likely to result in a conflict of interest under
laws or ethical principles applicable to such legal counsel or that a defense or counterclaim is available to an Indemnitee that is not available to all such Indemnitees, then to the extent reasonably necessary to avoid such a conflict of interest
or to permit unqualified assertion of such a defense or counterclaim, each Indemnitee shall be entitled to separate representation. 
 (d)
All amounts due under this Section 4.06 shall be payable in immediately available funds upon written demand therefor. 

  
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 (e) To the fullest extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, 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 Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof. No Lender Party referred to in paragraph (c) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit
Documents or the transactions contemplated hereby or thereby. 
 Section 4.07 Survival. 

The provisions of Sections 4.03, 4.04, 4.06 and 9.06, shall remain operative and in full force and effect regardless of the expiration of the
term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the reduction or termination of any Commitments, the invalidity or unenforceability of any term or provision of any Credit Document,
or any investigation made by or on behalf of the Lenders. 
 Section 4.08 Replacement of a Lender. 

Notwithstanding anything to the contrary contained herein, if any Lender shall request compensation pursuant to Section 4.04(b)(i) or
(ii) then, in each case, the Borrower may require that such Lender transfer all of its right, title and interest under this Agreement and such Lender’s Term Loan Notes to one or more of the other Lenders or any other lender identified by
the Borrower and reasonably acceptable to the Administrative Agent as a Replacement Lender which is willing to assume all of the obligations of such Lender, for consideration equal to the outstanding principal amount of such Lender’s Loans,
together with interest thereon to the date of such transfer and all other amounts payable under the Credit Documents to such Lender on or prior to the date of such transfer (including, without limitation, any fees accrued hereunder and any amounts
which would be payable under Section 4.03 as if all of such Lender’s Loans were being prepaid in full on such date). Subject to the execution and delivery of new notes, an Assignment and Acceptance, and such other documents as such Lender
may reasonably require, such Replacement Lender shall be a “Lender” for all purposes hereunder. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements of the Borrower contained in Sections 4.04
and 4.06 (without duplication of any payments made to such Lender by the Borrower or the Replacement Lender) shall survive for the benefit of any Lender replaced under this Section 4.08 with respect to the time prior to such replacement. 

  
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 Section 4.09 LIBOR Unavailability; Alternate Rate of Interest. 

(a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 4.09, if prior to the commencement of the applicable Interest
Period for any Eurodollar Loan: 
 (A) the Administrative Agent determines (which determination shall be conclusive and
binding absent manifest error) that adequate and reasonable means do not exist for ascertaining LIBOR for such Interest Period, provided that no Benchmark Transition Event shall have occurred at such time; or 

(B) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and
Interest Period; or 
 (C) the Administrative Agent shall have received notice from the Required Lenders that LIBOR for such
Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining the Loans based on LIBOR for such Interest Period; 

then the Administrative Agent shall give notice thereof by telephone, telecopy or electronic mail to the Borrower and the Lenders as promptly
as practicable thereafter. Until such relevant notice has been withdrawn by the Administrative Agent, (i) any ABR Loans that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR
Loans, (ii) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans and (iv) no further Eurodollar Loans shall be continued as such, nor shall the Borrower have the right to
convert ABR Loans to Eurodollar Loans. 
 (b) Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark
Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then,
(x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and
(y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark
Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of
objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

  
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 (c) Notwithstanding anything to the contrary herein or in any other Credit Document and
subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable
Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of
any other party to, this Agreement or any other Credit Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Borrower and the Lenders a Term SOFR Notice. For the avoidance of
doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. 

(d) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any
further action or consent of any other party to this Agreement or any other Credit Document. 
 (e) The Administrative Agent will promptly
notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement
Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and
(v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 4.09, including any determination with respect to a
tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding
absent manifest error and may be made in its sole discretion and without consent of any other party to this Agreement or any other Credit Document. 

(f) Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the
implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the 

  
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administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the
Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor
that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that
it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such
previously removed tenor. 
 (g) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the
Borrower may revoke any request for a conversion to or continuation of Eurodollar Loans to be 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 conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or
such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate. 
 As used in this Section,
“LIBOR” means the London interbank offered rate for U.S. dollars. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.01 Representations and Warranties. 

The Borrower represents and warrants to the Administrative Agent and each Lender as follows: 

(a) Corporate Existence. 

(i) The Borrower and each of its Significant Subsidiaries has been duly organized or formed and is validly existing and in good standing under
the laws of its jurisdiction of incorporation or formation; 
 (ii) the Borrower and each of its Significant Subsidiaries has the corporate
(or analogous) power and authority and all necessary governmental licenses, authorizations, consents and approvals material to the ownership of its assets and the carrying on of its business except as would not be reasonably expected to have a
Material Adverse Effect; 

  
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 (iii) the Borrower has the power and authority and all governmental licenses,
authorizations, consents and approvals to execute, deliver and perform its obligations under this Agreement and the Term Loan Notes; and 

(iv) the Borrower is duly qualified as a foreign corporation, licensed and in good standing under the laws of each jurisdiction where its
ownership, lease or operation of Property or the conduct of its business requires such qualification, except any such failure to be qualified, licensed or in good standing as would not be reasonably expected to have a Material Adverse Effect. 

(b) Corporate Authorization; No Contravention. The execution, delivery, and performance by the Borrower of the Credit Documents have
been duly authorized by all necessary corporate action and do not and will not: 
 (i) contravene the terms of the Borrower’s articles
of incorporation, bylaws or other organizational document; 
 (ii) conflict with or result in any breach or contravention of, or the
creation of any Lien under, any Contractual Obligation, injunction, order or decree to which the Borrower is a party or by which it is bound including, without limitation, the CPUC Order; or 

(iii) violate any Requirement of Law. 

(c) Governmental Authorization. No consent, approval, authorization or order of any Governmental Authority is required for due
execution, delivery and performance by the Borrower of the Credit Documents, other than the CPUC Order, which has been obtained and is in full force and effect. 

(d) Binding Effect. This Agreement is, and the Term Loan Notes when delivered hereunder will be, legal, valid and binding obligations of
the Borrower enforceable against the Borrower in accordance with their respective terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles. 
 (e) Litigation. There are no actions, suits, proceedings, claims or
disputes pending, or to the best knowledge of the Borrower, threatened at law, in equity, in arbitration or before any Governmental Authority, against the Borrower, or its Subsidiaries or any of their respective Property which (i) purport to
affect or pertain to this Agreement, or any of the transactions contemplated hereby; or (ii) would reasonably be expected to have a Material Adverse Effect. No injunction, writ, temporary restraining order or any order of any nature has been
issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery and performance of any Credit Document or directing that the transactions provided for herein not be consummated as herein provided. 

  
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 (f) No Default. No Default or Event of Default exists or would result from the
incurring of the Obligations by the Borrower under this Agreement. Neither the Borrower, nor any of its Significant Subsidiaries, is in default under or with respect to any Contractual Obligation which, individually or together with all such
defaults, would have a Material Adverse Effect. 
 (g) ERISA Compliance. (i) Each Qualified Plan is in compliance in all material
respects with the applicable provisions of ERISA, the Code and other federal or state law, including all requirements under the Code or ERISA for filing reports (which are true and correct in all material respects as of the date filed), and to the
best knowledge of the Borrower, benefits have been paid in accordance with the provisions of such Plan. 
 (ii) Each Qualified Plan has been
determined by the IRS to qualify under Section 401 of the Code or is the subject of a favorable IRS opinion letter, the IRS has not determined that any amendment to any Qualified Plan does not qualify under Section 401 of the Code, and the
trusts created thereunder have been determined to be exempt from tax under the provisions of Section 501 of the Code, and to the best knowledge of the Borrower, nothing has occurred which would cause the loss of such qualification or tax-exempt status. 
 (iii) There is no material outstanding liability under Title IV of ERISA (other than
the liability of the Plan to pay benefits) with respect to any Plan maintained or sponsored by the Borrower or any ERISA Affiliate (as to which the Borrower is or may be liable), or with respect to any Plan to which the Borrower or any ERISA
Affiliate (wherein the Borrower is or may be liable) contributes or is obligated to contribute. 
 (iv) None of the Pension Plans has any
Unfunded Pension Liability in excess of ten percent (10%) of the Net Worth as to which the Borrower is or may be liable. 
 (v) No ERISA
Event has occurred or is reasonably expected to occur with respect to any Plan maintained or sponsored by the Borrower or to which the Borrower is obligated to contribute. 

(vi) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, other than routine claims for
benefits in the usual and ordinary course, asserted or instituted against (i) any Plan maintained or sponsored by the Borrower or its assets, (ii) any ERISA Affiliate with respect to any Qualified Plan of the Borrower, or (iii) any
fiduciary with respect to any Plan for which the Borrower may be directly or indirectly liable, through indemnification obligations or otherwise, which would be reasonably likely to have a Material Adverse Effect. 

(vii) The Borrower has not incurred nor reasonably expects to incur (i) any liability (and no event has occurred which, with the giving
of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan or (ii) any liability under Title IV of ERISA (other than premiums due and not delinquent
under Section 4007 of ERISA) with respect to a Qualified Plan except for liability that would not be reasonably expected to have a Material Adverse Effect. 

  
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 (viii) The Borrower has not transferred any Unfunded Pension Liability to any entity other
than an ERISA Affiliate or otherwise engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA except as would not be reasonably expected to have a Material Adverse Effect. 

(ix) The Borrower has not engaged, directly or indirectly, in a non-exempt prohibited transaction (as
defined in Section 4975 of the Code or Section 406 of ERISA) in connection with any Plan which would have a Material Adverse Effect. 

(h) Use of Proceeds; Margin Regulations. No Loans will be used, directly or indirectly, (i) to purchase or carry Margin Stock or
(ii) to repay or otherwise refinance indebtedness of the Borrower or others incurred to purchase or carry Margin Stock or (iii) to extend credit for the purpose of purchasing or carrying any Margin Stock. 

(i) Title to Property. The Borrower and each of its Significant Subsidiaries has sufficient and legal title in fee simple to or valid
leasehold interest in all its real Property, except for such defects in title as could not, individually or in the aggregate, have a Material Adverse Effect. Such Property is free and clear of all Liens, except Permitted Liens. 

(j) Taxes. The Borrower and its Subsidiaries have filed all federal and other material tax returns and reports required to be filed and
have paid all federal and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their respective Property, income or assets otherwise due and payable except (a) those which are being contested in
good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP, and (b) those levied or imposed on Subsidiaries other than Significant Subsidiaries the nonpayment of which would not, in the
aggregate, have a Material Adverse Effect. To the best knowledge of the Borrower, there is no proposed tax assessment against the Borrower or any of its Subsidiaries which would, if the assessment were made, have a Material Adverse Effect. 

(k) Financial Condition. The audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of
December 31, 2020 and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the period then ended, copies of which have been furnished to the Administrative Agent and the Lenders, fairly present
the consolidated financial condition of the Borrower and its consolidated Subsidiaries as of, and the results of its operations and cash flows for, the period then ended, applied on a consistent basis. Such financial statements were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, are complete and accurate in all material respects, and show all material indebtedness and other liabilities of the Borrower and its consolidated Subsidiaries as of the
date thereof (including liabilities for taxes and material commitments). 

  
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 (l) Environmental Matters. 

(i) The operations of the Borrower and each of its Subsidiaries comply with all Environmental Laws except where such noncompliance would not
have a Material Adverse Effect. 
 (ii) The Borrower and each of its Subsidiaries have obtained all licenses, permits, authorizations and
registrations required under any Environmental Law (“Environmental Permits”) necessary for its operations, and all such Environmental Permits are in good standing, and the Borrower and each of its Subsidiaries are in compliance with
all terms and conditions of such Environmental Permits, except where the failure so to obtain, be in good standing or be in compliance would not have a Material Adverse Effect. 

(iii) None of the Borrower, any of its Subsidiaries or any of their present Property or operations is subject to any outstanding written order
from or agreement with any Governmental Authority or other Person, nor subject to any judicial or docketed administrative proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Material which would have a Material Adverse
Effect. 
 (iv) There are no conditions or circumstances which may give rise to any Environmental Claim arising from the operations of the
Borrower or its Subsidiaries which would have a Material Adverse Effect. Without limiting the generality of the foregoing, except as would not, in the aggregate, have a Material Adverse Effect (i) neither the Borrower nor any of its
Subsidiaries has any underground storage tanks (x) that are not properly registered or permitted under applicable Environmental Laws or (y) that are leaking or disposing of Hazardous Materials offsite and (ii) the Borrower and its
Subsidiaries have notified all of their employees of the existence, if any, of any health hazard arising from the conditions of their employment and have met all notification requirements under Title III of CERCLA or any other Environmental Law.

 (m) Investment Company. Neither the Borrower nor any Person controlling the Borrower is an “Investment Company” within
the meaning of the Investment Company Act of 1940. 
 (n) Labor Relations. There are no strikes, lockouts or other labor disputes
against the Borrower or any of its Subsidiaries or, to the best of the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries which would have a Material Adverse Effect, and no significant unfair labor
practice complaint is pending against the Borrower or any of its Subsidiaries or, to the best knowledge of the Borrower, threatened against any of them before any Governmental Authority which would have a Material Adverse Effect. 

  
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 (o) Insurance. The Property of the Borrower and its Significant Subsidiaries are
insured with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks as is customarily carried by companies engaged in similar businesses and owning similar Property in localities where the
Borrower or such Significant Subsidiary operates. 
 (p) Full Disclosure. None of the representations or warranties made by the
Borrower in this Agreement as of the date of such representations and warranties, and none of the statements contained in any certificate furnished by or on behalf of the Borrower in connection with this Agreement contains any untrue statement of a
material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading. 

(q) Compliance with Applicable Laws. Neither the Borrower nor any Subsidiary is in default with respect to any judgment, order, writ,
injunction, decree or decision of any Governmental Authority which default would have a Material Adverse Effect. The Borrower and each Subsidiary is complying in all material respects with all applicable statutes and regulations, including ERISA and
applicable occupational, safety and health and other labor laws, of all Governmental Authorities, a violation of which would have a Material Adverse Effect. 

(r) Ranking. The Obligations of the Borrower to the Lenders to be undertaken under the Credit Documents rank senior to or pari
passu with other Unsecured Debt of the Borrower. 
 (s) Anti-Corruption Laws and Anti-Terrorism Laws. 

(i) None of the Borrower or any of its Subsidiaries or, to the knowledge of the Borrower or any of its Subsidiaries, any
director, officer, employee, agent or Affiliate of the Borrower or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are: (A) the subject of any Sanctions or (B) located, organized or resident in a
country or territory that is, or whose government is, the subject of Sanctions. 
 (ii) Each of the Borrower and its
Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower and each such Subsidiary thereof with Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws. 

(iii) The operations of the Borrower and its Subsidiaries are conducted in compliance with all applicable Anti-Corruption Laws
and Anti-Terrorism Laws and no action, suit or proceeding by or before any Governmental Authority involving the Borrower or any of its Subsidiaries with respect to any potential violation of the Anti-Corruption Laws or Anti-Terrorism Laws is
pending, or to the knowledge of the Borrower threatened in writing. The Borrower has provided to the Administrative Agent and the Lenders all information that has been requested regarding the Borrower and its Subsidiaries and its Affiliates
necessary Administrative Agent and the Lenders to comply with “know your customer” and Anti-Terrorism Laws and such information is correct. 

  
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 (t) Beneficial Ownership Certification. As of the Effective Date, to the best
knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to the Administrative Agent in connection with this Agreement is true and correct in all respects. 

(u) Affected Financial Institution. The Borrower is not an Affected Financial Institution. 

Section 5.02 Survival. 

All representations and warranties made by the Borrower in this Agreement, and in the certificates or other instruments prepared or delivered
in connection with or pursuant to this Agreement, shall (i) be considered to have been relied upon by the Lenders, (ii) survive the making of Loans regardless of any investigation made by, or on behalf of, the Lenders, and
(iii) continue in full force and effect so long as any Loan, fee or other amount payable hereunder remains unpaid. 
 ARTICLE VI

 CONDITIONS PRECEDENT 

Section 6.01 Conditions to the Availability of the Commitments. 

The obligations of each Lender hereunder are subject to, and the Lenders’ Commitments shall not become available until the earliest date
(the “Effective Date”) on which each of the following conditions precedent shall have been satisfied or waived in writing by the Lenders: 

(a) This Agreement. The Administrative Agent shall have received this Agreement duly executed and delivered by each of the Lenders and
the Borrower. 
 (b) The Term Loan Notes. The Borrower shall have delivered to the Administrative Agent a duly executed Term Loan Note
for each Lender that requests a Term Loan Note. 
 (c) Evidence of Corporate Action. The Lenders shall have received the following:

 (i) The articles of incorporation of the Borrower as in effect on the Effective Date, certified by the Secretary of State
of California as of a recent date and by the Secretary or Assistant Secretary of the Borrower as of the Effective Date and the bylaws of the Borrower as in effect on the Effective Date, certified by the Secretary or Assistant Secretary of the
Borrower as of the Effective Date. 

  
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 (ii) Certificates of good standing for the Borrower from each of the
Secretary of State of California and the Secretaries of State of the states where the Borrower conducts its principal operations (in each case to the extent reasonably available), certifying that the Borrower is in good standing in such states, such
certificates to be dated reasonably near the Effective Date. 
 (iii) Copies of the resolutions of the board of directors of
the Borrower approving and authorizing the execution, delivery and performance by the Borrower of this Agreement and the Term Loan Notes and authorizing the borrowings hereunder, certified as of the Effective Date by the Secretary or an Assistant
Secretary of the Borrower. 
 (iv) A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the
names and true signatures of the officers of the Borrower authorized to sign this Agreement, the Term Loan Notes and any certificates or other documents, to be delivered in connection herewith. 

(d) Opinions of Counsel. The Lenders shall have received a favorable written opinion, dated the Effective Date, of Thomas Moran,
Corporate Secretary of the Borrower, and Morrison & Foerster LLP, in substantially the form of Exhibit D. 
 (e)
Representations and Warranties; Etc. The following statements shall be true and the Administrative Agent shall have received a certificate signed by a Responsible Officer, dated the Effective Date, stating that: 

(i) The representations and warranties contained in Section 5.01 of this Agreement are correct on and as of the Effective
Date (except those which are expressly specified to be made as of an earlier date) as though made on and as of such date in all material respects (except for any representation or warranty that is qualified by materiality or reference to Material
Adverse Effect (in which case such representation or warranty is true in all respects)); 
 (ii) Since December 31,
2020, neither the Borrower nor any of its Subsidiaries have entered into or consummated any transaction or transactions, and there has occurred no change, including as a result of a Regulatory Change, affecting the business, credit, operations or
financial condition of the Borrower and its Subsidiaries, taken as a whole, which would have a Material Adverse Effect; 

  
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 (iii) No litigation, proceeding or inquiry before or by any arbitrator or
Governmental Authority is continuing or, to the best of the Borrower’s knowledge, threatened which would have a Material Adverse Effect; 

(iv) No event has occurred and is continuing which constitutes a Default or Event of Default; and 

(v) Setting forth reasonably detailed calculations of the ratio of Funded Debt to Total Capitalization as of the Effective
Date, and demonstrating that the Borrower would be in pro forma compliance with the financial covenant set forth in Section 7.03 after giving effect to the Loans to be made on the Effective Date. 

(f) Reserved. 
 (g)
Other Documents. The Lenders shall have received such other certificates, opinions and other documents as the Required Lenders reasonably may require. 

(h) Fees and Expenses. The Borrower shall have paid (i) the fees and expenses of counsel to the Administrative Agent in connection
with the preparation, negotiation and closing of the Credit Documents and (ii) the fees and other amounts required to be paid to the Administrative Agent and the Lenders on the Effective Date. 

(i) 2020 Audited Financial Statements. The Lenders shall have received the audited consolidated balance sheet of the Borrower as of
December 31, 2020 and the related consolidated statements of income, equity and cash flows for the period then ended, audited by PricewaterhouseCoopers LLP or other independent certified public accountants of recognized national standing and
accompanied by an opinion of such accountants (which opinion shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit relating to the material operations
of the Borrower). 
 (j) Beneficial Ownership Certification. At least five days prior to the Effective Date, the Borrower shall have
delivered to the Administrative Agent and the Lenders a Beneficial Ownership Certification in relation to the Borrower. 
 (k) “Know
Your Customer” Information. The Administrative Agent and the Lenders shall have received at least five (5) Business Days prior to the Effective Date, all documentation and other information about the Borrower and its Subsidiaries that
shall have been requested by the Lenders in writing at least ten (10) days prior to the Effective Date and that the Lenders reasonably determine is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Act. 

  
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 (l) Borrowing Request. The Administrative Agent shall have received a Borrowing
Request complying with the terms of this Agreement. 
 Section 6.02 [Reserved]. 

Section 6.03 [Reserved]. 

ARTICLE VII 

COVENANTS 

Section 7.01 Affirmative Covenants. 

Until satisfaction in full of all the obligations of the Borrower under the Credit Documents: 

(a) Financial Statements; Compliance Certificates. The Borrower shall furnish to the Lenders: 

(i) As soon as available, but not later than 120 days after the end of each fiscal year of the Holding Company (A) the
audited consolidated balance sheet of the Holding Company as of the end of such fiscal year and the related consolidated statements of income, equity and cash flows for such fiscal year, and (B) the audited balance sheet of the Borrower as of
the end of such fiscal year and the related statements of income, equity and cash flows for such fiscal year, each unconsolidated with the Holding Company and audited by PricewaterhouseCoopers LLP or other independent certified public accountants of
recognized national standing and accompanied by an opinion of such accountants (which opinion shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit
relating to the material operations of the Holding Company and the Borrower), and in each case, setting forth comparative figures for the preceding fiscal year, all in reasonable detail, certified by a Responsible Officer who was involved in the
preparation of the financial statements referred to herein. 
 (ii) As soon as available, but not later than 60 days after
the end of each of the first three quarterly accounting periods in each fiscal year of the Holding Company, (A) the unaudited balance sheet of the Borrower as of the end of such quarterly period and the related unaudited statements of income,
equity and cash flows, each unconsolidated with the Holding Company and (B) the unaudited consolidated balance sheet of the Holding Company as of the end of such quarterly period and the related unaudited consolidated statements of income,
equity and cash flows for the elapsed portion of the fiscal year ended with the last day of such quarterly period. Such statements shall be in reasonable detail and certified by a Responsible Officer who was involved in the preparation of the
financial statements referred to herein. 

  
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 (iii) Concurrently with the delivery of the financial statements referred to
in clauses (i) and (ii) above, a certificate of a Responsible Officer (A) stating that, to the best of such officer’s knowledge after reasonable investigation, the Borrower, during such period, has observed or performed all of its
covenants and other agreements in all material respects, and satisfied every condition contained in this Agreement to be observed, performed or satisfied by it, and that such officer has obtained no knowledge of any Default or Event of Default
except as specified in such certificate, and (B) showing in detail the calculation supporting such statement in respect of Section 7.03. 

(iv) Any change in the information provided in the Beneficial Ownership Certification delivered to the Administrative Agent
that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification. 

(v) Within five days after the same are sent, copies of all financial statements and reports which the Holding Company sends to
its shareholders, and promptly after the same are filed, copies of all financial statements and regular, periodic or special reports which the Holding Company may make to, or file with, the SEC. 

(vi) Promptly, such additional financial and other information as the Administrative Agent, at the request of any Lender, may
from time to time reasonably request. 
 (b) Notices. The Borrower shall promptly notify the Administrative Agent (who shall notify
each Lender): 
 (i) of the occurrence of any Default or Event of Default; 

(ii) of any (A) breach or non-performance of, or any default under any Contractual
Obligation of the Borrower or any of its Subsidiaries which would be reasonably expected to result in a Material Adverse Effect; or (B) dispute, litigation, investigation, proceeding or suspension which may exist at any time between the
Borrower or any of its Subsidiaries and any Governmental Authority which would reasonably be expected to result in a Material Adverse Effect; 

  
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 (iii) of the commencement of, or any material development in, any litigation
or proceeding affecting the Borrower or any Subsidiary which, if adversely determined, would have a Material Adverse Effect; 

(iv) of any other litigation or proceeding affecting the Holding Company or the Borrower or any of its Subsidiaries which the
Holding Company or the Borrower would be required to report to the SEC pursuant to the Securities Exchange Act of 1934, within four days after reporting the same to the SEC; 

(v) of any ERISA Event affecting the Borrower or any ERISA Affiliate (but in no event more than ten days after such ERISA
Event) and promptly after the filing or delivery thereof, (i) a copy of any notice with respect to such ERISA Event that may be required to be filed with the PBGC and (ii) any notice delivered by the PBGC to the Borrower or any ERISA
Affiliate with respect to such ERISA Event; 
 (vi) upon becoming aware of any Material Adverse Effect; 

(vii) upon becoming aware of any change in the Borrower’s Senior Debt Rating by Moody’s or S&P; 

(viii) following any change in accounting policies or financial reporting practices which have a material effect on the
financial statements of the Borrower or the Holding Company; and 
 (ix) upon becoming aware of any labor controversy
resulting in or threatening to result in any strike, work stoppage, boycott, shutdown or other labor disruption against or involving the Borrower or any Subsidiary which would reasonably be expected to have a Material Adverse Effect. 

Each notice pursuant to this Section 7.01(b) shall be accompanied by a written statement by a Responsible Officer setting
forth details of the occurrence referred to therein. 
 (c) Preservation of Corporate Existence, Etc. The Borrower shall and shall
cause each of its Significant Subsidiaries to: 
 (i) preserve and maintain in full force and effect its corporate (or
analogous) existence and good standing under the laws of its state or jurisdiction of incorporation or formation except as permitted under Section 7.02(b) hereof; 

(ii) preserve and maintain in full force and effect all rights, privileges, qualifications, permits, licenses and franchises
necessary or useful in the normal conduct of its business, except as would not be reasonably expected to have a Material Adverse Effect; 

  
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 (iii) use its reasonable efforts, in the ordinary course and consistent with
past practice, to preserve its business organization and preserve the goodwill and business of the customers, suppliers and others having business relations with it, except as would not be reasonably expected to have a Material Adverse Effect; and

 (iv) preserve or renew all of its registered trademarks, trade names and service marks, the
non-preservation of which would have a Material Adverse Effect. 
 (d) Maintenance of
Property. The Borrower shall maintain, and shall cause each of its Significant Subsidiaries to maintain, and preserve all its Property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted
and except as permitted under Section 7.02(b) hereof. 
 (e) Insurance. The Borrower shall maintain, and shall cause each
Significant Subsidiary to maintain, with financially sound and reputable insurers, insurance with respect to its Property and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons, including workers’ compensation insurance, public liability and property and casualty insurance. 

(f) Payments of Obligations. The Borrower shall, and shall cause its Subsidiaries to, pay and discharge as the same shall become due and
payable (or prior to delinquency), all obligations and liabilities material to the Borrower and its Subsidiaries taken as a whole, including: 

(i) all tax liabilities, assessments and governmental charges or levies upon it or its Property or assets, and 

(ii) all lawful claims which, if unpaid, might by law become a Lien other than a Permitted Lien upon its Property. 

except in each case (x) those that are being contested in good faith by appropriate proceedings and adequate reserves in accordance with GAAP are being
maintained by the Borrower or such Subsidiary or (y) the nonpayment of which would not, in the aggregate, have a Material Adverse Effect. 

(g) Compliance with Laws. The Borrower shall comply, and shall cause each of its Subsidiaries to comply, in all material respects with
all Requirements of Law of any Governmental Authority having jurisdiction over it or its business, except such as may be contested in good faith or as to which a bona fide dispute may exist or where such noncompliance would not have a Material
Adverse Effect. 

  
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 (h) Inspection of Property and Books and Records. The Borrower shall maintain, and
shall cause each of its Subsidiaries to maintain, in all material respects, proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and
matters involving the assets and business of the Borrower and such Subsidiaries. To the extent permitted by applicable law and subject to Section 11.05, the Borrower will permit, and will cause each of its Subsidiaries to permit,
representatives of the Administrative Agent or any Lender, upon request, to visit and inspect any of their respective Property, to examine their respective corporate, financial and operating records and make copies thereof or abstracts therefrom,
and to discuss their respective affairs, finances and accounts with their respective directors, officers, employees and independent public accountants, at such reasonable times during normal business hours and as often as may be reasonably desired,
upon reasonable advance notice to the Borrower; provided, however that so long as no Event of Default shall have occurred and be continuing, the Borrower shall not be obligated to reimburse the Administrative Agent or any Lender for
more than one inspection during any calendar year. 
 (i) Ranking. The Borrower shall cause all of the Obligations of the Borrower to
the Lenders to at all times rank senior to or pari passu with other Unsecured Debt of the Borrower. 
 (j) Compliance with
Anti-Terrorism Laws. The Borrower shall comply in all material respects with all Anti-Terrorism Laws and regulations applicable to it including, without limitation, (i) ensuring that no Person who owns a controlling interest in or otherwise
controls the Borrower is or shall be (A) listed on the Specially Designated Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, or any other similar list
maintained by the OFAC under any authorizing statute, Executive Order or regulation or (B) a Person designated under Section 1(b), (c) or (d) of the Executive Order, any related enabling legislation or any similar executive order and
(ii) compliance with all applicable Bank Secrecy Act (“BSA”) laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations. 

Section 7.02 Negative Covenants. 

Until satisfaction in full of all the obligations of the Borrower under the Credit Documents, the Borrower will not, without the written
consent of the Required Lenders: 
 (a) Liens. Create or suffer to exist, or permit any of its Subsidiaries to create or suffer to
exist, any Lien upon or with respect to any of its Property except Permitted Liens. 

  
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 (b) Consolidations and Mergers; Disposition of Assets. Merge, consolidate with or
into, or convey, transfer, lease or otherwise dispose of, or permit any of its Significant Subsidiaries to merge, consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions) all or substantially all of its assets (whether now owned or hereinafter acquired) or enter into, or permit any of its Significant Subsidiaries to enter into, any joint venture or partnership with, any Person except: 

(i) any Significant Subsidiary of the Borrower may merge, consolidate or combine with or into, or transfer assets to
(A) the Borrower (if the Borrower shall be the continuing or surviving corporation) or (B) any one or more Subsidiaries of the Borrower; provided that if any transaction permitted by this clause (B) shall involve a wholly-owned
Subsidiary and a Subsidiary that is not wholly-owned, such wholly-owned Subsidiary shall be the continuing or surviving corporation; 

(ii) any Significant Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets
(upon voluntary liquidation or otherwise) to the Borrower or another wholly-owned Significant Subsidiary of the Borrower; if immediately after giving effect thereto no Default or Event of Default would exist;

 (iii) the Borrower may merge, consolidate or combine with another entity if (1) the Borrower is the corporation
surviving the merger, and (2) immediately after giving effect thereto, no Default or Event of Default would exist; and 

(iv) the Borrower and any Subsidiary may enter into joint ventures and partnerships in the same line of business. 

(c) Investments and Acquisitions. Make, or permit any of its Significant Subsidiaries to make, any Investments or Acquisitions except
(i) for Permitted Investments, (ii) as required by any Governmental Authority, and (iii) for Acquisitions; provided that: 

(i) immediately before or after giving effect to each Acquisition, no Default or Event of Default shall or would exist, and immediately after
giving effect thereto, all of the representations and warranties contained in this Agreement shall be true and correct with the same effect as though then made, 

(ii) the Person, business or assets acquired is engaged in or useful in the same line of business as the Borrower or any Significant
Subsidiary, and 
 (iii) such Acquisition shall not be a “hostile” acquisition and shall have been approved by the Board of
Directors (or equivalent) and shareholders (or equivalent), if required, of the Borrower or the applicable Significant Subsidiary and the entity to be acquired. 

  
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 (d) Transactions with Affiliates. Enter into, or permit any of its Subsidiaries to
enter into, any transaction with any Affiliate of the Borrower or of any such Subsidiary except as permitted by this Agreement or in the ordinary course of business and pursuant to the reasonable requirements of the business of the Borrower or such
Subsidiary and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate of the
Borrower or such Subsidiary. 
 (e) Compliance with ERISA. Directly or indirectly, or permit any ERISA Affiliate to directly or
indirectly (i) terminate, any Qualified Plan subject to Title IV of ERISA so as to result in any material (in the opinion of the Administrative Agent) liability to the Borrower or any ERISA Affiliate, (ii) permit to exist any ERISA Event
or any other event or condition, which presents the risk of a material (in the opinion of the Administrative Agent) liability of the Borrower or any ERISA Affiliate, or (iii) make a complete or partial withdrawal (within the meaning of ERISA
Section 4201) from any Multiemployer Plan so as to result in any material (in the opinion of the Required Lenders) liability to the Borrower or any ERISA Affiliate, (iv) except in the ordinary course of business consistent with past
practice, enter into any new Plan or modify any existing Plan so as to increase its obligations thereunder which would reasonably be expected to result in any material (in the opinion of the Administrative Agent) liability of the Borrower or any
ERISA Affiliate, or (v) permit the present value of all nonforfeitable accrued benefits under each Qualified Plan (using the actuarial assumptions that would be utilized by the PBGC upon termination of such a Qualified Plan) materially (in the
opinion of the Required Lenders) to exceed the fair market value of such Qualified Plan’s assets allocable to such benefits, all determined as of the most recent valuation date for each such Qualified Plan; provided, however that
any liability of $25,000,000 or less shall not be considered “material” for purposes of this Section 7.02(e). 
 (f)
[Reserved]. 
 (g) Restricted Payments. Declare or make any dividend payment or other distribution of assets, Property, cash, rights,
obligations or securities on account of any shares of any class of its capital stock or purchase, redeem or otherwise acquire for value (or permit any of its non-wholly-owned Subsidiaries to do so) any shares
of its capital stock or any warrants, rights or options to acquire such shares, now or hereafter outstanding if a Default or Event of Default has occurred and is continuing or would result therefrom. 

(h) Change in Business. Engage, or permit any of its Subsidiaries to engage, in any material line of business substantially different
from those lines of business carried on by it on the date hereof and any and all reasonably related businesses necessary for, in support, furtherance or anticipation of and/or ancillary to or in the preparation for such businesses. 

  
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 (i) Use of Proceeds. Use the proceeds of any Loan other than to fund fees and
expenses associated with this Agreement and for general corporate purposes. Without limiting the foregoing, the Borrower will not, directly or knowingly indirectly, use the proceeds of any advance, or lend, contribute or otherwise make available
such proceeds, to any subsidiary, joint venture partner or other Person (A) to fund any activities or business of or with any Person, or in any country or territory, that at the time of such funding, is, or whose government is, the subject of
Sanctions, (B) in any other manner that would result in a violation of Sanctions by any Person including, without limitation, the Borrower, the Lenders and the Administrative Agent or (C) 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 and Anti-Terrorism Laws. 

Section 7.03 Financial Covenant. 

Until satisfaction in full of all the obligations of the Borrower under the Credit Documents, the Borrower will not permit the ratio of Funded
Debt to Total Capitalization to exceed 0.70 to 1.00 as of the end of any quarter of any fiscal year of the Borrower. 
 ARTICLE VIII

 EVENTS OF DEFAULT 

Section 8.01 Events of Default 

If one or more of the following events (each, an “Event of Default”) shall occur: 

(a) The Borrower shall fail duly to pay any principal of any Loan when due, whether at maturity, by notice of intention to prepay or otherwise;
or 
 (b) The Borrower shall fail duly to pay any interest, fee or any other amount payable under the Credit Documents within two Business
Days after the same shall be due; or 
 (c) Any representation or warranty made or deemed made by the Borrower herein, or any statement or
representation made in any certificate, report or opinion delivered by or on behalf of the Borrower in connection herewith, shall prove to have been false or misleading in any material respect when so made or deemed made; or 

(d) The Borrower shall fail duly to observe or perform any term, covenant or agreement contained in Sections 7.01(b)(i), 7.01(c), 7.02 or 7.03;
or 
 (e) The Borrower shall fail duly to observe or perform any other term, covenant or agreement contained in this Agreement and such
failure shall have continued unremedied for a period of thirty (30) days after a Responsible Officer shall have obtained knowledge thereof; or 

  
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 (f) The Borrower or any Subsidiary shall fail to pay any of its obligations for Debt (other
than its Obligations hereunder) in an amount of $25,000,000 or more when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), or any other default or event of default under any agreement or instrument relating
to any such obligation shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument, or if the maturity of such obligation is accelerated, or any such obligation shall be declared to be due and
payable, or required to be prepaid prior to the stated maturity thereof; or 
 (g) One or more judgments against the Borrower or any
Subsidiary or attachments against its Property, which in the aggregate exceed $25,000,000 not covered by insurance, or the operation or result of which would interfere materially and adversely with the conduct of the business of the Borrower, shall
remain unpaid, unstayed on appeal, undischarged, unbonded and undismissed for a period of 30 days or more; or any Person shall have filed any suit, action or proceeding which results in the granting of any form of injunction or restraining order,
temporary or otherwise, the compliance with which would have a Material Adverse Effect, and which injunction or restraining order is not dissolved (or otherwise terminated) or modified within 30 days so as to eliminate that portion of such
injunction or restraining order which would have such Material Adverse Effect; or 
 (h) Any order, writ, warrant, garnishment or other
process of any court attaching, garnishing, distraining or otherwise freezing assets of the Borrower or any Subsidiary in an amount equal to $25,000,000 or more in value in the aggregate for all such orders, writs, warrants, garnishments shall
remain unstayed on appeal, undischarged or undismissed for a period of 30 days or more; or 
 (i) (i) The Borrower or any Subsidiary
shall commence any case, proceeding, or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debts, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or the Borrower or any Subsidiary shall make a general assignment for
the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above and such case, proceeding or action shall not have been
vacated, discharged or stayed within 60 days from the entry thereof; or (iii) the Borrower or any Subsidiary shall consent to the institution of, or fail to controvert in a timely and appropriate manner, any case, proceeding or other action of
a nature referred to above; or (iv) the Borrower or any Subsidiary shall file an answer admitting the material allegations of a petition filed against it in any case, proceeding or other action of a nature referred to above; or (v) the
Borrower or any Subsidiary shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) the Borrower or any Subsidiary shall take corporate action for the purpose of effecting
any of the foregoing; or 

  
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 (j) (i) The Borrower or an ERISA Affiliate shall fail to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under a Multiemployer Plan where such failure can reasonably be expected to impose on the Borrower or an ERISA Affiliate liability (for
additional taxes, to Plan participants, or otherwise) in the aggregate amount in excess of ten percent (10%) of the Net Worth; (ii) the Borrower or an ERISA Affiliate shall fail to satisfy its contribution requirements under Section 412 of
the Code, whether or not it has sought a waiver under Section 412(d) of the Code where such failure can reasonably be expected to impose on the Borrower or an ERISA Affiliate liability (for additional taxes, to Plan participants, or otherwise)
in the aggregate amount in excess of ten percent (10%) of the Net Worth; (iii) the Unfunded Pension Liabilities of a Plan or Plans shall exceed ten percent (10%) of the Net Worth; (iv) a Plan that is intended to be qualified under
Section 401(a) of the Code shall lose its qualification, and such loss can reasonably be expected to impose on the Borrower or an ERISA Affiliate liability (for additional taxes, to Plan participants, or otherwise) in the aggregate amount of
ten percent (10%) of the Net Worth or more; (v) the commencement or increase of contributions to, the adoption of, or the amendment of a Plan by, the Borrower or an ERISA Affiliate shall result in a net increase in unfunded liabilities of the
Borrower or an ERISA Affiliate in excess of ten percent (10%) of the Net Worth; or (vi) any combination of events listed in clause (iii) through (v) that involves a net increase in aggregate Unfunded Pension Liabilities and unfunded
liabilities in excess of ten percent (10%) of the Net Worth shall occur; or 
 (k) All or substantially all of the Property of the Borrower
or its Subsidiaries shall be condemned, seized or appropriated, excluding Property of a Subsidiary other than a Significant Subsidiary the condemnation, seizure or appropriation of which would not have a Material Adverse Effect; or 

(l) Any Governmental Authority shall revoke or fail to renew any license, permit or franchise of the Borrower or any of its Subsidiaries, or
the Borrower or any of its Subsidiaries shall for any reason lose any license, permit or franchise, if such revocation, non-renewal or loss would have a Material Adverse Effect; or 

(m) Any Credit Document (other than Term Loan Notes which have been replaced or superseded) shall cease to be in full effect; or 

(n) A Change in Control shall occur; 
 then, and
at any time during the continuance of such Event of Default, the Administrative Agent, at the written request of the Required Lenders, may, by written notice to the Borrower, take either or both of the following actions, at the same or different
times: (i) [reserved] and (ii) declare any Loans then outstanding to be due and payable, whereupon the principal of the Loans so declared to be due, together with accrued interest thereon and

  
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any other unpaid amounts accrued under the Credit Documents, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind (all of which are hereby
expressly waived by the Borrower); provided that, in the case of any Event of Default described in Section 8.01(i) occurring with respect to the Borrower, the principal of all Loans then outstanding, together with accrued interest
thereon and any other unpaid amounts accrued under the Credit Documents, shall automatically and immediately become due and payable without presentment, demand, protest or any other notice of any kind (all of which are hereby expressly waived by the
Borrower). 
 ARTICLE IX 

THE ADMINISTRATIVE AGENT 

Section 9.01 The Agency. 

Each Lender appoints The Bank of New York Mellon as its agent hereunder and irrevocably authorizes the Administrative Agent to take such action
on its behalf and to exercise such powers hereunder as are specifically delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto, and the Administrative Agent hereby accepts such
appointment subject to the terms hereof. The relationship between the Administrative Agent and the Lenders shall be that of agent and principal only and nothing herein shall be construed to constitute the Administrative Agent a trustee or fiduciary
for any Lender nor to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. 

Section 9.02 The Administrative Agent’s Duties. 

The Administrative Agent shall promptly forward to each Lender copies, or notify each Lender as to the contents, of all notices received from
the Borrower pursuant to the terms of this Agreement and, in the event that the Borrower fails to pay when due the principal of or interest on any Loan, the Administrative Agent shall promptly give notice thereof to the Lenders. As to any other
matter not expressly provided for herein, the Administrative Agent shall have no duty to act or refrain from acting with respect to the Borrower, except upon the instructions of the Required Lenders. The Administrative Agent shall not be bound by
any waiver, amendment, supplement, or modification of this Agreement which affects its duties hereunder, unless it shall have given its prior written consent thereto. The Administrative Agent shall have no duty to ascertain or inquire as to the
performance or observance of any of the terms, conditions, covenants or agreements binding on the Borrower pursuant to this Agreement nor shall the Administrative Agent be deemed to have knowledge of the occurrence of any Default or Event of Default
(other than a failure of the Borrower to pay when due the principal or interest on any Loan), unless it shall have received written notice from the Borrower or a Lender specifying such Default or Event of Default and stating that such notice is a
“Notice of Default”. 

  
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 Section 9.03 Limitation of Liabilities. 

Each of the Lenders and the Borrower agree that (i) neither the Administrative Agent nor any of its officers or employees shall be liable
for any action taken or omitted to be taken by any of them hereunder except for its or their own gross negligence or willful misconduct as determined by a final and nonappealable ruling by a court of competent jurisdiction, (ii) neither the
Administrative Agent nor any of its officers or employees shall be liable for any action taken or omitted to be taken by any of them in good faith in reliance upon the advice of counsel, independent public accountants or other experts selected by
the Administrative Agent, and (iii) the Administrative Agent shall be entitled to rely upon any notice, consent, certificate, statement or other document believed by it to be genuine and correct and to have been signed and/or sent by the proper
Persons. 
 Section 9.04 The Administrative Agent as a Lender. 

The Administrative Agent may maintain deposits or credit balances for, invest in, lend money to and generally engage in any kind of banking
business with the Borrower or any Subsidiary or Affiliate of the Borrower without any duty to account therefor to the Lenders. 

Section 9.05 Lender Credit Decision. 

Neither the Administrative Agent, nor any of its Affiliates, officers or employees has any responsibility for, gives any guaranty in respect
of, nor makes any representation to the Lenders as to, (i) the condition, financial or otherwise, of the Borrower or any Subsidiary thereof or the truth of any representation or warranty given or made in this Agreement, or in connection
herewith or (ii) the validity, execution, sufficiency, effectiveness, construction, adequacy, enforceability or value of this Agreement or any other document or instrument related hereto. Except as specifically provided herein, neither the
Administrative Agent nor any of its Affiliates, officers or employees shall have any duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information with respect to the operations,
business, property, condition or creditworthiness of the Borrower or any of its Subsidiaries, whether such information comes into the Administrative Agent’s possession on or before the date hereof or at any time thereafter. Each Lender
acknowledges that (i) it has, independently and without reliance upon the Administrative Agent or any other Lender, based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement and (ii) all information reviewed by it in its credit analysis or otherwise in connection herewith has been provided solely by or on behalf of the Borrower, and the Administrative Agent has no responsibility for such information.
Each Lender also acknowledges that it will independently and without reliance upon the Administrative Agent or any other Lender, 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 any Credit Document. 

  
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 Section 9.06 Indemnification. 

Each Lender agrees to indemnify the Administrative Agent, to the extent not reimbursed by the Borrower, based on its Pro Rata Share, from and
against any and all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the
Administrative Agent in any way relating to or arising out of this Agreement, or any action taken or omitted to be taken by the Administrative Agent hereunder; provided, that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Administrative Agent or any of its officers or employees as determined by a final
and nonappealable ruling by a court of competent jurisdiction. Without limiting the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including fees and disbursements of counsel incurred by the Administrative Agent) in connection with the preparation, execution or enforcement of, or legal advice in respect of rights
or responsibilities under, any Credit Document or any amendments or supplements thereto, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower. Except for action expressly required of the Administrative
Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall receive further assurances to its satisfaction from the Lenders of their indemnification obligations under this
Section 9.06 against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. 

Section 9.07 Successor Administrative Agent 

The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof (unless the parties agree otherwise) 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 resigning Administrative Agent’s giving of notice of resignation, the resigning Administrative Agent may appoint a successor Administrative Agent, which
shall be a commercial bank 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 $250,000,000. 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, powers, privileges and duties of the resigned Administrative Agent, and the resigned
Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any Administrative Agent’s resignation, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this Agreement. 

  
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 Section 9.08 No Duty Regarding Discretionary Actions 

The Administrative Agent 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 Credit 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 Credit 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 Credit Document or applicable law. 
 Section 9.09 Syndication and Other Agents 

Notwithstanding anything herein to the contrary, the Joint Lead Arrangers, the Joint Bookrunners and the
Co-Syndication Agents named on the cover page of this Agreement shall not have any duties or liabilities under this Agreement, except in their respective capacities, if any, as Lenders. 

ARTICLE X 
 EVIDENCE
OF LOANS; TRANSFERS 
 Section 10.01 Evidence of Loans; Term Loan Notes. 

The Borrower’s obligation to repay the Loans shall be evidenced by Term Loan Notes if requested by each Lender, one such payable to the
order of each such Lender. The Term Loan Note of each Lender shall (i) be in the principal amount of such Lender’s Commitment, (ii) be dated the Effective Date (or the effective date on which such Lender becomes a Lender hereunder)
and (iii) be stated to mature on the Termination Date and bear interest from its date until maturity on the principal balance (from time to time outstanding thereunder) payable at the rates and in the manner provided herein. Each Lender is
authorized to indicate upon the grid attached to its Term Loan Note all Loans made by it pursuant to this Agreement, interest elections and payments of principal and interest thereon. Such notations shall be presumptive, absent manifest error, as to
the aggregate unpaid principal amount of all Loans made by such Lender, and interest due thereon, but the failure by any Lender to make such notations or the inaccuracy or incompleteness of any such notations shall not affect the obligations of the
Borrower hereunder or under the Term Loan Notes. 

  
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 Section 10.02 Participations. 

(a) Any Lender may at any time grant to one or more financial institutions (but not to 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
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, except to the extent such participating interest has been granted pursuant to Section 4.02(e), 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 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 (i) through (vi), inclusive, of Section 11.06(b) without the consent of the Participant. 

(b) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the
“Participant Register”); provided that no Lender shall have any obligation to disclose 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 Loans, or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such 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, and such Lender shall treat each Person whose name is recorded in the Participant
Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (c) The
Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.03 and 4.04(b) (subject to the requirements and limitations in Section 4.04, including the requirements under Section 4.04(a) (it being understood that
the documentation required under Section 4.04(a) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.03; provided that such
Participant (A) agrees to be subject to the provisions of Section 4.08 as if it were an assignee under Section 10.03; and (B) shall not be entitled to receive any greater payment under Section 4.04(b), 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 Regulatory Change that occurs after the Participant acquired the applicable
participation. 
 (d) To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.04 as
though it were a Lender; provided that such Participant agrees to be subject to Section 4.02(e) as though it were a Lender. 

  
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 Section 10.03 Assignments. 

(a) Any Lender may at any time assign to one or more financial institutions (but not to 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”), other than a Defaulting Lender or a subsidiary
thereof or any financial institution who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or a subsidiary thereof, all, or a proportionate part of all, of its rights and obligations under this Agreement, and such Assignee
shall assume such rights and obligations, pursuant to an instrument, in substantially the form of Exhibit E (an “Assignment and Acceptance”), executed by such Assignee and such transferring Lender, with (and subject to) the
signed consent of the Borrower (which consent shall not be unreasonably withheld or delayed) and the Administrative Agent (which consent shall not be unreasonably withheld); provided that (i) each such assignment (other than assignments
(x) to its Affiliates, (y) to an Approved Fund, or (z) of its entire interest) shall be in a minimum amount of $10,000,000 or in integral multiples of $1,000,000 in excess thereof (unless otherwise approved by the Administrative Agent
in its sole discretion), (ii) each assignee shall be an Eligible Institution, and (iii) after giving effect to each such assignment, the Loans of the assignor (if it has not assigned its entire interest) and of the assignee shall be at least
$5,000,000; provided further, that the foregoing consent requirement shall not be applicable in the case of an assignment or other transfer by any Lender to an Affiliate of such Lender, to another Lender, or to an Approved Fund;
provided further, that any consent of the Borrower otherwise required under this Section shall not be required if an Event of Default has occurred and is continuing; and provided further, that the Borrower shall be deemed to have
consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof. Upon execution and delivery of an Assignment and Acceptance and payment by
such Assignee to such transferring Lender of an amount equal to the purchase price agreed between such transferring Lender and such Assignee and payment by the transferring Lender or the Assignee of an assignment fee of $4,500 (or $7,500, if the
transferring Lender is a Defaulting Lender) to the Administrative Agent (unless such fee is waived by the Administrative Agent in its sole discretion), such Assignee shall be a Lender party to this Agreement and shall have all the rights and
obligations of a Lender with a Loan as set forth in such Assignment and Acceptance, and the transferring Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be
required. 
 (b) No Assignee of any transferring Lender’s rights shall be entitled to receive any greater payment under
Section 4.03 or 4.04 than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made with the Borrower’s prior written consent or by reason of the provisions of Section 4.04(c)
requiring such transferring Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such payment did not exist. 

  
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 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at one of its offices in the United States a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and principal amounts of the Loans owing to each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
 Section 10.04 Certain Pledges. 

Notwithstanding any other provision in this Agreement, any Lender may at any time create a security interest in, or pledge, all or any portion
of its rights under this Agreement and any Term Loan Note held by it in favor of any Federal Reserve Bank in accordance with Federal Reserve Board Regulation A (or any successor provision) or U.S. Treasury Regulation 31 C.F.R. § 203.14 (or any
successor provision), and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.01 APPLICABLE LAW. 

THE RIGHTS AND DUTIES OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS UNDER THIS AGREEMENT SHALL, PURSUANT TO NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

Section 11.02 WAIVER OF JURY TRIAL. 

THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, THE TERM LOAN NOTES OR THE RELATIONSHIPS ESTABLISHED HEREUNDER. 

  
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 Section 11.03 Jurisdiction and Venue. 

The Borrower, the Administrative Agent and the Lenders each hereby irrevocably submits to the
non-exclusive jurisdiction of any state or federal court in the Borough of Manhattan, The City of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of any Credit
Document. The Borrower, the Administrative Agent and the Lenders each hereby irrevocably consents to the jurisdiction of any such court in any such action and to the laying of venue in the Borough of Manhattan, The City of New York. The Borrower,
the Administrative Agent and the Lenders each hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection to the laying of the venue of any such suit, action or proceeding brought in the aforesaid courts and hereby
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 11.04 Set-off. 

The Borrower hereby authorizes each Lender (including each Lender in its capacity as a purchaser of a participation interest pursuant to
Section 4.02(e)) upon the occurrence of an Event of Default and at any time and from time to time during the continuance thereof, to the fullest extent permitted by law, to set off and apply any and all deposits (whether general or special,
time or demand, provisional or final and in whatever currency) at any time held, and other indebtedness at any time owing, by such Lender to or for the credit or the account of the Borrower against any of the Obligations of the Borrower, now or
hereafter existing under any Credit Document, held by such Lender, irrespective of whether such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided, that in the event that any
Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.06 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 (y) the Defaulting Lender shall provide promptly to the Administrative Agent a
statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender under this Section 11.04 are in addition to other rights and remedies (including
other rights of set-off) which such Lender may have. Any Lender exercising its rights under this Section 11.04 shall give notice thereof to the Borrower and the Administrative Agent concurrently with or
prior to the exercise of such rights; provided that failure to give such notice shall not affect the validity of such exercise. 

  
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 Section 11.05 Confidentiality. 

(a) The Lenders and the Administrative Agent agree (on behalf of themselves and each of their Affiliates, directors, officers, employees and
representatives) to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all non-public information provided to them by the Borrower or any Subsidiary or by the
Administrative Agent on the Borrower’s or any Subsidiary’s behalf in connection with this Agreement and neither the Administrative Agent, any Lender, nor any of their Affiliates, directors, officers, employees and representatives shall use
any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement, except to the extent such information (a) was or becomes generally available to the public other than as a result of a
disclosure by the Administrative Agent or any Lender, or (b) was or becomes available on a non-confidential basis from a source other than the Borrower; provided that such source is not bound by a
confidentiality agreement with the Borrower known to the Administrative Agent or affected Lender(s); provided further that nothing herein shall limit the disclosure of any such information (i) to the extent required by statute,
rule, regulation or judicial process; (ii) to counsel for any of the Lenders or the Administrative Agent; (iii) to bank examiners, auditors or accountants; (iv) to the Administrative Agent or any other Lender; (v) by the
Administrative Agent or any Lender to an Affiliate thereof who is bound by this Section 11.05; provided that any such information delivered to an Affiliate shall be for the purposes related to the extension of credit represented by this
Agreement and the administration and enforcement thereof and for no other purpose; (vi) in connection with any litigation relating to enforcement of the Credit Documents; (vii) to any assignee or participant (or prospective assignee or
participant) so long as such assignee or participant (or prospective assignee or participant) first executes and delivers to the respective Lender a Confidentiality Agreement, in substantially the form of Exhibit F; or (viii) on a
confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facility established hereunder. Each Lender and the Administrative Agent agree, unless
specifically prohibited by applicable law or court order, to notify the Borrower of any request for disclosure of any such non-public information (x) by any Governmental Authority or representative
thereof (other than any such request in connection with an examination of such Person’s financial condition by such Governmental Authority) or (y) pursuant to legal process. In addition, the Administrative Agent and the Lenders may
disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the
administration of this Agreement, the other Credit Documents, and the Commitments. 
 (b) This Agreement is intended to provide express
authorization to each of the Lenders and their Affiliates (and each employee, representative, or other agent of each Lender and its of Affiliates) to disclose to any and all Persons, without limitation of any kind, the “tax treatment” and
“tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax
analyses) that are provided to the Lenders or any of them or any of their Affiliates (and any such employees, representatives or other agents) relating to such tax treatment and structure; provided, that, with respect to any document or similar item
that in either case contains information concerning the tax treatment or tax structure of the transactions contemplated hereby as well as other information, this authorization shall only apply to such portions of the document or similar item that
relate to the tax treatment or tax structure of the transactions contemplated hereby. 

  
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 Section 11.06 Integration; Amendments and Waivers. 

(a) This Agreement and any separate letter agreements with respect to fees payable by the Borrower with respect to this Agreement constitute
the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

(b) Any provision of this Agreement may be amended, modified, supplemented or waived, but only by a written amendment or supplement, or written
waiver, signed by the Borrower and either the Required Lenders (and, if the rights or duties of the Administrative Agent are affected thereby, by the Administrative Agent), or the Administrative Agent with the consent of the Required Lenders;
provided, however, that no such amendment, modification, or waiver shall, unless signed by all the Lenders in the case of clauses (v) and (vi) below or all the Lenders affected thereby in the case of clauses (i) through (iv)
below, or by the Administrative Agent with the consent of all the Lenders in the case of clauses (v) and (vi) below or all the Lenders affected thereby in the case of clauses (i) through (iv) below, (i) increase or decrease the
Commitment of any Lender, or subject any Lender to any additional obligation, (ii) reduce the principal of or rate of interest on any Loan or any fees hereunder (other than the default rate set forth in Section 3.04), (iii) postpone
any payment of principal of or interest on any Loan or any fees hereunder, (iv) postpone any reduction or termination of any Commitment, (v) change the percentage of, the Commitments or of the aggregate unpaid principal amount of Loans, or
the number of Lenders, which shall be required for the Lenders or any of them to take any action under this Section 11.06 or any other provision of this Agreement, or (vi) amend, modify, supplement or waive the provisions of this
Section 11.06. Except to the extent expressly set forth therein, any waiver shall be effective only in the specific instance and for the specific purpose for which such waiver is given. 

Section 11.07 Cumulative Rights; No Waiver. 

Each and every right granted to the Administrative Agent and the Lenders hereunder or under any other document delivered in connection
herewith, or allowed them by law or equity, shall be cumulative and not exclusive and may be exercised from time to time. No failure on the part of the Administrative Agent or any Lender to exercise, and no delay in exercising, any right will
operate as a waiver thereof, nor will any single or partial exercise by the Administrative Agent or any Lender of any right preclude any other or future exercise thereof or the exercise of any other right. 

  
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 Section 11.08 Notices. 

(a) Any communication, demand or notice to be given hereunder will be duly given when delivered in writing, by telecopy or by electronic
communications to a party at its address as indicated below or such other address as such party may specify in a notice to each other party hereto in the manner provided for herein. A communication, demand or notice given pursuant to this
Section 11.08 shall be addressed: 
 If to the Borrower, at 

Southwest Gas Corporation 
 8360
South Durango Drive 
 P.O. Box 98510 

Las Vegas, Nevada 89193-8510 

Telecopy: (702) 364-3452 

Attention: Treasury Services 

Email: Ken.Kenny@swgas.com 

With a copy to: 

Southwest Gas Corporation 
 8360
South Durango Drive 
 P.O. Box 98510 

Las Vegas, Nevada 89193-8510 

Telephone: (702) 876-7173 

Attention: Thomas Moran, Corporate Secretary 

Email: Thomas.moran@swgas.com 

If to the Administrative Agent, at 

The Bank of New York Mellon 

6023 Airport Road 
 Oriskany,
New York 13424 
 Telecopy: (315) 765-4533 

Telephone: (315) 801-2437 

Attention: Crystal Keyser 

Email: crystal.keyser@bnymellon.com and 

            AFASyndications@bnymellon.com 

With a copy to: 
 The Bank of New
York Mellon 
 500 Grant Street 

BNY Mellon Center 
 Pittsburgh,
PA 15258 
 Telephone: (412) 236-7465 

Attention: Molly Ross 
 Email:
molly.ross@bnymellon.com 

  
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 If to any Lender, at its address indicated on Schedule I hereto, or at such other
address as may be designated by such Lender in an Administrative Questionnaire or other appropriate writing, delivered to the Administrative Agent and the Borrower. 

This Section 11.08 shall not apply to notices referred to in Article II of this Agreement, except to the extent set forth therein. 

(b) Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to
have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (c) below, shall be effective as provided in such subsection (c).

 (c) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail
and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it
is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been
sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(d) The Borrower hereby agrees, unless directed otherwise by the Administrative Agent or unless the email address referred to below has not
been provided by the Administrative Agent to the Borrower, that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Lenders or the Administrative Agent pursuant to this
Agreement, excluding (i) any Borrowing Request or Conversion Request or any communication related thereto, (ii) any communication that relates to the payment of any principal or other amount due under this Agreement prior to

  
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the scheduled date therefor, (iii) notice of any Default or Event of Default under this Agreement or any other Credit Document or (iv) any notice that is required to be delivered to
satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications being referred to herein collectively as
“Communications”), by transmitting the Communications in an electronic format acceptable to the Administrative Agent to an email address as directed by the Administrative Agent. 

(e) The Borrower acknowledges that the Administrative Agent will make available to the Lenders Communications provided by the Borrower
hereunder by posting such Communications on Debtdomain or another similar electronic platform. Such platform shall be deemed to be provided “as is” and “as available”. Neither the Administrative Agent nor any of its directors,
officers, employees, agents or advisors warrants the accuracy or completeness of the communications or the adequacy of such electronic platform and each expressly disclaims liability for errors or omissions in the communications. The Administrative
Agent makes no warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses
or other code defects in connection with the Communications or such electronic platform. In no event shall the Administrative Agent or any of its directors, officers, employees, agents or advisors have any liability to the Borrower, any Lender or
any other Person for damages of any kind, whether or not based on strict liability and including 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 electronically, except to the extent the liability of any such person is found in a final and nonappealable ruling by a court of competent jurisdiction to have
resulted primarily from such Person’s gross negligence or willful misconduct, and no claim may be made by the Borrower or any other Person against the Administrative Agent or any or its directors, officers, employees, agents or advisors for any
special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability. 
 (f)
The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices given by the Borrower even if such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

Section 11.09 Separability. 

In case any one or more of the provisions contained in any Credit Document shall be invalid, illegal or unenforceable in any respect under any
law, the validity, legality and enforceability of the remaining provisions contained herein or in any other Credit Document shall not in any way be affected or impaired thereby. 

  
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 Section 11.10 Parties in Interest. 

This Agreement shall be binding upon and inure to the benefit of the Borrower and the Lenders and their respective successors and assigns,
except that the Borrower may not assign any of its rights hereunder without the prior written consent of all of the Lenders, and any purported assignment by the Borrower without such consent shall be void. 

Section 11.11 Execution in Counterparts; Electronic Execution of Credit Documents. 

This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when
so executed and delivered shall be an original, but all the counterparts, including counterparts delivered by telecopy or electronic format (including .pdf), shall together constitute one and the same instrument. The words “execution,”
“signed,” “signature,” and words of like import in this Agreement and the other Credit Documents including any Assignment and Acceptance shall be deemed to include electronic signatures or electronic records, 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. 

Section 11.12 USA Patriot Act Notice. 

Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower and its Subsidiaries, which information includes the
names, addresses and tax identification numbers of the Borrower and its Subsidiaries, and other information that will allow such Lender to identify the Borrower and its Subsidiaries in accordance with the Act. 

Section 11.13 Acknowledgment and Consent to Bail-In of Affected Financial Institutions.

 Notwithstanding anything to the contrary in any Credit 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 Credit 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: 

  
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 (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 Credit Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of the applicable Resolution Authority. 
 Section 11.14 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, 

(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, 

  
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 (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. 
 (b) 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 Credit Document or any documents related hereto or thereto). 
 Section 11.15 Acknowledgment Regarding Any Supported
QFCs.  
 (a) To the extent that the Credit 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
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit 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): 
 (b) 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

  
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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 Credit 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 Credit 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. 
 (c)
As used in this Section 11.15, 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). 
 Section 11.16 California
Judicial Reference. 
 In the event that the Waiver of Jury Trial (Section 11.02 of this Agreement) is not enforceable in California, the
Borrower, the Administrative Agent and the Lenders (collectively, “Parties”) elect to proceed under this Section 11.16. 

  
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 (a) Any and all disputes, claims and controversies arising out of, connected with or
relating to this Agreement or any other Credit Document or the transactions contemplated thereby (individually, a “Dispute”) that are brought before a forum in which pre-dispute waivers of the
right to trial by jury are invalid under applicable law shall be subject to the terms of this Agreement in lieu of the jury trial waivers otherwise provided in the Credit Documents. Disputes may include, without limitation, tort claims,
counterclaims, claims brought as class actions, claims arising from Credit Documents executed in the future, disputes as to whether a matter is subject to judicial reference, or claims concerning any aspect of the past, present or future
relationships arising out of or connected with the Credit Documents. Notwithstanding the foregoing, this Section 11.16(a) shall not apply to any agreement, contract or transaction that constitutes a “swap” within the meaning of
section 1a(47) of the Commodity Exchange Act or any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement or any similar master agreement governing any
and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, fixed-price physical delivery contracts, whether or not exchange traded, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing). 
 (b) Any and all Disputes shall be heard by a referee and resolved by judicial reference pursuant to California Code of Civil
Procedure (“CCCP”) §§ 638 et seq. 
 (c) The referee shall be a retired California state court judge or an
attorney licensed to practice law in the State of California with at least 10 years’ experience practicing commercial law. 
 (d) If the
Parties are unable to agree upon a referee within 10 calendar days after one Party serves a written notice of intent for judicial reference upon the other Parties, then the referee will be selected by the court in accordance with CCCP § 640(b).

 (e) The referee shall render a written statement of decision and shall conduct the proceedings in accordance with the CCCP, the Rules of
Court, and the California Evidence Code, except as otherwise specifically agreed by the Parties and approved by the referee. The referee’s statement of decision shall set forth findings of fact and conclusions of law. The decision of the
referee shall be entered as a judgment in the court in accordance with CCCP §§ 644 and 645. The decision of the referee shall be appealable to the same extent and in the same manner that such decision would be appealable if rendered by a
judge of the superior court. 

  
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 (f) Notwithstanding the preceding agreement to submit Disputes to a judicial referee, the
Parties and the other Credit Documents preserve, without diminution, certain rights and remedies at law or equity and under the Credit Documents that such Parties may employ or exercise freely, either alone or in conjunction with or during a
Dispute. Each Party shall have and hereby reserves the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable: (i) all rights to foreclose against any real or personal
property or other security by exercising a power of sale granted in the Credit Documents or under applicable law or by judicial foreclosure and sale, including a proceeding to confirm the sale, (ii) all rights of self-help including peaceful
occupation of property and collection of rents, setoff, and peaceful possession of property, (iii) obtaining provisional or ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment of receiver and in
filing an involuntary bankruptcy proceeding, and (iv) when applicable, a judgment by confession of judgment. Preservation of these remedies does not limit the power of a judicial referee to grant similar remedies that may be requested by a
party in a Dispute. No provision in the Credit Documents regarding submission to jurisdiction and/or venue in any court is intended or shall be construed to be in derogation of the provisions in any Credit Document for judicial reference of any
Dispute. The Parties do not waive any applicable federal or state substantive law (including without limitation the protections afforded to banks under 12 U.S.C. § 91 or any similar applicable state law) except as provided herein. 

(g) If a Dispute includes multiple claims, some of which are found not subject to this Agreement, the Parties shall stay the proceedings of the
claims not subject to this Agreement until all other claims are resolved in accordance with this Agreement. If there are Disputes by or against multiple parties, some of which are not subject to this Agreement, the Parties shall sever the Disputes
subject to this Agreement and resolve them in accordance with this Agreement. 
 (h) During the pendency of any Dispute that is submitted to
judicial reference in accordance with this Agreement, each of the Parties to such Dispute shall bear equal shares of the fees charged and costs incurred by the referee in performing the services described in this Agreement. The compensation of the
referee shall not exceed the prevailing rate for like services. The prevailing Party shall be entitled to reasonable court costs and legal fees, including customary attorney fees, expert witness fees, paralegal fees, the fees of the referee and
other reasonable costs and disbursements charged to the party by its counsel, in such amount as is determined by the referee. 
 (i) In the
event of any challenge to the legality or enforceability of this Agreement, the prevailing Party shall be entitled to recover the costs and expenses from the non-prevailing Party, including reasonable
attorneys’ fees, incurred by it in connection therewith. 
 (j) This Agreement may be executed in multiple counterparts, each of which
shall constitute an original, but all of which, when taken together, shall constitute one and the same agreement. 

  
 84 

 (k) THIS AGREEMENT CONSTITUTES A “REFERENCE AGREEMENT” BETWEEN THE PARTIES WITHIN
THE MEANING OF AND FOR PURPOSES OF CCCP § 638. 
 Section 11.17 Divisions. 

For all purposes under this Agreement and the other related Credit Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its capital
stock or equity interests at such time. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 

  
 85 

 IN WITNESS WHEREOF, the parties hereto have caused this Term Loan Agreement to be duly
executed as of the date first above written. 
  

			
	SOUTHWEST GAS CORPORATION
		
	By:	 	 /s/ Kenneth J. Kenny

	Name: Kenneth J. Kenny
	Title:   Vice President/Finance/Treasurer

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	 THE BANK OF NEW YORK MELLON,
 as a
Lender and as Administrative Agent

		
	By:	 	 /s/ Richard K. Fronaplel, Jr.

		 	Name: Richard K. Fronaplel, Jr.
		 	Title:   Director

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	 JPMORGAN CHASE BANK, N.A.,
 as a
Lender and as Co-Syndication Agent

		
	By:	 	 /s/ Nancy R. Barwig

		 	Name: Nancy R. Barwig
		 	Title:   Executive Director

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	 BANK OF AMERICA, N.A.,
 as a Lender
and as Co-Syndication Agent

		
	By:	 	 /s/ Michele Gordon

		 	Name: Michele Gordon
		 	Title:   Senior Vice President

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender and as Co-Documentation Agent

		
	By:	 	 /s/ John M. Eyerman

		 	Name: John M. Eyerman
		 	Title:   Senior Vice President

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender and as Co-Documentation Agent

		
	By:	 	 /s/ Keven D. Smith

		 	Name: Keven D. Smith
		 	Title:   Senior Vice President

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Patrick Engel

		 	Name: Patrick Engel
		 	Title:   Managing Director

 SOUTHWEST GAS CORPORATION 

TERM LOAN AGREEMENT 
  

			
	TD BANK, N.A., as a Lender
		
	By:	 	 /s/ Bernadette Collins

		 	Name: Bernadette Collins
		 	Title:   Senior Vice President

 Schedule I 

Lenders and Commitments 
  

					
	 Lender
	  	 Commitment

as of
 the Effective

Date
	  	 Address for

Notices

	The Bank of New York Mellon	  	$45,000,000.00	  	 The Bank of New York Mellon
 500 Grant
Street
 BNY Mellon Center
 Pittsburgh, PA

Telephone: 412-236-7465

Attention: Molly Ross
 Email:
molly.ross@bnymellon.com

			
	JPMorgan Chase Bank, N.A.	  	$45,000,000.00	  	 JPMorgan Chase Bank, N.A.
 8181 Communications
Parkway
 Plano, Texas 75024
 Chicago, Illinois 60603

Telephone: 972-324-1721

Attention: Nancy Barwig
  Senior Vice
President
 Email: nancy.r.barwig@jpmorgan.com

			
	Bank of America, N.A.	  	$45,000,000.00	  	 Bank of America, N.A.
 300 S. 4th Street, 2nd Floor
 Las Vegas, Nevada 89101

Telecopy: 415-844-2773

Telephone: 702-824-9018

Attention: Michele Gordon
 Email:
michele.l.gordon@bofa.com
  
 and

 
 Bank of America, N.A.

300 S. 4th Street, 2nd Floor

Las Vegas, Nevada 89101
 Telecopy:
312-453-6530
 Telephone: 702-824-9060
 Attention: Alan Gordon

Email: alan.f.gordon@bofa.com

  

					
	U.S. Bank National Association	 	$40,000,000.00	  	 U.S. Bank National Association
 101 S. Capitol
Blvd.
 Boise, Idaho 83702
 Telecopy: 208-383-7565
 Telephone: 208-383-7489
 Attention: Holland H. Williams

Email: hollandhuffman.williams@usbank.com

			
	KeyBank National Association	 	$30,000,000.00	  	 KeyBank National Association
 127 Public
Square
 Cleveland, Ohio 44114
 Telecopy: 216-689-4981
 Telephone: 206-343-6966
 Attention: Keven D. Smith

Email: keven.smith@key.com

			
	Wells Fargo Bank, National Association	 	$25,000,000.00	  	 Wells Fargo Bank, National Association
 1300 SW
5th Ave.
 MAC: P6101-066

Portland, Oregon 97201
 Telecopy:
866-629-0772
 Telephone: 503-886-2216
 Attention: Lisa Larpenteur

                 Relationship Manager

Email: larpenlm@wellsfargo.com
  

and
  

Wells Fargo Bank, National Association
 MAC 9305-070
 90 S. 7th Street

Minneapolis, MN 55402
 Telecopy: 612-316-0506
 Telephone:
612-667-4832
 Attention: Gregory R. Gredvig

                 Portfolio Manager

Email: gregory.r.gredvig@wellsfargo.com

  
 ii 

					
	TD Bank, N.A.	  	$20,000,000.00	  	 TD Bank, N.A.
 222 Bay Street, 15th Floor
 Ernst & Young Tower

Toronto, ON M5K 1A2
 Telecopy: 416-983-881
 Telephone:
705-797-6913
 Attention: Ayesha Khan

Email: TDBNANotices@tdsecurities.com and TDBankCorporateS@td.com

  
 iii 

 Schedule III 

Existing Liens 
  

									
	 	  	 Debtor
	  	 Secured Party
	  	 Initial Filing

Number
	  	 Collateral

Description

	1	  	Southwest Gas Corporation	  	Dell Financial Services, L.P.	  	05-7053027978	  	Equipment
					
	2	  	Southwest Gas Corporation	  	CIT Bank, N.A.	  	13-7349526191	  	Equipment
					
	3	  	Southwest Gas Corporation	  	First Financial Veterans Leasing, LLC	  	15-7487739001	  	Equipment
					
	4	  	Southwest Gas Corporation	  	Key Government Finance, Inc., Hannie Mae UESC LLC	  	16-7542794570	  	All moneys due pursuant to that certain FA4861-16F-A001 dated February 11, 2016, issued by United States Department of Air Force,
99th Contracting Squadron
					
	5	  	Southwest Gas Corporation	  	IBM Credit LLC	  	17-7624239132	  	Equipment
					
	6	  	Southwest Gas Corporation	  	IBM Credit LLC	  	17-7624239374	  	Equipment
					
	7	  	Southwest Gas Corporation	  	Banc of America Leasing & Capital LLC	  	19-7748859957	  	Contract Payments due under Task Order No. FA486118FA041 dated June 13, 2018, issued by the United States Government or an agency thereof

 Exhibit A 

Form of Borrowing Request For Loans 

                        
                        [Date] 
 The
Bank of New York Mellon 
 6023 Airport Road 
 Oriskany, New
York 13424 
 Telecopy: (315) 765-4533 

Telephone: (315) 801-2437 

Attention: Crystal Keyser 
 Email:
crystal.keyser@bnymellon.com and 
             AFASyndications@bnymellon.com 

Borrowing Request for Loans 
 Ladies and
Gentlemen: 
 Reference is made to the Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time
to time, the “Loan Agreement”), among Southwest Gas Corporation (the “Borrower”), the Lenders from time to time parties thereto and The Bank of New York Mellon, as Administrative Agent. Capitalized terms used herein
and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 
 The Borrower hereby gives you
notice that it requests Loans, and in that connection sets forth below the terms on which such Loans are requested to be made: 
  

					
	(A)	  	Borrowing Date1	  	[_________________]
			
	(B)	  	Aggregate Principal Amount2	  	$_________________
			
	(C)	  	Interest Rate Basis	  	[ABR] [Eurodollar] Loan
			
	(D)	  	Interest Period and the	  	
			
		  	 last day thereof3
	  	[_________________]

  
  

	1 	 Must be the Effective Date. 

	2 	 Must be the amount of the Commitments. 

	3 	 In the case of Eurodollar Loans, one, three or six-month periods, or,
if made available by all Lenders, period of seven to thirty-one days or twelve months. Not applicable to ABR Loans. 

 
			
	Very truly yours,
	
	SOUTHWEST GAS CORPORATION
		
	By:	 	
                     
                

		 	Name:
		 	Title:

  
 2 

 Exhibit B 

Form of Continuation/Conversion Request 

                        
                [Date] 
 The Bank of New York Mellon 

6023 Airport Road 
 Oriskany, New York 13424 

Telecopy: (315) 765-4533 

Telephone: (315) 801-2437 

Attention: Crystal Keyser 

	Email:	 crystal.keyser@bnymellon.com and 

AFASyndications@bnymellon.com 

Continuation/Conversion Request 
 Ladies
and Gentlemen: 
 Reference is made to the Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from
time to time, the “Loan Agreement”), among Southwest Gas Corporation (the “Borrower”), the Lenders from time to time parties thereto and The Bank of New York Mellon, as Administrative Agent. Capitalized terms used
herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 
 The Borrower hereby
requests, pursuant to Section 3.01(b) of the Loan Agreement, that on __________, 20__: 
 (1) $__,000,000 of the
presently outstanding principal amount of Loans originally made on ___________ 20__ [and $__________ of the presently outstanding principal amount of the Loans originally made on ___________ 20__], 

(2) presently being maintained as [ABR] [Eurodollar] Loans, 

(3) be [converted into] [continued as], [Eurodollar Loans having an Interest Period of [__ days] [one] [three] [six] [twelve]
months]. 

 
			
	Very truly yours,
	
	SOUTHWEST GAS CORPORATION
		
	By:	 	          

		 	Name:
		 	Title:

  
 2 

 Exhibit C 

Form of Term Loan Note 

PROMISSORY NOTE 
 [Principal
Amount]                                        
                                         
       [Date] 
 SOUTHWEST GAS CORPORATION, a California corporation (the “Borrower”), for value
received, promises to pay to the order of [LENDER] (the “Lender”), on the Termination Date (as defined in the Loan Agreement referred to below), the principal sum of [PRINCIPAL AMOUNT IN DOLLARS] ($[____________]) of Loans made by the
Lender to the Borrower pursuant to that certain Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time to time, the “Loan Agreement”), among the Borrower, the Lenders from time to time parties
thereto and The Bank of New York Mellon, as Administrative Agent. 
 The Borrower also promises to pay interest on the unpaid principal
amount hereof from time to time outstanding, from the date hereof until the date of repayment, at the rate or rates per annum and on the date or dates specified in the Loan Agreement. 

Payments of both principal and interest are to be made in lawful money of the United States of America in funds immediately available to the
Lender at its office or offices designated in accordance with the Loan Agreement. 
 All parties hereto, whether as makers, endorsers, or
otherwise, severally waive diligence, presentment, demand, protest and notice of any kind whatsoever. The failure or forbearance by the holder to exercise any of its rights hereunder in any particular instance shall in no event constitute a waiver
thereof. 
 All borrowings evidenced by this Note and all payments and prepayments of the principal hereof and interest hereon and the
respective dates thereof shall be endorsed by the holder of this Note on the schedule attached hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof; provided, however, that
any failure of the holder of this Note to make such a notation or any error in such notation shall in no manner affect the validity or enforceability of the obligation of the Borrower to make payments of principal and interest in accordance with the
terms of this Note and the Loan Agreement. 
 This Note is one of the Term Loan Notes referred to in the Loan Agreement, which, among other
things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional prepayment of the principal hereof prior to the maturity thereof and for the amendment or waiver of certain provisions of the
Loan Agreement and/or this Note, all upon the terms and conditions therein specified. Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto in the Loan Agreement. 

  
 3 

 THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL, PURSUANT TO NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5- 1401 BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 This Note is not
negotiable and interests herein may be assigned only upon the terms and conditions specified in the Loan Agreement. 
  

			
	SOUTHWEST GAS CORPORATION
		
	By:	 	              

		 	Name:
		 	Title:

  
 4 

 LOANS AND PRINCIPAL PAYMENTS 

 

																																					
	 	  	Amount of Term
Credit Loans Made	 	  	 	 	  	Amount of
Principal
Repaid	 	  	Amount of Unpaid
Principal Balance	 	  	 	 	  	 	 
	 Date
	  	ABR
Loan	 	  	Euro
dollar
Loan	 	  	Interest
Period (if
applicable)	 	  	ABR
Loan	 	  	Euro
dollar
Loan	 	  	ABR
Loan	 	  	Euro
dollar
Loan	 	  	Total	 	  	Notation
Made By	 
		  				  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  				  			

 Exhibit D 

Form of Opinion of 
 Counsel for
the Borrower 
 See Attached 

 Exhibit E 

Form of Assignment and Acceptance 

ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time to time, the
“Loan Agreement”), among Southwest Gas Corporation (the “Borrower”), the Lenders from time to time parties thereto and The Bank of New York Mellon, as Administrative Agent. Capitalized terms defined in the Loan
Agreement are used herein with the same meanings. 
 Section 1. Assignment and Acceptance. The Assignor identified in Annex
I hereto (the “Assignor”) hereby sells and assigns, without recourse, to the Assignee identified in Annex 1 hereto (the “Assignee”), and the Assignee hereby purchases and assumes, without recourse, from
the Assignor, effective as of the Transfer Effective Date set forth in Annex 1 hereto, the interests set forth on Annex 1 hereto (the “Assigned Interest”) in the Assignor’s rights and obligations under the Loan
Agreement, including, without limitation, the interests set forth on Annex 1 in the Loans owing to the Assignor which are outstanding on the Transfer Effective Date. Each of the Assignor and the Assignee hereby makes and agrees to be bound by
all the representations, warranties and agreements set forth in Section 9.05 of the Loan Agreement, a copy of which has been received by the Assignee. From and after the Transfer Effective Date (i) the Assignee shall be a party to and be
bound by the provisions of the Loan Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent of the interests
assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Agreement. 

Section 2. Other Documentation. This Assignment and Acceptance is being delivered to the Administrative Agent together with a
properly completed Administrative Questionnaire, attached as Annex 2 hereto, if the Assignee is not already a Lender under the Loan Agreement. 

Section 3. Representations and Warranties of the Assignor. The Assignor (i) represents and warrants that, as of the date
hereof, it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is held by it free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection with the Loan Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement, or any other instrument or
document executed or furnished pursuant thereto; and (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its
obligations under the Loan Agreement or any other instrument or document furnished pursuant thereto. 

 Section 4. Representations and Warranties of the Assignee. The Assignee
(a) confirms that it has received a copy of the Loan Agreement, together with copies of the financial statements delivered on or before the date hereof pursuant to Sections 5.01(k) and 7.01(a) 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 Acceptance; (b) agrees that it will, independently and without reliance upon 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 any action under the Credit Documents; (c) appoints and authorizes the Administrative Agent to
take such action as agent on its behalf and to exercise such powers under the Credit Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (d) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender; and (e) if the Assignee is organized under the laws of a jurisdiction outside the
United States, confirms to the Borrower (and is providing to the Administrative Agent and the Borrower the forms required pursuant to Section 4.04(a)(ii) and (iii) of the Loan Agreement) that (i) the Assignee is entitled to benefits
under an income tax treaty to which the United States is a party that reduces the rate of withholding tax on payments under the Loan Agreement or (ii) that the income receivable pursuant to the Loan Agreement is effectively connected with the
conduct of a trade or business in the United States. 
 Section 5. GOVERNING LAW. THE RIGHTS AND DUTIES OF THE PARTIES UNDER
THIS ASSIGNMENT AND ACCEPTANCE SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed by their respective officers thereunto duly
authorized, as of the date first above written, such execution being made on Annex 1 hereto. 

  
 2 

 Annex 1 to Assignment and Acceptance 

Date of Assignment:                    
                                         
                                         
                                         
                                       

Legal Name of Assignor:                  
                                         
                                         
                                         
                                 

Legal Name of Assignee:                  
                                         
                                         
                                         
                                 

Assignee’s Address for Notices:                
                                         
                                         
                                         
                       

                          
                                         
                                         
                                         
                                         
                       
 Transfer
Effective Date of Assignment 
 (may not be fewer than two Business 

Days after the Date of Assignment):               
                                         
                                         
                                         
                

                          
                                         
                                         
                                         
                                         
                       
  

					
		  	Principal Amount Assigned	  	Percentage Assigned of Loans (set forth, to at least 8 decimals, as a percentage of the aggregate amount of Loans)
			
	Loans Assigned:	  	$	  	%
			
	The terms set forth above are hereby agreed to:	  	Consent given:	  	

  

									
	______________________, as Assignor	 		 	SOUTHWEST GAS CORPORATION
					
	By:	 	              
	 		 	By:	 	          

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
				
	______________________, as Assignee	 		 		 	
				
		 		 		 	THE BANK OF NEW YORK MELLON,
	By:	 	              
	 		 	as Administrative Agent
		 	Name:	 		 		 	
		 	Title:	 		 	By:	 	              

		 		 		 		 	Name:
		 		 		 		 	Title:

 Annex 2 to Assignment and Acceptance 

LEGAL NAME OF ASSIGNEE TO APPEAR IN DOCUMENTATION: 
  

 
 GENERAL INFORMATION 

ABR LENDING OFFICE: 
 Institution
Name:___________________________________________________________________________________________ 
 Street
Address:_____________________________________________________________________________________________ 
 City, State, Country, Zip
Code:________________________________________________________________________________ 
 EURODOLLAR LENDING OFFICE: 

Institution Name:___________________________________________________________________________________________ 

Street Address:_____________________________________________________________________________________________ 

City, State, Country, Zip Code:________________________________________________________________________________ 

CONTACTS/NOTIFICATION METHODS CREDIT CONTACTS: 
 Primary
Contact:___________________________________________________________________________________________ 
 Street
Address:_____________________________________________________________________________________________ 
 City, State, Country, Zip Code:
_______________________________________________________________________________ 
 Phone
Number:_____________________________________________________________________________________________ 
 FAX
Number:______________________________________________________________________________________________ 
 Backup
Contact:____________________________________________________________________________________________ 
 Street Address:
_____________________________________________________________________________________________ 
 City, State, Country, Zip
Code:________________________________________________________________________________ 
 Phone Number:
____________________________________________________________________________________________ 
 FAX Number:
_____________________________________________________________________________________________ 
 E-Mail Address:
____________________________________________________________________________________________ 

 ADMINISTRATIVE CONTACTS --
BORROWINGS, PAYDOWNS, INTEREST, FEES, ETC. 
 Contact:_________________________________________________________________________________________ 

Street Address:___________________________________________________________________________________ 

City, State, Country, Zip Code: ______________________________________________________________________ 

Phone Number:___________________________________________________________________________________ 

FAX Number:____________________________________________________________________________________ 

PAYMENT INSTRUCTIONS 
 Name of bank where funds are to be
transferred:_________________________________________________________ 
 Routing Transit/ABA number of bank where funds are to be
transferred:______________________________________ 
 Name of Account, if applicable:______________________________________________________________________

 Account Number:_________________________________________________________________________________ 

Additional Information:____________________________________________________________________________ 

_______________________________________________________________________________________________ 

TAX WITHHOLDING 
 Non Resident Alien
_______ Y* _____ N 
 * Form 4224 Enclosed 

Tax ID Number____________ 

  
 2 

 MAILINGS 

Please specify who should receive financial information: 

Name:__________________________________________________________________________________________ 

Street Address:___________________________________________________________________________________ 

City, State, Country, Zip Code:______________________________________________________________________ 

  
 3 

 Exhibit F 

Form of Confidentiality Agreement 

                        
            [Date] 
 [Insert Name and 

Address of Prospective 
 Participant or Assignee] 

 

	 	Re:	 Term Loan Agreement, dated as of March 23, 2021, among Southwest Gas Corporation, the Lenders from time to
time parties thereto and The Bank of New York Mellon, as Administrative Agent 

 Dear _____________: 

As a Lender party to the above-referenced term loan agreement (the “Loan Agreement”), we have
agreed with Southwest Gas Corporation (the “Borrower”), pursuant to Section 11.05 of the Loan Agreement, to use our best efforts to keep confidential, except as otherwise provided therein, all Confidential Information (as defined in
the Loan Agreement) regarding the Borrower and its Subsidiaries. 
 As provided in such Section 11.05, we are permitted to provide you,
as a prospective participant or assignee, with certain of such Confidential Information subject to the execution and delivery by you, prior to receiving such non-public information, of a Confidentiality
Agreement in this form. Such information will not be made available to you until your execution and return to us of this Confidentiality Agreement. 

Accordingly, in consideration of the foregoing, you agree (on behalf of yourself and each of your affiliates, directors, officers, employees
and representatives) that (A) such information will not be used by you except in connection with a proposed [participation] [assignment] to you pursuant to the Loan Agreement and (B) you shall take normal and reasonable precautions and
exercise due care to maintain the confidentiality of all Confidential Information provided to you; provided that nothing herein shall limit the disclosure of any such information (i) to the extent required by statute, rule, regulation or
judicial process, (ii) to your counsel or to counsel for any of the Lenders or the Administrative Agent, (iii) to bank examiners, auditors or accountants, (iv) to the Administrative Agent or any other Lender, and (v) in
connection with any litigation relating to enforcement of the Credit Documents; provided further, that, unless specifically prohibited by applicable law or court order, you agree, prior to disclosure thereof, to notify the Borrower of any request
for disclosure of any such non-public information (x) by any Governmental Authority or representative thereof (other than any such request in connection with an examination of your financial condition by
such Governmental Authority) or (y) pursuant to legal process. 

 Please indicate your agreement to the foregoing by signing at the place provided below the enclosed copy of
this Confidentiality Agreement. 
  

			
	Very truly yours,
	
	[Insert Name of Lender]
		
	By:	 	          

		 	Name:
		 	Title:

 Agreed as of the date of this letter. 

[Insert name of prospective 
 participant or assignee] 

By:___________________________ 

  
 2 

 Exhibit G 

[Reserved] 

 Exhibit H 

[Reserved] 

 Exhibit I 

[Reserved] 

 Exhibit J 

[Reserved] 

 EXHIBIT K-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Term Loan Agreement, dated as of
March 23, 2021 (as amended, modified or supplemented from time to time, the “Loan Agreement”), among Southwest Gas Corporation (the “Borrower”), the lenders from time to time parties thereto (the “Lenders”) and The
Bank of New York Mellon, as Administrative Agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 4.04(a)(ii) of the Loan 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” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code
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 or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement. 
  

	
	[NAME OF LENDER]
	
	By:_________________________________
	Name:
	Title:

 Date: ________ __, 20[ ] 

 EXHIBIT K-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 Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time to time, the “Loan
Agreement”), among Southwest Gas Corporation (the “Borrower”), the lenders from time to time parties thereto (the “Lenders”) and The Bank of New York Mellon, as Administrative Agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 4.04(a)(ii) of the Loan Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
“ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code 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 or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information
provided in this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement. 
  

	
	[NAME OF PARTICIPANT]
	
	By:_________________________________
	
	Name:
	
	Title:
	
	Date: ________ __, 20[ ]

 EXHIBIT K-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 Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time to time, the “Loan
Agreement”), among Southwest Gas Corporation (the “Borrower”), the lenders from time to time parties thereto (the “Lenders”) and The Bank of New York Mellon, as Administrative Agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 4.04(a)(ii) of the Loan Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such
participation, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or
indirect partners/members is a “controlled foreign corporation” related to 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 or IRS Form
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

	
	[NAME OF PARTICIPANT]
	
	By:_________________________________
	
	Name:
	
	Title:
	
	Date: ________ __, 20[ ]

  
 - 8 - 

 EXHIBIT K-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Term Loan Agreement, dated as of March 23, 2021 (as amended, modified or supplemented from time to time, the “Loan
Agreement”), among Southwest Gas Corporation (the “Borrower”), the lenders from time to time parties thereto (the “Lenders”) and The Bank of New York Mellon, as Administrative Agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 4.04(a)(ii) of the Loan 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 the Loan Agreement or any other Credit Document, neither the undersigned nor any of its direct or indirect partners/members is a
“bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a
“ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to 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 or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

	
	[NAME OF LENDER]
	
	By:_________________________________
	
	Name:
	
	Title:
	Date: ________ __, 20[ ]

  
 - 10 -Exhibit 10.1

    

    

    

    AMENDED AND RESTATED MANAGEMENT AGREEMENT

    BETWEEN

    AFC GAMMA, INC.

    AND

    AFC MANAGEMENT, LLC

    

    

    This Amended and Restated Management Agreement (this “Agreement”) is made as of January 14, 2021, by and between AFC Gamma, Inc., a Maryland corporation
      (together with its subsidiaries, the “Company”), and AFC Management, LLC, a Delaware limited liability company (the “Manager”).

    

    

    WHEREAS, the Company is a specialty finance company focused on originating, investing in and managing real estate loans and other real estate-related
      investments;

    

    

    WHEREAS, the Company intends to qualify as a real estate investment trust for federal income tax purposes and will elect to receive the tax benefits afforded
      by Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”);

    

    

    WHEREAS, the Company and the Manager are currently parties to that certain Management Agreement, dated July 31, 2020 (the “Original

        Agreement”), under which the Company has retained the Manager to administer the business activities and day-to-day operations of the Company and to perform services for the Company in the manner and on the terms set forth therein; and

    

    

    WHEREAS, the Company and the Manager have agreed that the terms of their agreement regarding the appointment and services of the Manager will be amended and
      restated as set forth in this Agreement.

    

    

    NOW THEREFORE, the Company and the Manager have agreed to amend and restate the Original Agreement in its entirety so that, effective upon the listing of the
      common stock, par value $0.01 per share (the “Common Stock”), of the Company on a securities exchange registered as a national securities exchange under Section 6 of the Securities Exchange Act of 1934, as
      amended (the “Exchange Act”), this Agreement shall fully supersede and replace the Original Agreement and this Agreement shall hereafter govern all of the terms and conditions of the appointment and services of
      the Manager (the date of such effectiveness, the “Effective Date”).

    

    

    Section 1. Definitions.

    

    

    (a) The following terms shall have the meanings set forth in this Section 1(a):

    

    

    “Adjusted Capital” shall mean the sum of (i) cumulative gross proceeds generated from issuances of the shares of Capital Stock (including
      any distribution reinvestment plan of the Company), less (ii) distributions to investors that represent a return of capital and amounts paid for share repurchases pursuant to any share repurchase program of the Company.

    

    

    “Affiliate” as to any specified Person, means (i) any other Person directly or indirectly
      controlling, controlled by, or under common control with such other Person, (ii) any executive officer or general partner of such other Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions)
      of such Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner. For purposes of this definition, the term “control” (including any correlative words), as used with respect to any Person other than an
      individual, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or otherwise.

    

    

    “Agreement” has the meaning set forth in the Preamble.

    
      
        

    

    
    “Ancillary AFC Entities” means the accounts, private funds, pooled investment vehicles or other entities managed or advised, directly or
      indirectly, from time to time by any of the Manager, the Principals and any of their respective affiliates or entities in which any such person is an executive, in each case, excluding the Company and AFC Warehouse Holding, LLC.

    

    

    “Annual Hurdle Amount” has the meaning set forth in Section 6(d) hereof.

    

    

    “Automatic Renewal Term” has the meaning set forth in Section 10(a) hereof.

    

    

    “Bankruptcy” means, with respect to any Person, (i) the filing by such Person of a voluntary
      petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 7 or 11 of the United States Code or any other U.S. federal or state or foreign insolvency law, or such Person’s filing an answer
      consenting to or acquiescing in any such petition, (ii) the making by such Person of any assignment for the benefit of its creditors, (iii) the expiration of 60 days after the filing of an involuntary petition under Title 7 or 11 of the United States
      Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other U.S. federal or state
      or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60 day period or (iv) the entry against such Person of a final and non-appealable order for
      relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

    

    

    “Base Management Fee” means the base management fee, calculated and payable quarterly in arrears in
      accordance with Section 6 hereof, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; provided that the Base Management Fee shall be reduced by 50% of the
      sum of, without duplication, the aggregate amount of any other fees earned and paid to the Manager during such quarter resulting from the investment advisory services and general management services rendered by it under this Agreement (such other
      fees, “Outside Fees”), including any agency fees relating to the Company’s investments, but excluding the Incentive Compensation and any diligence fees paid and earned by the Manager and paid by third parties
      in connection with the Manager’s due diligence of potential investments for the Company (such reduction, a “Base Management Fee Rebate”). Notwithstanding anything herein to the contrary, under no circumstances
      shall the Base Management Fee be less than zero.

    

    

    “Board” means the board of directors of the Company.

    

    

    “Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in
      New York, New York are not required to be open.

    

    

    “Capital Stock” means all classes or series of stock of the Company, including, without limitation, Common Stock and Preferred Stock.

    

    

    “Claim” has the meaning set forth in Section 8(c) hereof.

    

    

    “Clawback Amount” has the meaning set forth in Section 6(d) hereof.

    

    

    “Clawback Obligation” has the meaning set forth in Section 6(d) hereof.

    

    

    “Closing Date” means July 31, 2020.

    

    

    “Code” has the meaning set forth in the Recitals.

    

    

    “Code of Business Conduct and Ethics” means the code of business conduct and ethics of the Company,
      a copy of which is attached hereto as Exhibit C, as the same may amended, restated, modified, supplemented or waived by the Company from time to time.

    
      2

      
        

    

    “Common Stock” has the meaning set forth in the Preamble.

    

    

    “Company” has the meaning set forth in the Preamble.

    

    

    “Company Account” has meaning set forth in Section 4 hereof.

    

    

    “Company Indemnified Party” has meaning set forth in Section 8(b) hereof.

    

    

    “Confidential Information” has the meaning set forth in Section 5 hereof.

    

    

    “Conflict of Interest Policy” means the conflict of interest policy of the Manager, a copy of which
      is attached hereto as Exhibit B, as the same may amended, restated, modified, supplemented or waived by the Manager from time to time, subject to compliance with Section 2(m) hereof.

    

    

    “Core Earnings” for a given period means the net income (loss) for such period, computed in
      accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the
      applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions
      between the Manager and the Independent Directors and approved by a majority of the Independent Directors.

    

    

    For the avoidance of doubt, Core Earnings shall not exclude under clause (iv) above, in the case of investments with a deferred interest feature (such as original issue discount,
      debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.

    

    

    “Effective Date” has the meaning set forth in the Preamble.

    

    

    “Effective Termination Date” has the meaning set forth in Section 10(b) hereof.

    

    

    “Equity” means, as of any date:

    

    

    (i) the sum of (A) the net proceeds from all issuances of the Company’s equity securities since inception through such date (allocated on a pro rata daily basis for such issuances
      during the fiscal quarter of any such issuance), plus (B) the Company’s retained earnings at the end of the most recently completed fiscal quarter determined in accordance with GAAP (without taking into account any non-cash equity compensation
      expense incurred in current or prior periods), less

    

    

    (ii) (A) any amount that the Company has paid to repurchase the Common Stock since inception through such date; (B) any unrealized gains and losses and other non-cash items that
      have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP through such date; and (C) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above,
      through such date, in each case after discussions between the Manager and the Independent Directors and approval by a majority of the Independent Directors.

    

    

    “Exchange Act” has the meaning set forth in the Preamble.

    

    

    “Existing Investments” means the investments described in Annex A to the Company’s Confidential
      Private Placement Memorandum, dated June 23, 2020.

    

    

    “GAAP” means generally accepted accounting principles in effect in the United States on the date
      such principles are applied.

    
      3

      
        

    

    “Governing Instruments” means, with regard to any entity, the articles of incorporation or
      certificate of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the certificate of formation and operating
      agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended, and any other organizational or governing documents of such entity.

    

    

    “Hurdle Amount” has meaning set forth in the definition of “Incentive Compensation” herein.

    

    

    “Hurdle Rate” means, with respect to any fiscal quarter, 2.0% and, with respect to any fiscal year, 8.0% per annum.

    

    

    “Incentive Compensation” means, with respect to any fiscal quarter, the incentive management fee
      calculated and payable in arrears with respect to such fiscal quarter (or part thereof that this Agreement is in effect) as follows:

    

    

    (a) In any fiscal quarter in which the Company's Core Earnings for such quarter does not exceed the amount equal to the product of (i) the Hurdle Rate and (ii) Adjusted Capital as
      of the last day of the immediately preceding fiscal quarter (such amount, the “Hurdle Amount”), the Incentive Compensation for such fiscal quarter shall equal zero.

    

    

    (b) The Incentive Compensation for such fiscal quarter shall otherwise equal the sum of the Catch-up Amount and the Excess Earnings Amount for such quarter.

    

    

    (c) “Catch-up Amount” means, with respect to any fiscal quarter, 50% multiplied by the amount of the Company's Core Earnings for such
      quarter, if any, that exceed the Hurdle Amount, but are less than or equal to 166-2/3% of the Hurdle Amount. This provision is intended to provide the Manager with an incentive fee of 20% on all of the Company's Core Earnings in any fiscal quarter
      when the Company's Core Earnings equal or exceed 166-2/3% of the Hurdle Amount for such calendar quarter.

    

    

    (c) “Excess Earnings Amount” means, with respect to any fiscal quarter, 20% multiplied by the amount of the Company's Core Earnings for such
      quarter, if any, that exceed 166-2/3% of the Hurdle Amount.

    

    

    “Indemnified Party” has the meaning set forth in Section 8(b) hereof.

    

    

    “Independent Director” means a member of the Board (i) who is not a director, officer or employee
      of the Manager or any Affiliate thereof, and (ii) who otherwise is “independent” in accordance with any requirements set forth in the Company’s Governing Instruments.

    

    

    “Initial Term” has the meaning set forth in Section 10(a) hereof.

    

    

    “Internalization Committee” has the meaning set forth in Section 15(a) hereof.

    

    

    “Internalization Price” means the price paid to the Manager pursuant to an Internalization Transaction under Section 15 hereof and
      determined in accordance with Section 15(e) hereof.

    

    

    “Internalization Transaction” means a transaction in which the Manager contributes to the Company all of the assets of the Manager
      including, without limitation, all furniture, fixtures, leasehold improvements, contract rights, computer software, employment and customer relationships or contracts, as applicable, goodwill, going concern value, other identifiable intangible assets
      and other business assets then owned by the Manager, or, in the alternative, the equity owners of the Manager contribute to the Company 100% of the outstanding equity interests in the Manager.

    
      4

      
        

    

    “Internalization Trigger Anniversary Date” has the meaning set forth in Section 15(b) hereof.

    

    

    “Investment Committee” means the investment committee formed by the Manager, the members of which
      shall consist of employees of the Manager and which may include its Affiliates and may change from time to time. Notwithstanding anything to the contrary herein, any action to be taken by
      the Investment Committee pursuant to this Agreement shall require the approval of a majority of its members; provided that during any time that the Investment Committee is comprised of less than five members,
      any action by the Investment Committee shall require unanimous approval of all members of the Investment Committee.

    

    

    “Investment Company Act” means the Investment Company Act of 1940, as amended.

    

    

    “Investment Guidelines” means the investment guidelines, a copy of which is attached hereto as Exhibit

        A, as the same may amended, restated, modified, supplemented or waived pursuant to the approval of (i) a majority of the entire Board (which must include a majority of the Independent Directors) and (ii) the Manager.

    

    

    “Investments” means the Existing Investments and the Target Investments, collectively.

    

    

    “Losses” has the meaning set forth in Section 8(a) hereof.

    

    

    “Manager” has the meaning set forth in the Preamble.

    

    

    “Manager Change of Control” means, other than as set forth in the immediately following sentence, a
      change in the direct or indirect (i) beneficial ownership of more than 50% of the combined voting power of the Manager’s then outstanding equity interests, or (ii) power to direct or control the management policies of the Manager, whether through the
      ownership of beneficial equity interests, common directors or officers, by contract or otherwise. A Manager Change of Control shall not include changes resulting from any assignment of this Agreement by the Manager as permitted hereby and in
      accordance with the terms hereof.

    

    

    “Manager Indemnified Party” has the meaning set forth in Section 8(a) hereof.

    

    

    “Manager Permitted Disclosure Parties” has the meaning set forth in Section 5 hereof.

    

    

    “Monitoring Services” means monitoring services with respect to the Company’s investments, including (i) negotiating servicing agreements,
      (ii) acting as a liaison between the servicers of the assets and the Company, (iii) review of servicers’ delinquency, foreclosure and other reports on assets, (iv) supervising claims filed under any insurance policies and (v) enforcing the obligation
      of any servicer to repurchase assets.

    

    

    “Original Agreement” has the meaning set forth in the
      Preamble.

    

    

    “Person” means any natural person, corporation, partnership, association, limited liability
      company, estate, trust, joint venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing.

    

    

    “Plan” has meaning set forth in Section 6(h) hereof.

    
      5

      
        

    

    “Portfolio Management Services” means portfolio management services with respect to the Company’s investments, including (i) consulting with
      the Company on the purchase and sale of, and other opportunities in connection with, the Company’s portfolio of investments, (ii) the collection of information and the submission of reports pertaining to the Company’s investments, interest rates and
      general economic conditions, (iii) periodic review and evaluation of the performance of the Company’s portfolio of investments, (iv) acting as liaison between the Company and banking, mortgage banking and investment banking institutions and other
      parties with respect to the purchase, financing and disposition of investments and (v) other customary functions related to portfolio management.

    

    

    “Preferred Stock” means the preferred stock, par value $0.01 per share, of the Company.

    

    

    “Principals” means Leonard M. Tannenbaum, Robyn Tannenbaum and Jonathan Kalikow, collectively.

    

    

    “Regulation FD” means Regulation FD as promulgated by the SEC.

    

    

    “REIT” means a “real estate investment trust” as defined under the Code.

    

    

    “SEC” means the United States Securities and Exchange Commission.

    

    

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

    

    

    “Start-Up Expenses” has meaning set forth in Section 7(g) hereof.

    

    

    “Sub-Manager” has the meaning set forth in Section 2(c) hereof.

    

    

    “Target Investments” means the types of investments described under “Business—Underwriting and
      Investment Process” in the Company’s Registration Statement on Form S-11 covering the registration of the initial public offering and sale of shares of the Common Stock under the Securities Act, subject to, and including any changes to the Investment
      Guidelines that may be approved by the Manager and the Board from time to time, and, for the avoidance of doubt, may in the future include loans in which the Corporation syndicates participation to other parties, including affiliated or separately
      managed vehicles, in order to reduce concentration risk.

    

    

    “Termination Fee”  means a termination fee equal to three times the sum of (i) the annual Base
      Management Fee and (ii) annual Incentive Compensation, in each case, earned by the Manager during the 12-month period immediately preceding the most recently completed fiscal quarter prior to the Effective Termination Date. Notwithstanding anything
      contained herein to the contrary, any Termination Fee will be payable by the Company in cash and the obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement.

    

    

    “Termination Notice” has the meaning set forth in Section 10(b) hereof.

    

    

    “Termination Without Cause” has the meaning set forth in Section 10(b) hereof.

    

    

    (b) As used herein, accounting terms relating to the Company not defined in Section 1(a) hereof and accounting terms partly defined in Section 1(a) hereof, to the extent not defined,
      shall have the respective meanings given to them under GAAP. As used herein, “fiscal quarters” shall mean the period from January 1 to March 31, April 1 to June 30, July 1 to September 30 and October 1 to December 31 of the applicable year.

    

    

    (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
      Agreement, and Section references are to this Agreement unless otherwise specified.

    
      6

      
        

    

    (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be
      followed by the phrase “without limitation.”

    

    

    Section 2. Appointment and Duties of the Manager.

    

    

    (a) The Company hereby appoints the Manager to manage the investments and day to-day operations of the Company, subject at all times to the further terms and conditions set forth in this Agreement
      and such further limitations or parameters as may be imposed from time to time by the Board. The Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided
      that funds are made available by the Company for such purposes as set forth in Section 7 hereof. The Manager shall make available the full benefit of the judgment, experience and advice of the Manager’s organization and staff with respect to
      the duties it will perform under this Agreement. The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this Agreement, to cause the
      duties of the Manager as set forth herein to be provided by third parties. The Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be subject to the supervision and direction of the Board and
      will have only such functions and authority as the Board may delegate to it, including managing the Company’s business affairs in conformity with the Investment Guidelines and policies that are approved and monitored by the Board. The Company and the
      Manager hereby acknowledge the recommendation by the Manager and the approval by the Board (including a majority of the Independent Directors), of the Investment Guidelines, including the Company’s investment strategy in the Investments. The Company
      and the Manager hereby acknowledge and agree that, during the term of this Agreement, any proposed changes to the Company’s investment strategy that would modify or expand the Investments may be recommended only by the Manager and shall require the
      approval of the Board (including a majority of the Independent Directors) and the Manager.

    

    

    (b) The Manager will be responsible for the day-to-day operations of the Company, and will perform (or cause to be performed) such services and activities relating to the investments and operations
      of the Company as may be appropriate, including:

    

    

    (i) forming the Investment Committee, which will have the following responsibilities: (A) reviewing investment opportunities presented to it by senior investment professionals of
      the Manager and (B) reviewing the Company’s investment portfolio for compliance with the Investment Guidelines at least on a quarterly basis, or more frequently as necessary;

    

    

    (ii) maintaining and preserving the books and records of the Company, including (A) maintaining a stock ledger reflecting a record of the Company’s stockholders and their ownership
      of the Company’s Capital Stock and (B) maintaining the accounting and other record-keeping functions relating at the investment and Company levels;

    

    

    (iii) serving as the Company’s consultant with respect to the periodic review of the Investment Guidelines and other parameters for the Company’s investments, financing activities
      and operations, any modification to which shall require the approval of the Board (including a majority of the Independent Directors) and the Manager;

    

    

    (iv) investigating, analyzing and selecting possible investment opportunities and originating, negotiating, acquiring, financing, retaining, selling, restructuring or disposing of
      investments consistent with the Investment Guidelines;

    

    

    (v) with respect to prospective purchases, sales or exchanges of investments, conducting negotiations on the Company’s behalf with sellers, purchasers and brokers and, if
      applicable, their respective agents and representatives;

    
      7

      
        

    

    (vi) negotiating and entering into, on the Company’s behalf, any contracts, deeds, agreements and instruments required for the Company to conduct the Company’s business;

    

    

    (vii) investigating, selecting, engaging and supervising, on the Company’s behalf and at the Company’s expense, independent contractors that provide investment banking, securities
      brokerage, mortgage brokerage and other financial services, due diligence services, underwriting review services, legal and accounting services, and all other services (including transfer agent and registrar services) as may be required relating to
      the Company’s operations or investments (or potential investments);

    

    

    (viii) selecting joint venture and co-investment partners and opportunities, structuring the corresponding agreements, coordinating and managing operations of any joint venture or
      co-investment interests held by the Company and conducting all matters with the joint venture or co investment partners;

    

    

    (ix) providing executive and administrative personnel, office space and office services required in rendering services to the Company;

    

    

    (x) administering the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the Company’s management as may be
      agreed upon from time to time by the Manager and the Board, including the collection of revenues and the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative functions;

    

    

    (xi) communicating on the Company’s behalf with the holders of any of the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any
      governmental bodies or agencies or trading markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and annual meetings arrangements;

    

    

    (xii) counseling the Company in connection with the formulation and implementation of the Company’s policies and any policy decisions to be made by the Board;

    

    

    (xiii) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s behalf, consistent with such strategies as so modified from
      time to time, with the Company’s qualification as a REIT and with the Investment Guidelines;

    

    

    (xiv) counseling the Company regarding the maintenance of the Company’s qualification as a REIT and monitoring compliance with the various REIT qualification tests and other rules
      set out in the Code and Treasury Regulations thereunder and causing the Company to qualify for taxation as a REIT;

    

    

    (xv) counseling the Company regarding the maintenance of the Company’s exemption from the status of an investment company required to register under the Investment Company Act,
      monitoring compliance with the requirements for maintaining such exemption and causing the Company to maintain such exemption from such status;

    

    

    (xvi) furnishing reports and statistical and economic research to the Company regarding the Company’s activities and services performed for the Company by the Manager and if a
      transaction requires approval by the Board, furnishing to the Board all documents requested by it in its evaluation of the proposed transaction;

    

    

    (xvii) monitoring the operating performance of the Company’s investments and providing periodic reports with respect thereto to the Board, including comparative information with
      respect to such operating performance and budgeted or projected operating results;

    
      8

      
        

    

    (xviii) investing and reinvesting any monies and securities of the Company (including investing in short-term investments pending investment in other investments, payment of fees,
      costs and expenses or payments of dividends or distributions to the Company’s stockholders) and making recommendations and advising the Company as to the Company’s capital structure and capital raising;

    

    

    (xix) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls
      and other compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, taxable REIT subsidiaries, and to conduct quarterly compliance
      reviews with respect thereto;

    

    

    (xx) assisting the Company in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;

    

    

    (xxi) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s business activities, including preparing or causing
      to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by any applicable securities exchange on which
      the securities of the Company may be listed;

    

    

    (xxii) assisting the Company in taking all necessary action to enable the Company to make required tax filings and reports, including soliciting information from the Company’s
      stockholders to the extent required by the provisions of the Code applicable to REITs;

    

    

    (xxiii) placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the Company either directly with the issuer or with a broker
      or dealer (including any affiliated broker or dealer);

    

    

    (xxiv) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company
      may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be imposed from time to time by the Board;

    

    

    (xxv) causing expenses incurred by the Company or on the Company’s behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense
      guidelines set by the Board from time to time;

    

    

    (xxvi) advising the Company with respect to and structuring long-term financing vehicles for the Company’s portfolio of assets, and offering and selling securities publicly or
      privately in connection with any such structured financing;

    

    

    (xxvii) serving as the Company’s consultant with respect to decisions regarding any of the Company’s financings, hedging activities or borrowings undertaken by the Company,
      including (A) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment objectives, and (B) advising the Company with respect to obtaining appropriate financing for the
      Company’s investments;

    

    

    (xxviii) providing the Company with Portfolio Management Services and Monitoring Services;

    

    

    (xxix) arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional efforts
      designed to promote the Company’s business, and acting on behalf of the Company in connection with investor relations;

    
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    (xxx) negotiating, selecting and maintaining reasonable insurance coverage on behalf of the Company;

    

    

    (xxxi) providing the Company will all necessary cash management services, including establishing and maintaining bank accounts on behalf of the Company pursuant to Section 4
      hereof;

    

    

    (xxxii) causing the Company to comply with all applicable laws;

    

    

    (xxxiii) assisting the Company in addressing and complying with all regulatory matters with respect to debt investments in regulated cannabis companies, including (A) providing
      requested information to licensed cannabis companies in which the Company invests, (B) responding to any requests from applicable regulatory authorities, and (C) collecting, for regulatory purposes, personal information from holders of the Company’s
      equity or debt securities; and

    

    

    (xxxiv) performing such other services as may be required from time to time for management and other activities relating to the Company’s assets and business as the Board shall
      reasonably request or the Manager shall deem appropriate under the particular circumstances.

    

    

    (c) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of Persons and firms as the Manager deems necessary or advisable in connection with the
      management and operations of the Company; provided that any such agreement shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to
      the Company. In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including accountants, legal counsel and other professional service providers) hired by the
      Manager at the Company’s sole cost and expense. In addition, subject to the approval of the Board (which approval shall not be unreasonably withheld), the Manager is hereby authorized to enter into one or more sub-advisory agreements with other
      investment managers (each, a “Sub-Manager”) pursuant to which the Manager may obtain the services of the Sub-Manager(s) to assist the Manager in providing the investment advisory services required to be
      provided by the Manager under Section 2(a) hereof. Specifically, the Manager may retain a Sub-Manager to recommend specific securities or other investments based upon the Company’s Investment Guidelines, and work, along with the Manager, in
      structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Manager and the Company. The Manager, and not the Company, shall
      be responsible for any compensation payable to any Sub-Manager. Any sub-management agreement entered into by the Manager shall be in accordance with applicable laws. Nothing in this subsection (c) will obligate the Manager to pay any expenses
      that are the expenses of the Company under Section 2 hereof.

    

    

    (d) The Manager shall refrain from any action that (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under
      the Code or the Company’s status as an entity intended to be exempted or excluded from investment company status under the Investment Company Act, (iii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction
      over the Company (excluding for purposes of this clause, the federal prohibition under the U.S. Controlled Substances Act of the cultivation, processing, sale or possession of cannabis or parts of cannabis including the sale or possession of cannabis
      paraphernalia, advertising the sale of cannabis, products containing cannabis or cannabis paraphernalia, or controlling or managing real estate on which cannabis is trafficked, as long as the actions of the Manager are in compliance with applicable
      state law) or of any securities exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Company’s Governing Instruments, or (iv) would jeopardize the ability of any of the companies in which the
      Company has invested or may invest to obtain, maintain, or renew a cannabis license in any jurisdiction in which such company operates. If the Manager is ordered to take any action by the Board, the Manager shall promptly notify the Board if it is
      the Manager’s judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or Governing Instruments. In such event the Manager shall have no liability for acting in accordance with the
      specific instructions of the Board so given. Notwithstanding the foregoing, neither the Manager nor any of its Affiliates, nor any of their respective members, stockholders, managers, partners, trustees, personnel, officers, directors, employees,
      consultants and any Person providing sub-advisory services to the Manager shall be liable to the Company, the Board, or the Company’s stockholders for any act or omission by the Manager or any of its Affiliates, except as provided in Sections 8
      and 13 hereof.

    
      10

      
        

    

    (e) The Company (including the Board) agrees to take all commercially reasonable actions reasonably required to permit and enable the Manager to carry out its duties and obligations under this
      Agreement, including all steps reasonably necessary to allow the Manager to file any registration statement or other filing required to be made under the Securities Act, Exchange Act, the listing requirements or rules and regulations of any
      applicable securities exchange on which the securities of the Company may be listed, the Code or other applicable law, rule or regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially reasonable efforts
      to make available to the Manager all resources, information and materials reasonably requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to prepare, or cause to be prepared, required
      financial statements or other information or reports with respect to the Company.

    

    

    (f) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board, the Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared,
      any reports and other information relating to any proposed or consummated investment as may be reasonably requested by the Company.

    

    

    (g) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board
      in order for the Company to comply with its Governing Instruments, or any other materials required to be filed with any governmental body or agency, and shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all
      materials and data necessary to complete such reports and other materials, including an annual audit of the Company’s books of accounts by a nationally recognized independent accounting firm.

    

    

    (h) The Manager shall prepare, or cause to be prepared, at the sole cost and expense to the Company, regular reports for the Board to enable the Board to review the Company’s acquisitions, portfolio
      composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and policies approved by the Board.

    

    

    (i) Officers, employees, personnel and agents of the Manager and its Affiliates may serve as directors, officers, agents, nominees or signatories for the Company, to the extent permitted by their
      Governing Instruments, by this Agreement or by any resolutions duly adopted by the Board. When executing documents or otherwise acting in such capacities for the Company, such Persons shall indicate in what capacity they are executing on behalf of
      the Company. Without limiting the foregoing, while this Agreement is in effect, the Manager will provide the Company with a management team, whether its own employees or individuals for which it has contracted with other parties to provide services
      to the Manager’s clients, including a Chief Executive Officer and/or President, Chief Financial Officer and Managing Director of Origination, Investor Relations and Marketing or similar positions along with appropriate support personnel, to provide
      the management services to be provided by the Manager to the Company hereunder, who shall devote such of their time to the management of the Company as necessary and appropriate, commensurate with the level of activity of the Company from time to
      time.

    

    

    (j) Subject to the overall supervision of the Board, the Manager shall have the power and authority on behalf of the Company to effect investment decisions for the Company, including the execution
      and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to incur debt financing, the Manager will arrange
      for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Manager to make investments on behalf of the Company through a special purpose vehicle, the Manager shall have authority to
      create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle in accordance with the Investment Guidelines.

    
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    (k) The Manager, at its sole cost and expense, shall provide personnel for service on the Investment Committee.

    

    

    (l) The Manager, at its sole cost and expense, may maintain reasonable directors’ and officers’ liability insurance coverage and other insurance coverage, in the Manager’s sole discretion, in respect
      of its obligations and activities under, or pursuant to, this Agreement.

    

    

    (m) Notwithstanding the services provided by the Manager to the Company pursuant to this Agreement, the Manager shall be deemed to be an independent contractor.  Unless otherwise expressly authorized
      or provided, the Manager shall not be authorized to manage the affairs of, act in the name of, or bind the Company.  None of the Board or the Company shall be obligated to follow or accept any recommendation made by the Manager.

    

    

    (n) The Manager has adopted the Conflict of Interest Policy in order to identify, manage and disclose potential conflicts of interest in connection with the services provided by the Manager to its
      clients. The Manager acknowledges receipt of the Company’s Code of Business Conduct and Ethics, which includes the Company’s conflict of interest policy, and the Manager agrees to (i) use reasonable efforts to avoid any potential conflicts of
      interest, (ii) disclose the nature and source of any material conflict of interest to the Board and the Board’s Audit and Valuation Committee before undertaking a transaction on behalf of the Company and (iii) require the Persons who provide services
      to the Company to comply with the Code of Business Conduct and Ethics in the performance of such services hereunder or such comparable policies as shall in substance hold such Persons to at least the standards of conduct set forth in the Code of
      Business Conduct and Ethics. Circumstances may arise where there is a conflict of interest between the Manager and the Company, or between the Company and another client of the Manager. In the event of such conflict of interest, the Manager shall
      ensure that the conflict is managed fairly in accordance with the Conflict of Interest Policy. The Manager acknowledges and agrees that it shall not amend, restate, modify, supplement or waive the Conflict of Interest Policy without the approval of a
      majority of the entire Board (which must include a majority of the Independent Directors).

    

    

    Section 3. Additional Activities of the Manager; Non-Solicitation; Restrictions.

    

    

    (a) Except as provided in the last sentence of this Section 3(a), Section 3(b) and/or the Investment Guidelines and subject to the Conflict of Interest Policy and the Company’s Code
      of Business Conduct and Ethics, nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees, from engaging in other businesses or from rendering services of any kind to any other Person or
      entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, (ii) in any way bind or restrict the Manager or any of its Affiliates or any of their respective members,
      stockholders, managers, partners, trustees, personnel, officers, directors, employees or consultants from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the Manager or any of its
      Affiliates, or any of their respective members, stockholders, managers, partners, trustees, personnel, officers, directors, employees or consultants may be acting, (iii) obligate the Manager to dedicate any of its officers or personnel exclusively to
      the Company or (iv) obligate the Company’s officers to dedicate any specific portion of their time to the Company’s business. While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment, be
      appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Manager or any Affiliate of the Manager to others. The Company
      shall be entitled to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the treatment
      given by the Manager or any Affiliate of the Manager to others. The Company shall have the benefit of the Manager’s best judgment and effort in rendering services hereunder and, in furtherance of the foregoing, the Manager shall not undertake
      activities that, in its good faith judgment, will adversely affect the performance of its obligations under this Agreement. Notwithstanding anything to the contrary herein, for so long as the Manager is managing the Company pursuant to this
      Agreement, neither it nor any of its Affiliates will sponsor or manage any other mortgage REIT that invests primarily in investments of the same kind as the Investments (taken as a whole).

    
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    (b) Certain investment opportunities, which may be suitable for AFC, may also be suitable for Ancillary AFC Entities and the Manager may allocate such investments and purchase such investments on
      behalf of Ancillary AFC Entities under such allocation process as the Manager deems reasonable under the circumstances in good faith.

    

    

    (c) In the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(b) hereof, for two years after such termination of this Agreement, the Company shall
      not, without the consent of the Manager, employ or otherwise retain any employee of the Manager or any of its Affiliates or any Person who has been employed by the Manager or any of its Affiliates at any time within the two-year period immediately
      preceding the date on which such Person commences employment with, or is otherwise retained by, the Company. The Company acknowledges and agrees that, in addition to any damages, the Manager shall be entitled to equitable relief for any violation of
      this Section 3(c) by the Company, including injunctive relief. Solely for purposes of this Section 3(c), if any Person who is a member, stockholder, manager, partner, trustee, personnel, officer, director or employee of the Manager or
      any of its Affiliates or provides sub-advisory services to the Manager is or becomes a director, officer and/or employee of the Company and acts as such in any business of the Company, then such member, stockholder, manager, partner, trustee,
      personnel, officer, director and/or employee of the Manager or its Affiliate or such Person providing sub-advisory services to the Manager shall be deemed to be acting in such capacity solely for the Company, and not as a member, stockholder,
      manager, partner, trustee, personnel, officer, director or employee of the Manager or its Affiliate, a Person providing sub-advisory services to the Manager or under the control or direction of the Manager or its Affiliate, even if paid by the
      Manager or its Affiliate. The provisions of this Section 3(c) shall survive the expiration or earlier termination of this Agreement.

    

    

    Section 4. Bank Accounts.

    

    

    At the direction of the Board, the Manager may establish and maintain one or more bank accounts in the name of the Company (any such account, a “Company Account”),

      and may collect and deposit into any such account or accounts, and disburse funds from any such account or accounts, under such terms and conditions as the Board may approve; provided that no funds shall be
      commingled with the funds of the Manager and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board and, upon request, to the auditors of the Company.

    

    

    Section 5. Records; Confidentiality.

    

    

    The Manager shall maintain appropriate books of accounts and records relating to services performed hereunder, and such books of accounts and records shall be accessible for inspection by the Board
      and by legal counsel, auditors and authorized representatives of the Company at any time from time to time during normal business hours upon reasonable advance notice. The Manager shall at all reasonable times have access to the books and records of
      the Company. The Manager shall keep confidential any and all non-public information, written or oral, obtained by it in connection with the services rendered hereunder (such information, “Confidential Information”) and shall not use Confidential Information except in furtherance of its duties under this Agreement or disclose Confidential Information, in whole or in part, to any Person other than (a) to its Affiliates, (b)
      to its and its Affiliates’ respective members, stockholders, managers, partners, trustees, personnel, officers, directors, employees, consultants, agents, accountants, legal counsel, representatives or advisors, in each case, where the Manager deems
      disclosure to be necessary for providing its services under this Agreement, (c) to appraisers, financing sources and others in the ordinary course of the Company’s business ((a), (b) and (c) collectively, “Manager
        Permitted Disclosure Parties”), (d) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors (subject to compliance with Regulation
      FD, if applicable) or (e) with the consent of the Board. The Manager agrees to inform each of its Manager Permitted Disclosure Parties of the non-public nature of the Confidential Information and instruct the Manager Permitted Disclosure Parties to
      keep such information confidential. Nothing herein shall prevent the Manager from disclosing Confidential Information (i) upon the order of any court or administrative agency or to the extent required by applicable laws or regulations, (ii) upon the
      request or demand of any governmental or regulatory agency or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however, that with respect to clauses (i) and (ii), it is agreed that, so long as not legally prohibited, the Manager will provide the
      Company with prompt written notice of such order, request or demand so that the Company may seek, at its sole expense, an appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the entry
      of a protective order or the receipt of a waiver hereunder, the Manager is required to disclose Confidential Information pursuant to such order, request or demand, the Manager may disclose only that portion of such information that is legally
      required without liability hereunder; provided, that the Manager agrees, subject to reimbursement by the Company of the Manager’s expenses, to exercise its commercially reasonable efforts to obtain reliable
      assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Confidential Information that (A) is available
      to the public from a source other than the Manager; (B) is released by the Company to the public or to Persons who are not under similar obligation of confidentiality to the Company; or (C) is obtained by the Manager from a third party that, to the
      best of the Manager’s knowledge, has not breached an obligation of confidence with respect to the Confidential Information disclosed. The provisions of this Section 5 shall survive the expiration or earlier termination of this Agreement for a
      period of one year.

    
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    Section 6. Compensation.

    

    

    (a) For the services rendered under this Agreement, the Company shall pay the Base Management Fee and, subject to the Clawback Obligation pursuant to Section 6(d), the Incentive
      Compensation to the Manager. The Manager will not receive any compensation for the period prior to the Closing Date other than expenses incurred and to be reimbursed pursuant to Section 7 hereof (excluding, for the avoidance of doubt, any
      expenses related to the Company’s formation and initial offering of equity of which the Manager did not have a role).

    

    

    (b) The parties acknowledge that the Base Management Fee is intended to compensate the Manager for certain expenses it will incur pursuant to this Agreement that are not otherwise reimbursable
      under Section 7 hereof, in order for the Manager to provide the Company the investment advisory services and certain general management services rendered under this Agreement.

    

    

    (c) The Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the fiscal quarter in which this Agreement becomes effective. If applicable, the initial
      and final installments of the Base Management Fee shall be prorated based on the number of days during the initial and final fiscal quarter, respectively, that this Agreement is in effect. The Manager shall calculate each quarterly installment of the
      Base Management Fee, and deliver such calculation to the Board, for informational purposes only and subject in any event to Section 10(b) of this Agreement, within 30 days following the last day of each fiscal quarter. The Company shall pay
      the Manager each installment of the Base Management Fee in cash within five Business Days after the date of delivery to the Board of such computations.

    

    

    (d) The Incentive Compensation shall be payable in arrears, in quarterly installments commencing with the fiscal quarter in which this Agreement becomes effective, based upon the Company’s Core
      Earnings for the applicable fiscal quarter. The Incentive Compensation will be subject to a Hurdle Rate, measured quarterly and expressed as a rate of return on the Company’s Adjusted Capital as of the last day of the fiscal quarter immediately
      preceding the fiscal quarter for which the Incentive Compensation is being calculated. Once Incentive Compensation is earned and paid, such Incentive Compensation is not refundable, notwithstanding any losses incurred in subsequent periods by the
      Company, except that, with respect to any specified fiscal year of the Company, if the Company’s aggregate Core Earnings for such fiscal year do not exceed the amount equal to the product of (i) the Hurdle Rate for such fiscal year and (ii) Adjusted
      Capital as of the last day of the immediately preceding fiscal year (such amount, the “Annual Hurdle Amount”), the Manager shall have an obligation (the “Clawback Obligation”)

      to pay to the Company an amount (the “Clawback Amount”) equal to the aggregate Incentive Compensation that was earned and paid to the Manager during such fiscal year; provided
      that under no circumstances shall the Clawback Amount be more than the amount to which the Annual Hurdle Amount exceeds the Company’s aggregate Core Earnings for the specified fiscal year. For the avoidance of doubt, the Clawback Obligation
      shall be determined annually and any Incentive Compensation earned during a specified fiscal year of the Company shall not be subject to the Clawback Obligation with respect to the Incentive Compensation earned during any prior or subsequent fiscal
      year of the Company.

    
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    (e) For purposes of computing the Incentive Compensation, the calculation methodology will look through derivatives or swaps as if the Company owned the reference assets directly. Therefore, net
      interest, if any, associated with a derivative or swap (which represents the difference between (i) the interest income and fees received in respect of the reference assets of the derivative or swap and (ii) the interest expense paid by the Company
      to the derivative or swap counterparty) will be included in the calculation of Core Earnings for purposes of the Incentive Compensation.

    

    

    (f) If applicable, the initial and final installments of the Incentive Compensation and any component thereof shall be prorated based on the number of days during the initial and final fiscal
      quarter, respectively, that this Agreement is in effect. The Manager shall compute each quarterly installment of the Incentive Compensation within 45 days after the end of the fiscal quarter with respect to which such installment is payable. If
      applicable, the aggregate Core Earnings, the Annual Hurdle Amount, the Clawback Amount and any components thereof for the initial and final fiscal years that this Agreement is in effect shall be prorated based on the number of days during the initial
      and final fiscal years, respectively, that this Agreement is in effect. The Manager shall compute the aggregate Core Earnings, the Annual Hurdle Amount and the Clawback Amount, if any, for each fiscal year within 45 days after the end of the
      applicable fiscal year. A copy of the computations made by the Manager to calculate any installment of Incentive Compensation, aggregate Core Earnings, Annual Hurdle Amount and any Clawback Amount shall thereafter, for informational purposes only,
      promptly be delivered to the Board. The Company shall pay the Manager each installment of the Incentive Compensation in cash within five Business Days after the date of delivery to the Board of the computations of such installment and the Manager
      shall pay the Company the Clawback Amount, if any, within five Business days after the date of delivery to the Board of the computations of such Clawback Amount.

    

    

    (g) To the extent permitted by applicable law, the Manager may elect, or the Company may adopt a deferred compensation plan pursuant to which the Manager may elect, to defer all or a portion of its
      fees and compensation hereunder for a specified period of time.

    

    

    (h) Subject to the approval of a majority of the entire Board (which must include a majority of the Independent Directors) and prior to the occurrence of an underwritten initial public offering of
      the Common Stock of the Company under the Securities Act, the Company shall establish an equity incentive plan (as may be amended, restated, supplemented or otherwise modified from time to time, the “Plan”) for
      shares of Common Stock. It being understood that certain officers, directors and employees of the Manager and its Affiliates shall be eligible to receive stock option incentive compensation under such plan on terms as shall be agreed between the
      Manager and the Board (including a majority of the Independent Directors).

    

    

    (i) For the avoidance of doubt, any compensation previously earned by the Manager for services rendered prior to the Effective Date under the Original Agreement shall be calculated and payable
      pursuant to the terms of, and in accordance with, the Original Agreement. Upon the Effective Date, all compensation earned by the Manager for services rendered on or after the Effective Date shall be calculated and payable pursuant to the terms of,
      and in accordance with, this Agreement.

    

    

    Section 7. Expenses of the Company.

    

    

    (a) The Company shall pay all of its costs and expenses and shall reimburse the Manager or its Affiliates for expenses of the Manager and its Affiliates paid or incurred on behalf of the Company,
      excepting only those expenses that are specifically the responsibility of the Manager pursuant to this Section 7 or otherwise excluded pursuant to Section 7(g). Without limiting the generality of the foregoing, it is specifically
      agreed that the following costs and expenses of the Company shall be paid or reimbursed by the Company and shall not be borne by the Manager or Affiliates of the Manager:

    

    

    (i) all ongoing organizational costs, including but not limited to, expenses in connection with the issuance and transaction costs incident to the origination, acquisition,
      disposition and financing of the investments of the Company;

    
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    (ii) costs of legal, financial, tax, accounting, servicing, due diligence, consulting, auditing and other similar services rendered for the Company by providers retained by the
      Manager or, if provided by the Manager’s personnel, in amounts that are no greater than those that would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis;

    

    

    (iii) the compensation and expenses of the Company’s directors, the cost of liability insurance to indemnify the Company’s directors and officers, directors and officers/errors and
      omissions liability insurance, and any other insurance premium;

    

    

    (iv) costs associated with the establishment and maintenance of any financing arrangements or other indebtedness of the Company (including interest and other costs for borrowed
      money, commitment fees, accounting fees, legal fees, closing and other similar costs) or the issuance, offering, distribution or listing of any of the Company’s securities (including selling commissions and fees, advertising expenses and any listing
      and registration fees);

    

    

    (v) expenses connected with communications to holders of the Company’s securities and other bookkeeping and clerical work necessary in maintaining relations with holders of such
      securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of preparing and filing reports required by governmental entities, the costs payable by the Company to any
      transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on any securities exchange, the fees payable by the Company to any such securities exchange in connection with any such listing, costs of
      preparing, printing and mailing any reports of the Company to the Company’s stockholders and proxy materials, if any, with respect to any meeting of the Company’s stockholders;

    

    

    (vi) costs associated with any computer software or hardware, electronic equipment or purchased information technology service from a third-party vendor that is used for the
      Company;

    

    

    (vii) expenses incurred by managers, officers, personnel and agents of the Manager for travel on the Company’s behalf and other out-of-pocket expenses incurred by managers,
      officers, personnel and agents of the Manager in connection with the services provided hereunder, including in connection with any purchase, financing, refinancing, sale or other disposition of an investment or any of the Company’s securities
      offerings;

    

    

    (viii) costs and expenses incurred with respect to market information systems and publications, research publications and materials, and settlement, clearing and custodial fees and
      expenses;

    

    

    (ix) compensation and expenses of the Company’s custodian and transfer agent, if any;

    

    

    (x) the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency;

    

    

    (xi) all federal, state and local taxes and license fees;

    
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    (xii) all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable to the insurance that the Manager elects to carry
      for itself and its personnel;

    

    

    (xiii) costs and expenses incurred in contracting with third parties;

    

    

    (xiv) all other costs and expenses relating to the Company’s business and investment operations, including the costs and expenses of selecting, evaluating, originating, acquiring,
      owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;

    

    

    (xv) expenses (including the Company’s pro rata portion of rent, telephone, printing, mailing, utilities, office furniture, equipment, machinery and other office, internal and
      overhead expenses) relating to any office(s) or office facilities, including disaster backup recovery sites and facilities, maintained for the Company or the investments of the Company, the Manager or their Affiliates required for the operation of
      the Company; provided that, notwithstanding anything to the contrary herein, the Company shall not be obligated to reimburse the Manager or its Affiliates for any rent paid for the use of any offices or
      office facilities owned by the Principals, including any such offices or office facilities located at 777 West Putnam Avenue, Greenwich, Connecticut 06830 or 14 Bridge Hill Lane, Bridgehampton, NY 11932.

    

    

    (xvi) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board to or on account of
      holders of the Company’s securities, including in connection with any dividend reinvestment plan;

    

    

    (xvii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company, or against any director or officer of the Company
      in his capacity as such for which the Company is required to indemnify such director or officer by any court or governmental agency;

    

    

    (xviii) expenses connected with calculating the Company’s Core Earnings, Equity and/or net asset value (including the cost and expenses of any independent valuation firm);

    

    

    (xix) expenses of organizing, redomesticating, merging, liquidating or dissolving the Company, selling equity interest in the Company, or amending the Governing Instruments of the
      Company; and

    

    

    (xx) all other expenses actually incurred by the Manager (except as otherwise specified herein) that are reasonably necessary for the performance by the Manager of its duties and
      functions under this Agreement.

    

    

    (b) The Company shall have no obligation to pay, or reimburse the Manager or its Affiliates for, the salaries and other compensation of the Manager’s investment professionals who provide services
      to the Company under this Agreement, except that the Company shall pay, or reimburse the Manager or its Affiliates, as applicable, for, the Company’s fair and equitable allocable share of the compensation, including annual base salary, bonus, any
      related withholding taxes and employee benefits, paid to (i) subject to review by the Compensation Committee of the Board, the Manager’s personnel serving as Chief Executive Officer (except when the Chief Executive Officer serves as a member of the
      Investment Committee prior to the consummation of an Internalization Transaction), General Counsel, Chief Compliance Officer, Chief Financial Officer, Chief Marketing Officer, Managing Director and any other officer of the Company based on the
      percentage of his or her time spent devoted to the Company’s affairs and (ii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the Manager and its
      Affiliates who spend all or a portion of their time managing the Company’s affairs, with the allocable share of the compensation of such personnel described in this clause (ii) being as reasonably determined by the Manager to appropriately reflect
      the amount of time spent devoted by such personnel to the Company’s affairs. For the avoidance of doubt, the service by any personnel of the Manager and its Affiliates as a member of the Investment Committee will not, by itself, dispositive in the
      determination as to whether such personnel is deemed “investment personnel” of the Manager and its Affiliates. The Manager shall provide the Company with such written detail as the Company may reasonably request to support the determination of the
      Company’s share of such costs. It being understood that, for the avoidance of doubt, the limitation contained in this Section 7(b) shall not apply to any equity-based incentive compensation payable or granted by the Company, including,
      without limitation, such equity-based incentive compensation made pursuant to the Plan.

    
      17

      
        

    

    (c) The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which determination shall not be deemed to construe a waiver of
      reimbursement for similar expenses in future periods.

    

    

    (d) Costs and expenses paid or incurred by the Manager on behalf of the Company shall be reimbursed monthly to the Manager and shall be made regardless of whether any cash distributions are made to
      the Company’s stockholders. The Manager shall prepare a written statement in reasonable detail documenting the costs and expenses of the Company and those incurred by the Manager on behalf of the Company during each month, and shall deliver such
      written statement to the Company within 30 days after the end of each month. Subject to review by the Compensation Committee of the Board pursuant to Section 7(b)(i), the Company shall pay all amounts payable to the Manager pursuant to this Section

        7(d) in cash within five Business Days after the receipt of the written statement without demand, deduction, offset or delay. Cost and expense reimbursements to the Manager shall be subject to adjustment at the end of each calendar year in
      connection with the annual audit of the Company. The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection
      with such expiration or termination.

    

    

    (e) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional monies is proven by the Company to have been required as a direct
      result of the Manager’s acts or omissions that result in the right of the Company to terminate this Agreement pursuant to Section 12 of this Agreement, the Manager shall not be required to expend money (“Excess

        Funds”) in connection with any expenses that are required to be paid for or reimbursed by the Company pursuant to this Agreement in excess of that contained in any applicable Company Account or otherwise made available by the Company to be
      expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 10(b) of this Agreement to terminate this Agreement due
      to unsatisfactory performance by the Manager that is materially detrimental to the Company taken as a whole.

    

    

    (f) Should the Board request that the Manager, any Affiliate of the Manager or any director, officer or employee thereof render services for the Company other than as set forth in Section 2
      hereof, such additional services, if the Manager elects to perform them, shall be separately compensated at such rates and in such amounts as shall be agreed upon by the Manager and the Board, subject to the limitations contained in the Company’s
      Governing Instruments; provided that such separate compensation shall not exceed an amount that would be payable to non-Affiliated third parties for similar services pursuant to an agreement negotiated on an
      arm’s-length basis, and shall not be deemed to be services pursuant to the terms of this Agreement.

    

    

    (g)  Notwithstanding anything to the contrary herein, the Company shall not be responsible for the reimbursement or payment of the Company’s costs and expenses pertaining to its formation and its
      initial offering of equity (collectively, the “Start-Up Expenses”), of which the Manager did not have a role, except that the Company shall pay, or reimburse the Principals for, the Start-Up Expenses paid or
      payable to third-party lawyers, accountants and valuation consultants. It being understood that any Start-Up Expenses not borne by the Company are intended to borne by the Principals.

    
      18

      
        

    

    Section 8. Limits of the Manager’s Responsibility.

    

    

    (a) The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board in
      following or declining to follow any advice or recommendations of the Manager, including as set forth in the Investment Guidelines. The Manager and its Affiliates, and any of their respective members, stockholders, managers, partners, trustees,
      personnel, officers, directors, employees, consultants and any Person providing sub-advisory services to the Manager, will not be liable to the Company, the Board or the Company’s stockholders for any acts or omissions by any such Person (including
      errors that may result from ordinary negligence, such as errors in the investment decision making process or in the trade process) performed in accordance with and pursuant to this Agreement, except by reason of acts or omission constituting bad
      faith, willful misconduct, gross negligence or reckless disregard of their respective duties under this Agreement, as determined by a final non-appealable order of a court of competent jurisdiction. The Company shall, to the full extent lawful,
      reimburse, indemnify and hold harmless the Manager, its Affiliates, and any of their respective members, stockholders, managers, partners, trustees, personnel, officers, directors, employees, consultants and any Person providing sub-advisory services
      to the Manager (each, a “Manager Indemnified Party”), of and from any and all losses, damages, liabilities, demands, charges and claims of any nature whatsoever and any
      and all expenses, costs and fees related thereto (including reasonable attorneys’ fees and amounts reasonably paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld))
      (collectively, “Losses”) incurred by the applicable Manager Indemnified Party in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit
      by or in the right of the Company or its security holders) arising from any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement and not constituting bad faith, willful misconduct, gross negligence or
      reckless disregard of duties of such Manager Indemnified Party under this Agreement, in each case, to the extent not fully reimbursed by insurance.

    

    

    (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, and the directors, officers and stockholders of the Company and each Person, if any,
      controlling the Company (each, a “Company Indemnified Party” and, together with a Manager Indemnified Party, an “Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of the Manager
      under this Agreement or (ii) any claims by the Manager’s employees relating to the terms and conditions of their employment by the Manager, in each case to extent not fully reimbursed by insurance.

    
      19

      
        

    

    (c) In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified Party in
      respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written notice thereof to the indemnifying party; provided, however, that the failure of the Indemnified Party to so notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have
      hereunder, unless the indemnifying party’s ability to defend in such Claim or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent such indemnifying party is thereby actually so
      prejudiced. Upon receipt of such notice of a Claim (together with such documents and information from such Indemnified Party as is reasonably available to the Indemnified Party and is reasonably necessary or appropriate to determine whether and to
      what extent the Indemnified Party is entitled to indemnification), the indemnifying party shall, at its sole cost and expense, have the right to defend in good faith any such Claim with counsel reasonably satisfactory to such Indemnified Party; provided, however, that the indemnifying party shall notify the Indemnified Party of any such decision to defend within 15 days following receipt of notice of any such Claim under this Section 8(c). The
      Indemnified Party will be entitled to participate but, subject to the next sentence, not control, the defense of any such action, with its own counsel and at its own expense. Such Indemnified Party may elect to conduct the defense of the Claim, if
      (i) such Indemnified Party reasonably concludes, based upon an opinion of counsel approved by the indemnifying party, which approval shall not be unreasonably withheld or delayed, that the Indemnified Party may have separate defenses or counterclaims
      to assert with respect to any issue which may not be consistent with other defendants in such Claim, (ii) such Indemnified Party reasonably concludes, based upon an opinion of counsel approved by the indemnifying party, which approval shall not be
      unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between such Indemnified Party and the indemnifying party, or (iii) if the indemnifying party fails to assume the defense of
      such Claim in a timely manner, such Indemnified Party shall be entitled to be represented by separate legal counsel of such Indemnified Party’s choice, subject to the prior approval of the indemnifying party, which approval shall not be unreasonably
      withheld or delayed, at the expense of the indemnifying party. The indemnifying party shall not, without the prior written consent of such Indemnified Party, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment
      against such Indemnified Party or enter into any settlement or compromise of a claim against such Indemnified Party which (i) includes an admission of fault of such Indemnified Party, (ii) does not include, as an unconditional term thereof, the full
      release of such Indemnified Party from all liability in respect of such Claim, which release shall be in form and substance reasonably satisfactory to such Indemnified Party or (iii) would impose any Losses, judgment, fine, penalty or limitation on
      such Indemnified Party. The applicable Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms
      hereof. If such Indemnified Party is entitled pursuant to this Section 8 to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim
      entered into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section 8.

    

    

    (d) The rights of indemnification provided in this Section 8 will be in addition to any rights to which an Indemnified Party may otherwise be entitled by contract or as a matter of law, and
      shall extend to each of its or his or her heirs, successors and permitted assigns. The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement until the date that any Indemnified Party is no longer
      subject to any actual or probable Claim (including any rights of appeal thereto) of which indemnification may be sought by such Indemnified Party pursuant to this Section 8.

    

    

    Section 9. No Joint Venture.

    

    

    The Company and the Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on
      either of them.

    

    

    Section 10. Term; Renewal; Termination Without Cause.

    

    

    (a) This Agreement shall become effective on the Effective Date and shall continue in operation, unless terminated in accordance with the terms hereof, until the third anniversary of the Closing
      Date (the “Initial Term”). After the Initial Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic Renewal Term”)

      unless the Company or the Manager elects not to renew this Agreement in accordance with Section 10(b) or Section 10(c), respectively.

    

    

    (b) Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial Term or any Automatic Renewal Term and upon 180 days’ prior written notice to the
      Manager (the “Termination Notice”), the Company may, without cause, in connection with the expiration of the Initial Term or the then current Automatic Renewal Term,
      decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the affirmative vote of at least two-thirds of the Independent Directors that
      there has been unsatisfactory performance by the Manager that is materially detrimental to the Company taken as a whole. In the event of a Termination Without Cause, the Company shall pay the Manager the Termination Fee before or on the last day of
      the Initial Term or such Automatic Renewal Term, as the case may be (the “Effective Termination Date”).

    
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    (c) No later than 180 days prior to the expiration of the Initial Term or the then current Automatic Renewal Term, the Manager may deliver
      written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this
      Agreement next following the delivery of such notice. The Company is not required to pay to the Manager the Termination Fee if the Manager terminates this Agreement pursuant to this Section 10(c).

    

    

    (d) Except as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10 shall be without any further liability or obligation of either party to the
      other, except as provided in Sections 5, 7, 8, 10(b), 10(c), 12(b), 13 and 16(e) hereof.

    

    

    (e) If applicable, the Manager shall cooperate with the Company in executing an orderly transition of the management of the Company’s consolidated assets to a new manager.

    

    

    (f) The Company and the Manager each agree that it is their intention that if the Agreement is not terminated in the manner set forth in this Section 10 or Section 12, then the
      Company and the Manager (or the equity owners of the Manager) may effect an Internalization Transaction pursuant to Section 15 upon the Company’s Equity equaling or exceeding $1,000,000,000.

    

    

    Section 11. Assignments.

    

    

    (a) Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination Fee
      in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the approval of a majority of the Independent Directors. Any permitted assignment (including to an Affiliate of
      the Manager as set forth below) shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the assignee shall be liable to the Company for all of its errors or omissions upon such permitted assignment. In addition,
      the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as the Manager. Notwithstanding anything to the contrary in this Agreement, the Manager may, without the approval of the Company’s Independent
      Directors, (i) assign this Agreement to an Affiliate of the Manager and (ii) delegate to one or more of its Affiliates the performance of any of its responsibilities hereunder so long as it remains liable for any such Affiliate’s performance, in each
      case so long as assignment or delegation does not require the Company’s approval under the Investment Company Act (but if such approval is required, the Company shall not unreasonably withhold, condition or delay its consent). Nothing contained in
      this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

    

    

    (b) Assignments by the Company. This Agreement shall not be assigned by the Company without the prior written
      consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to the Company, in which case such successor
      organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.

    

    

    Section 12. Termination for Cause.

    

    

    (a) The Company may terminate this Agreement effective upon 30 days’ prior written notice of termination from the Company to the Manager, without payment of any Termination Fee, if (i) the Manager,
      its agents or its assignees breaches any material provision of this Agreement and such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period
      (or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the written notice), (ii) there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency, including an
      order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition, (iii) any Manager Change of Control occurs that a majority of the Independent Directors determines is materially detrimental to
      the Company taken as a whole, (iv) the Manager is dissolved, or (v) the Manager commits fraud against the Company, misappropriates or embezzles funds of the Company, or acts, or fails to act, in a manner constituting bad faith, willful misconduct,
      gross negligence or reckless disregard in the performance of its duties under this Agreement; provided, however, that if any
      of the actions or omissions described in this clause (v) are caused by an employee, personnel and/or officer of the Manager or one of its Affiliates and the Manager (or such Affiliate) takes all necessary and appropriate action against such Person
      and cures the damage caused by such actions or omissions within 30 days of the Manager’s actual knowledge of its commission or omission, the Company shall not have the right to terminate this Agreement pursuant to this Section 12(a)(v).

    
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    (b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of
      any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. The
      Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 12(b).

    

    

    (c) The Manager, at its sole option, may terminate this Agreement if the Company becomes required to register as an investment company under the Investment Company Act, with such termination deemed
      to occur immediately before such event, in which case the Company shall not be required to pay the Termination Fee.

    

    

    Section 13. Actions Upon Termination.

    

    

    From and after the effective date of termination of this Agreement pursuant to Sections 10, 11, or 12 hereof, the Manager shall not be entitled to compensation for further
      services hereunder, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 12(b) hereof or not renewed pursuant to Section 10(b) hereof, the Termination Fee. Upon any such
      termination, the Manager shall forthwith:

    

    

    (a) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company all money collected and held for the account of the Company
      pursuant to this Agreement;

    

    

    (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last
      accounting furnished to the Board with respect to the Company; and

    

    

    (c) deliver to the Board all property and documents of the Company then in the custody of the Manager.

    

    

    The provisions of this Section 13 shall survive the expiration or earlier termination of this Agreement.

    

    

    Section 14. Release of Money or Other Property Upon Written Request.

    

    

    The Manager agrees that any money or other property of the Company held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s records shall be appropriately and
      clearly marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company any money
      or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release such money or other property to the Company within a reasonable period of time, but in no event later than 60 days following
      such request. Upon delivery of such money or other property to the Company, the Manager shall not be liable to the Company, the Board, or the Company’s stockholders for any acts or omissions by the Company in connection with the money or other
      property released to the Company in accordance with this Section 14. The Company shall indemnify the Manager and its Affiliates, and any of their respective members, stockholders, managers, partners, trustees, personnel, officers, directors,
      employees, consultants and any Person providing sub-advisory services to the Manager against any and all Losses that arise in connection with the Manager’s proper release of such money or other property to the Company in accordance with the terms of
      this Section 14. Indemnification pursuant to this provision shall be in addition to any right of the Manager and its Affiliates, and any of their respective members, stockholders, managers, partners, trustees, personnel, officers, directors,
      employees, consultants and any Person providing sub-advisory services to the Manager to indemnification under Section 8 hereof.

    
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    Section 15. Internalization of the Manager.

    

    

    (a) Notwithstanding any other provision of this Agreement, upon the date on which the Company’s Equity equals or exceeds $1,000,000,000 (or reasonably promptly thereafter), the Company may, at its
      election, provide the Manager with a written offer for an Internalization Transaction between the Company and the Manager on such terms and conditions included in such written offer provided by the Company. The initial offer price will be as
      determined by a special committee of the Company’s Board consisting solely of the Company’s Independent Directors (the “Internalization Committee”). Upon receipt of the Company’s initial Internalization
      Transaction offer, the Manager may accept the Company’s proposal or submit a counter offer to the Company. If the Company and the Manager agree upon an Internalization Price pursuant to this Section 15(a), the Company shall seek satisfaction
      of the conditions set forth in Section 15(c).

    

    

    (b) If an Internalization Transaction is not consummated pursuant to Section 15(a), the Manager and the Company shall enter into good faith negotiations for the consummation of an
      Internalization Transaction with an Internalization Price to be agreed. Notwithstanding the foregoing or any other provision in this Agreement to the contrary, if the Internalization Price of an Internalization Transaction has not been agreed upon
      prior to the date that is the three-month anniversary of the date on which the Company’s Equity first equals or exceeds $1,000,000,000 (the “Internalization Trigger Anniversary Date”), then the Company shall
      have the right, but not the obligation, to consummate an Internalization Transaction, effective as of the Internalization Trigger Anniversary Date, at an Internalization Price equal to five times the sum of (i) the annual Base Management Fee (without
      giving effect to any Base Management Fee Rebate), (ii) the annual Incentive Compensation and (iii) the aggregate amount of Outside Fees less the Base Management Fee Rebate, in each case, earned by the Manager during the 12-month period immediately
      preceding the last day of the most recently completed fiscal quarter. In the event an Internalization Transaction is consummated, at the time of consummation of such Internalization Transaction, all assets of the Manager or, alternatively, 100% of
      the outstanding equity interests in the Manager shall be conveyed to and acquired by the Company in exchange for the Internalization Price, computed in accordance with paragraph (e) below and payable pursuant to paragraph (d) below,
      the Company shall succeed to all customer, employment and other relationships or contracts then possessed by the Manager. as applicable, and the Manager shall discontinue all business activities. The parties expressly agree that an Internalization
      Transaction shall be in lieu of any termination of this Agreement and the payment of any Termination Fee, it being the express intention of the parties that no Termination Fee shall be payable in the event of expiration of this Agreement upon the
      consummation of an Internalization Transaction, and, instead, the Company shall acquire the business of the Manager at that time for the Internalization Price determined in accordance with Section 15(e) of this Agreement. The parties mutually
      agree to execute such additional agreements, documents and instruments as may be reasonably required to effect the Internalization Transaction and convey the Manager’s assets (or the equity interests in the Manager) to the Company.

    

    

    (c) Consummation of any Internalization Transaction agreed to between the Company and the Manager is conditioned upon the satisfaction of the following conditions, any of which may be waived by the
      Company in its sole discretion:

    

    

    (i) The Company’s receipt of a fairness opinion from a nationally-recognized investment banking firm to the effect that the consideration to be paid by the Company for the assets
      and equity of the Manager is fair, from a financial point of view, to stockholders of the Company who are not affiliated with the Manager or its Affiliates;

    

    

    (ii) The approval of the acquisition by the Internalization Committee; and

    

    

    (iii) The approval of Company stockholders holding a majority of the votes cast on such Internalization Transaction proposal at a meeting of stockholders duly called and at which a
      quorum is present.

    
      23

      
        

    

    (d) The Internalization Price paid to the Manager in any Internalization Transaction may be payable in cash, shares of Common Stock or a combination at the discretion of the Board. The value of any
      Common Stock paid as partial or full consideration of any Internalization Transaction shall be calculated based on the volume-weighted average of the closing market price of the Common Stock for the ten consecutive trading days immediately preceding
      the date with respect to which value must be determined; provided, however, that if the Company’s Common Stock is not traded on a securities exchange at the time of
      closing of any such Internalization Transaction, then the number of shares of Common Stock shall be determined by agreement between the Board and the Manager or, in the absence of such agreement, the Internalization Price shall be paid in cash.

    

    

    (e) Upon any Internalization Transaction pursuant to this Section 15, the Manager shall not be entitled to the receipt of any Termination Fee. The “Internalization

        Price” shall be determined as follows: (A) if an Internalization Transaction occurs prior to the Internalization Trigger Anniversary Date, the Internalization Price shall be equal to the price agreed upon by the Company and the Manager
      pursuant to Section 15(a) or Section 15(b), as applicable; and (B) if an Internalization Transaction occurs as of the Internalization Trigger Anniversary Date pursuant to Section 15(b), the Internalization Price shall be equal
      to five times the sum of (i) the annual Base Management Fee (without giving effect to any Base Management Fee Rebate), (ii) the annual Incentive Compensation and (iii) the aggregate amount of Outside Fees less the Base Management Fee Rebate, in each
      case, earned by the Manager during the 12-month period immediately preceding the last day of the most recently completed fiscal quarter, with no Board or Manager discretion to change such Internalization Price.

    

    

    Section 16. Miscellaneous.

    

    

    (a) Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be
      in writing (including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight
      courier, (iii) delivery by email or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below (or to such other address as may be hereafter notified by the respective parties hereto in
      accordance with this Section 16):

    

    

    The Company: AFC Gamma, Inc.

    525 Okeechobee Blvd., Suite 1770

    West Palm Beach, FL 33401

    Attention: Leonard M. Tannenbaum

    Chief Executive Officer

    Email: len@advancedflowercapital.com

    

    

    with a copy to: AFC Gamma, Inc.

    525 Okeechobee Blvd., Suite 1770

    West Palm Beach, FL 33401

    Attention: Gabriel Katz

    Director of Legal

    Email: gabe@advancedflowercapital.com

    

    

    O’Melveny & Myers LLP

    Two Embarcadero Center

    28th Floor

    San Francisco, CA 94111

    Attention: C. Brophy Christensen

    Email: bchristensen@omm.com

    

    

    The Manager: AFC Management, LLC

    525 Okeechobee Blvd., Suite 1770

    West Palm Beach, FL 33401

    Attention: Leonard M. Tannenbaum

    Chief Executive Officer

    Email: len@advancedflowercapital.com

    
      24

      
        

    

    with a copy to: AFC Management, LLC

    525 Okeechobee Blvd., Suite 1770

    West Palm Beach, FL 33401

    Attention: Gabriel Katz

    Director of Legal

    Email: gabe@advancedflowercapital.com

    

    

    O’Melveny & Myers LLP

    Two Embarcadero Center

    28th Floor

    San Francisco, CA 94111

    Attention: C. Brophy Christensen

    Email: bchristensen@omm.com

    

    

    (b) Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the
      benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided herein.

    

    

    (c) Integration. This Agreement contains the entire agreement and understanding among the parties hereto with
      respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The
      express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

    

    

    (d) Amendments. This Agreement, and any terms hereof, may not be amended, supplemented or modified except in an
      instrument in writing executed by the parties hereto, or their respective successors or permitted assigns.

    

    

    (e) GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
      NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OR RULES OF SUCH STATE. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO
      OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.

    

    

    (f) WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE,
      EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
      WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

    

    

    (g) No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party
      hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
      any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereunder shall be
      effective unless it is in writing and is signed by the party granting such waiver.

    
      25

      
        

    

    (h) Section Headings. The section and subsection headings in this Agreement are for convenience in reference only
      and shall not be deemed to alter or affect the interpretation of any provisions hereof.

    

    

    (i) Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate
      counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

    

    

    (j) Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
      to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction.

    

    

    (k) No Invalidity due to Federal Law. This Agreement shall not be terminated or challenged as illegal by either Company or Manager on account of the federal
      prohibition under the U.S. Controlled Substances Act of the cultivation, processing, sale or possession of cannabis or parts of cannabis including the sale or possession of cannabis paraphernalia, advertising the sale of cannabis, products containing
      cannabis or cannabis paraphernalia, or controlling or managing real estate on which cannabis is trafficked, as long as this Agreement and any activities conducted pursuant to this Agreement are in compliance with applicable state law.

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    
      26

      
        

    

    IN WITNESS WHEREOF, each of the parties hereto has executed this Amended and Restated Management Agreement as of the date first written above.

    

    

     

    

    	 	
            AFC GAMMA, INC.

          
	 	 
	 	
            By:

          	/s/ Thomas Geoffroy 
	 	 	
            Name: Thomas Geoffroy

          
	 	 	
            Title: Chief Financial Officer

            

          
	 	 	 
	 	
            AFC MANAGEMENT, LLC

          
	 	 	 
	 	
            By:

          	/s/ Leonard Tannenbaum
	 	 	
            Name: Leonard Tannenbaum

            

          
	 	 	
            Title: Chief Executive Officer

            

          

    

    

    
      Signtaure Page To Amended and Restated
          Management Agreement

    

    
      
        

    

    Exhibit A

    

    

    Investment Guidelines

    

    

    1. No investment shall be made that would cause the Company to fail to qualify as a REIT under the Code.

    

    

    2. No investment shall be made that would cause the Company to be regulated as an investment company under the Investment Company Act.

    

    

    3. No investment shall be made that would cause the Company to violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company (excluding for purposes of
      this clause, the federal prohibition under the U.S. Controlled Substances Act of the cultivation, processing, sale or possession of cannabis or parts of cannabis including the sale or possession of cannabis paraphernalia, advertising the sale of
      cannabis, products containing cannabis or cannabis paraphernalia, or controlling or managing real estate on which cannabis is trafficked, as long as such investments are in compliance with applicable state law) or of any securities exchange on which
      the securities of the Company may be listed or that would otherwise not be permitted by the Company’s Governing Instruments.

    

    

    4. The Company’s investments shall be in the Investments. Notwithstanding the foregoing, this paragraph 4 shall not prohibit the Manager from causing the Company to invest in the types of assets
      described in paragraph 5 below until appropriate investments in the Target Investments are identified.

    

    

    5. Until appropriate investments in the Target Investments are identified, the Manager may cause the Company to invest its available cash in interest-bearing, short-term investments, including money
      market accounts or funds, commercial mortgage backed securities and corporate bonds and other investments, subject to the requirements for the Company’s qualification as a REIT under the Code.

    

    

    6. All investments by the Company require the approval of the Investment Committee.

    

    

    These Investment Guidelines may be amended, restated, modified, supplemented or waived by the Board (which must include a majority of the Independent Directors) and the Manager without the approval
      of the Company’s stockholders.

    
      
        

    

    Exhibit B

    

    

    Conflict of Interest Policy 

    
      AFC Management, LLC

      

      

      

      

      	

            	1.	
              Introduction

            

      

      

      This Conflict of Interest Policy (the “Policy”) has been prepared for AFC Management, LLC (as used in this Policy, “AFC Management” or the “Manager”). This Policy sets out the Manager’s conflict of interest policies and procedures relating to its investment advisory activities and is to
        be used as a guide for compliance with applicable legal standards, the federal securities laws, and the Manager’s policies. This Policy is for the exclusive use of AFC Management personnel and is not to be copied, reproduced, or distributed to any
        person who is not employed by AFC Management without the express written permission of the Manager’s Chief Compliance Officer (the “Chief Compliance Officer”). Questions regarding the Policy’s contents are to be directed to Chief Compliance
        Officer.

      

      

      For purposes of this Policy, the Manager’s clients are AFC Gamma, Inc. and AFC Warehouse Holding, LLC, which it manages (the “Clients”).
        In our capacity as investment managers to our Clients, we act as fiduciaries and thus owe them a series of duties, including a general duty to act at all times in their best interest and avoid actual and apparent conflicts of interest. We are
        filing with the U.S. Securities and Exchange Commission (“SEC”) as an “Exempt Reporting Adviser” pursuant to Section 203(m)-1 of the Investment Advisers Act of 1940, as amended (“Advisers Act”). In addition, while we are not currently registered with the SEC as an investment adviser, we expect to be registered at the time we can no longer rely on the exemption provided in Section 203(m)-1 of the Advisers
        Act. As a registered investment adviser, we will be required to comply with the requirements set forth under the Advisers Act, the rules adopted thereunder and certain SEC interpretive positions applicable to registered investment advisers.

      

      

      This Policy describes in general terms the requirements for complying with the federal securities laws that we all must follow and our policies and procedures for complying
        with these requirements. The Policy applies to each of (i) the partners, members, owners, principals, directors, officers, supervisors, employees of AFC Management; and (ii) any other person who provides investment advice on behalf of the Manager
        and is subject to the supervision and control of the Manager (collectively, the “Covered Persons”). Without limitation of the foregoing, “Covered Persons” shall also include any other person deemed by the
        Chief Compliance Officer to be a Covered Person for purposes of the Policy (provided in the case of each of the foregoing that such person is notified in writing of such determination by the Chief Compliance Officer or his designee).

      

      

      Violation of the Advisers Act or any of the other laws, rules, and regulations to which AFC Management is subject may result in penalties being imposed on the Manager and/or
        its Covered Persons by one or more regulatory agencies, and, in addition, may subject the Manager and its Covered Persons to civil liabilities. The penalties may be severe, including life-long expulsion from the securities industry and significant
        monetary fines.

      

      

      The    Manager  has  designated  ___________  as the Chief Compliance Officer who has overall responsibility for implementing  and  monitoring  this  Policy  and,  when 
        applicable,  the  Manager’s  overall compliance program, including ensuring the  effectiveness  of  the  policies  and  procedures contained in this Policy. The Chief Compliance Officer may delegate certain responsibilities, including, without
        limitation, the granting or withholding of any consents or pre-approvals required by this Policy, or the making of other determinations pursuant to this Policy, to one or more other Covered Persons acting under the supervision of the Chief
        Compliance Officer (or under the supervision of another person designated by the Chief Compliance Officer), but shall retain overall responsibility for the Manager’s compliance program. Notwithstanding the foregoing, in the event that the Chief
        Compliance Officer personally is required to obtain any consents, pre-approvals or other determinations pursuant to the Policy that would, with respect to any other Covered Person, be made by the Chief Compliance Officer himself, then in such cases
        the Manager’s Chief Financial Officer shall be responsible for granting or making any such consents, pre-approvals or other determinations with respect to the Chief Compliance Officer.

      

      

      
        
          

      

      
      If a Covered Person suspects that the Manager’s procedures are being violated, or discovers any “red flags” suggesting a possible violation of Firm policies or procedures or
        the securities laws or regulations, then such Covered Person must promptly report the matter to the Manager’s Chief Compliance Officer or to an anonymous hotline whistleblower. The Manager’s Chief Compliance Officer in coordination with legal
        and/or the covered person’s supervisor shall promptly investigate the matter and take such action, if any, as he or she believes is appropriate to prevent any further violations while the investigation is ongoing. Such action may include, but is
        not limited to, subjecting the suspected Covered Person(s) to enhanced supervision, implementing revised procedures, or temporarily removing the suspect Covered Person(s) from his or her position until the investigation is completed. Once the
        investigation is completed, the Chief Compliance Officer in coordination with legal and/or the covered person’s supervisor will determine whether any action should be taken, and, if so, what that action should be.

      

      

      Each Covered Person must retain a copy of this Policy, review it carefully, and sign an initial statement acknowledging receipt and review of the Policy. Annually thereafter,
        Covered Persons will be required to complete a compliance certification and sign a statement attesting to his or her continued compliance.

      

      

      The Policy may be updated and amended periodically, and additional compliance material to supplement this Policy may be provided to Covered Persons by the Manager. Covered
        Persons are required to review and retain this Policy and any such updates and supplements. All such updates and supplements are considered part of this Policy, as are any amended versions of this Policy that may be provided by the Manager to
        Covered Persons. The Manager expects Covered Persons to be at all times thoroughly familiar with the Manager’s policies and procedures set forth herein. It is each Covered Person’s responsibility to review the Policy and any updates or supplements
        (or amended versions of this Policy) from time to time to ensure that such Covered Person is in compliance. Any Covered Person who fails to comply with the Manager’s procedures is subject to immediate disciplinary action by the Manager, including,
        at its sole discretion, heightened supervision, fines or termination.

      

      

      All requests for an exception to a policy or procedure contained in the Policy must be made in writing to the Chief Compliance Officer. The Chief Compliance Officer will review
        the facts and circumstances of the request and communicate any decision regarding the request back to the requestor in writing. The Chief Compliance Officer will keep a record of both the request and the decision.

      

      

      This Policy cannot cover every possible situation that may arise in the course of conducting our business. If you are uncertain about how to react to a particular circumstance,
        please contact the Chief Compliance Officer.

      

      

      	

            	2.	
              General Overview of the Advisers Act

            

      

      

      	

            	2.1	
              Fiduciary Duty

            

      

      

      The SEC, other regulatory bodies, and the courts have consistently construed the laws and regulations governing investment advisers as imposing a “fiduciary duty” on them with
        respect to their dealings with Clients. It is the policy of AFC Management to act in a manner consistent with this position. Acting as a fiduciary requires that an investment adviser, consistent with its other statutory and regulatory obligations,
        act solely in the Client’s best interests when providing investment advice and engaging in other activities on behalf of the Client.

      
        2

        
          

      

      

      

      Among the specific fiduciary obligations that an investment adviser has are:

      

      

      	

            	•	
              A duty to have a reasonable, independent basis for its investment decisions;

            

      

      

      	

            	•	
              A duty to ensure that its investment decisions are suitable and appropriate given each client’s objectives, needs, and circumstances;

            

      

      

      	

            	•	
              A duty to refrain from entering into transactions, including personal securities transactions, that are inconsistent with client interests;

            

      

      

      	

            	•	
              A duty to permit clients to benefit from investment opportunities before the investment adviser; and

            

      

      

      	

            	•	
              An obligation to be loyal to clients.

            

      

      

      	

            	2.2	
              Conflicts of Interest

            

      

      

      Potential or actual conflicts of interest may arise between the Manager or its affiliates and Clients under certain circumstances. The Manager’s policy is to protect the
        interests of each Client and to place the Client’s interests first and foremost in each and every situation. Circumstances may also arise where there is a conflict of interest between the Clients. In the event of such conflict of interest, the
        Manager shall ensure that the conflict is managed fairly. To the extent such potential or actual conflicts arise, the Manager and its Covered Persons will act according to the fiduciary duties owed each Client. The Manager will use its reasonable
        efforts to avoid any potential conflicts of interest and shall disclose the nature and source of any material conflict of interest to the Client before undertaking a transaction on behalf of the Client.

      

      

      Section 206 of the Advisers Act addresses conflicts of interest which may arise in an investment advisory relationship, even though the conflicts may not specifically involve
        prohibited activities. Examples of potential conflicts of interest, and the higher standard of disclosure to which they are subject, include:

      

      

      	

            	•	
              When an adviser receives compensation, directly or indirectly, from a source other than the Client for recommending a security, the adviser must disclose the nature and extent of the compensation;

            

      

      

      	

            	•	
              When an adviser or an affiliate of the adviser has an interest (e.g., deal-related fees, etc.) in an investment being recommended, the extent of the adviser’s interest must be disclosed; and

            

      

      

      	

            	•	
              When an adviser or related party compensates a third party for referring a client, the material terms of the arrangement must be disclosed to, and acknowledged, by the Client.

            

      

      

      	

            	2.3	
              Antifraud Provisions – General

            

      

      

      Section 206 of the Advisers Act makes it unlawful for investment advisers directly or indirectly:

      

      

      	

            	•	
              To employ any device, scheme, or artifice to defraud any client or prospective client;

            

      

      

      	

            	•	
              To engage in any transaction, practice, or course of business that operates as a fraud or deceit upon any client or prospective client;

            

      

      

      	

            	•	
              To act as a principal for its own account, knowingly to sell any security to or purchase any security from a client, or act as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the
                account of any such client, without disclosing to such client in writing before the completion of such transaction the capacity in which the adviser is acting and obtaining consent of the client to such transaction; or

            

      

      

      	

            	•	
              To engage in any act, practice, or course of business that is fraudulent, deceptive, or manipulative.

            

      

      

      
        3

        
          

      

      	

            	3.	
              Portfolio Management Process

            

      

      

      	

            	3.1	
              Compliance with Investment Strategy and Restrictions

            

      

      

      The Manager’s policy with respect to portfolio management activities is to act in the best interests of its Clients and to conduct its activities in a responsible manner. The
        Manager’s fiduciary duty requires that it recommend only investments that are suitable for a Client, taking into account such Client’s investment strategy, process and any restrictions in such Client’s organizational documents (“Charter”) and other offering documentation, including any applicable side letters. Covered Persons should be familiar with this information and the Chief Compliance Officer is responsible for communicating any
        changes to this information to the appropriate Covered Persons.

      

      

      	

            	3.2	
              Procedures for Complying with Investment Strategy and Restrictions

            

      

      

      Each Client’s Charter or other offering documentation describes the Client’s investment process. The Manager’s investment professionals, partners and the Chief Compliance
        Officer shall meet regularly to discuss potential transactions. Investment transactions shall be approved in accordance with each Client’s offering documentation and any agreements between the Manager and such Client. Both Clients will often make
        investments in the same issuer as part of a single transaction. In connection with those transactions, the Manager shall ensure that the Investment Committee evaluates and confirms the transactions is in the best interest of each Client that
        participates in the transaction. Upon receipt of approval to execute on any such transaction, the Chief Compliance Officer shall confirm that the transaction is in the best interests of the Client and its Investors as a whole and is consistent with
        the Client’s investment strategy and restrictions. The Chief Compliance Officer will make and maintain a memorandum of each transaction that contains the information required by Advisers Act Rule 204-2(a)(3). Such memorandum must contain the
        following information:

      

      

      	

            	•	
              the terms and conditions of the transaction (buy or sell);

            

      

      

      	

            	•	
              any instruction, modification or cancellation;

            

      

      

      	

            	•	
              the person connected with the Manager who initiated the transaction;

            

      

      

      	

            	•	
              the person(s) who executed the transaction;

            

      

      

      	

            	•	
              the Client for which the transaction was entered;

            

      

      

      	

            	•	
              the date of entry;

            

      

      

      	

            	•	
              the bank, broker or dealer by or through whom executed (if applicable), and

            

      

      

      	

            	•	
              whether the transaction is entered into pursuant to the exercise of the Manager’s discretionary authority.

            

      

      

      	

            	3.3	
              Principal and Cross Trades

            

      

      

      Currently, the Manager’s Clients do not engage in principal trades, where the Manager becomes a participant to the trade, and cross trades, where the Manager sells securities
        directly from one account to another. Such transactions generally require Client consent and impose written reporting requirements on a transaction-by- transaction basis. When it comes to illiquid securities or assets, extra caution is essential,
        as is clear documentation of the determining price factors. Should the Manager change its practices, the Chief Compliance Officer shall make such revisions as are necessary to this Policy and shall ensure that appropriate disclosure has been
        provided to Clients.

      

      

      
        4

        
          

      

      	

            	4.	
              Allocation of Investment Opportunities

            

      

      

      It is the Manager’s policy to treat each Client in a fair and equitable manner, depending on the particular facts and circumstances and the needs and financial objectives of
        each Client, such that allocations are not based upon account performance, applicable fee structures or the appearance of otherwise preferential treatment. The Manager shall avoid any action that could result in an unfair or inequitable
        disadvantage to any Client, presenting to each Client all privately negotiated investment opportunities that the Manager reasonably believes to be suitable for the Client. Notwithstanding the foregoing, the Manager will not be required to offer a
        Client the opportunity to invest in any investments of any existing Client.

      

      

      	

            	5.	
              Outside Activities and Other Potential Conflicts of Interest

            

      

      

      A conflict of interest may arise from a Covered Person’s involvement in outside interests or relationships that may either conflict with the Covered Person’s duty to the
        Manager, adversely affect the Covered Person’s judgment in the performance of his or her responsibilities or provide an actual or potential personal benefit. The benefit may be direct or indirect, financial or non-financial, through family
        connections, personal associations or otherwise. Firm policy requires that all Covered Persons conduct the business affairs of the Manager in accordance with the highest principles of business ethics and in such a manner so as to avoid such
        conflicts of interest, whether actual or potential.

      

      

      It is the Manager’s policy that no Covered Person may engage in any outside business activities that may give rise to conflicts of interest or otherwise jeopardize the
        integrity of reputation of the Manager. Covered Persons should promptly report to the Chief Compliance Officer any situation or circumstance which may give rise to a conflict of interest. Although the Manager does not require approval of outside
        activities undertaken by family members, a Covered Person must contact the Chief Compliance Officer if he or she believes that any such outside activities may raise or appear to raise a conflict of interest in connection with his or her employment
        or the Manager’s business activities.

      

      

      While it is not possible to describe all circumstances where a conflict of interest exists or may exist, the following is intended to provide some guidance about potential
        conflicts of interest. A Covered Person’s outside activities must not reflect adversely on the Manager or give rise to a real or apparent conflict of interest with his/her duties to the Manager. Covered Persons must be alert to potential conflicts
        of interest and be aware that, as a condition to his/her continued employment or other association with the Manager, he/she may be asked to discontinue any outside activity if a potential conflict arises. Outside activities must not interfere with
        a Covered Person’s job performance or require a substantial amount of his/her time. A Covered Person’s responsibilities to the Manager and its Clients should always be his/her first work priority.

      

      

      A Covered Person may seek approval for engaging in any outside employment by sending a written request (email acceptable) to the Chief Compliance Officer describing the nature
        of the outside activity, the time commitment involved, the parties for whom such Covered Person will be working or associated with, and other relevant particulars of the activity. Requests to engage in such outside activity will be reviewed and
        approved by the Chief Compliance Officer on a case-by-case basis.

      

      

      
        5

        
          

      

      	

            	6.	
              Confidential Information

            

      

      

      Covered Persons should be aware that all information, whether or not in writing, of a private, secret, proprietary or confidential nature that concern the Manager’s business or
        financial affairs, including the business and affairs of the Clients (collectively “Confidential Information”), is and shall be the exclusive property of the Manager. By way of illustration, but not limitation, Confidential Information includes the
        identity of any Clients or investors in any of the Clients or other information about such investors or the investments made or to be made by such Clients. Covered Persons shall not disclose any Confidential Information to others outside of the
        Manager or use the same for any purposes (other than specifically with respect to the Covered Person’s performance of its responsibilities to the Manager) without the prior written approval by the Chief Compliance Officer, either during or after
        such period of time as the Covered Person is performing duties and responsibilities for the Manager, unless and until such Confidential Information has become public knowledge without fault by the Covered Person or the Covered Person is required to
        do so by law or court order, whereupon the Covered Person (or former Covered Person) shall promptly inform the Manager in writing. Covered Persons shall not disclose or use Confidential Information and records of the type set forth in paragraphs
        above, both during and after the termination of the employment or independent contractor relationship with the Manager.

    

    
      6

      
        

    

    Exhibit C

    

    

    AFC GAMMA, INC.

    Amended and Restated Code of Business Conduct and Ethics

    (as of          , 2021)

    

    

    Introduction

    

    

    This Code of Business Conduct and Ethics (this “Code”) embodies the commitment of AFC Gamma, Inc. (the “Corporation”) to conduct its business in accordance with all applicable
      governmental rules and regulations and to promote honest and ethical conduct. This Code applies to all officers and employees of the Corporation and members of the Corporation’s Board of Directors (the “Board”) (such persons, the “Covered
        Persons”), each of whom is expected to adhere to the principles and procedures set forth in this Code that apply to them. This Code should be provided to and followed by our agents and representatives, including our consultants.

    

    

    Failure to comply with this Code, or to report a violation, may result in disciplinary actions, including warnings, suspensions, termination of employment or such other actions as may be appropriate
      under the circumstances.

    

    

    This Code is intended to provide a broad overview of basic ethical principles that guide our conduct. In some circumstances, we maintain more specific policies on the topics referred to in this Code.
      Should you have any questions regarding these policies, please contact the Legal Department of the Corporation (the “Legal Department”).

    

    

    Conflicts of Interest

    

    

    A “conflict of interest” occurs when a Covered Person’s private interest interferes or appears to interfere with the interests of the Corporation as a whole. A conflict situation can arise when a
      Covered Person takes actions or has interests that make it difficult for the individual to perform his or her work objectively and effectively. The receipt of any improper benefits by the Covered Person or their family members due to the Covered
      Person’s position with the Corporation, such as loans or guarantees of their obligations, should be avoided at all costs. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any
      financial loss to the Corporation, and irrespective of the motivations of the Covered Person involved. For purposes of this Code, “family members” include a person’s spouse or life-partner, parents, children (whether such relationships are by blood
      or by adoption), siblings, mothers- and fathers-in-law, sons and daughters-in-law, brothers- and sisters in-law, and anyone (other than domestic employees) who shares such person’s home. All Covered Persons must avoid conflicts of interest unless
      approved by the Audit and Valuation Committee of the Board (the “Audit and Valuation Committee”). No member of the Audit and Valuation Committee that is involved in the matter that gives rise to the conflict of interest may participate in any
      decision by the Audit and Valuation Committee that in any way relates to the matter that gives rise to the conflict of interest, other than to provide the Audit and Valuation Committee with all relevant information relating to the matter. Related
      person transactions are a special category of conflicts of interest and are subject to (and defined in) the Corporation’s Related Person Transaction Policy.

    

    

    Generally, conflicts of interest are prohibited as a matter of Corporation policy, unless they have been approved by the Corporation. Each Covered Person should engage in and promote honest and
      ethical conduct, including in their handling of actual or apparent conflicts of interest between personal and professional relationships. Each Covered Person should promptly report any situation or transaction involving an actual or potential
      conflict of interest to the Chair of the Audit and Valuation Committee or the Chair of the Board.

    

    

    
      
        

    

    
     Some of the Covered Persons may also be employees or officers of the Corporation’s external manager or one of its affiliates (collectively, the “Manager”), who manages the Corporation
      pursuant to a management agreement (the “Management Agreement”). Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the relationship between the Corporation and the
      Manager and/or Covered Persons that are officers, employees and/or directors of more than one of such entities. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Corporation or the
      Manager), be involved in establishing policies and implementing decisions that will have different effects on the Corporation and the Manager. The participation of the Covered Persons in such activities is inherent in the relationship between the
      Corporation and the Manager and is consistent with the performance by the Covered Persons of their duties as officers, employees and/or directors of the Corporation. Thus, if performed in conformity with the provisions of applicable law, such
      activities will be deemed to have been handled ethically and to not constitute a “conflict of interest” for purposes of this Code. Nothing in this Code shall be construed to restrict the right of the Manager to engage in any activity or business that
      it is permitted to engage in under the Management Agreement or restrict any Covered Person, who is also a member, partner, officer or employee of the Manager, from taking any action in connection therewith.

    

    

    Some of the Covered Persons may also have a relationship with the Corporation’s borrowers or other clients. In such circumstances where a Covered Person’s outside business activities include an
      investment in or management role at a borrower or other client of the Corporation, such Covered Person shall not participate in any decision making processes that will give rise to a potential or actual conflict of interest unless approved by the
      Audit and Valuation Committee.  A Covered Person may seek approval for making an investment in or engaging in outside activity with a borrower by sending a written request (email acceptable) to the Legal Department describing the nature of the
      investment or the outside activity, the time commitment involved, the parties for whom such Covered Person will be working with or associated with, and other relevant particulars of such activity.  Requests to engage in such investment and outside
      activity will be reviewed and approved by the Legal Department on a case-by-case basis. The investment in or management role at a borrower or a client that is approved pursuant to this policy does not alone, without participating in any decision
      making processes that will give rise to a conflict of interest, constitute a “conflict of interest” for purposes of this Code.

    

    

    Corporate Opportunities

    

    

    Covered Persons owe a duty to the Corporation to advance its legitimate interests when the opportunity to do so arises. Covered Persons may not take for themselves personally opportunities that are
      discovered through the use of Corporation property, information or position, or use Corporation property, information or position for their personal gain. Nor may they compete with the Corporation. Notwithstanding these provisions, no director or
      officer of the Corporation, including any officer or director who also serves as a director, officer or employee of the Manager, or serves on the Manager’s Investment Committee for the Corporation, shall be obligated, in their capacity as such, to
      offer to the Corporation the opportunity to participate in any business or investing activity or venture that falls within the Corporation’s investment guidelines that is presented to such person, other than in their capacity as an officer or
      director of the Corporation.

    

    

    Sometimes the line between personal and Corporation benefits is difficult to draw, and sometimes both personal and Corporation benefits may be derived from certain activities. The prudent course of
      conduct is to make sure that any use of Corporation property or services that is not solely for the benefit of the Corporation is approved beforehand by the Legal Department.

    

    

    
      2

      
        

    

    Confidentiality

    

    

    In carrying out the Corporation’s business, Covered Persons often learn confidential or proprietary information about the Corporation, its portfolio companies, prospective portfolio companies or
      other third parties. Covered Persons must maintain the confidentiality of all information so entrusted to them except when disclosure is authorized or legally mandated. Any questions or concerns regarding whether disclosure of Company information is
      legally mandated should be promptly referred to the Legal Department. Confidential or proprietary information includes, among other things, any non-public information concerning the Corporation, including its businesses, financial performance,
      results or prospects, and any non-public information provided by a third party with the expectation that the information will be kept confidential and used solely for the business purpose for which it was conveyed. The obligation to protect
      confidential information does not end when a Covered Person leaves the Corporation.

    

    

    Fair Dealing

    

    

    The Corporation is committed to maintaining the highest legal and ethical standards in the conduct of its business. Meeting this commitment is the responsibility of the Corporation and each and every
      one of our Covered Persons. Each Covered Person should endeavor to deal fairly with the Corporation’s portfolio companies, prospective portfolio companies, borrowers, lenders, suppliers, vendors, service providers, competitors and employees and all
      other persons or entities. No officer, director or employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any unfair dealing practice.

    

    

    Protection and Proper Use of Corporation Assets

    

    

    All Covered Persons should seek to protect the Corporation’s assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Corporation’s financial performance.
      Officers, directors and employees must use the Corporation’s assets and services solely for legitimate business purposes of the Corporation and not for any personal benefit or the personal benefit of anyone else.

    

    

    Any suspected incident of fraud or theft should be immediately reported to a supervisor or, if appropriate, a more senior manager for investigation. The Corporation carefully safeguards its
      confidential information. Unauthorized use or distribution of confidential information is prohibited and could also be illegal, resulting in civil or even criminal penalties.

    

    

    Compliance with Laws, Rules and Regulations

    

    

    Obeying the law, both in letter and in spirit, is the foundation on which the Corporation’s ethical standards are built. All Covered Persons must respect and obey the laws of the cities, states and
      countries in which we operate. Although not all employees are expected to know the details of these laws, it is important to know enough to determine when to seek advice from supervisors, managers or other appropriate personnel.

    

    

    Covered Persons should strive to identify and raise potential issues before they lead to problems, and should ask about the application of this Code whenever in doubt. Any questions relating to how
      these policies should be interpreted or applied should be addressed to the Legal Department.

    

    

    
      3

      
        

    

    Insider Trading

    

    

    You are prohibited by Corporation policy and by law from buying or selling publicly traded securities for any purpose at a time when you are in possession of “material nonpublic information.” This
      conduct is known as “insider trading.” If you have any question about whether a particular transaction may constitute insider trading and what you need to do in such case, you should consult the Legal Department. For more information, see the
      Corporation’s Insider Trading Policy.

    

    

    Public Disclosure

    

    

    It is the Corporation’s policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents it files with, or
      submits to, the Securities and Exchange Commission, if applicable, and all other governmental, quasi- governmental and self-regulatory bodies and in all other public communications made by the Corporation. As a Covered Person, you are required to
      promote compliance with this Code by all Covered Persons and to abide by the Corporation’s standards, policies and procedures designed to promote compliance with this Code.

    

    

    Amendments and Waivers of this Code

    

    

    The Board has designated the Audit and Valuation Committee the authority to waive certain provisions of this Code, and may from time to time designate another committee comprised of independent
      directors to serve such function. Any Covered Person who believes that a waiver may be called for should discuss the matter with the Legal Department or the Chairman of the Board, or if the Chairman of the Board is unavailable, the Chairperson of the
      Audit and Valuation Committee. In addition, this Code may be amended from time to time by the Board. Amendments to and waivers of this Code will be publicly disclosed as required by applicable laws and regulations. In particular, waivers for
      executive officers or directors may be made only by the Board.

    

    

    Compliance with Code

    

    

    If you know of or suspect a violation of applicable laws, rules or regulations or this Code, you must immediately report that information to the Legal Department or any member of the Board. No one will be subject to retaliation because of a good faith report of a suspected violation.

    

    

    Violations of this Code may result in disciplinary action, up to and including discharge. The Board shall determine, or shall designate appropriate persons to determine, appropriate action in
      response to violations of this Code.

    

    

    Other

    

    

    For purposes of the Guidelines, unless the context otherwise requires, the terms “executive officers,” “officers,” “employees,” “management,” “senior managers,” “supervisors,” and “Legal Department”
      include individuals that are employed by the Manager, or an affiliate of the Manager, and perform roles on behalf of the Corporation pursuant to the Management Agreement.

    

    

    No Rights Created

    

    

    This Code is a statement of certain fundamental principles and policies and procedures that govern the Covered Persons in the conduct of the Corporation’s business. It is not intended to and does not create any rights in
      any Covered Person or in any of the Corporation’s portfolio companies, prospective portfolio companies, suppliers, borrowers, lenders, competitors or stockholders, or in any other person or entity.

    

    

    
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    Availability of this Code

    

    

    The Corporation shall make the most current version of this Code publicly available by placing it on the Corporation’s website at http://afcgamma.com. This Code is also available in print to
      any stockholder who requests it.

     

    

     

    

     

    

    5

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