Document:

sqbg_Ex10_21

		
			EXHIBIT 10.21
		

		
			Execution Version
		

		
			 
		

		
			FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			 
		

		
			THIS FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of March 30, 2020 between SEQUENTIAL BRANDS GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto, and WILMINGTON TRUST, NATIONAL ASSOCIATION, as administrative agent and collateral agent (the “Agent”), in consideration of the mutual covenants herein contained and benefits to be derived herefrom.
		

		
			W I T N E S S E T H:
		

		
			 
		

		
			WHEREAS, the Borrower, the Guarantors, the Lenders and the Agent are party to that certain Third Amended and Restated Credit Agreement dated as of July 1, 2016 (as amended, restated, supplemented or modified and in effect as of the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement as amended hereby, the “Amended Credit Agreement”);
		

		
			 
		

		
			WHEREAS, the Borrower, the Guarantors, the Required Lenders and the Agent (at the direction of the Required Lenders) have agreed to amend the Existing Credit Agreement as set forth herein.
		

		
			 
		

		
			NOW THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto hereby agree as follows:
		

		
			 
		

		
			1.         Incorporation of Terms.   All capitalized terms not otherwise defined herein shall have the same meaning as in the Amended Credit Agreement.
		

		
			2.         Representations and Warranties.  The Borrower hereby represents and warrants that (i) no Default or Event of Default exists under the Existing Credit Agreement or under any other Loan Document on and as of the date hereof, and (ii) after giving effect to this Amendment, all representations and warranties contained in the Amended Credit Agreement and the other Loan Documents are true and correct, in all material respects, on and as of the date hereof, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (ii) in the case of any representation and warranty qualified by materiality, they shall be true and correct in all respects.
		

		
			3.         Amendments to Existing Credit Agreement.
		

		
			a.          Section 1.01 of the Existing Credit Agreement is hereby amended by adding the following new definitions in appropriate alphabetical order:
		

		
			“BoA Consent” shall have the meaning set forth in Section 6.19 hereto.
		

		
			“Fourth Amendment” means that certain Fourth Amendment to Third Amended and Restated Credit Agreement dated as of March 30, 2020.
		

		
			
		

		
			

		 

		

			-1-

		

		

		
			 
		

		
			“Fourth Amendment Effective Date” means the date that all conditions precedent as set forth in Section 4 of the Fourth Amendment have been satisfied.
		

		
			b.            Section 1.01 of the Existing Credit Agreement is hereby amended by amending and restating the definitions of “Consolidated First Lien/First Out Leverage Ratio” and “Consolidated Total Leverage Ratio”, each in their entirety as follows:
		

		
			“Consolidated First Lien/First Out Leverage Ratio” means, as of any date of determination, the ratio of (a) the Indebtedness in respect of the BoA Facility on such date to (b) Consolidated EBITDA for the trailing twelve months then ending. For purposes of calculating the Consolidated First Lien/First Out Leverage Ratio, unrestricted cash equivalents and cash and cash equivalents restricted in favor of the Agent or the BoA Agent pursuant to one or more Blocked Account Agreements, in an aggregate amount not to exceed $5,000,000 (or, solely with respect to any such calculation for the Fiscal Quarter ending March 31, 2020, an aggregate amount not to exceed $10,000,000), will in each case be excluded from Indebtedness.
		

		
			“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on such date to (b) Consolidated EBITDA for the trailing twelve (12) months then ending. For purposes of calculating the Consolidated Total Leverage Ratio, unrestricted cash equivalents and cash and cash equivalents restricted in favor of the Agent or the BoA Agent pursuant to one or more Blocked Account Agreements, in an aggregate amount not to exceed $5,000,000 (or, solely with respect to any calculation for the Fiscal Quarter ending March 31, 2020, an aggregate amount not to exceed $10,000,000), will in each case be excluded from Indebtedness.
		

		
			c.            Subject to the Agent’s receipt of the BoA Consent (as defined below), Section 2.06(a) of the Existing Credit Agreement shall be amended and restated in its entirety as follows:
		

		
			(a)        In addition to the mandatory prepayment provisions set forth in Section 2.04 above, commencing on September 30, 2020 (and, for the avoidance of doubt, no such mandatory prepayments under this clause (a) shall be required to be made from the Fourth Amendment Effective Date until September 30, 2020), the Borrower shall repay the Initial Term Loan in an amount equal to $2,075,000 on each of March 31, June 30, September 30 and December 31 of each calendar year.
		

		
			d.            Article VI of the Existing Credit Agreement is hereby amended by adding the following new Section 6.19:
		

		
			Section 6.19     BoA Consent.
		

		
			Borrower and the Loan Parties hereby agree to use their commercially reasonable efforts to obtain the consent of the BoA Agent and the Required Lenders (as defined in the BoA Facility), in form and substance reasonably satisfactory to the
		

		
			
		

		
			

		 

		

			-2-

		

		

		
			 
		

		
			Required Lenders, under Section 5.2(b) of the Intercreditor Agreement to the amendments and modifications to the Credit Agreement set forth in Section 3(c) of the Fourth Amendment (the “BoA Consent”).
		

		
			4.         Conditions to Effectiveness.  This Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the satisfaction of the Agent (at the direction of the Required Lenders):
		

		
			a.          This Amendment shall have been duly executed and delivered by the Borrower, the other Loan Parties, and the Required Lenders, and the Agent shall have received evidence thereof.
		

		
			b.         The Agent shall have received a duly executed Side Letter, dated as of the date hereof, by and among the Borrower, the Agent and the Lenders party thereto (the “Side Letter”).
		

		
			c.          All action on the part of the Borrower and the other Loan Parties necessary for the valid execution, delivery and performance by the Borrower and the other Loan Parties of this Amendment and the other Loan Documents shall have been duly and effectively taken.
		

		
			d.         After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.
		

		
			e.          The Borrower shall have paid in full all fees and expenses of the Agent (including the reasonable and documented fees and expenses of counsel for the Agent) due and payable on or prior to the Fourth Amendment Effective Date, and in the case of expenses, to the extent invoiced at least one (1) Business Day prior to the Fourth Amendment Effective Date.
		

		
			5.         [Reserved].
		

		
			6.         Binding Effect.  The terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their heirs, representatives, successors and assigns.
		

		
			7.         Reaffirmation of Obligations.  The Borrower hereby ratifies the Loan Documents and acknowledges and reaffirms (a) that it is bound by all terms of the Loan Documents applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations.
		

		
			8.         Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Amended Credit Agreement.
		

		
			9.         Multiple Counterparts.   This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, pdf or
		

		
			
		

		
			

		 

		

			-3-

		

		

		
			 
		

		
			other electronic transmission shall be as effective as delivery of a manually executed counterpart of this Amendment.
		

		
			10.       Governing Law.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			11.       Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.14 and 10.15 of the Amended Credit Agreement are hereby incorporated by reference, mutatis mutandis.
		

		
			12.       Agent Authorization.  Each of the undersigned Lenders hereby authorizes Agent to execute and deliver this Amendment and the Side Letter on its behalf and, by its execution below, each of the undersigned Lenders agrees to be bound by the terms and conditions of this Amendment.
		

		
			 
		

		
			

		 

		

			-4-

		

		

		
			 
		

		
			IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by each of the parties hereto as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SEQUENTIAL BRANDS GROUP, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GUARANTORS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SQBG, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SEQUENTIAL LICENSING, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILLIAM RAST LICENSING, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HEELING SPORTS LIMITED

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						B®AND MATTER, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						SBG FM, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SBG UNIVERSE BRANDS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GALAXY BRANDS LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE BASKETBALL MARKETING COMPANY, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AMERICAN SPORTING GOODS CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LNT BRANDS LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JOE’S HOLDINGS LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						GAIAM BRAND HOLDCO, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GAIAM AMERICAS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SBG-GAIAM HOLDINGS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Conn

				
	
					
						 

					
					
						Name:

					
					
						David Conn

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION, as Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David Bergstrom

				
	
					
						 

					
					
						Name:

					
					
						David Bergstrom

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDERS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						FS KKR CAPITAL CORP.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica Woolf

				
	
					
						 

					
					
						Name:

					
					
						Jessica Woolf

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FS KKR MM CLO 1 LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica Woolf

				
	
					
						 

					
					
						Name:

					
					
						Jessica Woolf

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DARBY CREEK LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica Woolf

				
	
					
						 

					
					
						Name:

					
					
						Jessica Woolf

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FS KKR CAPITAL CORP. II

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica Woolf

				
	
					
						 

					
					
						Name:

					
					
						Jessica Woolf

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DUNLAP FUNDING LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jessica Woolf

				
	
					
						 

					
					
						Name:

					
					
						Jessica Woolf

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO CENTRE STREET PARTNERSHIP, L.P.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Centre Street Advisors (APO DC), L.P., its general partner

				
	
					
						 

					
					
						By:

					
					
						Apollo Centre Street Advisors (APO DC‐GP), LLC, its general partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO UNION STREET PARTNERS, L.P.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Union Street Advisors, L.P., its General Partner

				
	
					
						 

					
					
						By:

					
					
						Apollo Union Street Capital Management, LLC, its General Partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO KINGS ALLEY CREDIT FUND, LP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Kings Alley Credit Advisors, L.P., its general partner

				
	
					
						 

					
					
						By:

					
					
						Apollo Kings Alley Credit Capital Management, LLC, its general partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO MOULTRIE CREDIT FUND, L.P.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Moultrie Credit Fund Management, LLC, its investment manager

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO TACTICAL VALUE SPN INVESTMENTS, L.P.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Tactical Value SPN Advisors (APO DC), L.P., its General Partner

				
	
					
						 

					
					
						By:

					
					
						Apollo Tactical Value SPN Capital Management (APO DC-GP), LLC, its General Partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						APOLLO INVESTMENT CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Apollo Investment Management, L.P., as Advisor

				
	
					
						 

					
					
						By:

					
					
						ACC Management, LLC, as its General Partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph D. Glatt

				
	
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			 
		

		 

		

			[Signature Page to Fourth Amendment to Third Amended and Restated Credit Agreement]EXHIBIT 10.1

      

      

      Deal CUSIP Number: 83851WAG0

      
        Term Loan CUSIP Number: 83851WAH8

        

        

      

      

      

      TERM LOAN AGREEMENT

      

      

      Dated as of March 26, 2020

      

      

      among

      

      

      SOUTH JERSEY INDUSTRIES, INC.,

      as Borrower

      

      

      THE SEVERAL LENDERS FROM TIME TO TIME PARTY HERETO,

      as Lenders,

      

      

      and

      

      

      PNC BANK, NATIONAL ASSOCIATION,

      as Administrative Agent

      

      

      Arranged by:

      

      

      PNC CAPITAL MARKETS LLC

      and

      KEYBANK NATIONAL ASSOCIATION,

      as Joint Lead Arrangers and Joint Book Runners

      

      

      
        

        
          

        

      

      
      
        TABLE OF CONTENTS

         

        

        ARTICLE I

      DEFINITIONS

       

      

      	 	 	
              Page

            
	 	 	 
	
              SECTION 1.01

            	
              Certain Defined Terms

            	
              1

            
	
              SECTION 1.02

            	
              Computation of Time Periods

            	
              21

            
	
              SECTION 1.03

            	
              Accounting Terms and Determinations

            	
              21

            
	
              SECTION 1.04

            	
              Terminology

            	
              22

            
	
              SECTION 1.05

            	
              Use of Defined Terms

            	
              22

            
	
              SECTION 1.06

            	
              Divisions

            	
              22

            
	
              SECTION 1.07

            	
              LIBOR Notification

            	
              22

            
	 	 	 
	
              ARTICLE II

            
	
              LOANS

            
	 	 
	
              SECTION 2.01

            	
              Term Loans

            	
              22

            
	
              SECTION 2.02

            	
              Procedure for Advances of Loans

            	
              23

            
	
              SECTION 2.03

            	
              Fees

            	
              24

            
	
              SECTION 2.04

            	
              Prepayment and Repayment of Loans

            	
              24

            
	
              SECTION 2.05

            	
              Evidence of Debt; Notes

            	
              24

            
	
              SECTION 2.06

            	
              Interest Rates

            	
              25

            
	
              SECTION 2.07

            	
              [Reserved.]

            	
              27

            
	
              SECTION 2.08

            	
              Interest Rate Determination; Changed Circumstances

            	
              27

            
	
              SECTION 2.09

            	
              Voluntary Conversion of Loans

            	
              32

            
	
              SECTION 2.10

            	
              Increased Costs

            	
              32

            
	
              SECTION 2.11

            	
              Illegality

            	
              33

            
	
              SECTION 2.12

            	
              Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent

            	
              34

            
	
              SECTION 2.13

            	
              Taxes; Foreign Lenders

            	
              34

            
	
              SECTION 2.14

            	
              Mitigation Obligations; Replacement of Lenders

            	
              37

            
	
              SECTION 2.15

            	
              Defaulting Lenders

            	
              38

            
	 	 	 
	
              ARTICLE III

            
	
              CONDITIONS PRECEDENT

            
	 	 
	
              SECTION 3.01

            	
              Conditions Precedent to the Effectiveness of this Agreement

            	
              39

            
	
              SECTION 3.02

            	
              Reliance on Certificates

            	42
	 	 	 
	
              ARTICLE IV

            
	
              REPRESENTATIONS AND WARRANTIES

            
	 	 
	
              SECTION 4.01

            	
              Representations and Warranties of the Borrower

            	
              42

            
	 	 	 
	
              ARTICLE V

            
	
              COVENANTS OF THE COMPANY

            
	 	 
	
              SECTION 5.01

            	
              Affirmative Covenants

            	
              47

            
	
              SECTION 5.02

            	
              Negative Covenants

            	
              49

            
	
              SECTION 5.03

            	
              Reporting Requirements

            	
              51

            
	
              SECTION 5.04

            	
              Financial Covenants

            	
              53

            

      

      

      
        

        i

        
          

        

      

      
        TABLE OF CONTENTS

        (continued)

        

        

      

      	 	
              Page

            
	

            	 
	
              ARTICLE VI

            
	
              EVENTS OF DEFAULT

            
	 	 
	
              SECTION 6.01

            	
              Events of Default

            	
              53

            
	
              SECTION 6.02

            	
              Upon an Event of Default

            	
              55

            
	
              SECTION 6.03

            	
              Application of Funds

            	
              56

            
	
              SECTION 6.04

            	
              Rights and Remedies Cumulative; Non-Waiver; Etc

            	
              56

            
	 	 	 
	
              ARTICLE VII

            
	
              THE ADMINISTRATIVE AGENT

            
	 	 
	
              SECTION 7.01

            	
              Appointment and Authority

            	
              57

            
	
              SECTION 7.02

            	
              Rights as a Lender

            	
              57

            
	
              SECTION 7.03

            	
              Exculpatory Provisions

            	
              57

            
	
              SECTION 7.04

            	
              Reliance by Administrative Agent

            	59
	
              SECTION 7.05

            	
              Delegation of Duties

            	
              59

            
	
              SECTION 7.06

            	
              Resignation of Administrative Agent

            	
              59

            
	
              SECTION 7.07

            	
              Non-Reliance on Administrative Agent and Other Lenders

            	
              60

            
	
              SECTION 7.08

            	
              No Other Duties, Etc

            	
              60

            
	
              SECTION 7.09

            	
              Administrative Agent May File Proof of Claim

            	
              60

            
	
              SECTION 7.10

            	
              Certain ERISA Matters

            	
              61

            
	 	 	 
	
              ARTICLE VIII

            
	
              MISCELLANEOUS

            
	 	 
	
              SECTION 8.01

            	
              Amendments, Etc

            	
              62

            
	
              SECTION 8.02

            	
              Notices, Etc

            	
              63

            
	
              SECTION 8.03

            	
              No Waiver; Remedies

            	
              65

            
	
              SECTION 8.04

            	
              Set-off

            	
              65

            
	
              SECTION 8.05

            	
              Indemnification

            	67
	
              SECTION 8.06

            	
              [Reserved]

            	
              68

            
	
              SECTION 8.07

            	
              Costs, Expenses and Taxes

            	
              68

            
	
              SECTION 8.08

            	
              [Reserved]

            	
              69

            
	
              SECTION 8.09

            	
              Benefit of Agreement

            	
              69

            
	
              SECTION 8.10

            	
              Severability

            	
              73

            
	
              SECTION 8.11

            	
              Governing Law

            	
              73

            
	
              SECTION 8.12

            	
              Headings

            	
              73

            
	
              SECTION 8.13

            	
              Submission To Jurisdiction; Waivers

            	
              73

            
	
              SECTION 8.14

            	
              Acknowledgments

            	
              74

            
	
              SECTION 8.15

            	
              Waivers of Jury Trial

            	
              74

            
	
              SECTION 8.16

            	
              Confidentiality

            	75
	
              SECTION 8.17

            	
              Counterparts; Integration; Effectiveness; Electronic Execution

            	
              75

            
	
              SECTION 8.18

            	
              Reversal of Payments

            	
              76

            
	
              SECTION 8.19

            	
              No Advisory or Fiduciary Responsibility

            	
              76

            
	
              SECTION 8.20

            	
              Acknowledgment and Consent to Bail-In of Affected Financial Institutions

            	
              77

            
	
              SECTION 8.21

            	
              Acknowledgement Regarding Any Supported QFCs

            	78

      

      

      
        

        ii

        
          

        

      

      EXHIBITS

       

      	
              EXHIBIT A

            	
              Form of Note

            
	
              EXHIBIT B

            	
              Form of Notice of Borrowing

            
	
              EXHIBIT C

            	
              Form of Notice of Account Designation

            
	
              EXHIBIT D

            	
              Form of Notice of Conversion/Continuation

            
	
              EXHIBIT E

            	
              Form of Assignment and Assumption

            
	
              EXHIBIT F

            	
              Form of Compliance Certificate

            

      

      

       

      SCHEDULES

       

      	
              SCHEDULE I

            	
              Commitment Schedule

            
	
              SCHEDULE II

            	
              Ownership

            

      

      

      
        

        
          

        

      

      
      TERM LOAN AGREEMENT

       

      This TERM LOAN AGREEMENT (as it may be amended, supplemented or otherwise
        modified in accordance with the terms hereof at any time and from time to time, this “Agreement”) dated as of March 26, 2020, among SOUTH JERSEY INDUSTRIES, INC., a New Jersey corporation (the “Borrower”), the several
        banks and other financial institutions from time to time parties to this Agreement (each a “Lender” and collectively, the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the
        laws of the United States of America (“PNC Bank”), as administrative agent for the Lenders hereunder (in such capacity, together with its successors and
        permitted assigns in such capacity, the “Administrative Agent”).

       

      PRELIMINARY STATEMENTS

       

      WHEREAS, the Borrower has requested that the Lenders make term loans to the Borrower in an aggregate principal amount of up to $150,000,000 for
        general corporate purposes of the Borrower and its Subsidiaries; and

       

      WHEREAS, the Lenders are willing, on the terms and subject to the conditions set forth in this Agreement, to extend credit under this Agreement as
        more particularly hereinafter set forth.

       

      NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      SECTION 1.01          Certain Defined Terms. As used in this Agreement, the following terms shall have the following
          meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

       

      “Acquisition” means any transaction or series of related
        transactions by which the Borrower or any Subsidiary directly or indirectly (a) acquires all or substantially all of the assets comprising one or more business units of any other Person, whether through purchase of assets, merger or otherwise or
        (b) acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority of the Capital Stock of any other Person or a majority of the Capital Stock of such Person having ordinary voting power for the
        election of directors or members of a similar governing body of such Person.

       

      “Administrative Agent” has the meaning assigned to that
        term in the preamble hereto.

       

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

       

      “Affiliate” means, with respect to any Person, any other
        Person directly or indirectly controlling (including but not limited to all directors and officers of such Person), controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another entity if
        such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities, by contract, or otherwise.

       

      
        

        1

        
          

        

      

      “Agreement” means this Term Loan Agreement, as it may be
        amended, supplemented or otherwise modified in accordance with the terms hereof at any time and from time to time.

       

      “Anti-Corruption Laws” means all laws, rules, and
        regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended,
        the UK Bribery Act 2010, as amended, and the rules and regulations thereunder, and other similar legislation.

       

      “Applicable Base Rate Margin” shall have the meaning set
        forth in the definition of Applicable Margin.

       

      “Applicable Law” means all applicable laws, statutes,
        treaties, rules, codes, ordinances, regulations, permits, certificates, orders, interpretations, licenses, and permits of any Governmental Authority and judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other
        judicial or quasi–judicial tribunal (including, without limitation, those pertaining to health, safety, the environment or otherwise).

       

      “Applicable Lending Office” means, with respect to any
        Lender, the office of such Lender specified in such Lender’s administrative questionnaire delivered to the Administrative Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative
        Agent.

       

      “Applicable LIBOR Margin” shall have the meaning set
        forth in the definition of Applicable Margin.

       

      “Applicable Margin” means (a) with respect to any Base
        Rate Loan, 0.00% per annum (the “Applicable Base Rate Margin”), and (b) with respect to any LIBOR Rate Loan, 1.00% per annum (the “Applicable LIBOR Margin”).

       

      “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.

       

      “Arrangers” means PNC Capital Markets LLC, in its
        capacity as a joint lead arranger and joint bookrunner, KeyBank National Association, in its capacity as a joint lead arranger and joint bookrunner, and their successors and assigns.

       

      “Assignment and Assumption” means an Assignment and
        Assumption executed in accordance with Section 8.09 in the form attached hereto as Exhibit E or any other form approved by the
        Administrative Agent.

       

      “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.

       

      
        

        2

        
          

        

      

      “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).

       

      “Bank of America Credit Agreement” means, collectively,
        (a) that certain Term Loan Credit Agreement dated as of October 28, 2015 among the Borrower, Bank of America, N.A., as administrative agent, and the other financial institutions party thereto, as may be modified, amended, restated or amended and
        restated from time to time, and (b) a term loan agreement to be entered into by the Borrower with Bank of America, N.A. and certain other financial institutions to replace the agreement referenced in the preceding clause (a), as may be modified,
        amended, restated or amended and restated from time to time.

       

      “Base Rate” means, for any period, a fluctuating
        interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the highest of (a) the Prime Rate, (b) 1/2 of one percent per annum above the Federal Funds Rate in effect from time to time and
        (c) except during any period of time during which a notice delivered to the Borrower under Section 2.08 or 2.11 shall remain
        in effect, the Daily LIBOR Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus one percent. Notwithstanding the foregoing, if the Base Rate as determined above would be less than zero, such rate
        shall be deemed to be zero.

       

      “Base Rate Loan” means any Loan, or portion thereof,
        bearing interest based on the Base Rate.

       

      “Beneficial Owner” means, for the Borrower, each of the following:  (a) each individual, if any, who, directly or indirectly, owns 25% or more of the Borrower’s Capital Stock; and (b) a single individual with significant responsibility to
          control, manage, or direct the Borrower.

      

      

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

      

      

      “Borrower” has the meaning assigned to that term in the
        preamble hereto.

       

      “Borrowing” means a borrowing consisting of simultaneous
        Loans of the same Type and, in the case of LIBOR Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

       

      
        

        3

        
          

        

      

      “Business Day” means (a) for all purposes other than as
        set forth in clause (b) below, any day other than a Saturday or Sunday or a legal holiday on which banks in Pittsburgh, Pennsylvania and New York, New York, are authorized or required to be closed for the conduct of their commercial banking
        business, and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any LIBOR Rate Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day
        that is a Business Day described in clause (a) and that is also a day for trading by and between banks in Dollar deposits in the London interbank market.

       

      “Capital Stock” means, with respect to any Person, any
        and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred interest, any limited or general partnership interest and
        any limited liability company membership interest.

       

      “CERCLA” means the Comprehensive Environmental Response
        Compensation and Liability Act, 42 U.S.C. § 9601, et seq., as amended from time to time, and any regulations promulgated thereunder.

       

      “Certificate of Beneficial Ownership” means, for the
        Borrower, a certificate in form and substance reasonably acceptable to the Administrative Agent (as amended or modified by the Administrative Agent from time to time in its reasonable discretion), certifying, among other things, the Beneficial
        Owner of the Borrower.

       

      “Change in Control” means the occurrence of either of
        the following: (a) any entity, person (within the meaning of Section 14(d) of the Exchange Act) or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) which theretofore was beneficial owner (as defined in Rule 13d-3 under
        the Exchange Act) of less than 30% of the Borrower’s then outstanding common stock either (i) acquires shares of common stock of the Borrower in a transaction or series of transactions that results in such entity, person or group directly or
        indirectly owning beneficially 30% or more of the outstanding common stock of the Borrower, or (ii) acquires, by proxy or otherwise, the right to vote for the election of directors, for any merger, combination or consolidation of the Borrower or
        any of its direct or indirect Subsidiaries, or, for any other matter or question, more than 30% of the then outstanding voting securities of the Borrower; or (b) a majority of the directors of the board of directors of the Borrower fail to consist
        of Continuing Directors.

       

      “Change in Law” means the occurrence, after the date of
        this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
        Governmental Authority, including any Regulatory Change or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority.

       

      “Closing Date” means March 26, 2020.

       

      “Code” means the Internal Revenue Code of 1986, as
        amended from time to time, and the regulations promulgated and rulings issued thereunder.

       

      
        

        4

        
          

        

      

      “Commitment” means, with respect to each Lender, its
        obligation to make a single Loan to the Borrower pursuant to Section 2.01 in a principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule I under the caption “Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be
        adjusted from time to time in accordance with this Agreement.

       

      “Commitment Percentage” means for each Lender, a
        fraction (expressed as a decimal) the numerator of which is the Commitment of such Lender at such time and the denominator of which are the Commitments of all of the Lenders at such time. The initial Commitment Percentage of each Lender is set out
        on Schedule I or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

       

      “Compliance Certificate” means a certificate substantially in the form
          of Exhibit F.

       

      “Consolidated” means, when used with reference to any
        accounting term, the amount described by such accounting term, determined on a consolidated basis in accordance with GAAP, after elimination of intercompany items.

       

      “Consolidated Total Capitalization” means the sum of (a)
        Indebtedness of the Borrower and its Consolidated Subsidiaries, without duplication, plus (b) Mandatorily Convertible Securities of the Borrower, plus (c) the sum of the Capital Stock (excluding treasury stock and capital stock subscribed for and
        unissued) and surplus (including earned surplus, capital surplus, translation adjustment and the balance of the current profit and loss account not transferred to surplus) accounts of the Borrower and its Consolidated Subsidiaries appearing on a
        consolidated balance sheet of the Borrower and its Consolidated Subsidiaries, in each case prepared as of the date of determination in accordance with GAAP consistent with those applied in the preparation of the financial statements referred to in
        Section 3.01(d), after eliminating all intercompany transactions and all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries.

       

      “Continuing Director” means, with respect to any Person
        as of any date of determination, any member of the board of directors of such Person who (a) was a member of such board of directors on the Closing Date, or (b) was nominated for election or elected to such board of directors with the approval of a
        majority of the Continuing Directors who were members of such board at the time of such nomination or election.

       

      “Convert”, “Conversion” and “Converted” each refers to a conversion of a Loan of one Type into a Loan of another Type
        pursuant to Section 2.09 or the selection of a new, or the renewal of the same, Interest Period for a LIBOR Rate Loan pursuant to Section
            2.09.

       

      “Daily LIBOR Rate” means, for any day, the rate per
        annum determined by the Administrative Agent by dividing (a) the Published Rate by (b) a number equal to 1.00 minus the Eurodollar Reserve Percentage on such day.  Each
        calculation by the Administrative Agent of the Daily LIBOR Rate shall be conclusive and binding for all purposes, absent manifest error.  Notwithstanding the foregoing, if the Daily LIBOR Rate as determined above would be less than zero, such rate
        shall be deemed to be zero.

       

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

       

      
        

        5

        
          

        

      

      “Default” means any event or condition that would
        constitute an Event of Default but for the requirement that notice be given or time elapse or both.

       

      “Default Rate” means a per annum rate equal to 2%
        greater than (i) in the case of each Base Rate Loan, the Base Rate plus the Applicable Base Rate Margin then in effect and (ii) in the case of each LIBOR Rate Loan, the LIBOR Rate for such Interest Period, plus the Applicable LIBOR Margin then in
        effect.

       

      “Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded 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 (each of which conditions precedent, together with any applicable
        default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b)
        has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such
        Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
        identified in such writing or public statement) cannot be satisfied), (c) 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 obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the
        Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the
        benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii)
        become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
        Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
        permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a)
        through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) upon delivery of written
        notice of such determination to the Borrower and each Lender.

       

      
        

        6

        
          

        

      

      “Disclosure Documents” means the Borrower’s Annual
        Report on Form 10-K for the year ended December 31, 2019 and any current report on Form 8-K delivered to the Lenders at least three (3) Business Days prior to the Closing Date.

       

      “Dollar” or “$” means dollars in lawful currency of the United States of America.

       

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

       

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

       

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

       

      “Elizabethtown” means Elizabethtown Gas Company, a New
        Jersey corporation and an indirect wholly-owned Subsidiary of the Borrower.

       

      “Elizabethtown Credit Agreement” means that certain
        revolving credit agreement dated as of November 20, 2018, between, among others, Elizabethtown, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and other financial institutions that are lenders party thereto, as it may be amended,
        modified, restated, amended and restated, renewed, refinanced or replaced from time to time.

       

      “Employee Benefit Plan” means any employee benefit plan
        within the meaning of Section 3(3) of ERISA that is maintained for employees of the Borrower or, in the case of a Pension Plan or a Multiemployer Plan, maintained or contributed to by the Borrower or any current or former ERISA Affiliate.

       

      “Environmental Claims” means any and all administrative,
        regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business
        and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under
        any such Environmental Law, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation
        or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to public health or the environment.

       

      “Environmental Judgments and Orders” means all
        judgments, decrees or orders arising from or in any way associated with any Environmental Requirements, whether or not entered upon consent or written agreements with a Governmental Authority or other entity, and whether or not incorporated in a
        judgment, decree or order.

       

      
        

        7

        
          

        

      

      “Environmental Laws” means any and all federal, foreign,
        state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or the
        environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of
        Hazardous Materials.

       

      “Environmental Liabilities” means any liabilities,
        whether accrued, contingent or otherwise, arising from and in any way associated with any Environmental Requirements.

       

      “Environmental Notices” means notice from any
        Governmental Authority or by any other Authority, of possible or alleged noncompliance with or liability under any Environmental Requirement, including without limitation any complaints, citations, demands or requests from any Governmental
        Authority or from any other Authority for correction of any violation of any Environmental Requirement or any investigations concerning any violation of any Environmental Requirement.

       

      “Environmental Proceedings” means any judicial or
        administrative proceedings arising from or in any way associated with any Environmental Requirement.

       

      “Environmental Releases” means releases as defined in
        CERCLA or under any applicable state or local environmental law or regulation.

       

      “Environmental Requirement” means any legal requirement
        relating to the environment and applicable to the Borrower or its properties, including but not limited to any such requirement under CERCLA or similar state legislation and all federal, state and local laws, ordinances, regulations, orders, writs,
        decrees and common law.

       

      “ERISA” means the Employee Retirement Income Security
        Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

       

      “ERISA Affiliate” means any Person who together with the
        Borrower or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code.

       

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

       

      “Eurocurrency Liabilities” has the meaning specified in
        Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.

       

      “Eurodollar Reserve Percentage” means, for any day, the
        percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the
        maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of Eurocurrency Liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York
        City.

       

      
        

        8

        
          

        

      

      “Event of Default” has the meaning assigned to that term
        in Section 6.01.

       

      “Exchange Act” means the Securities Exchange Act of
        1934, as amended from time to time.

       

      “Excluded Taxes” means, with respect to the
        Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on or measured by its overall net income (however denominated), gross receipts,
        capital stock Taxes or franchise Taxes imposed on it (in lieu of net income Taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in
        the case of any Lender, in which its Applicable Lending Office is located, (b) any branch profits Taxes imposed by the United States or any similar Tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign
        Lender (other than an assignee pursuant to a request by the Borrower under Section 2.14(b)), any withholding Tax that is imposed on amounts payable to such Foreign Lender at the time such
        Foreign Lender becomes a party hereto (or designates a new Applicable Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.13(f), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Applicable Lending Office (or assignment), to receive additional amounts from the
        Borrower with respect to such withholding Tax pursuant to Section 2.13(a), and (d) any U.S. federal withholding Taxes imposed under FATCA.

       

      “FASB ASC” means the Accounting Standards Codification
        of the Financial Accounting Standards Board.

       

      “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 and any agreement entered
        into pursuant to Section 1471(b)(1) of the Code.

       

      “Federal Funds Rate” means, for any day, the rate per
        annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published
        on the next succeeding Business Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
        charged to PNC on such day on such transactions as reasonably determined by the Administrative Agent.  Notwithstanding the foregoing, if the Federal Funds Rate as determined above would be less than zero, such rate shall be deemed to be zero.

       

      
        

        9

        
          

        

      

      “Fee Letter” means that certain fee letter dated March
        20, 2020, among the Borrower, PNC Capital Markets LLC and PNC Bank.

       

      “First Mortgage Notes” means bonds, promissory notes or
        other evidences of indebtedness issued pursuant to or secured by either (a) that certain Supplemental Indenture Amending and Restating the First Mortgage Indenture dated January 23, 2017, as may be amended, modified, restated, amended and restated,
        or renewed from time to time (the “SJG Mortgage”), or (b) that certain First Mortgage Indenture dated as of July 2, 2018 between Elizabethtown and
        Wilmington Trust, National Association, a national banking association, as Trustee, as amended from time to time (the “Elizabethtown Mortgage”).

       

      “Five-Year Revolving Credit Agreement” means that certain Five-Year
          Revolving Credit Agreement dated as of August 7, 2017 (as amended, supplemented or otherwise modified), among the Borrower, the several banks and other financial institutions from time to time party thereto and Wells Fargo Bank, National
          Association, as administrative agent.

       

      “Foreign Lender” means any Lender that is organized
        under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each state thereof and the District of Columbia shall be deemed to constitute a single
        jurisdiction.

       

      “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 business.

       

      “GAAP” means generally accepted accounting principles in
        the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other
        principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

       

      “Governmental Action” means all authorizations,
        consents, approvals, waivers, exceptions, variances, orders, licenses, exemptions, publications, filings, notices to and declarations of or with any Governmental Authority, required to be made by Borrower, other than routine reporting requirements
        the failure to comply with which will not affect the validity or enforceability of this Agreement or any other Loan Document or have a material adverse effect on the transactions contemplated by this Agreement or any other Loan Document.

       

      “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.

       

      
        

        10

        
          

        

      

      “Hazardous Materials” means any substances or materials
        (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious,
        radioactive, carcinogenic, mutagenic or otherwise harmful to human health or the environment and are or become regulated by any Governmental Authority having authority over Borrower or Borrower’s operations, (c) the presence of which require
        investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Action, (e) which are deemed to constitute a
        nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, (f) which consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance, or (g) which contain,
        without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

       

      “Hedging Obligations” means, with respect to any Person,
        the obligations of such Person under any interest rate or currency swap agreement, interest rate or currency future agreement, interest rate collar agreement, swap agreement (as defined in 11 U.S.C. § 101), interest rate or currency hedge
        agreement, and any put, call or other agreement or arrangement designed to protect such Person against fluctuations in interest rates or currency exchange rates.

       

      “Indebtedness” means, for any Person, all obligations of
        such Person which in accordance with GAAP should be classified on a balance sheet of such Person as liabilities of such Person, and in any event shall include, without duplication, all (a) indebtedness for borrowed money, (b) obligations evidenced
        by bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services, (d) obligations as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as
        capital leases, (e) obligations as lessee under operating leases which have been recorded as off-balance sheet liabilities, (f) obligations under Hedging Obligations, (g) reimbursement obligations
          (contingent or otherwise) in respect of outstanding letters of credit, (h) indebtedness of the type referred to in clauses (a) through (g) above secured by (or for which the holder of such indebtedness has an existing right, contingent or
        otherwise, to be secured by) any lien or encumbrance on, or security interest in, property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment
        of such indebtedness, and (i) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or
        obligations of others of the kinds referred to in clauses (a) through (h) above. For the avoidance of doubt and notwithstanding anything to the contrary set forth above, Permitted Commodity Hedging Obligations, Capital Stock, including Capital
        Stock having a preferred interest, and, solely for the purpose of Section 5.04 and solely to the extent the aggregate principal amount thereof does not exceed 15.0% of Consolidated Total Capitalization, Mandatorily Convertible Securities, shall not
        constitute Indebtedness for purposes of this Agreement.  

       

      “Indemnified Taxes” means Taxes and Other Taxes other
        than Excluded Taxes.

       

      “Indemnitee” has the meaning assigned to that term in Section 8.05.

       

      “Information” has the meaning assigned to that term in Section 8.16.

       

      “Informational Materials” has the meaning assigned to
        that term in Section 5.03.

       

      “Interest Period” has the meaning assigned to that term
        in Section 2.06(b).

       

      
        

        11

        
          

        

      

      “Investment” shall mean any investment (including,
        without limitation, any loan or advance) of the Borrower or any Subsidiary in or to any Person, whether payment therefor is made in cash or Capital Stock of the Borrower or any Subsidiary, and whether such investment is directly or indirectly by
        acquisition of Capital Stock or Indebtedness, or by loan, advance, transfer of property out of the ordinary course of business, capital contribution, equity or profit sharing interest, extension of credit on terms other than those normal in the
        ordinary course of business or otherwise.

       

      “Lenders” has the meaning assigned to that term in the
        preamble hereto, and, in each case, includes their respective successors and permitted assigns.

       

      “Lending Office” means, as to each Lender, its office
        located at its address set forth in such Lender’s administrative questionnaire delivered to the Administrative Agent, or such other office as such Lender may hereafter designate as its Lending Office by notice to the Borrower and the Administrative
        Agent.

       

      “LIBOR” means, for any interest rate calculation with
        respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period which appears on Bloomberg Page BBAM1 (or on such other substitute
        Bloomberg page that displays rates at which deposits in Dollars are offered by leading banks in the London interbank deposit market), or the rate which is quoted by such other commercially available source providing such quotations as may be
        designated by the Administrative Agent from time to time (for purposes of this definition, an “Alternate Source”), at approximately 11:00 a.m. (London time) two (2) Business Days prior to
        the first day of the applicable Interest Period (rounded upward, if necessary, to the nearest 1/100th of 1%); provided that if there shall at any time, for any reason, no
        longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, then “LIBOR” shall be a comparable replacement rate determined by the Administrative Agent at such time.  Each calculation by the Administrative Agent of LIBOR
        shall be conclusive and binding for all purposes, absent manifest error.  Notwithstanding the foregoing, if LIBOR as determined above would be less than zero, such rate shall be deemed to be zero.

       

      “LIBOR Rate” means a rate per annum (rounded upwards, if
        necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula:

       

      
        
          	
                  

                	 	
                  

                	 
	
                  

                	 

        

        

        

      

      Notwithstanding the foregoing, if at any time the LIBOR Rate shall be less than zero, the LIBOR Rate shall be deemed to be zero for all purposes in
        this Agreement.

       

      “LIBOR Rate Loan” means any Loan, or portion thereof,
        bearing interest based on the LIBOR Rate (other than a Base Rate Loan for which interest is determined by reference to LIBOR).

       

      
        

        12

        
          

        

      

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

       

      “Loan” has the meaning assigned to that term in Section 2.01.

       

      “Loan Documents” means this Agreement, the Notes and any
        other document evidencing, relating to or securing any Loan and any other document or instrument delivered from time to time in connection with this Agreement or the Notes, as such documents and instruments may be amended or supplemented from time
        to time.

       

      “Mandatorily Convertible Securities” means any
        mandatorily convertible equity-linked securities issued by the Borrower, so long as the terms of such securities require no repayments or prepayments and no mandatory redemptions or repurchases (other than repayments, prepayments, redemptions or
        repurchases that are to be settled by the issuance of Capital Stock by the Borrower or the proceeds of which are concurrently applied to purchase Capital Stock from the Borrower), in each case prior to at least 91 days after the later of the
        Maturity Date and the repayment in full of the Loans and all other amounts due under this Agreement; provided, however, that Mandatorily Convertible Securities shall exclude any Capital Stock.

       

      “Material Adverse Effect” means a material adverse
        effect on (a) the business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries on a consolidated basis, taken as a whole, (b) the ability of the Borrower to
        perform its obligations under this Agreement or any of the other Loan Documents to which the Borrower is a party or (c) the validity or enforceability against the Borrower of this Agreement, any of the other Loan Documents to which the Borrower is
        a party, or the rights and remedies of the Administrative Agent and the Lenders hereunder or thereunder.

       

      “Maturity Date” means March 25, 2021; provided that if such date is not a Business Day, the Maturity Date shall be immediately preceding Business Day.

       

      “MNPI” has the meaning assigned to that term in Section 5.03.

       

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

       

      “Multiemployer Plan” means a “Multiemployer plan” as
        defined in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions
        within the preceding five (5) years.

       

      “Non-Consenting Lender” means any Lender that does not
        approve any consent, waiver or amendment that (a) requires approval of all Lenders or all affected Lenders in accordance with the terms of Section 8.01 and (b) has been approved by the
        Required Lenders.

       

      “Non-Defaulting Lender” means, at any time, any Lender
        that is not a Defaulting Lender at such time.

       

      
        

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      “Note” means any promissory note of the Borrower in
        favor of a Lender evidencing the Loans made to the Borrower by such Lender and substantially in the form of Exhibit A, as such promissory note may be amended, modified, supplemented or
        replaced from time to time.

       

      “Notice of Account Designation” has the meaning assigned
        to that term in Section 2.02(b)(i).

       

      “Notice of Borrowing” has the meaning assigned to that
        term in Section 2.02(a)(i)(A).

       

      “Notice of Conversion/Continuation” has the meaning
        assigned to that term in Section 2.09.

       

      “Obligations” means, in each case, whether now in
        existence or hereafter arising: (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Loans and (b) all other fees and commissions (including attorney’s fees), charges,
        indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Borrower or any Subsidiary to any Lender or the Administrative Agent, in each case under or in respect of this Agreement, any Note or any of
        the other Loan Documents of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note, and whether or not for
        the payment of money under or in respect of this Agreement, any Note or any of the other Loan Documents.

       

      “OFAC” means the U.S. Department of the Treasury’s
        Office of Foreign Assets Control.

       

      “Other Taxes” means all present or future stamp, court,
        documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
        with respect to, any Loan Document, other than taxes owed directly by the Borrower to any Governmental Authority, other than any of the foregoing that constitute Excluded Taxes.

       

      “Participant” has the meaning assigned to that term in Section 8.09(d).

       

      “Participant Register” has the meaning assigned to that
        term in Section 8.09(d).

       

      “Patriot Act” means the USA PATRIOT Act (Title III of
        Pub. L. 107-56 (signed into law October 26, 2001)).

       

      “PBGC” means the Pension Benefit Guaranty Corporation or
        any successor thereto.

       

      “Pension Plan” means any Employee Benefit Plan, other
        than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained for the employees of the Borrower or any ERISA Affiliate or (b) has at any time within the preceding six (6)
        years been maintained for the employees of the Borrower or any current or former ERISA Affiliates.

       

      
        

        14

        
          

        

      

      “Permitted Commodity Hedging Obligations” means
        obligations of the Borrower with respect to commodity agreements or other similar agreements or arrangements entered into in the ordinary course of business designed to protect against, or mitigate risks with respect to, fluctuations of commodity
        prices to which the Borrower or any Subsidiary is exposed to in the conduct of its business so long as (a) the management of the Borrower has determined that entering into such agreements or arrangements are bona fide hedging activities which
        comply with the Borrower’s risk management policies and (b) such agreements or arrangements are not entered into for speculative purposes and are not of a speculative nature.

       

      “Permitted Indebtedness” means any of the following:

       

      (a)          Indebtedness under this Agreement;

       

      (b)        Indebtedness of the Borrower and its
            Subsidiaries (other than South Jersey Gas and Elizabethtown) so long as before and immediately after the incurrence of such Indebtedness, the Borrower is in compliance with Section 5.04;

       

      (c)          Indebtedness of the Borrower under
            Hedging Obligations covering a notional amount not to exceed the face amount of outstanding Indebtedness;

       

      (d)         Indebtedness of South Jersey Gas
            under that certain Five-Year Credit Agreement dated as of August 14, 2017, among South Jersey Gas, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent on behalf of said lenders, as amended by that
            certain First Amendment to Five-Year Revolving Credit Agreement dated as of June 14, 2018 and as further amended by that certain Second Amendment to Five-Year Revolving Credit Agreement dated as of June 7, 2019 (as it may be amended, modified,
            restated, amended and restated, renewed, refinanced or replaced from time to time, the “SJG Credit Agreement”);

       

      (e)          Indebtedness of South Jersey Gas
            under First Mortgage Notes issued pursuant to the SJG Mortgage, and subsequent First Mortgage Notes of SJG, so long as before and immediately after the incurrence of such Indebtedness or any amendment, modification, restatement, amendment and
            restatement or renewal of such Indebtedness, South Jersey Gas is in compliance with Section 6.04 of the SJG Credit Agreement;

       

      (f)          Indebtedness (other than the type
            described in clause (i) below) of South Jersey Gas, so long as before and immediately after the incurrence of such Indebtedness, South Jersey Gas is in compliance with Section 6.04 of
            the SJG Credit Agreement;

       

      (g)         Indebtedness of Elizabethtown under
            First Mortgage Notes issued pursuant to the Elizabethtown Mortgage, and subsequent First Mortgage Notes of Elizabethtown, so long as before and immediately after the incurrence of such Indebtedness or any amendment, modification, restatement,
            amendment and restatement or renewal of such Indebtedness, Elizabethtown is in compliance with Section 6.04 of the Elizabethtown Credit Agreement;

       

      (h)        Indebtedness (other than the type
            described in clause (i) below) of Elizabethtown, so long as before and immediately after the incurrence of such Indebtedness, Elizabethtown is in compliance with Section 6.04 of the
            Elizabethtown Credit Agreement;

       

      
        

        15

        
          

        

      

      (i)         Indebtedness of South Jersey Gas or
            Elizabethtown under Hedging Obligations covering a notional amount not to exceed the face amount of such outstanding Indebtedness;

       

      (j)           Indebtedness of the Borrower under
            the Bank of America Credit Agreement; and

       

      (k)          Indebtedness of the Borrower under
            the Five-Year Revolving Credit Agreement.

       

      “Permitted Investments” means, any of (a) with respect
        to the Borrower or any Subsidiary, any Investment or Acquisition, or any expenditure or any incurrence of any liability to make any expenditure for an Investment or Acquisition, other than (i) any Investment or Acquisition the result of which would
        be to change substantially the nature of the business of the Borrower and its Subsidiaries, considered as a whole, as of the date of this Agreement, and reasonable extensions thereof, (ii) any Investment that is in the nature of a hostile or
        contested Acquisition, and (iii) any Investment that would result in a Default or Event of Default, (b) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof maturing within one hundred twenty
        (120) days from the date of acquisition thereof, (c) commercial paper maturing no more than one hundred twenty (120) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s, (d)
        certificates of deposit or money market deposits maturing no more than one hundred twenty (120) days from the date of creation thereof issued by commercial banks incorporated under the laws of the United States, each having combined capital,
        surplus and undivided profits of not less than $500,000,000 and having a rating in the “A” category or better by a nationally recognized rating agency; provided that the aggregate amount invested in such certificates of deposit shall not at any
        time exceed $5,000,000 for any one such deposit and $10,000,000 for any one such bank, or (e) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or savings and loan
        associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder.

       

      “Permitted Liens” means, with respect to any Person, any
        of the following:

       

      (a)         Liens for taxes, assessments or
            governmental charges not delinquent or being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance with GAAP are maintained on such Person’s books;

       

      (b)        Liens arising out of deposits in
            connection with workers’ compensation, unemployment insurance, old age pensions or other social security or retirement benefits legislation;

       

      (c)          Deposits or pledges to secure bids,
            tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds, and other obligations of like nature arising in the ordinary course of such Person’s business, including, without
            limitation, deposits and pledges of funds securing Permitted Commodity Hedging Obligations;

       

      (d)         Liens imposed by law, such as
            mechanics’, workers’, materialmen’s, carriers’ or other like liens arising in the ordinary course of such Person’s business which secure the payment of obligations which are not past due or which are being diligently contested in good faith by
            appropriate proceedings and for which adequate reserves in accordance with GAAP are maintained on such Person’s books;

       

      
        

        16

        
          

        

      

      (e)          Rights of way, zoning restrictions,
            easements and similar encumbrances affecting such Person’s real property which do not materially interfere with the use of such property;

       

      (f)         Liens securing Permitted Indebtedness
            of the type described in clauses (b), (c) and (i) of the definition of “Permitted Indebtedness,” not in excess of $25,000,000 in the aggregate;

       

      (g)          Liens securing Permitted Indebtedness
            of the type described in clauses (e) and (g) of the definition of “Permitted Indebtedness”;

       

      (h)       Liens securing Permitted Indebtedness
            of the type described in clause (f) or (h) of the definition of “Permitted Indebtedness,” not in excess of $20,000,000 in the aggregate; and

       

      (i)           Purchase money security interests
            for the purchase of equipment to be used in such Person’s business, encumbering only the equipment so purchased, and the proceeds thereof, and which secures only the purchase-money Indebtedness incurred to acquire the equipment so purchased,
            which Indebtedness qualifies as Permitted Indebtedness.

       

      “Person” means an individual, partnership, corporation
        (including, without limitation, a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

       

      “Platform” means Debt Domain, Intralinks, SyndTrak or a
        substantially similar electronic transmission system.

       

      “Pre-Funded Acquisition Debt” means Indebtedness
        incurred for the purpose of financing a significant acquisition, and with significance otherwise calculated in accordance with Article 11 of Regulation S-X under the Securities Act of 1933, as amended), which Indebtedness is incurred prior to the
        date of consummation of such significant acquisition; provided that such Indebtedness shall cease to constitute Pre-Funded Acquisition Debt upon the earlier to occur of (i) the consummation of such significant acquisition and (ii) 45 days after the
        termination of the acquisition agreement for such significant acquisition.

       

      “Prime Rate” means, at any time, the rate of interest
        per annum publicly announced from time to time by the Administrative Agent at its main banking office in Pittsburgh, Pennsylvania as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such Prime Rate occurs.  The parties
        hereto acknowledge that the rate announced publicly by the Administrative Agent at its main banking office in Pittsburgh, Pennsylvania as

        its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

       

      “Private Lenders” means any Lenders that are not Public
        Lenders.

       

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

       

      
        

        17

        
          

        

      

      “Public Lenders” has the meaning assigned to that term
        in Section 5.03.

       

      “Published Rate” means the rate of interest published
        each Business Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered
        Rates” for a one-month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which deposits of Dollars are offered by leading banks in the London interbank deposit market for a one-month
        period as published in another publication selected by the Administrative Agent).

       

      “Register” has the meaning assigned to that term in Section 8.09(c).

       

      “Regulatory Change” means, with respect to any Lender,
        any change effective after the Closing Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request
        applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority
        charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy including but not limited to 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; provided, however, that notwithstanding
        anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, shall be deemed to be a “Regulatory Change”, regardless
        of the date enacted, adopted or issued.

       

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

       

      “Required Lenders” means, as of any date of
        determination, at least two Lenders holding more than 50% of the sum of the aggregate unused Commitments at such time and the aggregate outstanding principal amount of Loans at such time; provided that the aggregate outstanding principal amount of
        Loans and the unused Commitment of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

       

      “Resignation Effective Date” has the meaning assigned to
        that term in Section 7.06(a).

       

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

       

      “Sanctioned Country” means a country, territory or
        region which is at any time subject or target of any Sanctions (including, without limitation, Cuba, Iran, North Korea, Syria and Crimea).

       

      “Sanctioned Person” means, at any time, (a) a Person
        listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person
        operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b).

       

      
        

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      “Sanctions” means any sanction administered or enforced
        by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

       

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

       

      “Significant Subsidiary” means, with respect to any
        Person, a Subsidiary which meets any of the following conditions:

       

      (a)       such Person’s and its other
            Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the total assets of such Person and its Consolidated Subsidiaries as of the end of the most recently completed fiscal quarter;

       

      (b)         such Person’s and its other
            Subsidiaries’ proportionate share (as determined by ownership interests) of the total assets (after intercompany eliminations) of the Subsidiary exceeds 10% of the total assets of such Person and its Consolidated Subsidiaries as of the end of
            the most recently completed fiscal quarter;

       

      (c)         such Person’s and its other
            Subsidiaries’ proportionate share (as determined by ownership interests) in the income from continuing operations before income taxes, extraordinary items and cumulative effect of changes in accounting principles of the Subsidiary exceeds 10%
            of such income of such Person and its Consolidated Subsidiaries for the most recently completed fiscal quarter; or

       

      (d)          with respect to the Borrower, such
            Subsidiaries shall include, without limitation, South Jersey Gas, SJI Utilities, and Elizabethtown.

       

      “SJG Credit Agreement” shall have the meaning set forth
        in the definition of Permitted Indebtedness.

       

      “SJI Utilities” means SJI Utilities, Inc., a New Jersey
        corporation and wholly-owned Subsidiary of the Borrower.

       

      “Solvent” means, with respect to any Person, that such
        Person (a) has capital sufficient to carry on its business and transactions and all business and transactions in which it is about to engage and is able to pay its debts as they mature, (b) owns property having a value, both at fair valuation and
        at present fair saleable value, greater than the amount required to pay its probable liabilities (including contingencies), and (c) does not believe that it will incur debts or liabilities beyond its ability to pay such debts or liabilities as they
        mature.

       

      “South Jersey Gas” means South Jersey Gas Company, a New
        Jersey corporation and indirect wholly-owned Subsidiary of the Borrower.

       

      
        

        19

        
          

        

      

      “Subsidiary” means, with respect to any Person, any
        corporation or unincorporated entity of which more than 50% of the outstanding capital stock (or comparable interest) having ordinary voting power (irrespective of whether at the time capital stock (or comparable interest) of any other class or
        classes of such corporation or entity shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by said Person (whether directly or through one of more other Subsidiaries). In the case of
        an unincorporated entity, a Person shall be deemed to have more than 50% of interests having ordinary voting power only if such Person’s vote in respect of such interests comprises more than 50% of the total voting power of all such interests in
        the unincorporated entity.

       

      “Taxes” means all present or future taxes, levies,
        imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

       

      “Termination Event” means except for any such event or
        condition that could not reasonably be expected to have a Material Adverse Effect: (a) a “Reportable Event” described in Section 4043 of ERISA for which the notice requirement has not been waived by the PBGC, or (b) the withdrawal of the Borrower
        or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan
        or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the appointment of a trustee with
        respect to, any Pension Plan by the PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the
        imposition of a Lien pursuant to Section 430 of the Code or Section 303 of ERISA, or (g) the partial or complete withdrawal of the Borrower or any ERISA Affiliate from a Multiemployer Plan if withdrawal liability is asserted by such plan, or (h)
        any event or condition which results in the insolvency of a Multiemployer Plan under Section 4245 of ERISA, or (i) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by
        PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA.

       

      “Type” means a type of Loan, being either a LIBOR Rate
        Loan or a Base Rate Loan, as applicable.

       

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

       

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

       

      
        

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      “Write-Down and Conversion Powers” means, with respect
        to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
        the EU Bail-In Legislation Schedule.

       

      SECTION 1.02          Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding” and the
          word “through” means “to and including”.

       

      SECTION 1.03            Accounting Terms and Determinations.

       

      (a)         All accounting terms not specifically
            or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with
            GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 5.03, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial
            covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall
            be disregarded. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the
            Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative
            Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving
            effect to such change in GAAP.

       

      (b)         Any financial ratios required to be
            maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is
            expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

       

      (c)         Unless otherwise expressly provided
            herein, (a) references to formation documents, governing documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and
            other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include all
            statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

       

      
        

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      SECTION 1.04           Terminology.

       

      With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the definitions
        of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes”
        and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein to any Person shall be construed to include
        such Person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein
        to “Articles,” “Sections,” “Exhibits” and “Schedules” shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and
        effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices,
        reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
        interpretation of this Agreement or any other Loan Document.

       

      SECTION 1.05         Use of Defined Terms. All terms defined in this Agreement shall have the same meanings when used in any of the other Loan
        Documents, unless otherwise defined therein or unless the context shall otherwise require.

       

      SECTION 1.06           Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or
        any comparable event under a different jurisdiction’s laws): (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 interest at such time.

       

      SECTION 1.07          LIBOR Notification.  Section 2.08(f) provides a mechanism for determining an
            alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other circumstances. 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 Rate” or with respect to any alternative or successor rate thereto, or
            replacement rate therefor.

       

      ARTICLE II

       

      LOANS

       

      SECTION 2.01         Term Loans.  Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties set forth
            herein, each Lender severally agrees to make a single term loan (each such loan, a “Loan”), in Dollars, in an aggregate amount not to exceed such
            Lender’s Commitment, to the Borrower on the Closing Date, as requested by the Borrower in accordance with the terms of Section 2.02(a).  Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed.  Loans shall be disbursed in accordance with Section 2.02(d).

       

      
        

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      SECTION 2.02           Procedure for Advances of Loans.

       

      (a)          Requests for Borrowing.

       

      (i)          Base Rate Loans. By no later than 11:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day of the Borrower’s request for a Borrowing of Base Rate Loans, the Borrower shall submit to the Administrative Agent a
            written notice in the form attached hereto as Exhibit B (a “Notice of Borrowing”), which
            Notice of Borrowing shall set forth (A) the amount requested, (B) the desire to have such Loans accrue interest at the Base Rate and (C) the requested date of the Borrowing (which shall be a Business Day). A Notice of Borrowing received after
            11:00 a.m. (Pittsburgh, Pennsylvania time) shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders of each such Notice of Borrowing.

       

      (ii)         LIBOR Rate Loans.  By no later than 11:00 a.m. (Pittsburgh, Pennsylvania time) on the third Business Day prior to the date of the Borrower’s request for a Borrowing of LIBOR Rate Loans, the Borrower shall submit a
            Notice of Borrowing to the Administrative Agent, which Notice of Borrowing shall set forth (A) the amount requested, (B) the desire to have such Loans accrue interest at the LIBOR Rate, (C) the Interest Period applicable thereto and (D) the
            requested date of the Borrowing (which shall be a Business Day).  A Notice of Borrowing received after 11:00 a.m. (Pittsburgh, Pennsylvania time) shall be deemed received on the next Business Day.  The Administrative Agent shall promptly notify
            the Lenders of each such Notice of Borrowing.

       

      (b)        Each Notice of Borrowing shall be
            irrevocable and binding on the Borrower.  In the case of any Borrowing that the related Notice of Borrowing specifies is to comprise LIBOR Rate Loans, the Borrower shall indemnify the applicable Lender against any loss, cost or expense incurred
            by such Lender as a result of any failure of the Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Loans, the applicable conditions set forth in Article
                III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender as part of such
            Borrowing.

       

      (c)        Each Borrowing shall be in an
            aggregate principal amount of $5,000,000 or any multiple of $1,000,000 in excess thereof (except that any such Borrowing may be in the aggregate amount of the unused Commitments on such date).

       

      
        

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        (d)         Disbursement of Loans.  Not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the proposed borrowing date, each Lender will make available to the Administrative Agent, for the account of the Borrower, at the
              office of the Administrative Agent in funds immediately available to the Administrative Agent such Lender’s Commitment Percentage multiplied by the Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the
              Administrative Agent to disburse the proceeds of each Borrowing requested pursuant to this Section 2.02(b) in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most
              recent notice substantially in the form of Exhibit C hereto (a “Notice of Account Designation”)

              delivered by the Borrower to the Administrative Agent or such other account as may be designated in writing by the Borrower to the Administrative Agent from time to time.  Subject to Section
                  2.12, the Administrative Agent shall not be obligated to disburse that portion of the proceeds of any Borrowing equal to the amount by which any Lender has not made available to the Administrative Agent its applicable
              Commitment Percentage of such Borrowing.

         

          
          SECTION 2.03          Fees.  The Borrower hereby agrees to pay such other fees as are specified in
                the Fee Letter.

        

      

       

      SECTION 2.04          Prepayment and Repayment of Loans.

       

      (a)          Voluntary Prepayments.  The Borrower may, upon notice to the Administrative Agent, at any time and from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i) such notice must be in a form reasonably acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days
            prior to any date of prepayment of LIBOR Rate Loans and (B) on the date of prepayment of Base Rate Loans; and (ii) any partial prepayment of shall be in a principal amount of $5,000,000 (or, if less, the total amount of the Loans outstanding)
            or a whole multiple of $100,000 in excess thereof.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBOR Rate Loans are to be prepaid, the Interest Period(s) of such Loans. 
            The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Commitment Percentage).  If such notice is given by the
            Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Subject to Section 2.15,
            each prepayment of the outstanding Loans pursuant to this Section 2.04(a) shall be paid to the Lenders in accordance with their respective Commitment Percentages and shall be applied
            first to Base Rate Loans until paid in full and second to LIBOR Rate Loans, in direct order of Interest Period maturities until paid in full. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest through the date of
            such prepayment on the amount prepaid, together with any additional amounts required pursuant to Section 2.08(e).

       

      (b)          Repayment.  The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date, together with accrued interest to the date of such payment on the principal
            amount repaid.

       

      SECTION 2.05          Evidence of Debt; Notes.

       

      (a)        Evidence of Debt. The date, amount, type, interest rate and duration of Interest Period (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall
            be recorded by such Lender and by the Administrative Agent on its books; provided, that the failure of such Lender or the Administrative Agent to make any such recordation or
            endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing hereunder or under any Note with respect of the Loans to be evidenced by such Note, and each such recordation or endorsement shall be
            conclusive and binding, absent manifest error. In any legal action or proceeding in respect of this Agreement, the entries made in such account or accounts shall, in the absence of manifest error, be conclusive evidence of the existence and
            amounts of the Obligations of the Borrower therein recorded. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
            accounts and records of the Administrative Agent shall control in the absence of manifest error.

       

      
        

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      (b)          Notes.  Upon the request of any Lender to the Borrower made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such
            Lender’s Loans to the Borrower in addition to such accounts or records.  Each Lender may attach schedules to a Note and endorse thereon the date, Type (if applicable), amount, and maturity of its Loans and payments with respect thereto.

       

      SECTION 2.06          Interest Rates.

       

      (a)         Interest Rates. Subject to the provisions of this Section, at the election of the Borrower, Loans shall bear interest at (i) the Base Rate plus the Applicable Base Rate Margin or (B) the LIBOR Rate plus the Applicable
            LIBOR Margin (provided that the LIBOR Rate shall not be available until three (3) Business Days after the Closing Date unless the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the
            Administrative Agent indemnifying the Lenders in the manner set forth in Section 2.08(e)). The Borrower shall select the Type of Loan and Interest Period, if any, applicable to any
            Borrowing at the time a Notice of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 2.09.  Any Borrowing as to which the Borrower has
            not duly specified the Type of Loans in a Notice of Borrowing, or as to which the Borrower has not given a timely Notice of Conversion/Continuation, in each case as provided herein, shall be made as, or Converted to, a Borrowing of Base Rate
            Loans.

       

      (b)          Interest Periods. As used herein, “Interest Period” means, as to each LIBOR Rate Loan, the period commencing on the date of
            such LIBOR Rate Loan is disbursed or Converted to a LIBOR Rate Loan and ending on the date that is one, two, three or six months thereafter (in each case subject to availability), as the Borrower may select by notice to the Administrative Agent
            pursuant to Section 2.02(a)(ii) or 2.09; provided,
            however, that:

       

      (i)          the Borrower may not select any
            Interest Period with respect to any Borrowing that ends after the Maturity Date, and in no event shall an Interest Period of any Borrowing extend beyond the Maturity Date;

       

      (ii)         whenever the last day of any
            Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day; provided, that if such extension would cause the last day of such
            Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day;

       

      
        

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      (iii)       any Interest Period for a LIBOR Rate
            Loan which begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent
            calendar month; and

       

      (iv)         no more than eight (8) Interest
            Periods may be in effect at any time.

       

      (c)          Default Rate. Subject to Section 6.02, immediately upon the occurrence and during the continuance of an Event of Default, (i) the Borrower shall no longer
            have the option to request LIBOR Rate Loans, (ii) all outstanding LIBOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable LIBOR Margin) then applicable to such LIBOR Rate
            Loans until the end of the applicable Interest Period and thereafter shall be automatically converted to Base Rate Loans and shall bear interest at a rate equal to two
            percent (2%) in excess of the rate (including the Applicable Base Rate Margin) then applicable to Base Rate Loans, and (iii) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear
            interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Base Rate Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document. Interest
            shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal or foreign.

       

      (d)         Interest Payment and Computation. In addition to such other times as may be specified herein, (i) interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar quarter
            commencing March 31, 2020; and (ii) interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three
            (3)-month interval during such Interest Period.  All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest
            provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

       

      (e)          Payments. Each payment by the Borrower on account of the principal of or interest on the Loans or of any fee, commission or other amounts payable to the Administrative Agent or the Lenders under this Agreement (or any
            of them) shall be made not later than 1:00 p.m. (Pittsburgh, Pennsylvania time) on the date specified for payment under this Agreement to the Administrative Agent at the office of the Administrative Agent as set forth in Section 8.02 for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any set off, counterclaim or deduction whatsoever.
            Any payment received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section 6.01, but for all other purposes shall be
            deemed to have been made on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Any payment received after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all
            purposes and any applicable interest or fee shall continue to accrue. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each Lender at its address for notices set forth herein its pro rata share of such payment based on its Commitment Percentage (or other applicable share as provided herein), and shall wire advice of the amount of such credit to each
            Lender. Each payment to the Administrative Agent of the Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections

                2.08(e), 2.10, 2.13, 8.05 or 8.07 shall be paid to the Administrative Agent for the account of the applicable Lender. If any payment under this Agreement shall be specified to be made upon a day which is not a
            Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment.   

       

      
        

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

       

      SECTION 2.07          [Reserved.]

       

      SECTION 2.08          Interest Rate Determination; Changed Circumstances.

       

      (a)        Interest Rate Determination. The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06.

       

      (b)         Automatic Conversion. If the Borrower shall fail to (i) select the duration of any Interest Period for any LIBOR Rate Loans in accordance with the provisions of Section
                2.06(b), (ii) provide a Notice of Conversion/Continuation with respect to any LIBOR Rate Loans on or prior to 11:00 a.m., Pittsburgh, Pennsyvlania time, on the third Business Day prior to the last day of the Interest Period
            applicable thereto, in the case of a Conversion to or in respect of LIBOR Rate Loans or (iii) satisfy the conditions set forth in Section 2.09 with respect to a Conversion, the
            Administrative Agent will forthwith so notify the Borrower and the Lenders and such LIBOR Rate Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Loans.

       

      (c)        Circumstances Affecting LIBOR Rate Availability. If, with respect to any LIBOR Rate Loans (or a conversion to or continuation thereof), (i) the Administrative Agent shall determine (which determination shall be
            conclusive and binding, absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such LIBOR Rate Loan, (ii) the Required Lenders notify
            the Administrative Agent or the Administrative Agent shall determine (which determination shall be conclusive and binding, absent manifest error) that reasonable and adequate means do not exist for ascertaining the LIBOR Rate for such Interest
            Period with respect to such LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding, absent
            manifest error) and notify the Administrative Agent that the LIBOR Rate for any Interest Period for such LIBOR Rate Loans will not adequately reflect the cost to such Required Lenders of making, funding or maintaining such LIBOR Rate Loans for
            such Interest Period, then the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon:

       

      
        

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      (i)           each LIBOR Rate Loan will
            automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Loan, and

       

      (ii)          the obligation of the Lenders to
            make, or to Convert Loans into, LIBOR Rate Loans shall be suspended until the Administrative Agent (based on notice from the Required Lenders) shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer
            exist.

       

      (d)        Laws Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority,
            central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with

            any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to
            honor its obligations hereunder to make or maintain any LIBOR Rate Loan or to determine interest by reference to LIBOR, such Lender shall promptly give notice thereof to
            the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, which notification
            shall be sent by the Administrative Agent within five Business Days after the Administrative Agent receives written notification from such Lender that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans or Convert any Loan to a LIBOR Rate Loan, and the right of the Borrower to borrow any LIBOR Rate Loan or Convert any Loan to a LIBOR Rate Loan, shall be
            suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR component of the Base Rate, the interest rate on Base Rate Loans of
            such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR component of the Base Rate.  Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
            a copy to the Administrative Agent), Convert all LIBOR Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
            Agent without reference to the LIBOR Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender
            may not lawfully continue to maintain such LIBOR Rate Loans.

       

      
        

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      (e)        Indemnity. The Borrower hereby indemnifies each of the Lenders against any loss or expense which may arise or be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds acquired to
            effect, fund or maintain any Loan (i) as a consequence of any failure by the Borrower to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan, (ii) due to any failure of the Borrower to borrow, continue or
            Convert on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation or (iii) due to any payment, prepayment or conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period therefor.
            The amount of such loss or expense shall be determined, in the applicable Lender’s reasonable discretion, based upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans in the London interbank market and
            using any reasonable attribution or averaging methods which such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be
            forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct absent manifest error. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and
            obligations of the Borrower, the Administrative Agent and the Lenders contained in this Section shall survive the payment in full of the Obligations and the termination of the Commitments.

       

      (f)           Successor LIBOR Rate Index.

       

      (i)         Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, if the Administrative Agent determines that a Benchmark Transition Event or an Early Opt-in Event has occurred, the
            Administrative Agent and the Borrower may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement; and any such amendment will become effective at 5:00 p.m. New York City time on the fifth (5th) Business Day after the
            Administrative Agent has provided such proposed amendment to all Lenders, so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.  Until the
            Benchmark Replacement is effective, each advance, conversion and renewal of a Loan as a LIBOR Rate Loan will continue to bear interest with reference to the LIBOR Rate; provided
              however, during a Benchmark Unavailability Period (A) any pending selection of, conversion to or renewal of a Loan bearing interest under at the LIBOR Rate that has not yet gone into effect shall be deemed to be a selection of,
            conversion to or renewal of such Loan as a Base Rate Loan, (B) all outstanding Loans bearing interest at the LIBOR Rate shall automatically be converted to a Base Rate Loan at the expiration of the existing Interest Period (or sooner, if
            Administrative Agent cannot continue to lawfully maintain such affected Loan at the LIBOR Rate) and (iii) the component of the Base Rate based upon the Daily LIBOR Rate will not be used in any determination of the Base Rate.

       

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

       

      
        

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      (iii)         Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement, (ii) the effectiveness of any
            Benchmark Replacement Conforming Changes and (iii) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or the Lenders pursuant to this Section 2.08(f) including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or
            refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.08(f).

       

      (iv)         Certain Defined Terms. As used in this Section 2.08(f):

       

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

       

      “Benchmark Replacement Adjustment”
        means, with respect to any replacement of the LIBOR Rate with an alternate benchmark rate for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or
        negative value or zero) that has been selected by the Administrative Agent and the Borrower (a) giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
        for the replacement of the LIBOR Rate with the applicable Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or
        method for calculating or determining such spread adjustment, for such replacement of the LIBOR Rate for U.S. dollar-denominated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the
        transition from the LIBOR Rate to the Benchmark Replacement and (ii) yield- or risk-based differences between the LIBOR Rate and the Benchmark Replacement.

       

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

       

      
        

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

       

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

       

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

       

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

       

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

       

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

       

      (3)       a public statement
            or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent announcing that the LIBOR Rate is no longer representative.

       

      “Benchmark Unavailability Period”
        means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning
        at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 2.08(f)
        and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to Section 2.08(f).

       

      “Early Opt-in Event” means a
        determination by the Administrative Agent that U.S. dollar-denominated credit facilities being executed at such time, or that include language similar to that contained in this Section 2.08(f),
        are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate.

       

      
        

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

       

      SECTION 2.09           Voluntary Conversion of Loans.

       

      The Borrower may on any Business Day, by delivering an irrevocable Notice of Conversion/Continuation (a “Notice of Conversion/Continuation”) in the form of Exhibit D hereto to the Administrative Agent not later than 11:00 a.m.,
        Pittsburgh, Pennsylvania time, on the third Business Day prior to the date of the proposed Conversion, and subject to the provisions of Sections 2.08, Convert Loans of one Type into Loans
        of the other Type or Convert LIBOR Rate Loans as LIBOR Rate Loans; provided that (a) any Conversion of any LIBOR Rate Loans into Base Rate Loans or as LIBOR Rate Loans shall be made on, and only on, the last day of an Interest Period for such LIBOR
        Rate Loans and (b) each Conversion shall be in an aggregate principal amount of $5,000,000 (or, if less, the total amount of the Loans outstanding) or any multiple of $1,000,000 in excess thereof.

       

      SECTION 2.10            Increased Costs.

       

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

       

      (i)          impose, modify or deem applicable any
            reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender (except any reserve
            requirement reflected in the LIBOR Rate);

       

      (ii)         subject any Lender to any Tax of any
            kind whatsoever with respect to this Agreement or any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.13 and the imposition of, or any change in the rate of any Excluded Tax payable by such Lender); or

       

      (iii)        impose on any Lender or the London
            interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by such Lender;

       

      and the result of the foregoing shall be in the aggregate to increase the cost to such Lender of making, converting into or maintaining any Loan the interest on which
        is determined by reference to the LIBOR Rate or the Daily LIBOR Rate (or, in the case of clause (ii) above, any Loan), or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such Lender
        hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender, the Borrower shall promptly pay to any such Lender such additional amount or amounts as will compensate such Lender for such additional costs
        incurred or reduction suffered. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower, the Administrative Agent and the Lenders contained in this Section shall survive the
        payment in full of the Obligations and the termination of the Commitments.

       

      
        

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      (b)          Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has
            or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitment of such Lender or the Loans made by such Lender, to
            a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
            adequacy and liquidity), then from time to time upon written request of such Lender the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
            reduction suffered. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower, the Administrative Agent and the Lenders contained in this Section shall survive the payment
            in full of the Obligations and the termination of the Commitments.

       

      (c)        Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
            Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

       

      (d)         Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower
            shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to
            such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that if the Change in Law 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).

       

      SECTION 2.11            Illegality.

       

      Notwithstanding any other provision of this Agreement, if any Lender shall notify the Administrative Agent that the introduction of or any change in
        or in the interpretation of any law or regulation (in each case made after the date hereof) makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender or its Lending Office to perform its
        obligations hereunder to make LIBOR Rate Loans, or to fund or maintain LIBOR Rate Loans hereunder, (a) the obligation of the Lenders to make, or to Convert Base Rate Loans into, LIBOR Rate Loans shall be suspended until the Administrative Agent
        (based on notice from the affected Lender) shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and (b) the Borrower shall pay (i) on the last day of the applicable Interest Period, or (ii) if
        the failure to prepay immediately would cause any Lender to be in violation of such law or regulation, immediately, in full all LIBOR Rate Loans of all Lenders then outstanding, together with interest accrued thereon and amounts payable pursuant to
        Section 2.08(e), unless, in either case, the Borrower, within five Business Days of notice from the Administrative Agent (or such shorter, maximum period of time, specified by the
        Administrative Agent, as may be legally allowable), Converts all LIBOR Rate Loans of all Lenders then outstanding into Base Rate Loans in accordance with Section 2.09.

       

      
        

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      SECTION 2.12            Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent.

       

      The obligations of the Lenders under this Agreement to make Loans and to make payments pursuant to Section

            8.05 or 8.07 are several and are not joint or joint and several.  Unless the Administrative Agent shall have received notice from a Lender prior to a proposed date of any
        Borrowing of LIBOR Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon, Pittsburgh, Pennsylvania time, on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such
        Lender’s ratable portion of such Borrowing (which notice shall not release such Lender of its obligations hereunder), the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the proposed
        date of such Borrowing in accordance with this Agreement and the Administrative Agent may, in reliance upon such assumption, but shall not be required to, make available to the Borrower on such date a corresponding amount. If the Administrative
        Agent elects to make such amount available to the Borrower on such date, and such amount is made available to the Administrative Agent on a date after such borrowing date, such Lender shall pay to the Administrative Agent on demand an amount, until
        paid, equal to the product of (a) the amount not made available by such Lender in accordance with the terms hereof, times (b) the daily average Federal Funds Rate (or, if such amount is not made available for a period of three (3) Business Days
        after the borrowing date, the Base Rate) during such period as determined by the Administrative Agent, times (c) a fraction the numerator of which is the number of days that elapse from and including such borrowing date to the date on which such
        amount not made available by such Lender in accordance with the terms hereof shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent with respect to any
        amounts owing under this Section 2.12 shall be conclusive, absent manifest error. If such Lender’s Commitment Percentage of such Borrowing is not made available to the Administrative
        Agent by such Lender within three (3) Business Days of such borrowing date, the Administrative Agent shall be entitled to recover such amount made available by the Administrative Agent with interest thereon at the rate per annum applicable to the
        Loan hereunder, on demand, from the Borrower. The failure of any Lender to make any Loan or make any payment pursuant to Section 8.05 or 8.07
        on any date required hereunder shall not relieve such Lender or any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its
        payment under Section 8.05 or 8.07.

       

      SECTION 2.13           Taxes; Foreign Lenders.

       

      (a)          Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any
            Indemnified Taxes or Other Taxes; provided that if the Borrower or the Administrative Agent shall be required by Applicable Law (as determined in good faith by the Administrative Agent) to deduct any Indemnified Taxes (including any Other
            Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, the
            applicable Lender receives an amount equal to the sum it would have received had no such deductions been made, and (ii) the Borrower or the Administrative Agent, as the case may be, shall make such deductions and shall timely pay the full
            amount deducted to the relevant Governmental Authority in accordance with Applicable Law.

       

      
        

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      (b)          Payment of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

       

      (c)         Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including
            Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid or payable by, or required to be withheld or deducted from a payment to, the Administrative Agent, such Lender and any
            penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
            to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

       

      (d)        Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand thereof, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that
            the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any taxes attributable to such Lender’s failure to comply with the provisions of Section 8.09 relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
            Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
            to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.

       

      (e)         Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a
            certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

       

      
        

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      (f)          Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which
            such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by Applicable Law or reasonably requested
            by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
            Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
            Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that the Borrower is a resident for tax purposes
            in the United States, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
            this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), any or all of the following which is applicable:

       

      (i)          duly completed copies of Internal
            Revenue Service Forms W-8BEN or W-8BEN-E, claiming eligibility for benefits of an income tax treaty to which the United States is a party and/or allowing for payments to be made without withholding due to the applicability of FATCA,

       

      (ii)          duly completed copies of Internal
            Revenue Service Form W-8ECI,

       

      (iii)         in the case of a Foreign Lender
            claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate to the effect that such Foreign Lender is not (I) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (II) a “10
            percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (III) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (B) duly completed copies of Internal Revenue Service
            Form W-8BEN or W-8BEN-E, or

       

      (iv)         any other form prescribed by
            Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower to
            determine the withholding or deduction required to be made.

       

      (g)        Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the
            Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall promptly after the receipt of such refund pay to the Borrower an amount equal to such refund (but only to the extent of indemnity
            payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender, as the case may
            be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid
            over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is finally required to repay
            such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential)
            to the Borrower or any other Person.

       

      
        

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      (h)        Survival. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower, the Administrative Agent and the Lenders contained in this Section shall
            survive the payment in full of the Obligations and the termination of the Commitments.

       

      (i)          USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the Patriot Act, prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United
            States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information
            as shall be necessary for the Administrative Agent to comply with federal law.

       

      SECTION 2.14            Mitigation Obligations; Replacement of Lenders.

       

      (a)         Designation of a Different Applicable Lending Office. If any Lender requests compensation under Section 2.10, or requires the Borrower to pay any additional
            amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, then at the request of the Borrower such Lender shall use reasonable efforts
            to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
            assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.10 or Section 2.13, as the case may be, in
            the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
            connection with any such designation or assignment. 

       

      (b)          Replacement of Lenders. If any Lender requests compensation under Section 2.10, or if the Borrower is required to pay any additional amounts to any Lender or
            any Governmental Authority for the account of any Lender pursuant to Section 2.13 and, in each case, such Lender has declined or is unable to designate a different lending office in
            accordance with Section 2.14(a) to eliminate amounts payable pursuant to Section 2.10 or Section 2.13, as the case may be, in the future, or if any Lender is a Defaulting Lender or a Non-Consenting Lender hereunder, then the
            Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
            required by, Section 8.09), all of its interests, rights (other than its rights under Section 2.10, Section 2.13, Section 8.05 and Section 8.07 that may be applicable
            prior to such assignment) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment provided that such Lender
            is not a Defaulting Lender at the time of such assignment); provided that:

       

      (i)           the Borrower shall have paid to the
            Administrative Agent the assignment fee specified in Section 8.09;

       

          

      
        

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       (ii)    

              such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and
            under the other Loan Documents (including any amounts under Section 2.08(e) as if such assignment was a payment) from the assignee (to the extent of such outstanding principal and
            accrued interest and fees) or the Borrower (in the case of all other amounts);

       

        

      (iii)        in the case of any such assignment
            resulting from a claim for compensation under Section 2.10 or payments required to be made pursuant to Section 2.13, such
            assignment will result in a reduction in such compensation or payments thereafter;

       

      (iv)         such assignment does not conflict
            with Applicable Law; and

       

      (v)         in the case of any assignment
            resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

       

      A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
        entitling the Borrower to require such assignment and delegation cease to apply.

       

      SECTION 2.15            Defaulting Lenders.

       

      (a)          Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to
            the extent permitted by Applicable Law:

       

      (i)          Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 8.01 and in the definition of Required Lenders.

       

      (ii)         Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity,
            pursuant to Article VI or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 8.04
            shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender
            to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of
            which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by
            the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting
            Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of
            any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
            and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
            that if (A) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (B) such Loans were made at a time when the conditions set forth in Section 3.01 were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
            Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
            pay amounts owed by a Defaulting Lender pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
            thereto.

       

      
        

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      (b)       Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
            effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
            Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with their respective Commitment Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while 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.

       

      (c)         Termination of Defaulting Lender.  The Borrower may terminate the unused amount of the Commitment of any Lender that is a Defaulting Lender upon not less than five (5) Business Days’ prior notice to the Administrative
            Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.15(a)(ii) will apply to all amounts thereafter paid by the Borrower for the
            account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of
            Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent or any Lender may have against such Defaulting Lender.

       

      ARTICLE III

       

      CONDITIONS PRECEDENT

       

      SECTION 3.01           Conditions Precedent to the Effectiveness of this Agreement.

       

      The effectiveness of this Agreement and the obligation of the Lenders to make Loans on the Closing Date is subject to the conditions precedent that
        the Administrative Agent (and the Lenders, if applicable) shall have received on or before the Closing Date, the following, each dated the Closing Date (to the extent applicable or such earlier date as set forth below), in form and substance
        reasonably satisfactory to the Administrative Agent and the Lenders:

       

      
        

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      (a)          Agreement. Receipt by the Administrative Agent of counterparts of this Agreement, duly executed by the Borrower, the Administrative Agent and the Lenders;

       

      (b)         Secretary’s Certificate. Receipt by the Administrative Agent of (i) a certificate of the secretary or assistant secretary of the Borrower, as applicable, dated the Closing Date and certifying (A) that attached thereto
            is a true and complete copy of the certificate of incorporation and all amendments thereto of the Borrower, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of organization, (B) that attached thereto
            is a true and complete copy of the by-laws of the Borrower in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (C) below, (C) that attached thereto is a true and complete copy of
            resolutions or consents, as applicable, duly adopted by the board of directors of the Borrower authorizing, as applicable, the execution, delivery and performance of this Agreement and that such resolutions have not been modified, rescinded or
            amended and are in full force and effect, (D) that the organizational documents of the Borrower have not been amended since the date of the last amendment thereto shown on the certificate of good standing attached thereto, (E) as to the
            incumbency and specimen signature of each officer of the Borrower executing this Agreement and any other document delivered in connection herewith on its behalf and (F) that attached thereto is a true and complete copy of all Governmental
            Actions, if any, required in connection with the execution, delivery and performance of this Agreement and the other Loan Documents; and (ii) a certificate of another officer as to the incumbency and specimen signature of such secretary or
            assistant secretary executing the certificate pursuant to (A) above;

       

      (c)         Officer’s Certificate. Receipt by the Administrative Agent of a certificate from the Borrower, executed on its behalf by the chief executive officer or chief financial officer of the Borrower, as applicable, in form
            reasonably satisfactory to the Administrative Agent, to the effect that, as of the Closing Date, all representations and warranties of the Borrower contained in this Agreement and the other Loan Documents are true and correct in all material
            respects (except for representations and warranties qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects); that the Borrower is not aware of any event that would have a Material Adverse Effect on
            the business or operation as reflected in the Disclosure Documents; that the Borrower is not in violation of any of the covenants contained in this Agreement and the other Loan Documents in any material respect; that, after giving effect to the
            transactions contemplated by this Agreement, no Default or Event of Default has occurred and is continuing; and that the Borrower has satisfied each of the conditions precedent set forth in this Section

                3.01;

       

      (d)          Financial Statements. Receipt by the Administrative Agent of the Disclosure Documents, which demonstrate, in the Administrative Agent’s reasonable
            judgment, together with all other information then available to the Administrative Agent, that the Borrower can repay its debts and satisfy its other obligations as and when they become due, and can comply with the financial covenant contained
            in this Agreement;

       

      (e)          Good Standing Certificate. Receipt by the Administrative Agent of a certificate of good standing for the Borrower, dated on or immediately prior to the Closing Date, from the Secretary of State of the State of New
            Jersey;

       

      
        

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      (f)         Fees. Receipt by the Administrative Agent and the Lenders of the fees set forth or referenced in this Agreement and the Fee Letter, and any other accrued and unpaid fees, expenses or commissions due hereunder
            (including, without limitation, legal fees and expenses of counsel to the Administrative Agent), and to any other Person such amount as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees and
            other charges related to the Loan Documents, in each case which are invoiced on or prior to the Closing Date;

       

      (g)          Note. If requested by any Lender, a Note, payable to the order of such Lender, duly completed and executed by the Borrower;

       

      (h)        Opinion. Opinion of Cozen O’Connor, counsel to the Borrower, as to such matters as the Administrative Agent and the Lenders may reasonably request, addressed to the Administrative Agent and the Lenders, in form and
            substance reasonably satisfactory to the Administrative Agent;

       

      (i)           Material Adverse Effect. Since December 31, 2019, there has been no Material Adverse Effect;

       

      (j)          Notice of Borrowing / Notice of Account Designation.  Receipt by the Administrative Agent of a duly completed Notice of Borrowing and Notice of Account Designation (it being understood that if such Loans are to be LIBOR
            Rate Loans, the Borrower shall deliver the Notice of Borrowing together with a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 2.08(e) to the Administrative Agent by 11:00 a.m. (Pittsburgh, Pennsylvania time) on the third Business Day prior to the Closing Date);

       

      (k)          Accuracy of Representations and Warranties.  The representations and warranties of the Borrower contained in Section 4.01 shall be true and correct in all
            material respects (except for representations and warranties qualified by materiality, which shall be true and correct in all respects) on and as of the Closing Date, both before and after giving effect to the Loans and to the application of
            the proceeds thereof; and

       

      (l)          No Default or Event of Default.  No event shall have occurred and be continuing, or would result from the making of the Loans or the application of the proceeds thereof, as the case may be, which constitutes a Default
            or an Event of Default.

       

      (m)       Certificate of Beneficial Ownership; USA Patriot Act Diligence.  The Administrative Agent and each Lender shall have received, in form and substance reasonably acceptable to the Administrative Agent and each Lender (i)
            to the extent applicable, an executed Certificate of Beneficial Ownership and (ii) such other documentation and other information requested in connection with applicable “know your customer” and anti-money laundering rules and regulations,
            including the Patriot Act.

       

      (n)         Other. Receipt by the Administrative Agent of all other opinions, certificates and instruments in connection with the transactions contemplated by this Agreement reasonably requested by the Administrative Agent.

       

      
        

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      SECTION 3.02            Reliance on Certificates.

       

      Each of the Lenders and the Administrative Agent shall be entitled to rely conclusively upon the certificates delivered from time to time by
        officers of the Borrower as to the names, incumbency, authority and signatures of the respective Persons named therein until such time as the Administrative Agent may receive a replacement certificate, in form reasonably acceptable to the
        Administrative Agent, from an officer of the Borrower identified to the Administrative Agent as having authority to deliver such certificate, setting forth the names and true signatures of the officers and other representatives of the Borrower
        thereafter authorized to act on its behalf.

       

      ARTICLE IV

       

      REPRESENTATIONS AND WARRANTIES

       

      SECTION 4.01           Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows:

       

      (a)          Each of the Borrower and its
            Subsidiaries is (i) an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, and (ii) is duly qualified to do business in, and is in good standing
            in, all other jurisdictions where the nature of its business or the nature of property owned or used by it makes such qualification necessary, except in the case of this clause (ii) where such failure would not result in a Material Adverse
            Effect. Each of the Borrower and its Subsidiaries has all requisite corporate (or other applicable) powers and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted.

       

      (b)        The execution, delivery and
            performance by the Borrower of this Agreement and each other Loan Document to which it is a party are within the Borrower’s corporate (or other applicable) powers, have been duly authorized by all necessary corporate (or other applicable)
            action, do not contravene (i) the Borrower’s certificate of incorporation (or other applicable formation document or operating agreement), (ii) any law, rule or regulation applicable to the Borrower or (iii) any contractual or legal restriction
            binding on or affecting the Borrower, and will not result in or require the imposition of any lien or encumbrance on, or security interest in, any property (including, without limitation, accounts or contract rights) of the Borrower, except as
            provided in this Agreement and any other the Loan Document.

       

      (c)         No Governmental Action is required
            for the execution or delivery by the Borrower of this Agreement or any other Loan Document to which it is a party or for the performance by the Borrower of its obligations under this Agreement or any other Loan Document to which it is a party
            other than those which have previously been duly obtained, are in full force and effect, are not subject to any pending or, to the knowledge of the Borrower, threatened appeal or other proceeding seeking reconsideration and as to which all
            applicable periods of time for review, rehearing or appeal with respect thereto have expired.

       

      (d)          This Agreement and each other Loan
            Document to which the Borrower is a party is a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms subject to the effect of bankruptcy, insolvency, reorganization, fraudulent
            conveyance, moratorium and other similar laws of general application affecting rights and remedies of creditors generally.

       

      
        

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      (e)         Except as disclosed in the Disclosure
            Documents, there is no pending or, to the Borrower’s knowledge, threatened action or proceeding (including, without limitation, any proceeding relating to or arising out of Environmental Laws) affecting the Borrower or any of its Subsidiaries
            before any court, governmental agency or arbitrator that has a reasonable possibility of resulting in a Material Adverse Effect.

       

      (f)        The audited consolidated balance sheet
            of the Borrower and its Consolidated Subsidiaries, as at December 31, 2019, and the related consolidated statements of income, retained earnings and cash flows of the Borrower and its Consolidated Subsidiaries for the fiscal year then ended,
            copies of each of which have been furnished to the Administrative Agent and each Lender, fairly present in all material respects the financial condition of the Borrower and its Consolidated Subsidiaries as at such dates and the results of the
            operations of the Borrower and its Consolidated Subsidiaries for the periods ended on such dates, all in accordance with GAAP consistently applied. Since December 31, 2019, there has been no Material Adverse Effect, or material adverse change
            in the facts and information regarding such entities as represented to the Closing Date.

       

      (g)          The making of Loans and the use of
            the proceeds thereof will comply with all provisions of Applicable Law in all material respects.

       

      (h)          Neither the Borrower nor any
            Subsidiary of the Borrower is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

       

      (i)          The Certificate of Beneficial
            Ownership executed and delivered to the Administrative Agent and the Lenders for the Borrower in connection with this Agreement (if any), as updated from time to time in accordance with this Agreement, is accurate, complete and correct as of
            the date hereof and the date delivered, as applicable, and as of the date any such update is delivered. The Borrower acknowledges and agrees that the Certificate of Beneficial Ownership (if any) is one of the Loan Documents.

       

      (j)          Neither the Borrower nor its
            Subsidiaries is engaged in the business of extending credit for the purpose of buying or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Loan will
            be used to buy or carry any margin stock or to extend credit to others for the purpose of buying or carrying any margin stock.

       

      (k)          Compliance with ERISA as follows:

       

      (i)        The Borrower and each ERISA Affiliate
            are in compliance with all applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans except where a failure to so comply could not reasonably be expected to
            have a Material Adverse Effect. Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code is the subject of a favorable determination, opinion or advisory letter issued by the Internal Revenue Service, and
            each trust related to such plan has been determined to be exempt under Section 501(a) of the Code. No liability has been incurred by the Borrower or any ERISA Affiliate which remains unsatisfied for any taxes or penalties with respect to any
            Employee Benefit Plan or any Multiemployer Plan except for a liability that could not reasonably be expected to have a Material Adverse Effect;

       

      
        

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      (ii)         Except where failure of any of the
            following representations to be correct could not reasonably be expected to have a Material Adverse Effect, no Pension Plan has been terminated, nor has any unpaid minimum required contributions (as defined in Section 430 of the Code) (without
            regard to any waiver granted under Section 430 of the Code), nor has any funding waiver from the Internal Revenue Service been received or requested with respect to any Pension Plan, nor has the Borrower or any ERISA Affiliate failed to make
            any contributions or to pay any amounts due and owing as required by Section 430 of the Code, Section 303 of ERISA or the terms of any Pension Plan prior to the due dates of such contributions under Section 430 of the Code or Section 303 of
            ERISA, nor has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

       

      (iii)        Except where the failure of any of
            the following representations to be correct could not reasonably be expected to have a Material Adverse Effect, neither the Borrower nor any ERISA Affiliate has: (A) engaged in a nonexempt prohibited transaction described in Section 406 of
            ERISA or Section 4975 of the Code, (B) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid, or (C) failed to make a required contribution or
            payment to a Multiemployer Plan;

       

      (iv)         No Termination Event has occurred or
            is reasonably expected to occur;

       

      (v)         Except where the failure of any of
            the following representations to be correct could not reasonably be expected to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit and/or investigation is existing or,
            to the knowledge of the Borrower, threatened concerning or involving any (A) employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by the Borrower or any ERISA Affiliate, (B) Pension Plan or
            (C) Multiemployer Plan;

       

      (vi)        The Borrower represents that it is
            not (1) an employee benefit plan subject to ERISA, (2) a plan or account subject to Section 4975 of the Code, (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code, or (4) a “governmental
            plan” within the meaning of ERISA;

       

      (l)          The Borrower and its Subsidiaries
            have filed all tax returns (Federal, state and local) required to be filed and paid all taxes shown thereon to be due, including interest and penalties, except to the extent that the Borrower or any such Subsidiary is diligently contesting any
            such taxes in good faith and by appropriate proceedings, and for which adequate reserves for payment thereof have been established.

       

      (m)        No event has occurred or is continuing
            which constitutes a Default or an Event of Default, or which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by the Borrower or a Subsidiary thereof under any material
            agreement or contract, judgment, decree or order by which the Borrower or any of its respective properties may be bound or which would require the Borrower or a Subsidiary thereof to make any payment thereunder prior to the scheduled maturity
            date therefor, where such default could reasonably be expected to result in a Material Adverse Effect.

       

      
        

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      (n)          As of the Closing Date, the Borrower
            and each of its Subsidiaries will be Solvent.

       

      (o)         As of the Closing Date, the
            capitalization of the Borrower and each Significant Subsidiary of the Borrower consists of the Capital Stock, authorized, issued and outstanding, of such classes and series, with or without par value, described on Schedule II hereto. All such outstanding Capital Stock has been duly authorized and validly issued and are fully paid and nonassessable. Except as set forth in the Disclosure Documents, there are no
            outstanding warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or permit the issuance of, Capital Stock of the
            Borrower or any Subsidiary of the Borrower or are otherwise exercisable by any Person.

       

      (p)          The Borrower and each Subsidiary of
            the Borrower has good and marketable title to all material assets and other property purported to be owned by it.

       

      (q)          None of the properties or assets of
            the Borrower or any of its Subsidiaries is subject to any Lien, except Permitted Liens.

       

      (r)          All written information, reports and
            other papers and data produced by or on behalf of the Borrower and furnished to the Administrative Agent and the Lenders in connection with the matters covered by this Agreement were, at the time the same were so furnished, complete and correct
            in all material respects. No document furnished or written statement made to the Administrative Agent or the Lenders by the Borrower in connection with the negotiation, preparation or execution of this Agreement or any other Loan Documents
            contains or will contain any untrue statement of a fact material to the creditworthiness of the Borrower or its Subsidiaries or omits or will omit to state a fact necessary in order to make the statements contained therein not misleading.

       

      (s)          [Reserved]

       

      (t)           [Reserved]

       

      (u)          None of the Borrower, any Subsidiary,
            or any Affiliate of the Borrower: (i) is a Sanctioned Person or currently the subject or target of any Sanctions or (ii) has taken any action, directly or indirectly, that would result in a violation by such Persons of any Anti-Corruption Laws
            or Sanctions. The Lenders hereby notify the Borrower that pursuant to the requirements of the Patriot Act, they are required to obtain, verify and record information that identifies the Borrower, which information includes the name and address
            of the Borrower and other information that will allow the Lenders to identify the Borrower in accordance with the Patriot Act.

       

      (v)         Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, all properties now or in the past owned, leased or operated by the
            Borrower and each Subsidiary thereof now or in the past do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which (A) constitute or constituted a violation of applicable
            Environmental Laws or (B) could give rise to liability under applicable Environmental Laws.

       

      
        

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      (w)        Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, to the knowledge of the Borrower and its Subsidiaries, the Borrower
            and each Subsidiary thereof and such properties and all operations conducted in connection therewith are in compliance, and have been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about such
            properties or such operations which could interfere with the continued operation of such properties or impair the fair saleable value thereof.

       

      (x)         Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, neither the Borrower nor any Subsidiary thereof has received any
            written or verbal notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws, nor does the Borrower or any Subsidiary
            thereof have knowledge or reason to believe that any such notice will be received or is being threatened.

       

      (y)         Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result individually or in the aggregate, in a Material Adverse Effect, to the knowledge of the Borrower and its Subsidiaries, Hazardous
            Materials have not been disposed of, on or transported to or from the properties now or in the past owned, leased or operated by the Borrower or any Subsidiary thereof in violation of, or in a manner or to a location which could give rise to
            liability under, Environmental Laws, nor have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such properties in violation of, or in a manner that could give rise to liability under, any applicable
            Environmental Laws.

       

      (z)         Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result individually or in the aggregate, in a Material Adverse Effect, no judicial proceedings or governmental or administrative action is
            pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any Subsidiary thereof is or will be named as a potentially responsible party with respect to such properties or operations
            conducted in connection therewith, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect
            to the Borrower, any Subsidiary thereof or such properties or such operations that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

       

      (aa)       Except as disclosed in the Disclosure
            Documents or to the extent that the resulting violation or liability would not reasonably be expected to result individually or in the aggregate, in a Material Adverse Effect, there has been no release, or to the Borrower’s knowledge, threat of
            release, of Hazardous Materials at or from properties owned, leased or operated by the Borrower or any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.

       

      
        

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

       

      ARTICLE V

       

      COVENANTS OF THE COMPANY

       

      SECTION 5.01          Affirmative Covenants.

       

      Until the Obligations have been finally and indefeasibly paid and satisfied in full and the Commitments terminated, the Borrower will, and will
        cause each of its Subsidiaries, to:

       

      (a)          Preservation of Existence, Etc. Preserve and maintain its corporate or company, as applicable, existence, material rights (statutory and otherwise) and franchises, and take such other action as may be necessary or
            advisable to preserve and maintain its right to conduct its business in the states where it shall be conducting its business, except where failure to do so does not result in, or could not reasonably be expected to have, a Material Adverse
            Effect.

       

      (b)          Maintenance of Properties, Etc. Maintain good and marketable title to all of its properties which are used or useful in the conduct of its business, and preserve, maintain, develop and operate in substantial conformity
            with all laws and material contractual obligations, all such properties in good working order and condition, ordinary wear and tear excepted, except where such failure would not result in a Material Adverse Effect.

       

      (c)         Ownership. Cause the Borrower to own, directly or indirectly, at all times 100% of the Capital Stock having voting rights of South Jersey Gas and Elizabethtown.

       

      (d)         Compliance with Material Contractual Obligations, Laws, Etc. Comply with the requirements of all material contractual obligations and all applicable laws, rules, regulations and orders, the failure to comply with which
            could reasonably be expected to result in a Material Adverse Effect, such compliance to include, without limitation, paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property
            except to the extent diligently contested in good faith and by appropriate proceedings and for which adequate reserves for the payment thereof have been established, and complying with the requirements of all applicable Environmental Laws, and
            other health and safety matters.

       

      (e)         Insurance. Maintain insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in the same or similar
            businesses and similarly situated.

       

      (f)          Visitation Rights; Keeping of Books. At any reasonable time and from time to time, upon reasonable advance notice, permit the Administrative Agent or any of the Lenders or any agents or representatives thereof, to
            examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its
            Subsidiaries with any of their respective officers or directors and with their respective independent certified public accountants and keep proper books of record and account, in which full and correct entries shall be made of all financial
            transactions and the assets and liabilities of the Borrower in accordance with GAAP, consistent with the procedures applied in the preparation of the financial statements referred to in Section
                4.01(f) hereof.

       

      
        

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      (g)         Transactions with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under this Agreement with any of its Affiliates on terms that are fair and reasonable and no
            less favorable to the Borrower or such Subsidiary than it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate.

       

      (h)        Use of Proceeds. Use the proceeds of the Loans solely for (i) general corporate purposes, including, without limitation, the repayment of debt or financing of capital expenditures and (ii) working capital for the
            Borrower, its Subsidiaries or its Affiliates.

       

      (i)           Loan Documents. Perform and comply in all material respects with each of the provisions of each Loan Document to which it is a party.

       

      (j)          Risk Management. Perform and comply in all material respects, and require its Subsidiaries to perform and comply in all material respects, with any risk management policies developed by the Borrower, including such
            policies, if applicable, related to (i) the retail and wholesale inventory distribution and trading procedures and (ii) dollar and volume limits.

       

      (k)          [Reserved]

       

      (l)           [Reserved]

       

      (m)         Compliance with Sanctions and Anti-Corruption Laws. Comply with any obligations that it may have under any Anti-Corruption Laws and maintain in effect and enforce policies and procedures designed to ensure compliance by
            the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. In the event that the Borrower becomes aware that it is not in compliance with any applicable
            Sanctions or Anti-Corruption Laws, the Borrower shall notify the Administrative Agent and diligently take all actions required thereunder to become compliant.

       

      (n)       Further Assurances. At the expense of the Borrower, promptly execute and deliver, or cause to be promptly executed and delivered, all further instruments and documents, and take and cause to be taken all further
            actions, that may be reasonably necessary or that the Required Lenders through the Administrative Agent may reasonably request, to enable the Lenders and the Administrative Agent to enforce the terms and provisions of this Agreement and the
            other Loan Documents and to exercise their rights and remedies hereunder and thereunder. In addition, the Borrower will use all reasonable efforts to duly obtain Governmental Actions required from time to time on or prior to such date as the
            same may become legally required, and thereafter to maintain all such Governmental Actions in full force and effect, except where such failure would not result in a Material Adverse Effect.

       

      
        

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      (o)        Compliance with ERISA. (i) Except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (x) comply with applicable provisions of ERISA and
            the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (y) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a
            Multiemployer Plan, (z) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code and (zz) operate each Employee Benefit Plan in such a manner that will not incur any tax liability
            under Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (ii) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about any
            Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

       

      (p)         Environmental Notices. The Borrower shall furnish to the Administrative Agent, on behalf of the Lenders prompt written notice of all Environmental Liabilities, pending, threatened or anticipated Environmental
            Proceedings, Environmental Notices, Environmental Judgments and Orders, and Environmental Releases at, on, in, under or in any way affecting its properties or, to the extent the Borrower has actual notice thereof, any adjacent property, and all
            facts, events or conditions that could lead to any of the foregoing; provided that the Borrower shall not be required to give such notice unless it reasonably believes that any of the foregoing, individually or in the aggregate, could
            reasonably be expected to have a Material Adverse Effect.

       

      (q)        Environmental Matters. Except where it could not reasonably be expected to have a Material Adverse Effect, the Borrower will not use, produce, manufacture, process, generate, store, dispose of, manage at, or ship or
            transport to or from its properties any Hazardous Materials other than as disclosed to the Lenders in writing at or prior to the Closing Date except for (i) Hazardous Materials used, produced, manufactured, processed, generated, stored,
            disposed of or managed in the ordinary course of business in material compliance with all applicable Environmental Requirements or (ii) other Hazardous Materials the unlawful handling, discharge or disposal of which, individually or in the
            aggregate, could not reasonably be expected to have a Material Adverse Effect.

       

      (r)         Environmental Release. Upon becoming aware of the occurrence of an Environmental Release that could reasonably be expected to have a Material Adverse Effect, the promptly investigate the extent thereof, and comply in
            all material respects with all applicable Federal, state and local statutes, rules, regulations, orders and other provisions of law relating to Hazardous Materials, air emissions, water discharge, noise emission and liquid disposal, and other
            environmental, health and safety matters, other than those the noncompliance with which would not have a Material Adverse Effect.

       

      SECTION 5.02            Negative Covenants.

       

      Until all of the Obligations have been finally and indefeasibly paid and satisfied in full and the Commitments terminated, the Borrower will not,
        and will not cause or permit any of its Subsidiaries, to:

       

      (a)          Liens, Etc. Except as permitted in Section 5.02(c), create, incur, assume, or suffer to exist any Lien other than Permitted Liens.

       

      (b)          Indebtedness. Create or suffer, or permit to exist, any Indebtedness except for Permitted Indebtedness.

       

      
        

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      (c)         Obligation to Ratably Secure. Except as permitted by Section 5.02(a), create or suffer to exist any Lien other than a Permitted Lien, in each case to secure
            or provide for the payment of Indebtedness, unless, on or prior to the date thereof, the Borrower shall have (i) pursuant to documentation reasonably satisfactory to the Administrative Agent and Required Lenders, equally and ratably secured the
            Obligations of the Borrower under this Agreement by a Lien acceptable to the Administrative Agent and Required Lenders, and (ii) caused the creditor or creditors, as the case may be, in respect of such Indebtedness to have entered into an
            intercreditor agreement in form, scope and substance reasonably satisfactory to the Administrative Agent and the Required Lenders.

       

      (d)          Mergers, Etc. Merge or consolidate with or into any Person, except that (i) any Subsidiary of the Borrower may merge or consolidate with or into, any other Wholly Owned Subsidiary of the Borrower and (ii) any Subsidiary
            of the Borrower may merge or consolidate with and into the Borrower; provided, that the Borrower is the surviving corporation; provided, further, that in each case, immediately after giving effect to such proposed transaction, no Event of
            Default or Default would exist.

       

      (e)         Sale of Assets, Etc. Sell, transfer, lease, assign or otherwise convey or dispose of assets (whether now owned or hereafter acquired), except for (i) dispositions of capital assets in the ordinary course of business as
            presently conducted and (ii) other dispositions by the Borrower and its Consolidated Subsidiaries; provided that at the time of such disposition, the aggregate book value
            of all assets disposed of in reliance on this subclause (ii) (after giving effect to such disposition) after the Closing Date shall not exceed an amount equal to 10% of Consolidated assets of the Borrower and its Consolidated Subsidiaries as of
            the most recently ended fiscal quarter or fiscal year, as applicable.

       

      (f)          Restricted Investments. Make or permit to exist any Investments, loans or advances to, or acquire any assets or property of any other Person, except for Permitted Investments.

       

      (g)        New Business. Enter into any business, in any material respect, which is not similar or reasonably related to the Borrower’s and its Subsidiaries’ business as of the Closing Date.

       

      (h)         Distributions. Pay any dividends on or make any other distributions in respect of any Capital Stock or redeem or otherwise acquire any such Capital Stock; provided, that (i) any Subsidiary of the Borrower may pay
            regularly scheduled dividends or make other distributions to the Borrower; and (ii) if no Default or Event of Default exists or would result therefrom, the Borrower may pay distributions or dividends in either cash or its Capital Stock or may
            redeem or otherwise acquire its Capital Stock.

       

      (i)        Constituent Documents, Etc. Change in any material respect the nature of its certificate of incorporation, by-laws, or other similar documents, or accounting policies or accounting practices (except as required or
            permitted by the Financial Accounting Standards Board or GAAP).

       

      (j)           Fiscal Year. Change its fiscal year.

       

      
        

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      (k)         Use of Proceeds. Request any Loan, or use the proceeds of any Loan, (i) 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, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would
            result in the violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent or otherwise) of Sanctions.

       

      SECTION 5.03            Reporting Requirements.

       

      So long as any Lender shall have any Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Administrative Agent or
        any Lender hereunder, the Borrower will provide to the Administrative Agent:

       

      (a)          as soon as available and in any event
            within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, a consolidated and consolidating balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such fiscal
            quarter and consolidated and consolidating statements of income, retained earnings and cash flows of the Borrower and its Consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such
            fiscal quarter, all in reasonable detail and duly certified by the chief financial officer or the treasurer of the Borrower as fairly presenting in all material respects the financial condition of the Borrower and its Consolidated Subsidiaries
            as at such date and the results of operations of the Borrower and its Consolidated Subsidiaries for the periods ended on such date, except for normal year-end adjustments, all in accordance with GAAP consistently applied (for purposes hereof
            delivery of the Borrower’s appropriately completed Form 10-Q will be sufficient in lieu of delivery of such consolidated and consolidating balance sheet and consolidated and consolidating statements of income, retained earnings and cash flows),
            together with a Compliance Certificate, in the form of Exhibit F, of the chief financial officer or the treasurer of the Borrower (A) demonstrating and certifying compliance by the
            Borrower with the covenant set forth in Section 5.04 and (B) stating that no Event of Default or Default has occurred and is continuing or, if an Event of Default or Default has
            occurred and is continuing, a statement as to the nature thereof and the action which the Borrower has taken and proposes to take with respect thereto;

       

      (b)         as soon as available and in any event
            within one hundred five (105) days after the end of each fiscal year of the Borrower, a copy of the annual report for such fiscal year for the Borrower and its Consolidated Subsidiaries, containing consolidated and consolidating financial
            statements for such year certified by, and accompanied by an unqualified opinion of, independent public accountants reasonably acceptable to the Administrative Agent (for purposes hereof, delivery of the Borrower’s appropriately completed Form
            10-K will be sufficient in lieu of delivery of such financial statements), together with a Compliance Certificate, in the form of Exhibit F, of the chief financial officer or the
            treasurer of the Borrower (A) demonstrating and certifying compliance by the Borrower with the covenant set forth in Section 5.04 and (B) stating that no Event of Default or Default
            has occurred and is continuing or, if an Event of Default or Default has occurred and is continuing, a statement as to the nature thereof and the action which the Borrower has taken and proposes to take with respect thereto;

       

      
        

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      (c)        as soon as possible and in any event
            within five (5) days after the occurrence of each Event of Default and each Default known to the Borrower, a statement of the chief financial officer or treasurer of the Borrower setting forth details of such Event of Default or Default and the
            action which the Borrower has taken and proposes to take with respect thereto;

       

      (d)         upon the Borrower obtaining knowledge
            of the following, the Borrower will give written notice to the Administrative Agent promptly (and in any event within ten Business Days) of any of the following: (i) any unfavorable determination letter from the Internal Revenue Service
            regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (ii) all notices received by the Borrower or any ERISA Affiliate of the PBGC’s intent to terminate any Pension Plan or to have
            a trustee appointed to administer any Pension Plan, (iii) all notices received by the Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability in the amount of at least
            $1,000,000 pursuant to Section 4202 of ERISA and (iv) the Borrower or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of Section 4041(c) of ERISA;

       

      (e)        as soon as possible and in any event
            within five (5) days after the Borrower becomes aware of the occurrence thereof, notice of all actions, suits, proceedings or other events (A) of the type described in Section 4.01(e)
            or (B) for which the Administrative Agent or the Lenders will be entitled to indemnity under Section 8.05;

       

      (f)           as soon as possible and in any
            event within five (5) days after the sending or filing thereof, copies of all material reports that the Borrower sends to any of its security holders, and copies of all reports and registration statements which the Borrower or any of its
            Subsidiaries files with the Securities and Exchange Commission or any national securities exchange;

       

      (g)         as soon as possible and in any event
            within five (5) days after requested, such other information respecting the business, properties, assets, liabilities (actual or contingent), results of operations, prospects, condition or operations, financial or otherwise, of the Borrower or
            any Subsidiary thereof as any Lender through the Administrative Agent may from time to time reasonably request; and

       

      (h)         from time to time and promptly upon
            each request, information with respect to the Borrower as a Lender may reasonably request in order to comply with the applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot
            Act.

       

      Information required to be delivered pursuant to this Section 5.03 shall be deemed to
        have been delivered if such information shall have been posted by the Borrower on an Intralinks, SyndTrak or similar site to which the Administrative Agent has been granted access or shall be available on the website of the Securities and Exchange
        Commission at http://www.sec.gov and the Borrower shall have notified the Administrative Agent of the availability of all Form 10-Q and Form 10-K reports; provided that, if requested by the Administrative Agent or any Lender, the Borrower shall
        deliver a paper copy of such information to the Administrative Agent or such Lender. Information required to be delivered pursuant to this Section 5.03 may also be delivered by electronic
        communications pursuant to procedures reasonably approved by the Administrative Agent.

       

      
        

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      The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials and/or
        information provided by or on behalf of the Borrower hereunder that have been approved by the Borrower in writing including via electronic transmission (collectively, “Informational Materials”) by posting the Informational Materials on IntraLinks, SyndTrak or another similar electronic means and (b) certain prospective Lenders (“Public Lenders”) may not wish to receive material non-public information (within the meaning of the United States federal securities laws, “MNPI”) with respect to the Borrower or its Affiliates or any of their respective securities, and who may be engaged in investment and other market-related activities with respect to such entities’ securities. Lenders will assume
        that all Informational Materials, other than publicly available Informational Materials filed pursuant to the Exchange Act or posted on Borrower’s website, include MNPI. The Borrower hereby agrees that in the event any Informational Materials will
        not contain MNPI, Borrower will notify Administrative Agent in writing (except with respect to Informational Materials filed pursuant to the Exchange Act, or posted on Borrower’s website, which shall be deemed public) and the Borrower shall be
        deemed to have authorized the Administrative Agent and the Lenders to treat such Informational Materials as not containing any MNPI (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United
        States Federal and state securities laws (provided, however, that to the extent such Informational Materials constitute Information, such Information shall be treated as set forth in Section 8.16
        hereof). Before distribution of any Informational Materials (a) to prospective Private Lenders, the Borrower shall provide the Administrative Agent with written authorization (including email) authorizing the dissemination of the Informational
        Materials and (b) to prospective Public Lenders, the Borrower shall provide the Administrative Agent with written authorization (including email) authorizing the dissemination of the Informational Materials and confirming, to the Borrower’s
        knowledge, the absence of MNPI therefrom.

       

      SECTION 5.04            Financial Covenants.

       

      So long as any Lender shall have any Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Administrative Agent or
        any Lender hereunder, the Borrower will, unless the Required Lenders shall otherwise consent in writing, maintain at the end of each fiscal quarter a ratio of Indebtedness of the Borrower and its Subsidiaries on a consolidated basis (solely with
        respect to Pre-Funded Acquisition Debt, calculated net of the proceeds thereof held as cash and cash equivalents held on the balance sheet of the Borrower and its Subsidiaries) to Consolidated Total Capitalization of not more than 0.70 to 1.0.

       

      ARTICLE VI

       

      EVENTS OF DEFAULT

       

      SECTION 6.01            Events of Default.

       

      Each of the following events should they occur and be continuing shall constitute an “Event of Default”:

       

      
        

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      (a)         The Borrower shall fail to pay (i)
            any amount of principal on a Loan when the same becomes due and payable or (ii) any interest, fees or any other amount payable hereunder within five (5) Business Days of when the same becomes due and payable; or

       

      (b)         Any representation or warranty made
            by or on behalf of the Borrower or any Subsidiary in this Agreement or any other Loan Document or by or on behalf of the Borrower or any Subsidiary (or any of their officers) in connection with this Agreement or any other Loan Document shall
            prove to have been incorrect in any material respect when made or deemed made; or

       

      (c)          The Borrower shall fail (i) to
            perform or observe any term, covenant or agreement contained in Section 5.01(a), (c), (e), (g), (h), (i) or (j), Section 5.02 (other than subsection (i)), Section 5.03, or Section 5.04, or (ii) to perform or observe any other term, covenant or agreement contained in this Agreement (other than obligations specifically set forth elsewhere in this Section 6.01) on its part to be performed or observed if the failure to perform or observe such other term, covenant or agreement, shall remain unremedied for thirty (30) days after
            written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or

       

      (d)       The Borrower or any Significant
            Subsidiary thereof shall fail to pay any principal of or premium or interest on any Indebtedness (other than Indebtedness incurred under this Agreement) thereof in the aggregate (for all such Persons) in excess of $25,000,000, when the same
            becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
            such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or
            instrument, if the effect of such event or condition is to accelerate, or to permit (with or without the giving of notice, but without any further lapse of time) the holder or holders of such Indebtedness (or a trustee or agent on behalf of
            such holder or holders) to cause the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment),
            prior to the stated maturity thereof; or

       

      (e)          The Borrower or any Significant
            Subsidiary thereof shall (i) generally not pay its debts as such debts become due, or (ii) admit in writing its inability to pay its debts generally, or (iii) make a general assignment for the benefit of creditors, or (iv) any case or
            proceeding shall be commenced by or against the Borrower or a Significant Subsidiary thereof seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or
            composition of it or its debts under any Debtor Relief Laws, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in
            the case of any such proceeding commenced against it (but not commenced by it), such proceeding shall remain undismissed or unstayed for a period of forty-five (45) days, or any of the actions sought in such proceeding (including, without
            limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur or the Borrower or a Significant Subsidiary
            thereof shall consent to or acquiesce in any such proceeding; or the Borrower or a Significant Subsidiary thereof shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or

       

      
        

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      (f)        Any judgments or orders for the
            payment of money in excess of $25,000,000 (in the aggregate for all such Persons) shall be rendered against the Borrower or any Significant Subsidiary thereof and either (i) enforcement proceedings shall have been commenced by any creditor upon
            any such judgment or order or (ii) there shall be any period of ten (10) consecutive days during which a stay of enforcement of any such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

       

      (g)          The obligations of the Borrower or
            any Subsidiary under this Agreement or any other Loan Document shall become unenforceable, or the Borrower or any Subsidiary, or any court or governmental or regulatory body having jurisdiction over the Borrower or any Subsidiary, shall so
            assert in writing or the Borrower or any Subsidiary shall contest in any manner the validity or enforceability thereof; or

       

      (h)          The occurrence of a Termination
            Event; or

       

      (i)          Any Governmental Action shall be
            rescinded, revoked, otherwise terminated, or amended or modified in any manner which is materially adverse to the interests of the Lenders and the Administrative Agent; or

       

      (j)           An “Event of Default” or “Default”
            under the SJG Credit Agreement or the Elizabethtown Credit Agreement; or

       

      (k)          A Change in Control shall occur.

       

      SECTION 6.02            Upon an Event of Default.

       

      Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or
        upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower:

       

      (a)        Acceleration; Termination of Credit Facility. (i) Declare the principal of and interest on the Loans, the Notes and the other Obligations (except for Hedging Obligations, which shall be governed by the terms and
            conditions of the documents controlling such obligations) at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement, to be forthwith due and payable, whereupon the same shall
            immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement to the contrary notwithstanding, and (ii) terminate the Commitments and any right
            of the Borrower to request Loans hereunder; provided, that upon the occurrence of an Event of Default specified in Section 6.01(e), the Commitments shall be automatically terminated
            and all Obligations (except for Hedging Obligations, which shall be governed by the terms and conditions of the documents controlling such obligations) shall automatically become due and payable without presentment, demand, protest or other
            notice of any kind, all of which are expressly waived, anything in this Agreement or in any other Loan Document to the contrary notwithstanding.

       

      
        

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      SECTION 6.03            Application of Funds.

       

      After the exercise of remedies provided for in Section 6.02 (or after the Loans have
        automatically become immediately due and payable as set forth in the proviso to Section 6.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.15, be applied by the Administrative Agent in the following order:

       

      First, to payment of that portion of the
          Obligations constituting fees, indemnities, expenses and other amounts (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Sections

              2.08(e), 2.10 and 2.13) payable to the Administrative Agent in its capacity as such;

       

      Second, to payment of that portion of
          the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including reasonable fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Sections 2.08(e), 2.10 and 2.13), ratably among them in proportion
          to the respective amounts described in this clause Second payable to them;

       

      Third, to payment of that portion of the
          Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them;

       

      Fourth, to payment of that portion of
          the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and

       

      Last, the balance, if any, after all of
          the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

       

      SECTION 6.04            Rights and Remedies Cumulative; Non-Waiver; Etc.

       

      The enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive,
        and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given
        hereunder or that may now or hereafter exist in law or in equity or by suit or otherwise. No delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver
        thereof, nor shall any single or partial exercise of any such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default.
        No course of dealing between the Borrower, the Administrative Agent and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to
        constitute a waiver of any Default or Event of Default.

       

      
        

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      Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and
        under the other Loan Documents against the Borrower shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
        with Section 6.02 for the benefit of all the Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies
        that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 8.04
        (subject to the terms of Section 2.12), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to
        the Borrower under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
        ascribed to the Administrative Agent pursuant to Section 6.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

       

      ARTICLE VII

       

      THE ADMINISTRATIVE AGENT

       

      SECTION 7.01            Appointment and Authority.

       

      Each of the Lenders hereby irrevocably designates and appoints PNC Bank to act on its behalf as the Administrative Agent hereunder and under the
        other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
        reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any Subsidiary thereof shall have rights as a third party beneficiary of any of such
        provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
        express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

       

      SECTION 7.02            Rights as a Lender.

       

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

       

      SECTION 7.03            Exculpatory Provisions.

       

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

       

      
        

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

       

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

       

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

       

      The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
        (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section

            8.01 or Section 6.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable
        judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower or a Lender.

       

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

       

      
        

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      SECTION 7.04            Reliance by Administrative Agent.

       

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

       

      SECTION 7.05            Delegation of Duties.

       

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

       

      SECTION 7.06            Resignation of Administrative Agent.

       

      (a)       The Administrative Agent may at any
            time give notice of its resignation to the Lenders  and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank
            with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
            the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective
              Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if the Administrative Agent
            shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective on the Resignation Effective Date and (1) the retiring Administrative Agent shall be
            discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring
            Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments owed to the retiring Administrative Agent, all payments,
            communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided
            for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
            retired) Administrative Agent (other than any rights to indemnity payments owed to the retiring (or retired) Administrative Agent), and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or
            under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless
            otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Sections

                8.05 and 8.07 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any
            actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent or continues to hold collateral security.

       

      
        

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      SECTION 7.07            Non-Reliance on Administrative Agent and Other Lenders.

       

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

       

      SECTION 7.08            No Other Duties, Etc.

       

      Anything herein to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents, joint book runners, lead manager,
        arrangers, lead arrangers or co-arrangers listed on the cover page or signature pages hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the
        Administrative Agent or a Lender hereunder.

       

      SECTION 7.09            Administrative Agent May File Proof of Claim.

       

      In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative
        Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be
        entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

       

      (a)          to file and prove a claim for the
            whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders
            and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders
            and the Administrative Agent) allowed in such judicial proceeding; and

       

      
        

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      (b)          to collect and receive any monies or
            other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
            Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
            compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder.

       

      Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender
        any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

       

      SECTION 7.10            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;

       

      (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

       

      
        

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      (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 Loan
            Document or any documents related hereto or thereto).

       

      ARTICLE VIII

       

      MISCELLANEOUS

       

      SECTION 8.01            Amendments, Etc.

       

      No amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to any departure by the Borrower therefrom, shall
        in any event be effective unless the same shall be in writing and signed by the Required Lenders and the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
        provided that no such waiver and no such amendment, supplement or modification shall (a) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any
        of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby, (b) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to the second proviso to this
        Section 8.01) any interest, fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby (except that only
        the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate), (c) extend or increase the amount of any Lender’s Commitment (or
        reinstate any Commitment terminated pursuant to Section 6.02) without the written consent of such Lender, (d) amend, modify or waive any provision of this Section 8.01 or Section 8.09(d) or reduce the percentage specified in the definition of Required Lenders, or consent to the assignment or transfer by
        the Borrower of any of its rights and obligations under this Agreement, in each case without the written consent of all the Lenders, (e) change Section 6.03 in a manner that would alter
        the pro rata sharing of payments required thereby without the written consent of all of the Lenders, (f) amend, modify or waive any provision of Article VII or otherwise affect the rights
        or duties of the Administrative Agent under this Agreement or any other Loan Document without the written consent of the Administrative Agent or (g) waive, modify or eliminate any of the conditions precedent specified in Section 3.01, in each case without the written consent of all the Lenders; provided further, that (i) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the
        parties thereto, and (ii) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan
        Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no Defaulting
        Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of
        the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
        of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

       

      
        

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      SECTION 8.02            Notices, Etc.

       

      (a)          Except in the case of notices and
            other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for hereunder shall be in writing (including telegraphic communication) and
            delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:

       

      The Borrower:

       

      South Jersey Industries, Inc.

      1 South Jersey Plaza

      Folsom, New Jersey 08037

      Attention: Cielo Hernandez

      Facsimile No.: (609) 561-8225

       

      With a copy to:

       

      Cozen O’Connor

      The Atrium

      1900 Market Street

      Philadelphia, Pennsylvania 19103

      Attention: Richard J. Busis, Esq.

      Facsimile No.: (215) 665-2013

      

      

      
        

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      The Administrative Agent:

      

      

      PNC Bank, National Association

      as Administrative Agent

      Mail Stop: P7-PFSC-04-I

      500 First Avenue

      Pittsburgh, PA 15219

      Attention: Benjamin Galloway, Agency Services

      Facsimile No.: (412) 762-8672

      

      

      With a copy to:

      McGuireWoods LLP

      201 North Tryon Street

      Suite 3000

      Charlotte, NC 28202-2146

      Attention: Steven Ritchie, Esq.

      Facsimile No.: (704) 805-5025

      

      

      If to any Lender, at its address or telecopy number set forth on Schedule I hereto; or, as to each party,
        at such other address as shall be designated by such party in a written notice to the other parties. All such notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
        received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for
        the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

       

      (b)          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
            acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), 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;
            provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the
            opening of business on the next business day for the recipient.

       

        (c)          Any party hereto may change its
              address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.

      

       

      
        

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      (d)         The Borrower agrees that the
            Administrative Agent may, but shall not be obligated to, make the Informational Materials available to the Lenders by posting the Informational Materials on the Platform. The Platform is provided “as is” and “as available.” The Agent Parties
            (as defined below) do not warrant the accuracy or completeness of the Informational Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in the Informational Materials. No warranty of any kind,
            express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in
            connection with the Informational Materials or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
              Parties”) have any liability to the Borrower, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the
            Administrative Agent’s transmission of communications through the Internet (including, without limitation, the Platform), except to the extent that such losses, claims, damages, liabilities or 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 Agent Party; provided that in no event shall any Agent Party
            have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual damages, losses or expenses).

       

      SECTION 8.03            No Waiver; Remedies.

       

      No failure on the part of the Administrative Agent or any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a
        waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
        provided by law.

       

      SECTION 8.04            Set-off.

       

      (a)          If an Event of Default shall have
            occurred and be continuing, the Administrative Agent, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and
            all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Administrative Agent, such Lender or any such Affiliate to or
            for the credit or the account of the Borrower against any and all of the Obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to the Administrative Agent, such Lender or any such Affiliate,
            irrespective of whether or not the Administrative Agent, such Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such Obligations of the Borrower may be contingent or unmatured
            or are owed to a branch, office or Affiliate of the Administrative Agent, such Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
            with the provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
            Administrative Agent and the Lenders, and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such
            right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender
            agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity
            of such setoff and application.

       

      
        

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      (b)          If any Lender shall, by exercising
            any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender receiving payment of a proportion of the aggregate amount of
            its Loans and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii)
            purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably
            in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that:

       

      (i)          if any such participations are
            purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

       

      (ii)          the provisions of this paragraph
            shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (B) any
            payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this
            paragraph shall apply).

       

      The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
        the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

       

      
        

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      SECTION 8.05            Indemnification.

       

      The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), Arrangers and each Lender, and each Related Party of any of the
        foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such
        Indemnitee for, any and all losses, claims (including, without limitation, any Environmental Claims or civil penalties or fines assessed by OFAC), damages, liabilities and related reasonable out-of-pocket expenses (and shall pay or reimburse any
        such Indemnitee for including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a
        result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the
        consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by
        the Borrower or any Subsidiary thereof, or any Environmental Claim related in any way to the Borrower or any Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
        on contract, tort or any other theory, whether brought by a third party or by the Borrower or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, or (v) any claim (including, without limitation, any Environmental
        Claims or civil penalties or fines assessed by the U.S. Department of the Treasury’s Office of Foreign Assets Control), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the
        prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby,
        including without limitation, reasonable attorneys and consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined
        by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of an Indemnitee or (y) result from a claim brought by the Borrower or any Subsidiary thereof against an
        Indemnitee or any controlled Affiliate or other Related Party of such Indemnitee directly involved in the with the transactions contemplated by this Agreement for breach in bad faith of such Indemnitee’s obligations hereunder or under any other
        Loan Document, if the Borrower or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

       

      To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under this Section to be paid by it to the
        Administrative Agent (or any sub-agent thereof) or any Related Party thereof, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Commitment Percentage
        (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or against
        any Related Party acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of Section

            2.12.

       

      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 Loan Document or any agreement or instrument
        contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials
        distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. In addition, and without limitation
        of the indemnity provided in this Section, the Administrative Agent and each Lender agree not to assert any claim against the Borrower on any theory of liability for special, indirect, consequential or punitive damages (as opposed to direct or
        actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, or the transactions contemplated hereby or thereby.

       

      
        

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      All amounts due under this Section 8.05 shall be payable promptly after demand
        therefor. Nothing in this Section 8.05 is intended to limit the Borrower’s obligations contained in Article II. Without
        prejudice to the survival of any other obligation of the Borrower hereunder, the indemnities and obligations of the Borrower contained in this Section 8.05 shall survive the payment in
        full of amounts payable pursuant to Article II and the termination of the Commitments.

       

      SECTION 8.06            [Reserved]

       

      SECTION 8.07           Costs, Expenses and Taxes.

       

      The Borrower agrees to pay on demand all reasonable costs and expenses in connection with the preparation, issuance, delivery, filing, recording,
        and administration of this Agreement, the Loans and any other documents which may be delivered in connection with this Agreement, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent
        incurred in connection with the preparation and negotiation of this Agreement, the Loans and any document delivered in connection therewith and all reasonable costs and expenses incurred by the Administrative Agent (and, in the case of clause (ii)
        or (iii) below, any Lender) (including reasonable fees and out of pocket expenses of counsel) in connection with (i) with the use of Intralinks Inc., SyndTrak or other similar information transmission systems in connection with the Loan Documents,
        (ii) any and all amounts which the Administrative Agent or any Lender has paid relative to the Administrative Agent’s or such Lender’s curing of any Event of Default resulting from the acts or omissions of the Borrower under this Agreement or any
        other Loan Document, (iii) the enforcement of, or protection of rights under, this Agreement or any other Loan Document (whether through negotiations, legal proceedings or otherwise) or (iv) any waivers or consents or amendments to or in respect of
        this Agreement, the other Loan Documents or the Loans requested by the Borrower. In addition, the Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing
        and recording of this Agreement, the Loans or any of such other documents, and agree to save the Administrative Agent and the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay in paying or
        omission to pay such taxes and fees. Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower, the Administrative Agent and the Lenders contained in this Section shall
        survive the payment in full of the Obligations and the termination of the Commitments.

       

      To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under this Section to be paid by it to the
        Administrative Agent (or any sub-agent thereof), or any Related Party thereof, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Commitment Percentage
        (determined as of the time that the applicable unreimbursed expense payment is sought) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense was incurred by or
        asserted against the Administrative Agent (or any such sub-agent) in its capacity as such or against any Related Party acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders
        under this paragraph are subject to the provisions of Section 2.12.  All amounts due under this Section 8.07 shall be payable
        not later than ten (10) days after demand therefor.

       

      
        

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      SECTION 8.08            [Reserved]

       

      SECTION 8.09            Benefit of Agreement.

       

      (a)        Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the
            Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or
            obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or
            assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall
            be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated
            hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

       

      (b)        Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the
            time owing to it); provided that any such assignment shall be subject to the following conditions:

       

      (i)           Minimum Amounts.

       

      (A)         in the case of an assignment of the
            entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount
            specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

       

      (B)        in any case not described in
            paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of
            the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
            Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be
            unreasonably withheld or delayed); provided that the Borrower shall be deemed to have given its consent five (5) Business Days after the date written notice thereof has been delivered
            by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrower prior to such fifth (5th) Business Day;

       

      
        

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      (ii)         Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment
            assigned;

       

      (iii)        Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

       

      (A)        the consent of the Borrower (such
            consent not to be unreasonably withheld) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
            provided, 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 (5) Business Days after having received notice thereof; and

       

      (B)          the consent of the Administrative
            Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

       

      (iv)       Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment
            (provided, that (A) only one such fee will be payable in connection with simultaneous assignments to two or more Approved Funds by a Lender and (B) the Administrative Agent may, in its
            sole discretion, elect to waive such processing and recordation fee in the case of any assignment), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire.

       

      (v)          No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who,
            upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).

       

      (vi)         No Assignment to Natural Persons. No such assignment shall be made 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).

       

      
        

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      (vii)        In connection with any assignment of
            rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments
            to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
            funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
            irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as
            appropriate) its full pro rata share of all Loans in accordance with its Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
            under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

       

      Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date
        specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
        and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the
        assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.08, 2.10, 2.13, 2.14, 8.05
        and 8.07 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that
        except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any
        assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
        accordance with paragraph (d) of this Section (other than a purported assignment to a Person specified in paragraph (b)(vi) of this Section or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void).

       

      (c)        Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in Pittsburgh, Pennsylvania, a copy of each Assignment and Assumption
            delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amounts (and stated interest) 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, absent manifest error, and the
            Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for
            inspection by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

       

      
        

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      (d)         Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, 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”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided
            that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative
            Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity
            under Sections 8.05 and 8.07 with respect to any payments made by such Lender to its Participant(s).

       

      Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
        enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
        amendment, modification or waiver or modification described in Section 8.01 that directly affects such Participant and could not be effected by a vote of the Required Lenders. Subject to
        paragraph (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.08, 2.13
        and 2.14 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant
        also shall be entitled to the benefits of Section 8.04(a) as though it were a Lender; provided that such Participant agrees to be subject to Section

            8.04(b) as though it were a Lender. 

       

      Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which
        it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
        (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such
        disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
        conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
        avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

       

      (e)          Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 2.13 and 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
            Borrower’s prior written consent. No Participant shall be entitled to the benefits of Section 2.13 unless the Borrower is notified of the participation sold to such Participant and
            such Participant agrees, for the benefit of the Borrower, to comply with Section 2.13 as though it were a Lender.

       

      
        

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      (f)         Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or
            assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

       

      SECTION 8.10            Severability.

       

      Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be
        ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction.

       

      SECTION 8.11            Governing Law.

       

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

       

      SECTION 8.12            Headings.

       

      Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any
        other purpose.

       

      SECTION 8.13            Submission To Jurisdiction; Waivers.

       

      The Borrower hereby irrevocably and unconditionally:

       

      (a)          agrees that it will not commence any
            action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender or any Related Party of the foregoing in any way relating to this
            Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than Courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts
            from any thereof, and submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such State court or, to the fullest extent permitted by
            Applicable Law, in such federal court;

       

      (b)         consents that any such action or
            proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
            agrees not to plead or claim the same;

       

      (c)        agrees that service of process in any
            such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 8.02 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; and

       

      (d)         agrees that nothing herein shall
            affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction.

       

      
        

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      This Section 8.13 shall not be construed to confer a benefit upon, or grant a right or privilege to, any
        Person other than the parties hereto.

       

      SECTION 8.14            Acknowledgments.

       

      The Borrower hereby acknowledges:

       

      (a)          it has been advised by counsel in the
            negotiation, execution and delivery of this Agreement and the other Loan Documents;

       

      (b)         neither the Administrative Agent nor
            any Lender has a fiduciary relationship to the Borrower, and the relationship between the Administrative Agent and any Lender, on the one hand, and the Borrower on the other hand, is solely that of debtor and creditor; and

       

      (c)          no joint venture exists between the
            Borrower and the Administrative Agent or any Lender.

       

      SECTION 8.15           Waivers of Jury Trial.

       

      TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND
        UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. THIS SECTION 8.15 SHALL NOT
        BE CONSTRUED TO CONFER A BENEFIT UPON, OR GRANT A RIGHT OR PRIVILEGE TO, ANY PERSON OTHER THAN THE PARTIES HERETO.

       

      
        

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      SECTION 8.16           Confidentiality.

       

      Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below) and use it only for
        purposes of this Agreement, the other Loan Documents and the transactions contemplated hereby and thereby, or for any other reason relating to this Agreement, except that Information may be disclosed (a) to its Affiliates and to its and its
        Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives for the purpose of evaluating, negotiating or entering into transactions contemplated hereby (it being understood that the Persons to whom
        such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by, or required to be disclosed to, any rating agency, or regulatory or
        similar authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable Laws or regulations or by any subpoena or any
        legal, judicial, administrative or other compulsory process, (d) to any other party hereto, (e) in connection with the exercise of any remedies under this Agreement or under any other Loan Document or any action or proceeding relating to this
        Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any
        prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any actual or prospective counterparty (or its Related Parties) to any swap derivative or other transaction under which payments are to be
        made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) with the consent of the Borrower, (h) to Thomson Reuters, other bank market data collectors and other similar bank trade publications, such information
        to consist of deal terms and other information customarily found in such publications, or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the
        Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower and such source is not known by the Person receiving such Information to be in violation of this Section 8.16 or (j) to governmental regulatory authorities in connection with any regulatory examination of the Administrative Agent or any Lender or in accordance with the Administrative
        Agent’s or any Lender’s regulatory compliance policy if the Administrative Agent or such Lender deems necessary for the mitigation of claims by those authorities against the Administrative Agent or such Lender or any of its subsidiaries or
        affiliates or (k) 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 this Agreement. For purposes of this Section, “Information” means all information received from or on behalf of the Borrower or any Subsidiary thereof relating to the Borrower or any Subsidiary thereof or any of their
        respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis without breach of this Section 8.16 prior to
        disclosure by the Borrower or any Subsidiary thereof; provided that, in the case of information received from the Borrower or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as
        confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
        confidentiality of such Information as such Person would accord to its own confidential information. Each of the Administrative Agent, the Lenders and Participants shall promptly notify the Borrower of its receipt of any subpoena or similar process
        or authority, unless prohibited therefrom by the issuing Person.  The confidentiality obligations applicable to the Administrative Agent and the Lenders in this Section 8.16 shall
        supersede any confidentiality obligations applicable to such parties in the Commitment Letter dated March 20, 2020 between the Borrower and the Commitment Parties (as defined therein).

       

      SECTION 8.17           Counterparts; Integration; Effectiveness; Electronic Execution.

       

      This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
        original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or any Arranger, constitute
        the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 3.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken
        together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
        executed counterpart of this Agreement.

       

      
        

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

       

      SECTION 8.18            Reversal of Payments.

       

      To the extent the Borrower makes a payment or payments to the Administrative Agent for the ratable benefit of the Lenders or the Administrative
        Agent receives any payment or proceeds of any collateral which payments or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any
        other party under any Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and
        effect as if such payment or proceeds had not been received by the Administrative Agent.

       

      SECTION 8.19            No Advisory or Fiduciary Responsibility.

       

      (a)        In connection with all aspects of each
            transaction contemplated hereby, the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith
            (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower, on the one hand, and the Administrative Agent, the Arrangers, and
            the Lenders on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any
            amendment, waiver or other modification hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arrangers, and the Lenders is and has been acting solely as a principal and is
            not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers or the Lenders has assumed or will assume
            an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or
            of any other Loan Document (irrespective of whether any Arranger or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers or Lenders has any
            obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Administrative Agent, the
            Arrangers, and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative
            Agent, the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Administrative Agent, the Arrangers, and the Lenders have not provided and will not
            provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Borrower has consulted its
            own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.

       

      
        

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      (b)          The Borrower acknowledges and agrees
            that each Lender, the Arrangers and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, the Borrower or any of its Affiliates or any other person or entity that may do business with or own
            securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate thereof (or an agent or any other person with any similar role under this Agreement) and without any duty to
            account therefor to any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing. Each Lender, the Arrangers and any Affiliate thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for
            services in connection with this Agreement or otherwise without having to account for the same to any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing.

       

      SECTION 8.20            Acknowledgment and Consent to Bail-In of Affected Financial Institutions.

       

      Solely to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary
        in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the
        extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

       

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

       

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

       

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

       

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

       

      (iii)       the variation of the terms of such
            liability in connection with the exercise of the Write-Down and Conversion Powers of any Resolution Authority.

       

      
        

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      SECTION 8.21            Acknowledgement Regarding Any Supported QFCs.

       

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

       

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

       

      (b)          As used in this Section 8.21, the following terms have the following meanings:

       

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

       

      “Covered Entity” means any of the
        following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered
        FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

       

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

       

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

       

      [SIGNATURE PAGES FOLLOW]

       

      
        

        78

        
          

        

      

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

       

      	 	
              SOUTH JERSEY INDUSTRIES, INC.

            	 
	 	 	 
	 	
              By:

            	
              /s/ Cielo Hernandez

            	 
	 	 	
              Name: Cielo Hernandez

            	 
	 	 	
              Title: Chief Financial Officer

            	 

      
         

          

        TERM LOAN AGREEMENT

        Signature Page

         

          

      

      
        

        
          

        

      

      	 	
              PNC BANK, NATIONAL ASSOCIATION

            	 
	 	
              as a Administrative Agent

            	 
	 	 	 
	 	
              By:

            	
              /s/ Alex Rolfe

            	 
	 	 	
              Name: Alex Rolfe

            	 
	 	 	
              Title: Vice President

            	 

      
         

          

        TERM LOAN AGREEMENT

        Signature Page

         

          

      

      
        

        
          

        

      

      	 	
              PNC BANK, NATIONAL ASSOCIATION

            	 
	 	
              as a Lender

            	 
	 	 	 
	 	
              By:

            	
              /s/ Alex Rolfe

            	 
	 	 	
              Name: Alex Rolfe

            	 
	 	 	
              Title: Vice President

            	 

      
         

          

        TERM LOAN AGREEMENT

        Signature Page

         

          

      

      
        
          

        

      

      	 	
              KEYBANK NATIONAL ASSOCIATION,

            	 
	 	
              as a Lender

            	 
	 	 	 
	 	
              By:

            	
              /s/ Renee M. Bonnell

            	 
	 	 	
              Name: Renee M. Bonnell

            	 
	 	 	
              Title:  Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]