On May 20, 2022, PNM Resources, Inc. entered into a $1.0 billion Amended and Restated Term Loan Agreement (the “PNMR Amended and Restated Term Loan”) amending and restating its $1.0 billion delayed-draw term loan agreement among PNMR, the lenders party thereto and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent. The PNMR Amended and Restated Term Loan is effective as of May 20, 2022. The PNMR Amended and Restated Term Loan extends the maturity date to May 18, 2025 and includes other administrative updates.

As of the date hereof, PNMR had $1.0 billion outstanding under the PNMR Amended and Restated Term Loan. The PNMR Amended and Restated Term Loan includes customary covenants, including a covenant that requires the maintenance of a consolidated debt-to-consolidated capitalization ratio of less than or equal to 0.70 to 1.00. The PNMR Amended and Restated Term Loan also includes customary events of default, a cross default provision, and a change of control provision.

If an event of default occurs, Wells Fargo may declare the obligations outstanding under the PNMR Amended and Restated Term Loan to be due and payable. Such acceleration will occur automatically in the event of an insolvency or bankruptcy default. On May 20, 2022, PNMR entered into a Tenth Amendment to and Restatement of Credit Agreement (the “PNMR Revolver”) amending and restating its $300 million revolving credit agreement, among PNMR, the lenders party thereto (the “PNMR Revolver Lenders”) and Wells Fargo, as Administrative Agent.

The PNMR Revolver is effective as of May 20, 2022. The PNMR Revolver now has a maturity date of October 31, 2024, unless the maturity date is extended at the request of PNMR and with the agreement of the PNMR Revolver Lenders, subject to certain terms and conditions, and reflects other administrative updates. On May 20, 2022, Public Services Company of New Mexico (“PNM”), a wholly owned subsidiary of PNMR, entered into a Fifth Amendment to and Restatement of Credit Agreement (the “PNM Revolver”) amending and restating its $400 million revolving credit agreement, among PNM, the lenders party thereto (the “PNM Revolver Lenders”) and Wells Fargo, as Administrative Agent.

The PNM Revolver is effective as of May 20, 2022. The PNM Revolver now has a maturity date of October 31, 2024, unless the maturity date is extended at the request of PNM and with the agreement of the PNM Revolver Lenders, subject to certain terms and conditions, and reflects other administrative updates. On May 20, 2022, PNM entered into the Amended and Restated Credit Agreement (the “PNM Local Revolver”) amending and restating its $40 million revolving credit agreement, among PNM, the lenders party thereto, U.S. Bank National Association, as Administrative Agent, and BOKF, NA dba Bank of Albuquerque, as Syndication Agent.

The seven participating lenders are all banks that have a significant presence in New Mexico or are headquartered in New Mexico. The PNM Local Revolver is effective as of May 20, 2022. The PNM Local Revolver now terminates on May 20, 2026, or any earlier date on which the Aggregate Commitment, as defined in the PNM Local Revolver, is reduced to zero or otherwise terminated pursuant to the terms of the PNM Local Revolver, and reflects other administrative updates.