On April 1, 2024, PNM Resources, Inc. entered into a Twelfth Amendment to and Restatement of Credit Agreement (the ?PNMR Revolver?) amending and restating its $300.0 million revolving credit agreement, among PNMR, the lenders party thereto (the ?PNMR Revolver Lenders?) and Wells Fargo Bank, National Association (?Wells Fargo?), as administrative agent. The PNMR Revolver is effective as of April 1, 2024. The PNMR Revolver now has a maturity date of March 30, 2029, 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, but only two such extensions for one year each may be requested.

The PNMR Revolver provides PNMR with a revolving credit facility for borrowing up to $300.0 million and 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 1.0. The PNMR Revolver also includes customary events of default, and has a cross default provision and a change of control provision. If an event of default occurs, the administrative agent may, or upon the request and direction of lenders holding a specified percentage of the commitments or loans shall, terminate the obligations of the lenders to make loans under the PNMR Revolver and/or declare the obligations outstanding under the PNMR Revolver to be due and payable. Such termination and acceleration will occur automatically in the event of an insolvency or bankruptcy default.

The PNMR Revolver also contains an accordion feature which allows PNMR to increase the size of the credit facility from $300.0 million to up to $400.0 million, subject to certain conditions including finding one or more existing or new lenders to cover the increased amount. As a part of and not in addition to the maximum amount of the revolving credit facility, PNMR may obtain letters of credit under a letter of credit facility up to $90.0 million.